July 13, 2018 / 3:34 AM / 2 months ago

India Ratings for Indian debt instruments – Jul 13

    Jul 13 (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
July 12, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Abani Rice Mill Pvt Ltd         Non- fund- based WC    IND A4+          4
                                limit
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Balmukund Sponge & Iron Pvt Ltd Non- fund- based WC    IND A3           377.4
                                limits
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Brand Alloys Pvt Ltd            Non- fund- based WC    IND A4+          100
                                limit
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Brand Alloys Pvt Ltd            Proposed non- fund-    Provisional IND  50
                                based limits           A4+
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Franklin Templeton Investments  Franklin India Saving  IND A1+mfs                Affirmed
                                Fund
Gtc Oilfield Services Pvt Ltd   Non- fund- based limitsIND A2(SO)       146
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Hariom Projects Pvt Ltd         Non- fund- based limitsIND A4+          110      Affirmed
Mahindra Bebanco Developers Ltd CP*                    IND A1+          100      Affirmed
* Yet to be issued; carved out of existing working capital facility; reduced from 400 mln
Sova Solar Ltd                  Non- fund- based WC    IND A3           150      Upgraded
                                limits

LONG TERM RATINGS:
-------------------
Abani Rice Mill Pvt Ltd         Fund- based WC limit   IND BB-          57
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Abani Rice Mill Pvt Ltd         TL                     IND BB-          6
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Admach Auto India Ltd           TL                     IND BB-          68
Maintained in Non- Cooperating Category; (Issuer Not Cooperating)
Admach Auto India Ltd           Fund- based WC limit   IND BB+/ IND A4+ 162
Maintained in Non- Cooperating Category; (Issuer Not Cooperating)
Balmukund Sponge & Iron Pvt Ltd TL                     IND BBB-         33.1
Migrated to Non Cooperating category; (Issuer Not Cooperating)
Balmukund Sponge & Iron Pvt Ltd Fund- based WC limits  IND BBB-         510
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Brand Alloys Pvt Ltd            Fund- based WC limit   IND BB+          115
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Brand Alloys Pvt Ltd            Long- TL               IND BB+          235
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Brilliant Spaces Ltd            TL                     WD               1249.79  Withdrawn
Franklin Templeton Investments  Franklin India Banking AAAmfs                    Affirmed
                                & PSU Debt Fund
Gtc Oilfield Services Pvt Ltd   TL                     IND BB           269.7
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Gtc Oilfield Services Pvt Ltd   TL                     IND BBB+(SO)     243.1
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Gtc Oilfield Services Pvt Ltd   Fund- based CC limits  IND BBB+(SO)     70
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Hariom Projects Pvt Ltd         Fund- based limits     IND BB           90       Affirmed
Lendingkart Finance Ltd         NCDs                   IND BBB+         250      Assigned
Yet to be issued
Mobile Next                     Fund- based WC limit   IND BB/ IND A4+  100
Migrated to non- cooperating category; (Issuer Not Cooperating)
Octal Sales Pvt Ltd             Fund- based WC limit   IND B            70
Maintained in Non- Cooperating Category; (Issuer Not Cooperating)
Peerless Hospitex Hospital And  Fund- based CC limit   IND BBB-         50
Research Center Ltd
Maintained in non- cooperating category; (Issuer Not Cooperating)
Platinum Trust June 2018 (An    Series A pass- through Provisional IND  4751.6   Assigned
Abs Transaction)                certificates (PTCs)    AAA(SO)
Platinum Trust June 2018 (An    Second loss credit     Provisional IND  270.8    Assigned
Abs Transaction)                facility (SLCF)        BBB(SO)
Royale Manor Hotels And         TL                     IND BB+          1.94     Upgraded
Industries Ltd
reduced from 9.28 mln
Royale Manor Hotels And         Fund- based WC limits  IND BB+/ IND A4+ 74.38
Industries Ltd
Long- term rating upgraded; Short- term rating affirmed; reduced from 79.55 mln
Shri Sankalp Medical And        TL                     IND BB-          112.5
Research Institute Pvt Ltd
Migrated to non- cooperating category; (Issuer Not Cooperating)
Sova Solar Ltd                  Fund- based WC limits  IND BBB-         115      Upgraded
Sova Solar Ltd                  WC TL                  IND BBB-         46       Upgraded
reduced from 54.6 mln
Sova Solar Ltd                  Funded interest TL     WD               8.9
Withdrawn (paid in full)
-----------------------------------------------------------------------------------------------
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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