January 29, 2018 / 7:44 AM / 3 months ago

India Ratings for Indian debt instruments – Jan 29

    Jan 29 (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 25, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Hi-Tech Radiators               LOC                    IND A4+          140      Affirmed
Hi-Tech Radiators               Proposed LOC*          Provisional IND  40       Assigned
                                                       A4+
*The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by HTRPL to the satisfaction of Ind-Ra.
Jainex Metaliks                 Non-FB limits          IND A4           8        -
Migrated to Non-Cooperating Category
Neeraj Paper Marketing          Non-FB WC limits       IND A4+          200      Assigned
Sahara Engineering              Non-FB limits          IND A4+          2.5      Assigned
Saraf Trading Corporation       Non-FB limits          IND A4           17.5     -
Migrated to Non-Cooperating Category
Shilpa Steel & Power            Non-FB WC limit        IND A1           1250     Upgraded from
                                                                                 IND A2+
Shilpa Steel & Power            Proposed non-FB WC     Provisional IND  150      Assigned
                                limit*                 A1
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by SSPL to the satisfaction of Ind-Ra.
Sunteck Realty                  Proposed CP*           Provisional IND  1000     Assigned
                                                       A1+
*will be carved out by the company from the overdraft facility and will be used for reducing
funding cost.


LONG TERM RATINGS:
-------------------
Aishwarya Impex                 TL limit               IND BB-          58.5     Affirmed
Aishwarya Impex                 FB WC limit            IND BB- / IND A4+150      Affirmed
Emc'S Ratings                   Long-TL                Withdrawn        931.2    -
Emc'S Ratings                   FB limits              Withdrawn        7860     -
Emc'S Ratings                   Non-FB limits          Withdrawn        46250    -
Emc'S Ratings                   Proposed non-FB limits Withdrawn        6313     -
Hi-Tech Radiators               Long-TL                IND BB+          184      Affirmed
Hi-Tech Radiators               CC limits              IND BB+          118.9    Affirmed
Hi-Tech Radiators               Usance bills           IND BB+          40       Affirmed
                                discounted under LOC
Hi-Tech Radiators               Proposed CC limits*    Provisional IND  20       Assigned
                                                       BB+ /
                                                       Provisional IND A4+
*The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by HTRPL to the satisfaction of Ind-Ra
Hyderabad Municipal Corporation Proposed NCDs (NCDs) * Provisional IND  10       Assigned
                                                       AA
*The final rating will be assigned upon issuance of the proposed NCDs and receipt of transaction
documents by Ind-Ra. The proposed NCDs have a tenor of 10 years with semi-annual coupon payment
frequency and bullet principal repayment at the end of the bond term.
Hyderabad Municipal Corporation Proposed Bk loans**    Provisional IND  25       Assigned
                                                       AA
**The final rating will be assigned upon receipt of documents confirming to the information
already received by the agency.
Iiert December 2016             Series A pass-through  IND AA           1198.8   Affirmed
                                certificates (PTCs
India Standard Loan Trust - Xli Liquidity facility (LF)IND AAA          8.8      Affirmed
India Standard Loan Trust - Xli Series A pass-through  IND AAA          647.1    Affirmed
                                certificates (PTCs)
India Standard Loan Trust - Xli Second loss credit     IND BBB          42.2     Affirmed
                                facility (SLCF)
India Standard Loan Trust - Xxi Series A pass-through  IND A            315.12   Affirmed
                                certificates (PTCs)
India Standard Loan Trust - Xxi Liquidity facility (LF)IND AAA          10.8     Affirmed
India Standard Loan Trust - Xxi Second loss credit     IND BBB          35.63    Affirmed
                                facility (SLCF)
Jainex Metaliks                 FB limits              IND B-           62.5     -
Migrated to Non-Cooperating Category
Neeraj Paper Marketing          FB WC limits           IND BB+/ IND A4+ 600      Assigned
Platinum Trust                  Pass-through           IND AAA          3374.87  Assigned
                                certificates (PTCs) -
                                Series A
Platinum Trust                  Second loss credit     IND BBB          185.62   Assigned
                                facility (SLCF)
Rsh Global                      Long-TL                IND BBB+         10.8     Upgraded from
                                                                                 IND BBB
Rsh Global                      FB limits              IND BBB+         295      Upgraded from
                                                                                 IND BBB
Sahara Engineering              FB WC limit            IND BB           120      Affirmed
Saraf Trading Corporation       FB WC limits           IND B / IND A4   70       -
Migrated to Non-Cooperating Category
Shilpa Steel & Power            Long-TL                IND A            150      Upgraded from
                                                                                 IND A-
Shilpa Steel & Power            FB WC limit            IND A            1400     Upgraded from
                                                                                 IND A-
Shilpa Steel & Power            Proposed FB WC limit*  Provisional IND A200      Assigned
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by SSPL to the satisfaction of Ind-Ra.
Vega Entertainment              FB WC limit (LT)       IND D            140      -
Migrated to Non-Cooperating Category
Vega Entertainment              TL (LT)                IND D            103.3    -
Migrated to Non-Cooperating Category

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