April 30, 2018 / 5:02 AM / 8 months ago

India Ratings for Indian debt instruments – Apr 30

    Apr 30 (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 27, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Bhartia Yarns                   Non-FB Fac             IND A4+          90       Affirmed
Bodal Chemicals                 Non-FB WC limits       IND A1+          320      Assigned
Bodal Chemicals                 CP*                    IND A1+          500      Assigned
*Yet to be issued; carved out of existing working capital facilities.
Dalmia Cement (Bharat)          CP (CP) programme      IND A1+          8000     Affirmed
Fine Yarns                      Non-FB Fac             IND A4+          130      Affirmed
Kashi Kanchan                   Non-FB limits          IND A4+          40       Affirmed
Ken Enterprises                 Non-FB Fac             IND A3           200      Affirmed
Nimish Syntex                   Non-FB Fac             IND A4+          140      Affirmed
Pride Coke                      Non-FB limits (BG)     IND A4           25       Assigned
Prism Johnson                   Non-FBL                IND A1           3850     Affirmed
Prism Johnson                   Unsecured ST Loans     IND A1           3000     Affirmed
Prism Johnson                   CP Programme           IND A1           2000     Affirmed
Sowil                           Non-FB limit           IND A4+          50       -
(Migrated to Non-Cooperating Category)

LONG TERM RATINGS:
-------------------
Amideep Automobiles             FB WC Fac              IND BB- / A4+    95       -
(Migrated to Non-Cooperating Category)
Bhartia Yarns                   FB Fac                 IND BB+ / IND A4+10       -
(Long-term rating upgraded from IND BB ; short-term rating affirmed)
Bodal Chemicals                 FB WC limit            IND A+ / IND A1+ 1750     Assigned
Bodal Chemicals                 Proposed Bk Fac**      Provisional IND  930      Assigned
                                                       A+/ IND A1+
** The rating is provisional and shall be confirmed upon the sanction and execution of financing
documents for the above facilities by BCL to the satisfaction of Ind-Ra.
Dalmia Cement (Bharat)          NCDs (NCDs)            IND AA           2700     Affirmed
Fine Yarns                      FB Fac                 IND BB / IND A4+ 10       -
(Long-term rating upgraded from IND BB- ; short-term rating affirmed)
Jm Financial Credit Solutions   NCDs                   IND AA           20000    Assigned
Kashi Kanchan                   FB limits              IND BB-          150      Affirmed
Ken Enterprises                 Long-TL                IND BBB-         12.8     Affirmed
Ken Enterprises                 FB Fac                 IND BBB- / A3    290      Affirmed
Krishnapatnam Railway Company   Senior project Bk loan IND BBB-         9330     Upgraded
Krishnapatnam Railway Company   Proposed senior        Provisional IND  4440.6   Assigned
                                project Bk loan*       BBB-
*The assignment of a final rating is contingent upon receipt of final documents conforming to
the information already received.
Man Cott                        FB WC Limits           IND BB           250      -
(Migration to Non-Cooperating Category)
Mfl Securitisation Trust -      Series A1 pass-through IND AA+          141.5    Upgraded from
Xxxiii                          certificates (PTCS)                              IND AA
Mfl Securitisation Trust -      Series A2 PTCs         IND AA+          4.5      Upgraded from
Xxxiii                                                                           IND AA
Mfl Securitisation Trust -      Liquidity facility (LF)IND AAA          11.2     Affirmed
Xxxiii
Mfl Securitisation Trust -      SLCF                   IND BBB+         45.5     Upgraded from
Xxxiii                                                                           IND AA
Mifl Securitisation Trust - Xi’SSeries A1 pass-through IND AA+          77.5     Upgraded from
                                certificates (PTCs)                              IND AA
Mifl Securitisation Trust - Xi’SSeries A2 PTCs         IND AA+          2.4      Upgraded from
                                                                                 IND AA
Mifl Securitisation Trust - Xi’SLiquidity facility (LF)IND AAA          3.6      Upgraded from
                                                                                 IND AA
Mifl Securitisation Trust - Xi’SSecond loss credit     IND BBB+         15.3     Upgraded from
                                facility (SLCF)                                  IND BBB
Mifl Securitisation Trust Xiv   Series A1 pass-through IND AA+          247.7    Upgraded from
                                certificates (PTCs)                              IND AA
Mifl Securitisation Trust Xiv   Series A2 PTCs         IND AA+          5.1      Upgraded from
                                                                                 IND AA
Mifl Securitisation Trust Xiv   Liquidity facility (LF)IND AAA          9.8      Upgraded from
                                                                                 IND AA
Mifl Securitisation Trust Xiv   Second loss credit     IND BBB+         44.2     Upgraded from
                                facility (SLCF)                                  IND BBB
Niladree Build-Tech             TL                     IND BB           107.6    Assigned
Niladree Build-Tech             FB WC limits           IND BB           6        Assigned
Nimish Syntex                   FB Fac                 IND BB / IND A4+ 10       -
(Long-term rating upgraded from IND BB-; Short-term rating affirmed)
Parko Commodities               BGs                    -                150      Withdrawn
Platinum Trust                  Second loss credit     IND A            13.6     Affirmed
                                facility (SLCF)
Platinum Trust                  Series A2 PTCs         IND AAA          422.8    Affirmed
Prajwal Promoters               TL                     IND B            195      Affirmed
Pride Coke                      Long-TL                IND B+           94.5     Assigned
Pride Coke                      FB limits              IND B+           160      Assigned
Pride Coke                      Non-FB limits (FLC)    IND B+ / IND A4  15       Assigned
Prism Johnson                   NCDs                   IND A-           4750     Affirmed
Prism Johnson                   TL                     IND A-           8500     Affirmed
Prism Johnson                   FBL                    IND A-           4650     Affirmed
Prism Johnson                   Term Deposits ProgrammeIND tA           1000     Affirmed
Punjab Infrastructure           TL                     IND BBB          37419.8  Affirmed
Development Board
R.K. Natural Fibre              FB Fac                 IND B/ A4        68       -
(Maintained in Non-Cooperating Category)
Ratnakar Ispat India            TL                     IND BB-          73.8     Upgraded from
                                                                                 IND B+
Ratnakar Ispat India            FB WC limits           IND BB-          100      Upgraded from
                                                                                 IND B+
Shree Basaveshwar Sugars        TL (LT)                IND D            3240.6   -
(Migrated to Non-Cooperating Category)
SN Buildcon                     Proposed LT loans      Provisional IND B60       -
(Maintained in Non-Cooperating Category)
Sowil                           FB limits              IND BB           20       -
(Migrated to Non-Cooperating Category)
Sowil                           TL                     IND BB           10.47    -
(Migrated to Non-Cooperating Category)
Swargiya Dadasaheb Kalmegh      FB WC limit            -                20       Withdrawn
Smruti Pratishthan
Swargiya Dadasaheb Kalmegh      Non-FB WC limit        -                30       Withdrawn
Smruti Pratishthan


-----------------------------------------------------------------------------------------------
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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