December 27, 2017 / 6:05 AM / a month ago

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, 2017.

COMPANY                         INSTRUMENT             RATING         AMOUNT   MOVEMENT
                                                                     (RS.MLN)
------                          ----------             ------         ------   ---------
SHORT TERM RATINGS:
-------------------
C.E. Testing Company Pvt. Ltd   Non-FB WC limit        IND A4+          70       Assigned
L B Industries Pvt Ltd          Non-FB WC limit        IND A4+          420      Affirmed
Magnum Sea Foods Ltd            Non FB WC limit        IND A3+          150      Assigned
Marksans Pharma Ltd             Non-FB limits          IND A1           960      Affirmed
Reliance Infrastructure Ltd     ST debt/CP (CP)*       IND A1/RWE       13000    Placed on
                                                                                 RWE
                                                                                 from RWN
* INR4,000 million of the CP is backed by a fund-based facility
Reliance Infrastructure Ltd     CP                     IND A1+(SO)      4500     Placed on
                                                                                 RWE
                                                                                 from RWN
Virupaksha Organics Ltd         Non-FB WC limits       IND A2           329      Upgraded


LONG TERM RATINGS:
-------------------
C.E. Testing Company Pvt. Ltd   FB WC limit            IND BB           50       Assigned
Crd Foods Pvt Ltd               FB WC limit                             100      Withdrawn
Crd Foods Pvt Ltd               TL                                      178      Withdrawn
Crd Foods Pvt Ltd               Proposed FB WC limits                   100      Withdrawn
Gen Next Motors Ltd             TL                     IND BB+          53.45    Affirmed
Gen Next Motors Ltd             FB limits              IND BB+          150      Affirmed
Indian Acrylics Ltd             FB WC Fac (LT/ST)      IND C/IND A4     300      Downgraded
Indian Acrylics Ltd             TL (LT)                IND D            907.9    Assigned
Indian Acrylics Ltd             Non-FB WC Fac (LT/ST)  IND D            1892.5   Downgraded
L B Industries Pvt Ltd          FB WC limit            IND BB- /IND A4+ 60       Affirmed
M/S Chandukaka Saraf And Sons   Secured overdraft      IND BBB-         250      Assigned
M/S Chandukaka Saraf And Sons   Proposed CC limits*    Provisional IND  250      Assigned
                                                       BBB-
                                                       /Provisional IND A3
* The rating is provisional and shall be confirmed upon the sanction and execution
 of the loan documents for the above facilities by CSS to the satisfaction of Ind-Ra.
Magnum Estates Pvt Ltd          FB WC limit            IND BBB /IND A3+ 250      Assigned
Magnum Sea Foods Ltd            FB WC limit            IND BBB          500      Assigned
Marksans Pharma Ltd             FB limits              IND A-           1300     Affirmed
Reliance Infrastructure Ltd     NCDs (NCDs)            IND A/RWE        9750     Placed on
                                                                                 RWE
                                                                                 from RWN
Reliance Infrastructure Ltd     TL                     IND A/RWE        5300     Placed on 
                                                                                 RWE
                                                                                 from RWN
Reliance Infrastructure Ltd     Bk Fac                 IND A/RWE/IND    180000   Placed on RWE
                                                       A1/RWE                    from RWN
Reliance Infrastructure Ltd     NCDs**                 IND A+(SO)/RWE   4000     Placed on RWE
                                                                                 from RWN
** Secured against regulatory asset collection in R-Infra’s Mumbai distribution business
Reliance Infrastructure Ltd     TL**                   IND A+(SO)/RWE   9000     Placed on 
                                                                                 RWE
                                                                                 from RWN
** Secured against regulatory asset collection in R-Infra’s Mumbai distribution business
S.K. Elite Industries (I) Ltd   Overdraft TL           IND BB-          400      Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Saa Vishnu Bakers Pvt Ltd       FB limits              IND BB+          40       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Saa Vishnu Bakers Pvt Ltd       TL                     IND BB+          118.24   Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Saa Vishnu Bakers Pvt Ltd       Proposed FB limits     Provisional IND  50       Migrated to
                                                       BB+                       Non
                                                                                 Cooperating 
                                                                                 Category
Sandhar Technologies Ltd        Long-TL                IND A+           1367     Assigned
Sandhar Technologies Ltd        FB WC limits           IND A+ /IND A1+  750      Assigned
Sandhar Technologies Ltd        Non-FB WC limits       IND A+ /IND A1+  210.5    Assigned
Shri Dakshineshwari Maa         Proposed FB WC limit   Provisional IND  200      Assigned
Polyfabs Ltd                                           BB
Toshniwal Enterprises Controls  FB WC limit            IND BB+          270      Assigned
Ltd
Virupaksha Organics Ltd         FB WC limits           IND              450      Affirmed
                                                       BBB/IND
                                                       A2
-----------------------------------------------------------------------------------------------
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
RWE - Rating Watch Evolving 
RWN - Rating Watch Negative 
$: 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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