April 26, 2018 / 4:43 AM / 7 months ago

India Ratings for Indian debt instruments – Apr 26

    Apr 26 (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 25, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Eesavyasa Technologies Pvt Ltd  Non-FB WC facility     IND A4+          30       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Global Packaging                NFBL                   IND A4+          4.6      Assigned
H R V Gems                      NFBL                   IND A4+          7.5      Assigned
Harihara Metalloys Pvt Ltd      Non-FB WC facility     IND A4+          40       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Mani More Synthetics Pvt Ltd    NFBL                   IND A4+          10       Assigned
Ultratech Cement Ltd            CP*                    IND A1+          10000    Assigned
*The CP proceeds will be used for fulfilling working capital requirements/refinancing of
debt/bridge finance/capital expenditure.

LONG TERM RATINGS:
-------------------
Dev-Dwarka Windproject Ltd      Rupee TL               IND BBB+         2450     Assigned
Eesavyasa Technologies Pvt Ltd  FB WC facility         IND BB / IND A4+ 30       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Global Packaging                TL                     IND BB           28.46    Assigned
Global Packaging                FBL                    IND BB / IND A4+ 66       Assigned
H R V Gems                      FBL                    IND BB- /IND A4+ 60       Assigned
Harihara Metalloys Pvt Ltd      FB WC facility         IND BB+          160      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Lichchhwi Food India Pvt. Ltd.  FB WC facility         IND BB-          70       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Lichchhwi Food India Pvt. Ltd.  Long-TL                IND BB-          31.4     -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Mani More Synthetics Pvt Ltd    TL                     IND BB+          4.78     Assigned
Mani More Synthetics Pvt Ltd    FBL                    IND BB+ / IND A4+60       Assigned
Nichem Industries               FB WC limit            IND BB           150      -
Maintained in Non - Cooperating Category,(ISSUER NOT COOPERATING)
Nichem Industries               Proposed FB WC limit   IND BB           40       -
Maintained in Non - Cooperating Category,(ISSUER NOT COOPERATING)
Optiflex Industries             FB WC limit            IND BB-          80       Upgraded from
                                                                                 IND B+
(increased from INR55)
Optiflex Industries             TL                     IND BB-          17.5     Assigned
Punjab National Bank            Additional Tier I      IND AA+/RWN      67.5     Placed on RWN
                                (AT1) bonds
Punjab National Bank            Basel III Tier 2 bonds IND AAA/RWN      45       Placed on RWN
Punjab National Bank            Senior infrastructure  IND AAA/RWN      20       Placed on RWN
                                bonds
S.P. Mani And Mohan Dairy India TL                     IND BBB-         195.35   Assigned
Pvt Ltd
S.P. Mani And Mohan Dairy India FBF                    IND BBB- /IND A3 95       Assigned
Pvt Ltd
Solapur Municipal Corporation   LT                     WD               -        withdrawn
Sri Vishnu Educational Society  Bk loan                IND BBB+         574.7    Affirmed
(increased from INR417.2)
Sri Vishnu Educational Society  FB WC limit            IND BBB+         115      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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