December 4, 2018 / 5:24 AM / 12 days ago

India Ratings for Indian debt instruments – Dec 4

       Dec 4 (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 3, 2018.

COMPANY                         INSTRUMENT             RATING         AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------         ------   ---------
SHORT TERM RATINGS:
-------------------
Arene Life Sciences Ltd         Non-FB WC limit        IND A3           50
(Issuer Not Cooperating); Migrated to non-cooperating category
Arene Life Sciences Ltd         Proposed non-FB WC     Provisional IND  37.5
                                limits                 A3
(Issuer Not Cooperating); Migrated to non-cooperating category
Asiatic Electrical & Switchgear Non-FB limits          IND A3           100      Affirmed
Pvt. Ltd.
Bank Of Baroda                  ST debt programme      IND A1+          -        Affirmed
Bank Of Baroda                  CDs                    IND A1+          200000   Affirmed
Classic Engicon Pvt Ltd         Non-FB limits          IND A3           240      Upgraded
Classic Engicon Pvt Ltd         Proposed non-FB limits Provisional IND  100      Upgraded
                                                       A3
Efc Logistics India Pvt Ltd     Non-fund- based limits IND A3           55       Affirmed
(increased from INR35 mlns)
International Commerce Ltd      Non-FB limits          IND A4+          600
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
Madhu Industries Pvt Ltd        Non-FB WC limits       IND A4+          5
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
Ranga Weaves India Pvt Ltd      Non-FB WC limits       IND A3           22.6
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
Royal Latex Pvt Ltd             Non-FB Fac             IND A4+          17.5     Affirmed
(reduced from INR18.34 mlns)
Sri Satya Sai Infrastructure    Non-FB working capita  IND A4+          680
Pvt Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Standard Infratech India Pvt LtdNon-FB WC limits       IND A3+          260      Affirmed
Uflex Ltd                       Non-FB Bk Fac          IND A2+          3750     Affirmed
(increased from INR3,250mlns)
Uflex Ltd                       LOC limits for capital IND A2+          600      Affirmed
                                gooptionally
                                convertible debentures
(reduced from INR6,500 mlns)
Zenith Apex Pvt Ltd             Non-FB WC limit        IND A4+          25       Assigned

LONG TERM RATINGS:
-------------------
Anil Trading Company            FB limit               IND B-           125
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
Arene Life Sciences Ltd         TL                     IND BBB-         12.02
(Issuer Not Cooperating); Migrated to non-cooperating category
Arene Life Sciences Ltd         FB WC limits           IND BBB- /INDA3  90
(Issuer Not Cooperating); Migrated to non-cooperating category
Arene Life Sciences Ltd         Proposed FB WC limits  Provisional IND  60
                                                       BBB-
                                                       /Provisional INDA3
(Issuer Not Cooperating); Migrated to non-cooperating category
Asiatic Electrical & Switchgear TL                     IND BBB-         121.5    Affirmed
Pvt. Ltd.
 (reduced from INR150 mlns)
Asiatic Electrical & Switchgear FB limits              IND BBB- /IND A3 200      Affirmed
Pvt. Ltd.
Bank Of Baroda                  Basel III AT1 bonds    IND AA+          65000    Affirmed
Bank Of Baroda                  Basel III Tier 2       IND AAA          15000    Assigned
                                instrument*
*Yet to be issued
Bank Of Baroda                  Fixed deposit          IND tAAA         -        Affirmed
Bank Of Baroda                  Basel III Tier 2       wd               20000
                                instrument
Withdrawn (the company did not proceed with the instrument as envisaged)
Classic Engicon Pvt Ltd         FB limits              IND BBB-         70       Upgraded
Dbl Lucknow Sultanpur Highways  TL                     IND A            9250     Affirmed
Ltd
Dbl Lucknow Sultanpur Highways  BG*                    wd               1008     Withdrawn
Ltd
* The performance bank guarantee has been released by the concession authority and returned to
the lender, as per the concession agreement terms, on successful project completion of more than
30%.
Delhi Cargo Service Center Pvt  TL                     IND BBB          1230     Affirmed
Ltd
Efc Logistics India Pvt Ltd     FB limits              IND BBB-         305      Affirmed
(increased from INR285 mlns)
Efc Logistics India Pvt Ltd     TL                     IND BBB-         432.31   Affirmed
(reduced from INR443.3 mlns)
Epari’S Jewellers               FB limits              IND B            64       Affirmed
(reduced from INR126.00 mlns)
International Commerce Ltd      FB WC limit            IND BB+ /IND A4+ 150
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
Lite Bite Foods Pvt Ltd         Long-TL                IND A            2200     Affirmed
Lite Bite Foods Pvt Ltd         FB WC limits           IND A            300      Affirmed
Lite Bite Foods Pvt Ltd         Non-FB WC limits       IND A            260      Affirmed
Lite Bite Foods Pvt Ltd         Long-TL                wd               105      Withdrawn
                                                                                 (repaid in
                                                                                 full)
Lite Bite Travel Foods Pvt Ltd  Long-TL                IND A            100      Affirmed
Lite Bite Travel Foods Pvt Ltd  FB WC limits           IND A            300      Affirmed
Lite Bite Travel Foods Pvt Ltd  Long-TL                wd               134.4    Withdrawn
                                                                                 (repaid in
                                                                                 full)
Madhu Industries Pvt Ltd        FB WC limits           IND BB+ /IND A4+ 220
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
Progressive Packaging           Long-TL                IND BB-          65.99    Upgraded
(reduced from INR70 mlns)
Progressive Packaging           FB limits              IND BB-          25       Upgraded
Ranga Weaves India Pvt Ltd      TL limits              IND BBB-         201.7
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
Ranga Weaves India Pvt Ltd      FB WC limits           IND BBB- /IND A3 220
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
Royal Latex Pvt Ltd             Long-TL                IND BB-          0.883    Affirmed
(reduced from INR1.66 mlns)
Royal Latex Pvt Ltd             FB Fac                 IND BB- /IND A4+ 140      Affirmed
Shriram Transport Finance Co.   NCDs                   IND AA+          20000    Assigned
Ltd
Sri Satya Sai Infrastructure    FB WC                  IND BB-          140
Pvt Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Standard Infratech India Pvt LtdFB WC limits           IND BBB          90       Affirmed
Super Speciality Hospital       TL                     IND A-           146.9    Affirmed
(reduced from INR212.2 mlns)
Tamil Nadu Generation And       Bond                   IND A(SO)        33358    Affirmed
Distribution Corporation Ltd
Tamil Nadu Generation And       Long-TL                IND A(SO)        165734.8 Affirmed
Distribution Corporation Ltd
Tamil Nadu Generation And       CC WC limits           IND BBB+/RWE     60000
Distribution Corporation Ltd
Affirmed and placed on Rating Watch Evolving (RWE)
Tamil Nadu Generation And       Non-FB WC limits       IND BBB+/RWE     27654
Distribution Corporation Ltd
Affirmed and placed on Rating Watch Evolving (RWE)
Tamil Nadu Generation And       Long-TL#               Provisional IND  14780.5  Affirmed
Distribution Corporation Ltd                           A(SO)
#The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the ab
Tamil Nadu Generation And       Non-FB WC limits #     Provisional IND  8346     Affirmed and
Distribution Corporation Ltd                           BBB+/RWE                  placed on RWE
#The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by TANGEDCO to the satisfaction of Ind-Ra.
Tamil Nadu Generation And       Bond                   wd               23534
Distribution Corporation Ltd
Withdrawn (repaid in full)
Tarun Oils Pvt Ltd              FB WC limit            IND B            81.5
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
Uflex Ltd                       TL (includes external  IND A-           11063    Affirmed
                                commercial borrowings)
(increased from INR8,632.2 mlns)
Uflex Ltd                       FB Bk Fac              IND A- /IND A2+  4000     Affirmed
(increased from INR3,246 mlns)
Uflex Ltd                       Proposed LT debt       Provisional IND  4000     Affirmed
                                (including NCDs)*      A-
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the term loans by Uflex to the satisfaction of Ind-Ra and the closure of the issue
upon the receipt of final documentation, conforming to the information already received by the
agency. 
Vijay Engineering Equipment     TL                     IND B+           19.2     Assigned
India Pvt Ltd
Vijay Engineering Equipment     FB WC  limits          IND B+ /IND A4   160      Assigned
India Pvt Ltd
Zenith Apex Pvt Ltd             FB WC limit            IND BB /IND A4+  200      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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