July 4, 2019 / 6:47 AM / 3 months ago

India Ratings for Indian debt instruments – Jul 4

    Jul 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
July 3, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
A.K. Das Associates Ltd         Non-FB WC limit        IND A4+          520
Migrated to non-cooperating category; issuer not cooperating
Acb (I) Ltd                     CP (CP)**              IND A1           1500     Affirmed
**carved out of fund-based limits and the proceeds will be utilised to meet working capital
requirements
D2 International                Non-FB WC limit        IND A3+          72
Migrated to non-cooperating category; issuer not cooperating
Goyal Glassware Pvt Ltd         Non-FB limits          IND A4+          42.5
Migrated to non-cooperating category
Grover Impex Pvt Ltd            Non-FB WC limits       IND A4+          75
Migrated to non-cooperating category; issuer not cooperating
Harekrishna Rice Processing &   Non-FB limits          IND A4           20
Exports
Migrated to non-cooperating category; issuer not cooperating
Kamal Cotspin Pvt Ltd           Non-FB WC limits       IND A3           11
Migrated to non-cooperating category; issuer not cooperating
Knr Constructions Ltd           CP (CP)                WD               500
Withdrawn (the issuer did not proceed with the instrument as envisaged)
Mahindra Bloomdale Developers   CP                     WD               100
Ltd (Earlier Known As Mahindra
Bebanco Developers Ltd)
Withdrawn (repaid in full)
Nik-San Engineering Co. Ltd     Non-FB limits          IND A4+          280      Assigned
Rain Cements Ltd                Non-FB limits          IND A1           700      Affirmed
(increased from INR500 MLN)
Rajesh Power Services Pvt Ltd   Non-FB WC limits       IND A2           300      Affirmed

LONG TERM RATINGS:
-------------------
Mm Trust Mar 19 (An             Series A PTC (PTCs)    IND AAA(SO)      10506.5  Assigned
Asset-Backed Security
Transaction)
A.K. Das Associates Ltd         FB WC limit            IND BB           250
Migrated to non-cooperating category; issuer not cooperating
Acb (I) Ltd                     TL                     IND A            14234    Downgraded
(reduced from INR14,325 MLN)
Acb (I) Ltd                     NCDs (NCDs)            IND A            600      Downgraded
(reduced from INR1,750 MLN)
Acb (I) Ltd                     FB WC limits           IND A/IND A1     3500
Long-term rating downgraded; short-term rating affirmed
Acb (I) Ltd                     Non-FB WC limits       IND A/IND A1     10855
Long-term rating downgraded; short-term rating affirmed; (reduced from INR10,895 MLN)
Ahp Garments Pvt Ltd            TL                     IND AA-          900      Affirmed
(reduced from INR1,896.1 MLN)
Ambika Realcon Pvt Ltd          TL                     IND BB-          400
Migrated to non-cooperating category; issuer not cooperating
D2 International                FB WC limit            IND BBB          162
Migrated to non-cooperating category; issuer not cooperating
D2 International                TL                     IND BBB          18.28
Migrated to non-cooperating category; issuer not cooperating
Goyal Glassware Pvt Ltd         TL                     IND BB+          77
Migrated to non-cooperating category; issuer not cooperating
Goyal Glassware Pvt Ltd         FB limits              IND BB+/IND A4+  220
Migrated to non-cooperating category; issuer not cooperating
Grover Impex Pvt Ltd            FB WC limits           IND BB-/ IND A4+ 20
Migrated to non-cooperating category; issuer not cooperating
Harekrishna Rice Processing &   FB limits              IND B-           10
Exports
Migrated to non-cooperating category; issuer not cooperating
Harekrishna Rice Processing &   TL                     IND B-           89.5
Exports
Migrated to non-cooperating category; issuer not cooperating
Hi-Tech Radiators Pvt Ltd       Long-TL#               WD               160.3
# Maintained at ‘IND BB+’ before being withdrawn; Maintained in the non-cooperating category and
withdrawn; issuer not cooperating
Hi-Tech Radiators Pvt Ltd       CC limits#             WD               118.9
# Maintained at ‘IND BB+(issuer not cooperating)’ before being withdrawn; Maintained in the
non-cooperating category and withdrawn; issuer not cooperating
Hi-Tech Radiators Pvt Ltd       Proposed long-TL ~     WD               23.7
~ Maintained at ‘Provisional IND BB+ before being withdrawn; Maintained in the non-cooperating
category and withdrawn; issuer not cooperating 
Hi-Tech Radiators Pvt Ltd       Proposed CC limits^    WD               20
^ Maintained at ‘Provisional IND BB+/‘Provisional IND A4+ before being withdrawn; Maintained in
the non-cooperating category and withdrawn; issuer not cooperating 
Hi-Tech Radiators Pvt Ltd       Usance bills           WD               40
                                discounted under LOC#
# Maintained at ‘IND BB+ before being withdrawn; Maintained in the non-cooperating category and
withdrawn; issuer not cooperating 
Hi-Tech Radiators Pvt Ltd       LOC*                   WD               140
* Maintained at ‘IND A4+ before being withdrawn; Maintained in the non-cooperating category and
withdrawn; issuer not cooperating 
Hi-Tech Radiators Pvt Ltd       Proposed LOC@          WD               40
@Maintained at ‘Provisional IND A4+ before being withdrawn; Maintained in the non-cooperating
category and withdrawn; issuer not cooperating 
Indian Receivable Trust June 19 Series A pass-through  Provisional IND  1458.45  Assigned
E (An Asset-Backed Security     certificates (PTCs)    AAA(SO)
Transaction)
Indian Receivable Trust June 19 Second loss credit     Provisional IND  91.15    Assigned
E (An Asset-Backed Security     facility (SLCF)        BBB(SO)
Transaction)
Kamal Cotspin Pvt Ltd           TL                     IND BBB-         325
Migrated to non-cooperating category; issuer not cooperating
Kamal Cotspin Pvt Ltd           FB WC limits           IND BBB-         212.5
Migrated to non-cooperating category; issuer not cooperating
Knr Constructions Ltd           Bk Fac                 IND AA-/A1+      18500
Long-term upgraded; short-term affirmed; (increased from INR17,955 MLN)
Mfl Securitisation Trust LXXXV  Series A1 pass-through Provisional IND  359.5    Assigned
(An Asset-Backed Transaction    certificates (PTCs)    AA-(SO)
Transaction)
issuer not cooperating
Mfl Securitisation Trust LXXXV  Series A2 PTCs         Provisional IND  18.9     Assigned
(An Asset-Backed Transaction                           AA-(SO)
Transaction)
Mm Trust June 19 II (An Abs     Series A PTC (PTCs)    Provisional IND  6343.1   Assigned
Transaction)                                           AAA(SO)
Nik-San Engineering Co. Ltd     FB limits              IND BB+/IND A4+  82       Assigned
Parixit Irrigation Ltd          TL                     WD               26.4     Withdrawn
Rain Cements Ltd                FB limits              IND A            100
Affirmed; Outlook revised to Stable from Positive
Rain Cements Ltd                Non-FB limits          IND A/IND A1     450      Assigned
Rajaguru Spinning Mills Pvt Ltd Long-TL                IND BBB+         940
Migrated to non-cooperating category; issuer not cooperating
Rajaguru Spinning Mills Pvt Ltd FB Fac                 IND BBB+/ IND A2 360
Migrated to non-cooperating category; issuer not cooperating
Rajesh Power Services Pvt Ltd   FB WC limits           IND BBB          170      Affirmed
Sansar Trust June 2017 II (An   Second loss credit     IND A-(SO)       125.2    Affirmed
Asset-Backed Security           facility (SLCF)
Transaction)
Sansar Trust June 2017 II (An   Series A pass-through  IND AAA(SO)      819.8    Affirmed
Asset-Backed Security           certificates (PTCs)
Transaction)
Sansar Trust June 2017 IV (An   Second loss credit     IND A-(SO)       210.4    Affirmed
Abs Transaction)                facility SLCF
Sansar Trust June 2017 IV (An   Series A pass-through  IND AAA(SO)      757.2    Affirmed
Abs Transaction)                certificates (PTCs)
Vodafone Idea Ltd               NCDs (NCDs)            IND A+           25
Affirmed; Off RWN; Outlook Negative
Vodafone Idea Ltd               NCDs                   IND A+           35
Affirmed; Off RWN; Outlook Negative
Yedeshi Aurangabad Tollways Pvt Bk Loans               IND BBB-         17560    Affirmed
Ltd
Yogesh Trading Co.              FB WC limit            IND BB/IND A4+   350
Maintained in non-cooperating category; issuer not cooperating

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