August 26, 2019 / 8:24 AM / 21 days ago

India Ratings for Indian debt instruments – Aug 26

    Aug 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
August 23, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
CG Power And Industrial         Non-FB WC limits       IND A4           19.27
Solutions Ltd
Downgraded; Off RWN
CG Power And Industrial         Derivative limits      IND A4           0.66
Solutions Ltd
Downgraded; Off RWN;
CG Power And Industrial         Proposed non-FB WC     Provisional IND  5.73
Solutions Ltd                   limits#                A4
Downgraded; Off RWN; # The ratings are provisional and shall be confirmed upon the sanction and
execution of loan documents for the above facilities by CG Power to the satisfaction of Ind-Ra.
Jkm Ferrotech Ltd               Non-FB WC limits       IND A2+          21
Affirmed and reassigned
Joseph Leslie Dynamiks          Non-FB limits          IND A4           50
Manufacturing Pvt Ltd
Migrated to non-cooperating category; (Issuer Not Cooperating)
Kamal Cotspin Pvt Ltd           Non-FB WC limits       IND A3           11       Affirmed
Microfinish Valves Pvt Ltd      Non-FB limits          IND A3           500      Assigned
Nile Ltd                        Non-FB WC Fac          IND A2+          300      Affirmed
Paracoat Products Ltd           Non-FB WC limit        IND A3+          145      Affirmed
Sagar Cements (R) Ltd           Non-FB WC limit        IND A2+          150      Affirmed
Sagar Cements Ltd               Non-FB WC limit        IND A2+          1000     Affirmed
(increased from INR250 mln
Simplex Castings Ltd            Non FB limits          IND A4           550      Downgraded
(Issuer Not Cooperating)
Su Solartech Systems Pvt Ltd    Non-FB WC facility     IND A4+          45
Migrated to non-cooperating category; (Issuer Not Cooperating)
Su Solartech Systems Pvt Ltd    Proposed NFB facility  Provisional IND  35
                                                       A4+
Migrated to non-cooperating category; (Issuer Not Cooperating)
Survival Technologies Pvt. Ltd  LOC                    IND A3+          100
Migrated to non-cooperating category; (Issuer Not Cooperating)
Vinod Kumar Pandey              Non-FB limits          IND A4+          70
Migrated to non-cooperating category; (Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
CG Power And Industrial         FB WC limits           IND B/ Negative  11.8
Solutions Ltd
Downgraded; Off RWN; Outlook Negative
CG Power And Industrial         TL                     IND B/ Negative  11.32
Solutions Ltd
Downgraded; Off RWN; Outlook Negative
CG Power And Industrial         Proposed FB WC limits# Provisional IND  1.95
Solutions Ltd                                          B/ Negative
Downgraded; Off RWN; Outlook Negative; # The ratings are provisional and shall be confirmed upon
the sanction and execution of loan documents for the above facilities by CG Power to the
satisfaction of Ind-Ra.
Cimmco Ltd                      TL                     IND A-/ RWN      995
Maintained on RWN
Cimmco Ltd                      FB Fac                 IND A-/ RWN/ IND 350
                                                       A2+/ RWN
Maintained on RWN
Cimmco Ltd                      Non-FB Fac             IND A2+/ RWN     1100
Maintained on RWN
Jain Irrigation Systems Ltd     TL                     IND BB/ RWN      3.46
Downgraded; Maintained on RWN
Jain Irrigation Systems Ltd     FB WC limits           IND BB/ RWN/ IND 15.5
                                                       A4+/ RWN
Downgraded; Maintained on RWN
Jain Irrigation Systems Ltd     Non-FB WC limits       IND BB/ RWN/ IND 17.35
                                                       A4+/ RWN
Downgraded; Maintained on RWN
Jain Irrigation Systems Ltd     Proposed TL^           Provisional IND  1.5
                                                       BB/ RWN
Downgraded; Maintained on RWN; ^The rating is provisional and shall be confirmed upon the
sanction and execution of loan/transaction documents for the above instrument to the
satisfaction of Ind-Ra.
Jkm Ferrotech Ltd               TL                     IND BBB+/ Stable 99.6
Affirmed and reassigned; reduced from INR265.9 mln
Jkm Ferrotech Ltd               Fund based WC limits   IND BBB+/        30
                                                       Stable/ IND A2+
Affirmed and reassigned
Joseph Leslie Dynamiks          FB limits              IND B-           50
Manufacturing Pvt Ltd
Migrated to non-cooperating category; (Issuer Not Cooperating)
Kamal Cotspin Pvt Ltd           TL                     IND BBB-/ Stable 233.92   Affirmed
reduced from INR325 mln
Kamal Cotspin Pvt Ltd           FB WC limits           IND BBB-/ Stable 182.5    Affirmed
reduced from INR212.5 mln
Macrotech Developers Ltd        Bk loans               IND BBB-/ RWN    1.5
Downgraded; maintained on RWN
Macrotech Developers Ltd        NCDs (NCDs)            IND BBB-/ RWN    4.95
Downgraded; maintained on RWN
Maya Saha                       FB limits              IND BB           85
Migrated to non-cooperating category; (Issuer Not Cooperating)
Microfinish Valves Pvt Ltd      FB limits              INDBBB-/ Stable/ 550      Assigned
                                                       IND A3
Nile Ltd                        FB WC Fac              IND A-/ Negative 600
Affirmed; Outlook revised to Negative
Nri Educational Society         TL                     WD               10
Withdrawn (paid in full)
Nri Educational Society         Overdraft facility*    WD               48.85
Maintained in non-cooperating category and withdrawn; *Maintained at ‘IND BB(Issuer Not
Cooperating)’ before being withdrawn
Paracoat Products Ltd           FB WC limit            IND BBB/ Stable/ 130      Affirmed
                                                       IND A3+
Pec Ltd                         FB WC Fac (LT/ST)      IND D            29750
Affirmed and migrated to non-cooperating category; (Issuer Not Cooperating)
Pec Ltd                         Non-FB WC Fac (ST)     IND D            4570
Affirmed and migrated to non-cooperating category; (Issuer Not Cooperating)
Plerum Infra Projects Pvt Ltd   Proposed TL*           Provisional IND  4        Assigned
                                                       BBB-/ Stable
*The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by Plerum to the satisfaction of Ind-Ra.
Sagar Cements (R) Ltd           TL                     IND A-/ Stable   401.8    Affirmed
(reduced from INR500 mln
Sagar Cements (R) Ltd           NCDs (NCDs)            IND A-/ Stable   1384.6   Affirmed
(reduced from INR1,500 mln
Sagar Cements (R) Ltd           FB WC limit            IND A-/ Stable / 400      Affirmed
                                                       IND A2+
Sagar Cements Ltd               TL                     IND A-/ Stable   1715.8   Affirmed
(reduced from INR1,985.4 mln
Sagar Cements Ltd               FB WC limit*           IND A-/ Stable / 1320     Affirmed
                                                       IND A2+
*The working capital demand loan has been re-classified as fund-based working capital limits.
Sansar Trust Sep 2017 Ii’S (An  Second loss credit     IND A-(SO)/      86.1     Affirmed
Abs Transaction)                facility SLCF          Stable
Sansar Trust Sep 2017 Ii’S (An  Series A pass-through  IND AAA(SO)/     608.84   Affirmed
Abs Transaction)                certificates (PTCs)    Stable
Simplex Castings Ltd            FB limits              IND B            500      Downgraded
(Issuer Not Cooperating)
Simplex Castings Ltd            TL                     IND B            146.4    Downgraded
(Issuer Not Cooperating)
Su Solartech Systems Pvt Ltd    FB WC facility         IND BB-/ IND A4+ 15
Migrated to non-cooperating category; (Issuer Not Cooperating)
Su Solartech Systems Pvt Ltd    Proposed fund based WC Provisional IND  10
                                facility               BB-/ Provisional
                                                       IND A4+
Migrated to non-cooperating category; (Issuer Not Cooperating)
Survival Technologies Pvt. Ltd  TL                     IND BBB          181.9
Migrated to non-cooperating category; (Issuer Not Cooperating)
Survival Technologies Pvt. Ltd  CC                     IND BBB          70
Migrated to non-cooperating category; (Issuer Not Cooperating)
Survival Technologies Pvt. Ltd  Packing credit         IND BBB          90
                                limit/pre-shipment
                                credit in foreign currency
Migrated to non-cooperating category; (Issuer Not Cooperating)
Survival Technologies Pvt. Ltd  FBL                    IND BBB/ IND A3+ 50
Migrated to non-cooperating category; (Issuer Not Cooperating)
Titagarh Wagon Ltd              FB Fac                 IND A-/ RWN/ IND 1400
                                                       A2+/ RWN
Placed on RWN
Titagarh Wagon Ltd              Non-FB Fac             IND A2+/ RWN     6008
Placed on RWN
V S Education Foundation        TL                     IND B            75
Maintained in non-cooperating category; (Issuer Not Cooperating)
Vinod Kumar Pandey              FB limits              IND BB-          40
Migrated to non-cooperating category; (Issuer Not Cooperating)

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