January 4, 2019 / 6:38 AM / 18 days ago

India Ratings for Indian debt instruments – Jan 4

    Jan 4 (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 3, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
A K Lumbers Ltd                 Non-FB limits          IND A4+          90.5     Affirmed
Air Travel Bureau Ltd           Non-FB WC limit        IND A3+          300      Affirmed
(increased from INR70)
Chalet Hotels Ltd               Non-FB WC limits       IND A3+          1000     Affirmed
Jindal Wood Products Pvt Ltd    Non-FB limits          IND A4+          170      Affirmed
Mindtree Ltd                    FB WC limits           IND A1+          7900     Affirmed
(increased from INR7,235)
Mindtree Ltd                    Non-FB limits          IND A1+          450      Affirmed
(reduced from INR1,800)
Punjab Metal Works Pvt Ltd      Non-FB limits          IND A4+          35       Affirmed
(reduced from INR50)
Speedy Multimodes Ltd           Non-FB WC facility     IND A4+          340      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Speedy Multimodes Ltd           Proposed non-FB WC     IND A4+          75       -
                                facility
(Issuer Not Cooperating); Migrated to non-cooperating category
Torrent Pharmaceuticals Ltd     CP/ST NCDs (NCDs)      WD               5000     Withdrawn 

LONG TERM RATINGS:
-------------------
A K Lumbers Ltd                 FB limits              IND BB- /IND A4+ 45       Affirmed
Air Travel Bureau Ltd           FB WC limit            IND BBB /IND A3+ 800      Affirmed
(increased from INR730)
Chalet Hotels Ltd               TL                     IND BBB          14946    Affirmed
(reduced from INR15,281)
Chalet Hotels Ltd               FB WC limits           IND BBB          1350     Affirmed
Chalet Hotels Ltd               Proposed TL*           Provisional IND  335      Assigned
                                                       BBB
* The rating is provisional and shall be confirmed upon the sanction and execution of financing
documents for the above facilities by CHL to the satisfaction of Ind-Ra. 
Greater Visakhapatnam Municipal Bonds                  IND AA(SO)       800      Assigned
Corporation
Jindal Wood Products Pvt Ltd    FB limits              IND BB- /IND A4+ 40       Affirmed
Kundan Rice Mills Ltd           FB limit               WD               450      Withdrawn 
Kundan Rice Mills Ltd           Non-FB limit           WD               5500     Withdrawn 
M/S. Mittal Fibers              FB WC limits           IND B+           100      Affirmed
(increased from INR60)
M/S. Mittal Fibers              Long-TL                IND B+           0.845    Affirmed
(reduced from INR3.3)
Mahindra Homes Pvt Ltd          TL                     IND AA-          712.5    Affirmed
Mahindra Homes Pvt Ltd          CC (FB WC limits)      IND AA-          300      Affirmed
Mahindra Homes Pvt Ltd          FB WC limits           IND AA-          1500     Affirmed
Mahindra Homes Pvt Ltd          NCDs (NCDs)*           IND AA-          900      Assigned
*The assignment of the final rating follows the receipt of a final sanction and execution of
loan documents document received by Ind-Ra. Details provided in annexures below. 
Mahindra Homes Pvt Ltd          Proposed FB WC limits  Withdrawn        100      WD
Mindtree Ltd                    CP (CP)                WD               3000     Withdrawn 
(debt is repaid fully)
Omega Solar Projects Pvt Ltd    TL                     IND BBB          577      Assigned
Omega Solar Projects Pvt Ltd    TL                     WD               568.52   Withdrawn
Punjab Metal Works Pvt Ltd      FB limits              IND BB- /IND A4+ 20       Affirmed
(reduced from INR30)
Speedy Multimodes Ltd           FB WC facility         IND BB-          5        -
(Issuer Not Cooperating); Migrated to non-cooperating category
Sree Lalitha Parameswari        TL                                      481      -
Spinning Mills Pvt Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Sree Lalitha Parameswari        FB WC limit                             234.5    -
Spinning Mills Pvt Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Sree Lalitha Parameswari        Non-FB WC limit                         36.8     -
Spinning Mills Pvt Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Sree Lalitha Parameswari        Proposed FB WC limit                    110.5    -
Spinning Mills Pvt Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Sree Lalitha Parameswari        Proposed non-FB WC                      23.2     -
Spinning Mills Pvt Ltd          limit
(Issuer Not Cooperating); Migrated to non-cooperating category
Tata Projects Ltd               NCD                    IND AA           5000     Assigned
Western Transco Power Ltd       TL                     IND AA+(SO)      5500     Affirmed
-----------------------------------------------------------------------------------------------
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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