December 5, 2018 / 5:37 AM / 5 days ago

India Ratings for Indian debt instruments – Dec 5

    Dec 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
December 4, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Efc Logistics India Pvt Ltd     NFBL                   IND A3           65       Affirmed
(increased from INR55)
Natraj Electro Casting Pvt Ltd  NFBL                   IND A4           15.35    Affirmed
Saranya Spinning Mills Pvt Ltd  NFBF                   IND A3           5.4      Affirmed
Vodafone Idea Ltd               CPs*                   IND A1+          40000    Assigned
* Carved out from working capital facilities. The CP proceeds will be used for meeting working
capital requirement and/or debt refinancing.

LONG TERM RATINGS:
-------------------
Edac Engineering Ltd            FB WC limit            IND BBB-/IND A3  5        -
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
Edac Engineering Ltd            Non-FB WC limit        IND BBB-/IND A3  908      -
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
Edac Engineering Ltd            Proposed FB WC limit   IND BBB-/IND A3  20       -
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
Edac Engineering Ltd            Proposed non-FB WC     IND BBB-/IND A3  317      -
                                limit
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
Efc Logistics India Pvt Ltd     FBL                    IND BBB-         360      Affirmed
(increased from INR305)
Efc Logistics India Pvt Ltd     TL                     IND BBB-         346.02   Affirmed
(reduced from INR432.1)
Nagpur Mumbai Super             Proposed TL*           IND A-           280      Assigned
Communication Expressway Ltd
*A final rating will be assigned following the financial closure for the term loan facilities
and upon the receipt of final documentation, conforming to the information already received by
Ind-Ra.
Nagpur Mumbai Super             Proposed TL*           IND A-           280      Assigned
Communication Expressway Ltd
*A final rating will be assigned following the financial closure for the term loan facilities
and upon the receipt of final documentation, conforming to the information already received by
Ind-Ra.
Natraj Electro Casting Pvt Ltd  FBL                    IND B+           80       Affirmed
Natraj Electro Casting Pvt Ltd  TL                     IND B+           200      Affirmed
Omniactive Health Technologies  TL                     IND BBB+         1142     Affirmed
Ltd
Outlook revised to Positive from Stable,(reduced from INR1,400)
Omniactive Health Technologies  WC Fac                 IND BBB+ / IND A21550     Affirmed
Ltd
Outlook revised to Positive from Stable
Platinum Trust November 2017    Series A pass-through  IND AAA(SO)      2553.82  Affirmed
Tranche Ii’S                    certificates (PTCs)
Platinum Trust November 2017    Second loss credit     IND BBB(SO)      185.62   Affirmed
Tranche Ii’S                    facility (SLCF)
Progressive Infotech Pvt Ltd    FBL                    IND BBB- / IND A335       Affirmed
Saranya Spinning Mills Pvt Ltd  TL                     IND BBB-         239.9    Affirmed
Outlook revised to Positive from Stable,(reduced from INR257)
Saranya Spinning Mills Pvt Ltd  FBF                    IND BBB- / IND A3400      Affirmed
Outlook revised to Positive from Stable,(increased from INR250)
Shetron Ltd                     Long-TL                IND BB           320.1    Affirmed
(reduced from INR343.1)
Shetron Ltd                     FB Fac                 IND BB / IND A4+ 287.5    Affirmed
(reduced from INR362.5)
Shetron Ltd                     Non-FB Fac             IND BB / IND A4+ 390      Affirmed
Ummed Educational Foundation    TL                     IND B            96       Affirmed
Vivriti Phelps 10 2018          Series A1 pass-through Provisional IND  139.68   Assigned
                                certificates (PTCs)*   A-(SO)
* The final ratings are contingent upon the receipt of final documents conforming to the
information already rec
Vivriti Phelps 10 2018          Series A2 PTCs*        Provisional IND  6.5      Assigned
                                                       BBB(SO)
* The final ratings are contingent upon the receipt of final documents conforming to the
information already rec
Vodafone Idea Ltd               NCD                    IND AA-          25000    Assigned
Vodafone Idea Ltd               NCD                    IND AA-          35000    Assigned
Vodafone India Ltd              CP*                    WD               20000    Affirmed and
                                                                                 withdrawn
*Affirmed at ‘IND A1+’ before being withdrawn; Carved out from working capital facilities
Vodafone Mobile Services Ltd    NCDs*                  WD               25000    Downgraded and
                                                                                 withdrawn
*Downgraded to ‘IND AA-’/Negative before being withdrawn
Vodafone Mobile Services Ltd    NCDs*                  WD               35000    Downgraded and
                                                                                 withdrawn
*Downgraded to ‘IND AA-’/Negative before being withdrawn
Vodafone Mobile Services Ltd    NCDs*                  WD               15000    Downgraded and
                                                                                 withdrawn
*Downgraded to ‘IND AA-’/Negative before being withdrawn
Vodafone Mobile Services Ltd    CPs#                   WD               20000    Downgraded and
                                                                                 withdrawn
#Affirmed at ‘IND A1+’ before being withdrawn; Carved out from working capital facilities.
-----------------------------------------------------------------------------------------------
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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