December 6, 2017 / 6:38 AM / 2 months ago

India Ratings for Indian debt instruments – Dec 6

    Dec 6 (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 5, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Elin Electronics Ltd            Non-FB WC limits       IND A2+          107.5    Assigned
Manipal Business Solutions Pvt  Non-FB limits          IND A2(SO)       20       Assigned
Ltd
Manipal Technologies Ltd        Non-FB limits          IND A2           100      Affirmed
Manipal Utility Packaging       Non-FB limits          IND A2(SO)       50       Affirmed
Solutions Pvt Ltd
Mct Cards & Technology Pvt Ltd  Non-FB limits          IND A2           844      Reassigned
Universal Print Systems Ltd     Non-FB limits          IND A2(SO)       10       Assigned
Utracon Structural Systems Pvt  Non-FB limits          IND A3           270      Migrated to
Ltd                                                                              Non
                                                                                 Cooperating 
                                                                                 Category

LONG TERM RATINGS:
-------------------
Elin Electronics Ltd            Long-TL                IND A-           456      Affirmed
Elin Electronics Ltd            FB WC limits           IND A-/IND A2+   350      Affirmed
Elin Electronics Ltd            Proposed FB WC limits* Provisional IND  50       Assigned
                                                       A-/Provisional
                                                       IND A2+
*The rating is provisional and shall be confirmed upon the sanction and execution
 of loan documents for the above facilities by EEL to the satisfaction of Ind-Ra
Global Properties               Proposed TL            Provisional IND  400      Migrated to
                                                       BB-                       Non
                                                                                 Cooperating 
                                                                                 Category
Jubilant Consumer Pvt Ltd       Long-TL                IND BBB-         1006.5   Affirmed
Jubilant Consumer Pvt Ltd       FB WC limits           IND BBB-/IND A3  75       Affirmed
Lite Bite Foods Pvt Ltd         Long-TL                IND A            200      Assigned
Lite Bite Travel Foods Pvt Ltd  Long-TL                IND A            100      Assigned
Lite Bite Travel Foods Pvt Ltd  FB WC limits           IND A            194.4    Assigned
Manipal Business Solutions Pvt  TL                     IND BBB+(SO)     90.6     Affirmed
Ltd
Manipal Business Solutions Pvt  FB WC limits           IND BBB+(SO)/IND 80       Affirmed
Ltd                                                    A2(SO)
Manipal Technologies Ltd        TL                     IND BBB+         1900     Assigned
Manipal Technologies Ltd        FB WC limits           IND BBB+/IND A2  2400     Affirmed
Manipal Utility Packaging       TL                     IND BBB+(SO)     464      Affirmed
Solutions Pvt Ltd
Manipal Utility Packaging       FB WC limits           IND BBB+(SO)/IND 450      Affirmed
Solutions Pvt Ltd                                      A2(SO)
Mct Cards & Technology Pvt Ltd  TL                     IND BBB+         550      Assigned
Mct Cards & Technology Pvt Ltd  FB WC limits           IND BBB+/IND A2  500      Reassigned
Meraki Cv Ifmr Capital 2016     Series A1 pass-through IND A(SO)        89.95    Upgraded
                                certificates (PTCs)
Meraki Cv Ifmr Capital 2016     Series A2 PTCs         IND BB+(SO)      26.78    Upgraded
Mkhitaryan Sbl Ifmr Capital     Series A1 pass-through IND AA(SO)       413.01   Upgraded
2016                            certificates (PTCs)
Mkhitaryan Sbl Ifmr Capital     Series A2 PTCs         IND BBB (SO)     85.29    Upgraded
2016 
Shri Mookambiga Spinning Mills  FB WC limit            IND B+           230      Migrated to
Pvt Ltd                                                                          Non
                                                                                 Cooperating 
                                                                                 Category
Shri Mookambiga Spinning Mills  TL                     IND B+           24.5     Migrated to
Pvt Ltd                                                                          Non
                                                                                 Cooperating 
                                                                                 Category
Sjlt Textiles Pvt Ltd           TL                                      467.7    Withdrawn
Sjlt Textiles Pvt Ltd           FB WCFac                                450      Withdrawn
Sjlt Textiles Pvt Ltd           Non-FB WC Fac                           180.4    Withdrawn
Sunshine Vegetables Pvt Ltd     TL                     IND BB-          59.1     Affirmed
Sunshine Vegetables Pvt Ltd     FB WC limit            IND BB-/IND A4+  15       Affirmed
Tarun Oils Pvt Ltd              FB WC limit            IND B            81.5     Downgraded
Universal Print Systems Ltd     TL#                    IND BBB+(SO)     36       Assigned
# The assignment of the final ratings follows the receipt of sanction letters 
conforming to the information already received by Ind-Ra.
Universal Print Systems Ltd     FB WC limits           IND BBB+(SO)/IND 50       Affirmed
                                                       A2(SO)
Utracon Structural Systems Pvt  FB limits              IND BBB-/IND A3  100      Migrated to
Ltd                                                                              Non
                                                                                 Cooperating 
                                                                                 Category
Zlatan Ifmr Capital 2016        Series A4 PTCs         IND A(SO)        13.7     Upgraded
Zlatan Ifmr Capital 2016        Series A3 PTCs         IND AA(SO)       136.71   Upgraded
Zlatan Ifmr Capital 2016        Series A1 pass-through                           Paid in full
                                certificates (PTCs)
Zlatan Ifmr Capital 2016        Series A2 PTCs                                   Paid in full
-----------------------------------------------------------------------------------------------
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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