January 17, 2019 / 5:17 AM / 4 months ago

India Ratings for Indian debt instruments – Jan 17

    Jan 17 (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 16, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
Digilogic Systems Pvt Ltd       Non-FB Fac             IND A4+          18
(Issuer Not Cooperating); Migrated to non-cooperating category
Digilogic Systems Pvt Ltd       Proposed non-FB Fac    Provisional IND  45
                                                       A4+
(Issuer Not Cooperating); Migrated to non-cooperating category
Mallcom (I) Ltd.                FB WC limit            IND A3+          750
(Issuer Not Cooperating); Migrated to non-cooperating category
Mallcom (I) Ltd.                Non-FB WC limit        IND A3+          4
(Issuer Not Cooperating); Migrated to non-cooperating category
Maris Associates Pvt Ltd        Non FBL                IND A3           22       Assigned
Premier (I) Bearings Ltd        Non-FB WC limit        IND A3           10
(Issuer Not Cooperating); Migrated to non-cooperating category
Sagar Industries & Distilleries Non-FB Fac             IND A4+          90
Pvt Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Saibaba Solvent Industries Llp’SNon-FB limits          IND A4+          0.73     Affirmed
Zkl Bearings (I) Pvt Ltd        Non-FB WC limit        IND A3           150
(Issuer Not Cooperating); Migrated to non-cooperating category
Zkl Bearings (I) Pvt Ltd        Proposed non-FB WC     Provisional IND  50
                                limit                  A3
(Issuer Not Cooperating); Migrated to non-cooperating category
LONG TERM RATINGS:
-------------------
Ananda Exports                  FB limit               IND B+ /IND A4   70
(Issuer Not Cooperating); Migrated to non-cooperating category
Creator Poly Extrusions Llp     TL                     IND B            63.9
(Issuer Not Cooperating); Migrated to non-cooperating category
Creator Poly Extrusions Llp     FB WC limits           IND B /IND A4    37
(Issuer Not Cooperating); Migrated to non-cooperating category
Creator Poly Extrusions Llp     Proposed-FB WC limits  Provisional IND  9.1
                                                       B /Provisional
                                                       IND A4
(Issuer Not Cooperating); Migrated to non-cooperating category
Digilogic Systems Pvt Ltd       FB Fac                 IND BB- / IND A4+30
(Issuer Not Cooperating); Migrated to non-cooperating category
Essel Devanhalli Tollway Pvt LtdProposed senior rupee  Provisional IND  2380     Assigned
                                TL                     A(SO)
Essel Devanhalli Tollway Pvt LtdSenior non-            Provisional IND  3680     Assigned
                                convertible debentures A(SO)
                                (NCDs)
Essel Devanhalli Tollway Pvt LtdProposed subordinated  Provisional IND  2030     Assigned
                                rupee TL               A(SO)
Jodhani Exports                 FB limits              WD               200
Maintained in the non-cooperating category and withdrawn
Kurinji Spinning Mills P Ltd    Long-TL                IND BB           64.5
(Issuer Not Cooperating); Migrated to non-cooperating category
Kurinji Spinning Mills P Ltd    FB WC limit            IND BB           149.5
(Issuer Not Cooperating); Migrated to non-cooperating category
Lotus Gem’S                     FB limits              IND BB- /IND A4+ 150
(Issuer Not Cooperating); Migrated to non-cooperating category
Maris Associates Pvt Ltd        TL                     IND BBB-         87.4     Assigned
Maris Associates Pvt Ltd        FBL                    IND BBB- /IND A3 315      Assigned
Maris Associates Pvt Ltd        Proposed FB limit*     Provisional IND  25.6     Assigned
                                                       BBB-/Provisional
                                                       IND A3
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by MAPL to the satisfaction of Ind-Ra.
P.N. Writer & Company Pvt Ltd   TL                     IND BB+          720      Affirmed
(reduced from INR980 mlns)
Premier (I) Bearings Ltd        FB WC  limit           IND BBB-         60
(Issuer Not Cooperating); Migrated to non-cooperating category
Sagar Industries & Distilleries FB Fac                 IND BB-          200
Pvt Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Saibaba Solvent Industries Llp’STL                     IND BB-          52.79    Affirmed
(reduced from INR86.99 mlns)
Saibaba Solvent Industries Llp’SFB limits              IND BB-          25       Affirmed
(reduced from INR100 mlns)
Saibaba Solvent Industries Llp’SProposed fund based*   Provisional IND  109.2    Assigned
                                                       BB-
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by MAPL to the satisfaction of Ind-Ra.
Solar Edge Power And Energy Pvt Rupee TL               IND A            6391.8   Upgraded; Off
Ltd                                                                              RWP
 (reduced from INR6,533 mlns)
Wind Energy Pvt Ltd             Unsecured TL (UTL)     IND A-           750      Assigned
Writer Lifestyle Pvt Ltd        TL                     IND BB+          1200     Affirmed and
                                                                                 Reassigned
-----------------------------------------------------------------------------------------------
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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