January 16, 2020 / 5:04 AM / 12 days ago

India Ratings for Indian debt instruments – Jan 16

    Jan 16 (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
January 15, 2020.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Absolute Projects (I) Ltd       Non-FB WC limit        IND A4+          400      -
Downgraded and migrated to non-cooperating category,Issuer did not cooperate; based on the
best-available information.
Akashganga Infraventures India  Non-FB WC limits       IND A4+          255      -
Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Chetas Control Systems Pvt Ltd  Non-FB limits          IND A2           550      Affirmed
Encorp Powertrans Pvt Ltd       Non-FB WC limits       IND A4+          310      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Sangam Forgings Pvt Ltd         Non-FB limits          IND A4           15       Affirmed
Welspun Specialty Solutions Ltd Non-FB limits          IND A3           833      Affirmed
(reduced from INR902.9)

LONG TERM RATINGS:
-------------------
Absolute Projects (I) Ltd       FB WC limit            IND BB+/IND A4+  100      -
Downgraded and migrated to non-cooperating category,Issuer did not cooperate; based on the best-
available information.
Akashganga Infraventures India  TL                     IND BB+          46       -
Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Akashganga Infraventures India  FB WC limits           IND BB+ / IND A4+162.5    -
Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Bajrang Steel And Alloys Ltd    FB WC limit            IND BB+          140      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Barota Finance Ltd              Bk loan                WD               200      -
Migrated to non-cooperating category and withdrawn
Chetas Control Systems Pvt Ltd  FB limits              IND BBB/Stable   10       Affirmed
Datamatics Business Solutions   BG                     IND A2+/Stable   10       Affirmed
Ltd
Datamatics Business Solutions   TL                     IND BBB+/Stable  87       Affirmed
Ltd
(reduced from INR120.0)
Datamatics Business Solutions   CC                     IND BBB+/Stable  70       Affirmed
Ltd
Datamatics Business Solutions   Proposed FB limit*     Provisional IND  50       Affirmed
Ltd                                                    BBB+/Stable
* The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by DBSL to the satisfaction of Ind-Ra.
Eastern Media Ltd               FB limits              IND BBB-/Stable  299      Affirmed
Eastern Media Ltd               TL                     IND BBB-/Stable  40       Affirmed
Encorp Powertrans Pvt Ltd       FB WC limits           IND BB+/IND A4+  240      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Jayakumaran Exports             FB WC limit            IND BB- / IND A4+110      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Jayakumaran Exports             TL                     IND BB- / IND A4+50       -
(Issuer Not Cooperating); Migrated to non-cooperating category
Jayakumaran Exports             Proposed FB WC limit   Provisional IND  20       -
                                                       BB-/Provisional
                                                       IND A4+
(Issuer Not Cooperating); Migrated to non-cooperating category
Northern Arc 2019 Mfi Gascoigne Series A1 pass-through IND A(SO)/Stable 249.32   Assigned
                                certificates (PTCs)
Northern Arc 2019 Mfi Gascoigne Series A2 PTCs         IND              5.54     Assigned
                                                       BBB+(SO)/Stable
Rico Auto Industries Ltd        TL                     IND A-/Negative  2252.3   Downgraded
(increased from INR1,852.4)
Rico Auto Industries Ltd        TL/LOC                 IND A-/Negative  677.7    Downgraded
Rico Auto Industries Ltd        TL #                   IND A-/Negative  400      Assigned &
                                                                                 Downgraded
(decreased from INR408),
#The ratings have been assigned on the basis of sanction and execution of loan documents.
Rico Auto Industries Ltd        Fund based WC limits*  IND              2050     Downgraded
                                                       A-/Negative/IND
                                                       A2+
(increased from INR1,800),
*Earlier represented as fund-based and non-fund based working capital limits.
Rico Auto Industries Ltd        NFB WC credit limits   IND              400      Downgraded
                                                       A-/Negative/IND
                                                       A2+
(increased from INR350)
Sangam Forgings Pvt Ltd         FB limits              IND B+/Stable    30       Upgraded
Silica Ceramica Pvt Ltd         NCDs                   WD               750      Withdrawn
Tata Marcopolo Motors Ltd       FB WC limits           IND A+/Stable    2650     Affirmed
Tata Marcopolo Motors Ltd       TL                     IND A+/Stable    700      Affirmed
Tata Marcopolo Motors Ltd       Non-FB WC limits       IND              600      Affirmed
                                                       A+/Stable/IND A1+
Vikas Technoplast Pvt Ltd       TL                     IND B+/Stable    5.6      Upgraded
(reduced from INR10.28)
Vikas Technoplast Pvt Ltd       FB limits              IND              55       Upgraded
                                                       B+/Stable/IND A4
Welspun Specialty Solutions Ltd TL                     IND BBB-/Stable  1020.7   Affirmed
(reduced from INR1,044.3)
Welspun Specialty Solutions Ltd FB limits              IND              120.7    Affirmed
                                                       BBB-/Stable/IND
                                                       A3
-----------------------------------------------------------------------------------------------
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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