December 31, 2018 / 4:15 AM / 2 months ago

India Ratings for Indian debt instruments – Dec 31

    Dec 31 (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 28, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Afcons Infrastructure Ltd       CP*                    IND A1+          9000     Affirmed
*To be utilised for working capital purposes
Laxmi Organic Industries Ltd    Non-FB WC facility     IND A1           1970     Assigned
Laxmi Organic Industries Ltd    Proposed CP (CP)*      IND A1           100      Assigned
* Yet to be issued. The CP will be carved out of the existing working capital facility.
Laxmi Organic Industries Ltd    Proposed non-FB WC     Provisional IND  150      Assigned
                                facility#              A1
# The rating is provisional and shall be confirmed upon the sanction and execution of documents
for the above instrument by LOIL to the satisfaction of Ind-Ra.

LONG TERM RATINGS:
-------------------
Asian Hotels (West) Ltd         TL                     IND BBB          2304     Assigned
Asian Hotels (West) Ltd         FB WC limit            IND BBB/ IND A3+ 270      Assigned
Knr Tirumala Infra Pvt Ltd      TL                     IND A            5730     Assigned
Laxmi Organic Industries Ltd    TL                     IND A+           644.44   Assigned
Laxmi Organic Industries Ltd    TL                     IND A+           USD7.0   Assigned
Laxmi Organic Industries Ltd    FB WC facility         IND A+/ IND A1   1850     Assigned
Mata Rani Trust                 TL (LT)                IND D            291
(Issuer Not Cooperating); Maintained in non-cooperating category
Mathura Fibres & Cotton         FB WC limit            IND BB-/ IND A4+ 300
Industries
(Issuer Not Cooperating) Migrated to non-cooperating category
National Education Foundation   TL                     IND BBB-         341.9
(Issuer Not Cooperating) Migrated to non-cooperating category
National Education Foundation   Proposed TL            Provisional IND  8.1
                                                       BBB-
(Issuer Not Cooperating) Migrated to non-cooperating category
Pes Engineers Pvt Ltd           TL                     IND A-           97.6     Assigned
Pes Engineers Pvt Ltd           TL                     IND A-           14.5     Affirmed
Pes Engineers Pvt Ltd           FB WC limits           IND A-/ IND A1   550      Affirmed
Pes Engineers Pvt Ltd           Non-FB limits          IND A-/ IND A1   4626.5   Affirmed
Pes Engineers Pvt Ltd           Non-FB limits          IND A-/ IND A1   150      Assigned
Pes Engineers Pvt Ltd           Proposed FBL*          Provisional IND  200      Assigned
                                                       A-/ Provisional
                                                       IND A1
* The above rating is provisional and shall be confirmed upon the sanction and execution of the
loan documents for the above facility by PES to the satisfaction of Ind-Ra.
Pes Engineers Pvt Ltd           Proposed non- FBL*     Provisional IND  1843.5   Assigned
                                                       A-/ Provisional
                                                       IND A1
* The above rating is provisional and shall be confirmed upon the sanction and execution of the
loan documents for the above facility by PES to the satisfaction of Ind-Ra. 
Pes Engineers Pvt Ltd           Non-FB limits          WD               2780
Withdrawn (limits repaid in full)
Sanshu Agro Pvt Ltd             FB WC limits           IND B+/ IND A4   140
(Issuer Not Cooperating) ; Migrated to non-cooperating category
Universal Educational Society   TL                     IND BB+          335.53
(Issuer Not Cooperating) ; Migrated to non-cooperating category
Universal Educational Society   Overdraft              IND BB+          35
(Issuer Not Cooperating) ; Migrated to non-cooperating category
Vishesh Diagnostics Pvt Ltd     TL                     IND BBB-         1630     Assigned
Vishesh Diagnostics Pvt Ltd     FB limit               IND BBB-         120      Assigned
-----------------------------------------------------------------------------------------------
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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