December 7, 2018 / 4:55 AM / 6 months ago

India Ratings for Indian debt instruments – Dec 7

    Dec 7 (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 6, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Balaji Oil Industries Pvt Ltd   Non-FB Fac             IND A4+          300      Affirmed
(reduced from INR305.4 mlns)
Gpr Infra                       Non-FB WC limit        IND A4+          300      Affirmed
Northern Arc 2018               Series A1 pass-through IND A3+(SO)      145.3    Assigned
                                certificates (PTCs)
Prabhuanth Prasad Thekedar      Non-FB Fac             IND A4+          150
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
Saraf Trading Corporation Pvt   Non-FB WC limits       IND A4           17.5     Upgraded
Ltd
Scs Constructions India Pvt Ltd Non-FB limit           IND A4+          35       Assigned
Shyama Power India              Non-FB WC limit        IND A3           7480
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
The Rajaratna Mills Pvt Ltd     Non-FB limits          IND A4+          86.5     Affirmed
Vikrant Ispat Udyog             Non-FB WC              IND A4           20
Migrated to Non-Cooperating Category(Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
Annai Power Pvt Ltd             TL                     IND BB           120      Affirmed
(increased from INR118.5 mlns)
Balaji Oil Industries Pvt Ltd   FB Fac                 IND BB           30       Affirmed
Freight-Station Pvt Ltd         TL                     IND BBB-         114.5    Affirmed
(reduced from INR362.17 mlns)
Garg Industries                 FBWC  limit            IND BB- /IND A4+ 135
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
Garg Industries                 Non-FBWC limit         IND BB- /IND A4+ 5
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
Gen Next Motors Ltd             TL                     IND BB+          53.45
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
Gen Next Motors Ltd             FB limits              IND BB+          150
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
Gpr Infra                       FB WC limit            IND BB- /IND A4+ 90       Downgraded
                                                                                 /Affirmed
Indian Receivable Trust Dec18A  Series A pass-through  Provisional IND  4032.7   Assigned
                                certificates (PTCs)    AAA(SO)
Indian Receivable Trust Dec18A  Second loss credit     Provisional IND  342.8    Assigned
                                facility (SLCF)        BBB(SO)
Kohinoor Hatcheries Pvt Ltd     Long-TL                WD               183.8    Withdrawn
Kohinoor Hatcheries Pvt Ltd     FB Fac                 WD               400      Withdrawn
Kothari Products Ltd            FB WC Fac*             WD               1100     Downgraded and
                                                                                 withdrawn
*Downgraded to ‘IND BBB-’/Negative/‘IND A3’ before being withdrawn
Kothari Products Ltd            Non-FB WC Fac*         WD               13523    Downgraded and
                                                                                 withdrawn
*Downgraded to ‘IND BBB-’/Negative/‘IND A3’ before being withdrawn
Kothari Products Ltd            Proposed non-FB        WD               477      Downgraded and
                                facility**                                       withdrawn
**Downgraded to ‘Provisional IND BBB-’/Negative/‘Provisional IND A3’ before being withdrawn as
the company did not proceed with the instrument as envisaged
Kpl Exports Pvt Ltd             FB and non-FB WC Fac*  WD               3150     Downgraded,
                                                                                 reassigned and
                                                                                 withdrawn
*Downgraded and re-assigned ‘IND BBB-’/Negative/‘IND A3’ before being withdrawn
Kpl Exports Pvt Ltd             Proposed FB and non-FB WD               2100     Downgraded,
                                WC Fac**                                         reassigned and
                                                                                 withdrawn
**Downgraded and re-assigned ‘Provisional IND BBB-’/Negative/‘Provisional IND A3’ before being
withdrawn as the company did not proceed with the instrument as envisaged.
Milano Papers Pvt Ltd           TL I                   WD               8.8      Withdrawn
Milano Papers Pvt Ltd           TL II                  WD               15.2     Withdrawn
Milano Papers Pvt Ltd           Fund based WC limit    WD               150      Withdrawn
Milano Papers Pvt Ltd           Non-FB Fac             WD               12       Withdrawn
Mm Trust Nov 18 I               Series A PTC (PTCs)    Provisional IND  11625.5  Assigned
                                                       AAA(SO)
Prabhuanth Prasad Thekedar      TL                     IND BB           7
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
Rr Cotton’S (Rrc)               TL                     IND BB-          21.7     Upgraded
Rr Cotton’S (Rrc)               FB limits              IND BB- /IND A4+ 150      Upgraded
(reduced from INR27.2 mlns)
Saraf Trading Corporation Pvt   FB WC limits           IND B- /IND A4   70       Upgraded
Ltd
Scs Constructions India Pvt Ltd TL                     IND BB+          19.17    Assigned
Scs Constructions India Pvt Ltd FB limit               IND BB+          50       Assigned
Shyama Power India              FB WC limit            IND BBB- / IND A31400
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
The Rajaratna Mills Pvt Ltd     Long-TL                IND BB           119.8    Affirmed
The Rajaratna Mills Pvt Ltd     FB limits              IND BB /IND A4+  250      Affirmed
Vikrant Ispat Udyog             FB WC                  IND B+ / IND A4  135
Migrated to Non-Cooperating Category(Issuer Not Cooperating)
Vishwaraj Sugar Industries Ltd  Long-TL                IND BBB-         35.6     Downgraded
(reduced from INR90.7 mlns)
Vishwaraj Sugar Industries Ltd  FB WC limits           IND BBB-         2150     Downgraded
-----------------------------------------------------------------------------------------------
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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