January 30, 2018 / 4:00 AM / 19 days ago

India Ratings for Indian debt instruments – Jan 30

    Jan 30 (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 29, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Dinesh Textile Mills            Non-FB WC limits       IND A4           2.5      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Manglam Timbers                 Non-FB limits          IND A4           40       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Visen Industries Ltd            Non-FB WC limits*      IND A2           4250     Affirmed
* Includes an INR770 million sub-limit of the fund-based working capital limit,
 (increased from 4,050)

LONG TERM RATINGS:
-------------------
Dinesh Textile Mills            FB WC limits           IND B+           40       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Dinesh Textile Mills            Long-TL                IND B+           11.69    Migrated to
                                                                                  Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Fortesi Sbl Ifmr Capital 2018'S Series A1 pass-through WD               100      Withdrawn
(An Abs Transaction)            certificates (PTCs)
Iot Utkal Energy Services Ltd   Non-FB WC limits       IND AA / IND A1+ 900      Affirmed
Manglam Timbers                 FB limits              IND B            17.5     Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Mm Trust Jan 18 (An Abs         Series A PTC (PTCs)    IND AA+(SO)      2458.6   Assigned
Transaction)
Tera Software Ltd               FB WC limits           IND BBB- / IND A3430      Outlook
                                                                                 revised to
                                                                                 Negative
                                                                                 Rating
                                                                                 affirmed
Tera Software Ltd               Non-FB WC limits       IND BBB- / IND A3880      Outlook
                                                                                 revised to
                                                                                 Negative
                                                                                 Rating
                                                                                 affirmed
Visen Industries Ltd            TL                     IND BBB          765      Affirmed
(increased from 600)
Visen Industries Ltd            Proposed non-FB WC     WD               300      Withdrawn 
(the company did not proceed with the instrument as envisaged )
-----------------------------------------------------------------------------------------------
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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