January 19, 2018 / 4:22 AM / 4 months ago

India Ratings for Indian debt instruments – Jan 19

    Jan 19 (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 18, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Allweld Engineers Pvt Ltd       Non-FB WC limit        IND A4           10       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Allweld Engineers Pvt Ltd       Proposed non-FB WC     Provisional IND  12.5     Migrated to
                                limit                  A4                        Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Beekay Steel Industries Ltd     Non-FB limits          IND A2+          170      Assigned
Beekay Steel Industries Ltd     Proposed non-FB limits*Provisional IND  10       Assigned
                                                       A2+
*The rating is provisional and shall be confirmed upon the execution of the loan documents for
the above facility by BSIL to the satisfaction of Ind-Ra.
Modtech Material Handling       Non-FB WC limit        IND A4+          50       Migrated to
Projects Pvt Ltd                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING

LONG TERM RATINGS:
-------------------
Allweld Engineers Pvt Ltd       FB WC limit            IND B+           45       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Allweld Engineers Pvt Ltd       Proposed FB WC limit   Provisional IND  16       Migrated to
                                                       B+                        Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Balaji Powertronics             FB limit               IND A+ /IND A1+  650      Upgraded
Balaji Powertronics             Non-FB limit           IND A+ /IND A1+  100      Upgraded
Beekay Steel Industries Ltd     FB limits              IND A-           250      Assigned
Chhattisgarh State Power        Bonds                  IND A(SO)        5000     Affirmed
Distribution Co. Ltd
Chhattisgarh State Power        WC Fac                 IND A(SO)        5000     Affirmed
Distribution Co. Ltd
Chhattisgarh State Power        TL                     IND A            7150     AFfirmed
Transmission Co. Ltd
Chhattisgarh State Power        WC Fac                 IND A            1050     AFfirmed
Transmission Co. Ltd
Himachal Power Products         FB limit               IND A+ /IND A1+  250      Upgraded
Himachal Power Products         Non-FB limit           IND A+ /IND A1+  110      Upgraded
Jindal Polyweaves Pvt Ltd       FB WC  Fac             IND BB /IND A4+  89       Assigned
Mangalayatan University         TL I                   IND B+           54.79    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Mangalayatan University         TL II                  IND B+           260.46   Migrated to
                                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Microtek International Pvt Ltd  TL                     IND A+           53.3     Upgraded from
                                                                                 from IND A
 (reduced from INR120mln)
Microtek International Pvt Ltd  FB limit               IND A+/ IND A1+  750      Upgraded
Microtek International Pvt Ltd  Non-FB limit           IND A+/ IND A1+  150      Upgraded
Modtech Material Handling       FB WC limit            IND BB+ /IND A4+ 43.5     Migrated to
Projects Pvt Ltd                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Pcm Cement Concrete Pvt Ltd     FB limits              IND BB+          80       Downgraded
Pcm Cement Concrete Pvt Ltd     Non-FB limits          IND BB+ /IND A4+ 920      Downgraded
Shiv Shakti Thermo Pvt Ltd      TL                     IND BB           59       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Shiv Shakti Thermo Pvt Ltd      FB WC limit            IND BB /IND A4+  20       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Shivalik Industries             FB limit               IND A+ /IND A1+  250      Upgraded
Shivalik Industries             Non-FB limit           IND A+ /IND A1+  105      Upgraded
Synergy Remedies Pvt Ltd        FB WC limit (LT/ST)    IND D            100      Downgraded
Synergy Remedies Pvt Ltd        Non-FB WC limit (ST)   IND D            40       Downgraded
Synergy Remedies Pvt Ltd        TL (LT)                IND D            143.9    Downgraded
Synergy Remedies Pvt Ltd        Proposed TL limits     WD               177      Withdrawn
Synergy Remedies Pvt Ltd        Proposed FB WC limits  WD               133      Withdrawn
U.P. Power Corporation Ltd      NCDs                   IND A+(SO)       44982    Assigned
Universal Power Products        FB limit               IND A+ /IND A1+  160      Upgraded
Universal Power Products        Non-FB limit           IND A+ /IND A1+  80       Upgraded
-----------------------------------------------------------------------------------------------
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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