April 20, 2018 / 5:21 AM / 8 months ago

India Ratings for Indian debt instruments – Apr 20

    Apr 20 (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 19, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
B.A.S.S. Minerals India Pvt Ltd Non-FB WC limits       IND A4           10
Maintained in Non- Cooperating Category (ISSUER NOT COOPERATING)
Bamnipal Steel Ltd              CP (CP)#               IND A1+          50       Assigned
#Yet to be issued
Bamnipal Steel Ltd              Proposed ST borrowings*Provisional IND  115      Affirmed
                                                       A1+
*The rating is provisional and shall be confirmed upon the sanction and execution of financing
documents for the
Furnace Fabrica (I) Ltd         Non-FB limits          IND A2           2110
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Furnace Fabrica (I) Ltd         Proposed non-FB limits Provisional IND  1080
                                                       A2
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
International Coil Ltd          Non-FB WC limit        IND A4+          700
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Manchukonda Prakasham           Non-FB limits          IND A2+          130
Industries India Pvt Ltd
Maintained in Non- Cooperating Category (ISSUER NOT COOPERATING)
National Steel And Agro         Non-FB WC limits       IND A3           11995    Affirmed
Industries Ltd
Savita Construction Pvt Ltd     Non-FB limit           IND A4           100
Maintained in Non- Cooperating Category (ISSUER NOT COOPERATING)
Texaco Synthetics Pvt Ltd       Non-FB limit           IND A4+          15.5
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)

LONG TERM RATINGS:
-------------------
Axis Clinicals Llc              TL                     IND A-(SO)       486.25   Assigned
USD7.49 mln
B.A.S.S. Minerals India Pvt Ltd FB WC limits           IND B+/IND A4    40
Maintained in Non- Cooperating Category (ISSUER NOT COOPERATING)
Central Bank Of India           Infrastructure bonds   WD               30       Withdrawn
Dwarkadhis Projects Pvt Ltd     TL (LT)                IND D            725      Downgraded
reduced from 800 mln
Dwarkadhis Projects Pvt Ltd     Non-FB WC (LT/ST)      IND D            424      Downgraded
Ell Dee Foods                   FB WC                  IND B-/IND A4    40
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Firestar Diamond Bvba           FB WC Fac (LT/ST)      IND D(SO)        USD48
Downgraded and migrated to non- cooperating category (ISSUER NOT COOPERATING)
Firestar Diamond Fze            FB WC Fac (LT / ST)    IND D(SO)        USD111
Downgraded and migrated to non- cooperating category (ISSUER NOT COOPERATING)
Firestar Diamond International  FB WC Fac (LT/ST)      IND D            3824
Pvt Ltd
Downgraded andmigrated to non- cooperating category (ISSUER NOT COOPERATING)
Firestar Diamond International  Non-FB WC Fac (ST)     IND D            1059
Pvt Ltd
Downgraded andmigrated to non- cooperating category (ISSUER NOT COOPERATING)
Firestar International Pvt Ltd  FB WC Fac (LT/ST)      IND D            17132
Downgraded and migrated tonon- cooperating category (ISSUER NOT COOPERATING)
Firestar International Pvt Ltd  Non-FB WC Fac (ST)     IND D            2272
Downgraded and migrated tonon- cooperating category (ISSUER NOT COOPERATING)
Furnace Fabrica (I) Ltd         FB limits              IND BBB+         450
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Furnace Fabrica (I) Ltd         TL                     IND BBB+         210
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Furnace Fabrica (I) Ltd         Proposed FB limits     Provisional IND  150
                                                       BBB+
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
International Coil Ltd          FB WC limit            IND BB-/IND A4+  180
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
International Coil Ltd          Proposed FB WC limit   Provisional IND  120
                                                       BB-/Provisional
                                                       IND A4+
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
M/S Avigna Properties Pvt Ltd   TL                     IND BB+          500      Assigned
Manchukonda Prakasham           FB limits              IND BBB+/IND A2+ 120
Industries India Pvt Ltd
Maintained in Non- Cooperating Category (ISSUER NOT COOPERATING)
National Steel And Agro         FB WC limits           IND BBB-         2006
Industries Ltd
Affirmed; Outlook revised to Negative
National Steel And Agro         TL                     IND BBB-         89.4
Industries Ltd
Affirmed; Outlook revised to Negative; reduced from 156 mln
National Steel And Agro         Proposed FB WC limits* WD               1843
Industries Ltd
*Withdrawn (the sanction for the instrument not yet been received)
Prakash Industrial              TL limits              IND B            93.7
Infrastructure Pvt Ltd
Maintained in Non- Cooperating Category (ISSUER NOT COOPERATING)
Prakash Industrial              FB WC limits           IND B/IND A4     100
Infrastructure Pvt Ltd
Maintained in Non- Cooperating Category (ISSUER NOT COOPERATING)
Sansaara Weaves & Filaments Pvt Long-TL                IND BB-          46.7
Ltd
Maintained in Non- Cooperating Category (ISSUER NOT COOPERATING)
Sansaara Weaves & Filaments Pvt FB limit               IND BB-/IND A4+  20
Ltd
Maintained in Non- Cooperating Category (ISSUER NOT COOPERATING)
Sansar Trust March 2016 (An Abs Second loss credit     IND A-(SO)       45.5     Affirmed
Transaction)                    facility SLCF
Sansar Trust March 2016 (An Abs Series A pass-through  IND AAA(SO)      213.02   Affirmed
Transaction)                    certificates (PTCs)
Saraswati Medical & Dental      Overdraft              IND BB+          40       Assigned
College
Saraswati Medical & Dental      TL                     WD               18.2
College
Withdrawn (paid in full)
Saraswati Medical & Dental      Proposed TL            WD               106.8
College
Withdrawn (issuer did not proceed with the instrument as envisaged)
Savita Construction Pvt Ltd     TL                     IND B-           3.9
Maintained in Non- Cooperating Category (ISSUER NOT COOPERATING)
Savita Construction Pvt Ltd     FB limit               IND B- /IND A4   60
Maintained in Non- Cooperating Category (ISSUER NOT COOPERATING)
Texaco Synthetics Pvt Ltd       TL                     IND BB           72.96
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Texaco Synthetics Pvt Ltd       FB limit               IND BB/IND A4+   93
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Varanasi Stp Project Pvt Ltd    TL                     IND BBB          570      Assigned
-----------------------------------------------------------------------------------------------
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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