January 3, 2019 / 4:46 AM / 16 days ago

India Ratings for Indian debt instruments – Jan 3

    Jan 3 (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 2, 2019.

COMPANY                         INSTRUMENT              RATING         AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------              ------         ------   ---------
SHORT TERM RATINGS:
-------------------
Brilliant Etoile Pvt Ltd        LOC (sub-limit of TL)* IND A2+(SO)      250      Assigned
 * The final ratings have been assigned upon the receipt of the executed letter of undertaking
for the above facilities from BEPL’s ultimate parent Country Garden Holding Co. Ltd. (CGHCL;
Fitch Ratings Ltd: Issuer Default Rating: BBB-/Stable) to the satisfaction of Ind-Ra. 
Centrum Capital Ltd             Issuer Rating          IND A3+          -        Withdrawn
Ch.Gowri Shankar Infra Build    Non-FB Fac             IND A4+          70
(I) Pvt Ltd
(Issuer Not Cooperating) ; Migrated to non-cooperating category
Dev’S Chem Tec Pvt Ltd          Non-FB WC limit        IND A4+          40
(Issuer Not Cooperating) ; Migrated to non-cooperating category
Metro Telworks Pvt Ltd          Non-FB WC  Fac         IND A3+          261.5    Affirmed
(reduced from INR310 mlns)

LONG TERM RATINGS:
-------------------
Brilliant Etoile Pvt Ltd        TL*                    IND A-(SO)       2500     Assigned
 * The final ratings have been assigned upon the receipt of the executed letter of undertaking
for the above facilities from BEPL’s ultimate parent Country Garden Holding Co. Ltd. (CGHCL;
Fitch Ratings Ltd: Issuer Default Rating: BBB-/Stable) to the satisfaction of Ind-Ra. 
Brilliant Etoile Pvt Ltd        Overdraft (sub-limit   IND A-(SO) /IND  250      Assigned
                                of TL)*                A2+(SO)
 * The final ratings have been assigned upon the receipt of the executed letter of undertaking
for the above facilities from BEPL’s ultimate parent Country Garden Holding Co. Ltd. (CGHCL;
Fitch Ratings Ltd: Issuer Default Rating: BBB-/Stable) to the satisfaction of Ind-Ra. 
Ch.Gowri Shankar Infra Build    FB Fac                 IND BB+          80
(I) Pvt Ltd
(Issuer Not Cooperating) ; Migrated to non-cooperating category
Chandukaka Saraf & Sons Pvt Ltd TL                     IND BBB+         7.5      Upgraded
(reduced from INR23.4 mlns)
Chandukaka Saraf & Sons Pvt Ltd FB CC facility         IND BBB+ /IND A2 500      Upgraded
                                                                                 /Affirmed
Classic Mall Development        Series 1 NCDs          WD               3637.5   Withdrawn
Company Pvt Ltd
Classic Mall Development        Series 2 NCDs          WD               1000     Withdrawn
Company Pvt Ltd
Dev’S Chem Tec Pvt Ltd          FB WC limits           IND BB- /INDA4+  20
(Issuer Not Cooperating) ; Migrated to non-cooperating category
Dev’S Chem Tec Pvt Ltd          Proposed FB WC limit   Provisional IND  120
                                                       BB- /Provisional
                                                       IND A4+
(Issuer Not Cooperating) ; Migrated to non-cooperating category
Govardanagiri Agro Industries   TL (LT)*               IND D            123.6    Downgraded and
Pvt Ltd                                                                          Assigned
*The assignment of final ratings is based on the receipt of sanction letters by Ind-Ra.
Govardanagiri Agro Industries   FB Fac (LT/ST)*        IND D            100      Downgraded and
Pvt Ltd                                                                          Assigned
*The assignment of final ratings is based on the receipt of sanction letters by Ind-Ra.
Integrace Pvt Ltd               TL                     IND A-           1750     Assigned
Kanika Investment Ltd           LT Bk loans            IND BBB-         1000
(Issuer Not Cooperating) ; Migrated to non-cooperating category
Malwa Agro Foods Pvt Ltd        TL                     IND BB+          7.7      Downgraded
(reduced from INR9.25 mlns)
Malwa Agro Foods Pvt Ltd        FB limits              IND BB+          124      Downgraded
(reduced from INR133mlns)
Malwa Agro Foods Pvt Ltd        Non-FB limits          WD               0.6      Withdrawn
                                                                                 (repaid in
                                                                                 full)
Metro Telworks Pvt Ltd          TL                     IND BBB          39.8     Affirmed
(increased from INR21.13 mlns)
Metro Telworks Pvt Ltd          FB WC  Fac             IND BBB /IND A3+ 50       Affirmed
(reduced from INR60 mlns)
Metro Telworks Pvt Ltd          Proposed TL*           Provisional IND  30       Affirmed
                                                       BBB
(increased from INR28.35mlns )* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities by MTPL to the satisfaction of
Ind-Ra.
Mm Trust Dec 2018 II            Series A PTC (PTCs)    Provisional IND  4455.1   Assigned
                                                       AAA(SO)
Mse Pool Trust XII              Series A pass-through  Provisional IND  648.92   Assigned
                                certificates (PTCs)    A(SO)
Ram Coir Mills                  TL                     IND B+           32
(Issuer Not Cooperating) ; Migrated to non-cooperating category
Ram Coir Mills                  FB WC limits           IND B+/IND A4    130
(Issuer Not Cooperating) ; Migrated to non-cooperating category
Rec Power Distribution Co. Ltd  Non-FB WC Fac          IND AA-/RWN      1000     Placed on RWN
Rec Power Distribution Co. Ltd  FB WC Fac              IND AA-/RWN      100      Placed on RWN
Sundaram Finance Ltd            Lower Tier II Bonds    WD               1500     Withdrawn
Sushee Infra & Mining Ltd       FB WC limits           IND C / IND A4   1000
Downgraded and migrated to non-cooperating category; Off RWN
Sushee Infra & Mining Ltd       Non-FB WC limit        IND C / IND A4   5320
Downgraded and migrated to non-cooperating category; Off RWN
Sushee Infra & Mining Ltd       Proposed FB WC limits  Provisional IND  200
                                                       C / Provisional
                                                       IND A4
Downgraded and migrated to non-cooperating category; Off RWN
Sushee Infra & Mining Ltd       Proposed non-FB WC     Provisional IND  2680
                                limits                 C / Provisional
                                                       IND A4
Downgraded and migrated to non-cooperating category; Off RWN
-----------------------------------------------------------------------------------------------
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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