January 1, 2019 / 5:02 AM / 7 months ago

India Ratings for Indian debt instruments – Jan 1

    Jan 1 (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 31, 2018.

COMPANY                         INSTRUMENT             RATING         AMOUNT     MOVEMENT
------                          ----------             ------         ------     ---------
Gupta & Sons (Motors) Pvt Ltd   Non-FB limits          IND A4+          20       Affirmed
Kpm Processing Mill Pvt Ltd     Non-FB limit           IND A4+          10.97    Affirmed
Mahindra Lifespace Developers   CP (CP)                IND A1+          750      Affirmed
 (reduced from INR1,500 mlns)
Sunshine Paptech Pvt. Ltd       Non-FB Fac             IND A3+          150
(Issuer Not Cooperating) ; Migrated to non-cooperating category

Ahmedabad Municipal             Proposed bonds*        Provisional IND  2000     Assigned
Corporation’S                                          AA+(SO)
*The final rating will be assigned following the final issuance and the receipt of the final
documentation, conforming to the information already received by Ind-Ra. 
Ahmedabad Municipal             Proposed NCDs          WD               2000     Withdrawn
 (as AMC did not proceed with the instrument as envisaged)
Artson Engineering Ltd          TL                     IND AA-          150      Downgraded and
Artson Engineering Ltd          FB Fac                 IND AA- /IND A1+ 110
Long-term rating Downgraded and Reassigned; Short-term rating affirmed and reassigned
Artson Engineering Ltd          Non-FB Fac             IND AA- /IND A1+ 50
Long-term rating Downgraded and Reassigned; Short-term rating affirmed and reassigned
Artson Engineering Ltd          FB Fac                 IND AA- /IND A1+ 160      Assigned
Artson Engineering Ltd          Non-FB Fac             IND AA- /IND A1+ 50       Assigned
Bajaj Finance Ltd               NCDs                   IND AAA          35000    Assigned
Bhopal Dhule Transmission Co.   NCDs                   IND AAA          7110     Affirmed
 (reduced from INR7,350mlns)
Grid Trust                      NCDs*                  IND AAA          2500     Assigned
* The final rating has been assigned following the signing of the debenture trustee deed and the
sponsor undertakings in line with the term sheet considered for the provisional rating. The
supplement to the existing trust and retention agreement is yet to be signed to include NCDs as
Gupta & Sons (Motors) Pvt Ltd   FB limits              IND BB           60       Affirmed
Kpm Processing Mill Pvt Ltd     FB WC limit            IND BB           110      Affirmed
(increased from INR90 mlns)
Kpm Processing Mill Pvt Ltd     TL                     IND BB           49.9     Affirmed
(reduced from INR109.93mlns)
Kpm Processing Mill Pvt Ltd     TL                     IND BB           55.07    Assigned
M/S Vibfast Pigments            FB WC limits           WD               98.2     Withdrawn
Mahindra Lifespace Developers   Non-FB limits          IND AA /IND A1+  500      Affirmed
Mahindra Lifespace Developers   FB limits              IND AA/IND A1+   2000     Affirmed
Shiv Shakti Cold Storage        FB WC limits           IND B            52       Affirmed
Sterling And Wilson Solar Pvt   Non-FB limits*,#       IND AA /IND A1+  6200     Assigned
* The assignment of the final rating follows the receipt of the final documents conforming to
the information already received by Ind-Ra.
# Includes INR2,500 million interchangeable with fund-based limits.
Sunshine Paptech Pvt. Ltd       FB Fac                 IND BBB /IND A3+ 150
(Issuer Not Cooperating) ; Migrated to non-cooperating category
Vibfast Pigments Pvt Ltd        FB WC limits           WD               93.5     Withdrawn
Vibfast Pigments Pvt Ltd        Non-FB WC limits       WD               11       Withdrawn
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

$: 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

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
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