August 5, 2019 / 5:51 AM / in 16 days

India Ratings for Indian debt instruments – Aug 5

    Aug 5 (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 2, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Aryaman Ispat Pvt Ltd           Non-FB WC limit        IND A4+          120      Assigned
Ch.Gowri Shankar Infra Build    Non-FB limits          IND A4+          150      Affirmed
(I) Pvt Ltd
(increased from INR70mlns)
Devkiran Paper Mills Pvt Ltd    Non-FB Fac             IND A4+          35
(Migrated to non-cooperating category,Issuer Not Cooperating)
Rci Industries & Technologies   Non-FB limits (ST)     IND D            1090     Downgraded
Ltd

LONG TERM RATINGS:
-------------------
Aggarsain Spinners Ltd          FB WC limit            IND B-/IND A4    19       Assigned
Aryaman Ispat Pvt Ltd           FB WC limit            IND BB-/IND A4+  100      Assigned
Ch.Gowri Shankar Infra Build    FB limits              INDBB+           80       Affirmed
(I) Pvt Ltd
Devkiran Paper Mills Pvt Ltd    TL                     IND BB-          127.6
(Migrated to non-cooperating category,Issuer Not Cooperating)
Devkiran Paper Mills Pvt Ltd    FB Fac                 IND BB- / IND A4+130
(Migrated to non-cooperating category,Issuer Not Cooperating)
Devkiran Paper Mills Pvt Ltd    Proposed FB Fac        Provisional IND  107.4
                                                       BB- /Provisional
                                                       IND A4+
(Migrated to non-cooperating category,Issuer Not Cooperating)
Gvr Behari Hanumana Tollway Pvt TL (LT)                IND D            1086.9
Ltd
(Maintained in non-cooperating category; Issuer Not Cooperating and Withdrawn)
Gvr Nagaur Bikaner Tollway Pvt  Bk loan (LT)           IND D            3150
Ltd
(Migrated to non-cooperating category,Issuer Not Cooperating)
Gvr Panna Amanganj Tollway Pvt  TL (LT)                IND D            870.7
Ltd
(Maintained in non-cooperating category; Issuer Not Cooperating and Withdrawn)
Happiest Minds Technologies Pvt FB WC limits           IND BBB /IND A3+ 1150     Upgraded
Ltd
Indo Rama Synthetics (I) Ltd    Long-TL                IND BBB-         5000     Assigned
Indo Rama Synthetics (I) Ltd    WC limits              IND BBB-/IND A3  9000     Assigned
K.B.Gems                        FB CC                  IND BB+ / IND A4+240
(Migrated to non-cooperating category,Issuer Not Cooperating)
Montecarlo Asset Holdings Llp   TL*                    IND A-           420      Upgraded
*Present effective interest rate on a floating basis
Nhc Foods Ltd                   FB Fac                 IND BB+ /IND A4+ 180      Upgraded
                                                                                 /Affirmed
Nhc Foods Ltd                   TL                     WD               3.1      Withdrawn
Rci Industries & Technologies   FB limits (LT)         IND D            1010     Downgraded
Ltd
Rci Industries & Technologies   Proposed long-TL*      Provisional IND D500      Downgraded
Ltd
*The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by RCI to the satisfaction of Ind-Ra.
Rci Industries & Technologies   Proposed FB limits*    Provisional IND D250      Downgraded
Ltd                             (LT)
*The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by RCI to the satisfaction of Ind-Ra.
Sansar Trust June 2018 IV’S     Second loss credit     IND A-(SO)       353.5    Affirmed
                                facility (SLCF)
Sansar Trust June 2018 IV’S     Series A1 PTCs         IND AAA(SO)      253.4    Affirmed
Sansar Trust June 2018 IV’S     Series A2 PTCs         IND AAA(SO)      3030.3   Affirmed
The Mysore Paper Mills Ltd      Bonds^                 IND AA-(SO)      125      Affirmed
^ Of the INR500 million, MPM has repaid INR375 million
The Mysore Paper Mills Ltd      Bonds                  Provisional IND  400      Affirmed
                                                       AA-(SO)
-----------------------------------------------------------------------------------------------
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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