February 13, 2018 / 4:26 AM / 11 days ago

India Ratings for Indian debt instruments – Feb 13

    Feb 13 (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
February 12, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Cotton Blossom (I) Pvt Ltd      Non- fund- based Fac   IND A4+          80       Assigned
Ecokrin Hygiene Pvt Ltd         Non- fund- based limit IND A4+          30       Affirmed
Hpcl- Mittal Energy Ltd         CP                     IND A1+          15       Affirmed
Kct Trading Pvt Ltd             Fund- based limits     IND A2           975      Affirmed
M/S Divine Cera Wool India Llp  Non- fund- based WC    IND A4           10       Migrated to
                                facility                                         Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Quality Industries’ (Qi)        Non- fund- based WC    IND A4+          100      Affirmed
                                limit
reduced from 150 mln

LONG TERM RATINGS:
-------------------
Binary Apparel Park Pvt Ltd     TL                     IND B+           120      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Cotton Blossom (I) Pvt Ltd      Long- TL               IND BB           210.9    Affirmed
reduced from 319.36 mln
Cotton Blossom (I) Pvt Ltd      Fund- based Fac        IND BB/ IND A4+  900      Affirmed
increased from 804 mln
Dedicated Freight Corridor      Long- Term Issuer      IND AAA                   Affirmed
Corporation Of India Ltd        Rating
Ecokrin Hygiene Pvt Ltd         Fund- based WC limit   IND BB-          27.5     Downgraded
Gsk Infrastructures             Fund- based Fac (long- IND D            10       Downgraded
                                /short- term)
Gsk Infrastructures             Non- fund- based Fac   IND D            60       Downgraded
                                (short- term)
Hpcl- Mittal Energy Ltd         Non- convertible       IND AA           10.2     Affirmed
                                debentures (NCDs)
Hpcl- Mittal Energy Ltd         TL                     IND AA           90.9     Affirmed
reduced from 153.63 mln
Hpcl- Mittal Energy Ltd         Bk Fac                 IND AA/ IND A1+  131      Affirmed
reduced from 157 mln
M/S Divine Cera Wool India Llp  Long- TL               IND B-           67.81    Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
M/S Divine Cera Wool India Llp  Fund- based WC facilityIND B- / IND A4  20       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Quality Industries’ (Qi)        TL                     IND BB+          2.73     Affirmed
reduced from 3.33 mln
Quality Industries’ (Qi)        Fund- based WC limit   IND BB+/ IND A4+ 150      Affirmed
increased from 81.5 mln
Shree Sukhakarta Developers Pvt Non- convertible       IND D            3500     Downgraded and
Ltd                             debentures (Long- term)                          Migrated to
                                                                                 Non-
Cooperating Category
(ISSUER NOT COOPERATING)
Suneja Sons                     Fund- based WC limit   IND BB/ IND A4+  197.5    Affirmed
Usha Martin Ltd                 TL                     IND BB+/ RWN     33392.5  Maintained on
                                                                                 RWN
Usha Martin Ltd                 Fund- based limits     IND BB+/ RWN     6000     Maintained on
                                                                                 RWN
Usha Martin Ltd                 Non- fund- based limitsIND BB+/ RWN     1500     Maintained on
                                                                                 RWN

-----------------------------------------------------------------------------------------------
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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