December 27, 2018 / 7:39 AM / in 3 months

India Ratings for Indian debt instruments – Dec 27

    Dec 27 (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
December 26, 2018.

COMPANY                         INSTRUMENT             RATING       AMOUNT   MOVEMENT
                                                                    (RS.MLN)
------                          ----------             ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Arunoday Construction Company   Non-FB WC limit        IND A4+          130      -
Pvt Ltd
Migrated to Non-Cooperating Category
B.L. Lifesciences Pvt Ltd       Non-FB limit*          IND A3+          20       Affirmed
* Sublimit of the fund-based limit
Brahmaputra Biochem Pvt Ltd     Non-FB Fac             IND A4           37.5     -
Migrated to Non-Cooperating Category
Cadchem Laboratories Ltd        Non-FB WC limit        IND A4+          32.5     -
Migrated to Non-Cooperating Category
K.D. Liquor And Fertilizer Pvt  Non-FB limits          IND A4+          80       Affirmed
Ltd
(increased from INR15)
L B Industries Pvt Ltd          Non-FB WC limits       IND A4+          420      -
Migrated to Non-Cooperating Category
Magnum Estates Pvt Ltd          Non-FB WC limit        IND A3+          13.5     -
Migrated to Non-Cooperating Category
Magnum Sea Foods Ltd            Non FB WC limit        IND A3+          150      -
Migrated to Non-Cooperating Category
New Laxmi Steel & Power Pvt Ltd Non-FB limits          IND A4+          50       Assigned
Northern Arc 2018 Csl Neptune   Series A1 pass-through Provisional IND  75.27    Assigned
                                certificates (PTCs)    A3+(SO)
Pashupati Laminators Pvt Ltd    Non-FB WC limits       IND A3+          9        Affirmed
Penna Cement Industries Ltd     Non-FB WC limits       IND A1+          2150     Affirmed
Penna Cement Industries Ltd     CP programme#          IND A1+          500      Affirmed
#carved out of working capital facilities.


LONG TERM RATINGS:
-------------------
Arunoday Construction Company   FB WC limits           IND BB-          118.5    -
Pvt Ltd
Migrated to Non-Cooperating Category
Ayursundra Healthcare Pvt Ltd   FB WC limit (LT)       IND D            60       Downgraded
Migrated to Non-Cooperating Category
Ayursundra Healthcare Pvt Ltd   Long-TL (LT)           IND D            911.98   Downgraded
Migrated to Non-Cooperating Category
B.L. Lifesciences Pvt Ltd       TL                     IND BBB          333      Affirmed
B.L. Lifesciences Pvt Ltd       FB limit               IND BBB/IND A3+  450      Affirmed
(increased from INR397)
Bangalore Airport Hotel Ltd     NCDs                   IND AA+(SO)      3000     Affirmed
Brahmaputra Biochem Pvt Ltd     Long-TL                IND B+           612.7    -
Migrated to Non-Cooperating Category
Brahmaputra Biochem Pvt Ltd     FB Fac                 IND B+/IND A4    179.4    -
Migrated to Non-Cooperating Category
Cadchem Laboratories Ltd        FB limit               IND BB-          72.5     -
Migrated to Non-Cooperating Category
Cadchem Laboratories Ltd        TL                     IND BB-          25.57    -
Migrated to Non-Cooperating Category
Dish Infra Services Pvt Ltd     Proposed Bk Fac        -                2000     Withdrawn
(issuer is no longer proceeding with the instrument as envisaged)
Egwood Boards & Panels Pvt Ltd  FB WC limits           IND B+/IND A4    142.7    Assigned
Gtpl Kolkata Cable And          TL                     IND A-/RWP       200      Assigned
Broadband Pariseva Ltd
Gtpl Kolkata Cable And          WC Fac                 IND A-/RWP/IND   60       Assigned
Broadband Pariseva Ltd                                 A1/RWP
Gtpl Kolkata Cable And          Non-FB limits          IND A1/RWP       146.1    Assigned
Broadband Pariseva Ltd
Gtpl Kolkata Cable And          Proposed TL*           Provisional IND  43.9     Assigned
Broadband Pariseva Ltd                                 A-/RWP
*The rating is provisional and shall be confirmed upon the sanction and execution 
of loan documents for the proposed term loan by GKCL to the satisfaction of Ind-Ra.
K.D. Liquor And Fertilizer Pvt  FB limits              IND BB           110      Downgraded
Ltd
K.D. Liquor And Fertilizer Pvt  Proposed FB limits     Provisional IND  5        Downgraded
Ltd                                                    BB
Kals Beverages Pvt Ltd          Long-TL                IND BBB-         1100     Assigned
Kals Beverages Pvt Ltd          FB limits              IND BBB-/IND A3  400      Assigned
L B Industries Pvt Ltd          FB WC limits           IND BB-/ IND A4+ 60       -
Migrated to Non-Cooperating Category
Magnum Estates Pvt Ltd          FB limits              IND BBB/IND A3+  250      -
Migrated to Non-Cooperating Category
Magnum Sea Foods Ltd            FB WC limit            IND BBB          500      -
Migrated to Non-Cooperating Category
Mfl Securitisation Trust Lxxiii Series A1 pass-through Provisional IND  1645.2   Assigned
                                certificates (PTCs)*   AA(SO)
*The assignment of final ratings is contingent upon the receipt of final documents
 conforming to the information already received. 
Mfl Securitisation Trust Lxxiii Series A2 PTCs*        Provisional IND  86.6     Assigned
                                                       AA(SO)
*The assignment of final ratings is contingent upon the receipt of final documents
 conforming to the information already received. 
Mfl Securitisation Trust Lxxiii Second loss credit     Provisional IND  155.9    Assigned
                                facility (SLCF)*       BBB-(SO)
*The assignment of final ratings is contingent upon the receipt of final documents
 conforming to the information already received. 
New Laxmi Steel & Power Pvt Ltd Proposed non-FB limits -                250      Withdrawn
(the company did not proceed with the instrument as envisaged)
New Laxmi Steel & Power Pvt Ltd FB limits              IND BB+          400      Upgraded
(increased from INR200)
Pashupati Laminators Pvt Ltd    TL                     IND BBB          22.88    Affirmed
Pashupati Laminators Pvt Ltd    FB WC limits           IND BBB/ IND A3+ 197      Affirmed
Penna Cement Industries Ltd     TL                     IND AA-          12700    Affirmed
Penna Cement Industries Ltd     NCDs (NCDs)            IND AA-          140      Affirmed
Penna Cement Industries Ltd     Capex LOC              IND AA-          2000     Assigned
Penna Cement Industries Ltd     FB WC limits           IND              2350     Affirmed
                                                       AA-/Negative/IND
                                                       A1+
Penna Cement Industries Ltd     Proposed NCDs*         Provisional IND  500      Assigned
                                                       AA-
* The final rating will be assigned following the closure of the issue upon the 
receipt of the final documentation, conforming to the information already received by Ind-Ra. 
Rec Ltd                         ST borrowing programme IND A1+/RWN      90000    Placed on RWN
                                (including CP and BG)
                                (FY19)
REC Ltd                         LT annual borrowing    IND AAA/RWN      510000   Placed on RWN
                                programme (FY19)
REC Ltd                         GoI fully serviced     IND AAA/RWN      190000   Placed on RWN
                                bonds
REC Ltd                         LT annual borrowing    IND AAA/RWN      1499110  Placed on RWN
                                programmes (FY09-FY18)
Rites Ltd                       Non-FB WC limits*      -                5100     Affirmed and
                                                                                 Withdrawn
*Affirmed at ‘IND A1+’ before being withdrawn
Sansar Trust December 2016      Second loss credit     IND A-(SO)       129.5    Affirmed
                                facility SLCF
Sansar Trust December 2016      Series A pass-through  IND AAA(SO)      676.4    Affirmed
                                certificates (PTCs)
Sansar Trust December 2017      Second loss credit     IND A-(SO)       -        Affirmed
                                facility (SLCF)
Sansar Trust December 2017      Series A pass-through  IND AAA(SO)      -        Affirmed
                                certificates (PTCs)
Sedemac Mechatronics Pvt Ltd    TL                     IND BBB-         132.97   Assigned
Sedemac Mechatronics Pvt Ltd    FB limits              IND BBB-/IND A3  40       Assigned
Sedemac Mechatronics Pvt Ltd    Proposed TL*           Provisional IND  150      Assigned
                                                       BBB-
*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.
Vivriti Andrew 12 2018          Series A2 PTCs         Provisional IND  5.68     Assigned
                                                       A-(SO)
Vivriti Andrew 12 2018          Series A1 pass-through Provisional IND  249.99   Assigned
                                certificates (PTCs)    A+(SO)
Vivriti Kepler 12 2018          Series A2 PTCs         Provisional IND  10.23    Assigned
                                                       A-(SO)
Vivriti Kepler 12 2018          Series A1 pass-through Provisional IND  450      Assigned
                                certificates (PTCs)    A+(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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