August 28, 2018 / 6:36 AM / 22 days ago

India Ratings for Indian debt instruments – Aug 28

    Aug 28 (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 27, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Amrut Distilleries              Non-FB WC limits       IND A2           10       -
(Migrated to non-cooperating category)
Ark Builders                    Non-FB Fac             IND A4           15       -
(Maintained in non-cooperating category)
Balaji Oil Industries           Non-FB Fac             IND A4+          305.4    -
(Migrated to non-cooperating category)
Devika Fibres                   Non-FB Fac             IND A3           25       -
(Maintained in non-cooperating category)
Innovative Tyres And Tubes      Non-FB Fac             IND A3           160      Upgraded
Maharashtra Hybrid Seeds CompanyStand-by LOC* (SBLC)   IND A1+          -        Affirmed
* Mahyco Mauritius Pvt. Ltd which is a subsidiary of Mahyco avails terms loans from HDFC Bahrain
using the SBLC issued by HDFC Bank, India.
Maharashtra Hybrid Seeds CompanyNon-FB limits          IND A2+          60       Affirmed
Optech Engineering              Non-FB facility        IND A4+          45       Affirmed
Ramesh Chandra Rai              Non-FB WC limit        IND A4           45       -
(Maintained in non-cooperating category)
Ranger Cotton Mills (I)         Non-FB Fac             IND A4           14.6     -
(Maintained in non-cooperating category)
Rusan Pharma                    Non-FB Fac             IND A3           100      -
(Maintained in Non-Cooperating Category)
Saini Alloys                    Non-FB WC limits       IND A4+          10       Affirmed
Uttam Industrial Engineering    Non-FB limits          IND A4           328.7    -
(Downgraded and migrated to non-cooperating category)


LONG TERM RATINGS:
-------------------
Abhiram Infra Projects          FB Fac (LT/ST)         IND D            300      Downgraded
Abhiram Infra Projects          Non-FB Fac (ST)        IND D            1280     Downgraded
Amrut Distilleries              FB WC limits           IND BBB+/A2      1190     -
(Migrated to non-cooperating category)
Ark Builders                    Long-TL                IND B+           51       -
(Maintained in non-cooperating category)
Ark Builders                    FB Fac                 IND B+/A4        37.5     -
(Maintained in non-cooperating category)
Balaji Oil Industries           FB Fac                 IND BB           30       -
(Migrated to non-cooperating category)
Cosmos Industries               FB WC limit            IND BB/A4+       620      -
(Migrated to non-cooperating category)
Devika Fibres                   Long-TL                IND BBB-         78.7     -
(Maintained in non-cooperating category)
Devika Fibres                   FB Fac                 IND BBB-/A3      320      -
(Maintained in non-cooperating category)
Innovative Tyres And Tubes      TL                     IND BBB-         80.6     Upgraded
Innovative Tyres And Tubes      FB Fac                 IND BBB-/A3      160      Upgraded
Maharashtra Hybrid Seeds CompanyTL                     IND A-           326.7    Affirmed
( Outlook revised to Negative from Stable)
Maharashtra Hybrid Seeds CompanyFB limits              IND A-           750      Affirmed
( Outlook revised to Negative from Stable)
Optech Engineering              TL                     IND BB           10       Affirmed
Optech Engineering              FB facility            IND BB/A4+       80       Affirmed
Ramesh Chandra Rai              FB WC limit            IND B+/A4        20       -
(Maintained in non-cooperating category)
Ranger Cotton Mills (I)         Long-TL                IND B+           91.8     -
(Maintained in non-cooperating category)
Ranger Cotton Mills (I)         FB Fac                 IND B+/A4        185      -
(Maintained in non-cooperating category)
Renew Solar Energy (Telangana)  TL                     IND A-           7856.9   Upgraded
Rusan Pharma                    FBFac                  IND BBB-         320      -
(Maintained in Non-Cooperating Category)
Rusan Pharma                    Long-TL                IND BBB-         35.3     -
(Maintained in Non-Cooperating Category)
Saini Alloys                    Proposed FB limits     -                60       Withdrawn
(the company did not proceed with the instrument as envisaged)
Saini Alloys                    Fund -based WC limits  IND BB+ / IND A4+170      Upgraded
Satyam Balajee Automotives      FB WC limit            IND BB-          10       -
(Maintained in Non-Cooperating Category)
Satyam Balajee Automotives      Long-TL                IND BB-          57.42    -
(Maintained in Non-Cooperating Category)
Takshila Retail                 FB WC limit (LT/ST)    IND D            650      -
(Maintained in Non-Cooperating Category)
Takshila Retail                 TL (LT)                IND D            330.3    -
(Maintained in Non-Cooperating Category)
Uttam Industrial Engineering    Long-TL                IND B-           11.3     -
(Downgraded and migrated to non-cooperating category)
Uttam Industrial Engineering    FB limits              IND B-           5        -
(Downgraded and migrated to non-cooperating category)
Vms International               FB WC limit            IND B+           55       -
(Migrated to non-cooperating category)
Vms International               TL                     IND B+           7.5      -
(Migrated to non-cooperating category)

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