April 18, 2018 / 8:03 AM / 3 months ago

India Ratings for Indian debt instruments – Apr 18

    Apr 18 (Reuters) - Below are the ratings awarded by India Ratings and Research Private Ltd
(India Ratings), formerly known as Fitch Ratings India for local debt instruments as of
April 17, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Affil Vitrified Pvt Ltd         NFBL                   IND A4+          40       Affirmed
Gefab Facade Solutions Pvt Ltd  Non-FB WC limits       IND A4           50       Affirmed
Hemant Surgical Industries Ltd  Non-FB WC facility     IND A4+          101      -
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
M K Pine Wood Llp               Non-FB WC limit        IND A4           112.5    Affirmed
(increased from INR90)
P K Saxena Contractor           Non-FB WC imits        IND A4+          100      Assigned
Sai Infraconstructions Pvt Ltd  Non-FB limits          IND A4+          70       -
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Shivam Iron & Steel Co.         Non-FB WC limits       IND A4           381      Upgraded from
                                                                                 IND B
Tata Steel Ltd                  CP                     IND A1+          60000    Affirmed
The Himalaya Drug Company       Non-FB WC              IND A1+          200      Affirmed
Vikrant Forge Pvt Ltd           Non-FB WC limits       IND A4+          100      Affirmed

LONG TERM RATINGS:
-------------------
Affil Vitrified Pvt Ltd         FBL                    IND BB+          180      Affirmed
Affil Vitrified Pvt Ltd         TL                     WD               93.4     Withdrawn
(Paid in full)
Flex Foods Ltd                  TL                     IND BBB          103.1    Affirmed
(reduced from INR163.9 )
Flex Foods Ltd                  FB limits              IND BBB /IND A3+ 230      Affirmed
Flex Foods Ltd                  Non-FB limits          IND BBB /IND A3+ 25       Affirmed
Gefab Facade Solutions Pvt Ltd  FB WC limits           IND B+ / IND A4  115      Upgraded from
                                                                                 IND B /Affirmed
(ISSUER NOT COOPERATING)
Goa Natural Gas Pvt Ltd         TL                     IND BBB+         830      Assigned
Goa Natural Gas Pvt Ltd         NFBL                   IND BBB+/IND A2+ 20       Assigned
Hemant Surgical Industries Ltd  FB WC facility         IND BB- / IND A4 82.5     -
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Jsk Corporation Pvt Ltd         FB WC limits           IND BB           92.5     Upgraded from
                                                                                 IND BB-
(ISSUER NOT COOPERATING)
Jsk Corporation Pvt Ltd         TL                     IND BB           6        Upgraded from
                                                                                 IND BB-
(ISSUER NOT COOPERATING)
Kumbakonam Municipality         LT                     IND BB+          -        -
The Outlook was Stable.
M K Pine Wood Llp               FB WC limit            IND B+ / IND A4  30       Affirmed
(increased from INR20)
M/S Qualit Exports              FB WC facility         IND B / IND A4   120      -
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Notandas And Sons               FBL                    IND BBB- /IND A3 280      -
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Notandas Gems Pvt Ltd           FBL                    IND BB / IND A4+ 80       -
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
P K Saxena Contractor           FB WC limits           IND BB/IND A4+   60       Assigned
Patel Agri Industries Pvt Ltd   FBL                    IND BB+          68       -
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Patel Agri Industries Pvt Ltd   TL                     IND BB+          101      -
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Qualit Agro Processors          Long-TL                IND B+           11.6     -
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Qualit Agro Processors          FB WC limit            IND B+ / IND A4  215.6    -
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Sai Infraconstructions Pvt Ltd  FB WC limits           IND BB-/IND A4+  65       -
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Shivam Iron & Steel Co.         FB WC limits           IND B+           1250     Upgraded from
                                                                                 IND B
Shivam Iron & Steel Co.         Long-TL                IND B+           490      Upgraded from
                                                                                 IND A4
(reduced from INR609)
Superior Industries Ltd         FB limits              IND BB/IND A4+   325      -
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Tata Steel Ltd                  NCDs (NCDs)*           IND AA/RWE       21510    Maintained on
                                                                                 RWE
*Details are given in Annexure
Tata Steel Ltd                  Bk Fac*                IND AA/RWE/IND   166580   -
                                                       A1+                       
(LT rating maintained on  RWE; Short-term rating affirmed)
*Details are given in Annexure
Thanjavur Municipal Corporation LT                     IND BBB-         -        -
The Outlook was Stable.
The Himalaya Drug Company       FB WC                  IND A+           1200     Affirmed
The Himalaya Drug Company       Proposed TL*           IND A+           1200     Affirmed
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by HDC to the satisfaction of Ind-Ra.
Vega Infrastructure             FBL                    IND B+/IND A4    147.5    Affirmed
Vikrant Forge Pvt Ltd           TL                     IND BB-          273.89   Affirmed
(reduced from INR336.86)
Vikrant Forge Pvt Ltd           FB WC limits           IND BB-          400      Affirmed
-----------------------------------------------------------------------------------------------
Note:- All Indian National-scale ratings previously assigned by Fitch have been transferred to
India Ratings & Research Private Ltd (India Ratings), which is a wholly owned subsidiary of the
Fitch Group. The withdrawn criteria are now available on India Ratings' website at
www.indiaratings.co.in

$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

INDIA RATINGS may apply + or - signs for ratings to reflect a comparative standing within the
category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures; RWN- Rating
Watch Negative;
RWN- Rating Watch Evolve.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222, E-mail at
rru.data@thomsonreuters.com)
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