June 5, 2018 / 5:22 AM / 3 months ago

India Ratings for Indian debt instruments – Jun 5

    Jun 5 (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
June 4, 2018.

COMPANY                         INSTRUMENT             RATING        AMOUNT      MOVEMENT
                                                                     (RS.MLN)
------                          ----------             ------        ------      ---------
SHORT TERM RATINGS:
-------------------
Anjana Explosives Ltd           Non-FB WC limits       IND A4           25
Maintained in non-cooperating category; (Issuer Not Cooperating)
Capacite Engineering Pvt Ltd    Non-FB Fac             IND A2+(SO)      70       Placed on RWE
E C Blades & Tools Pvt Ltd      Non-FB WC limit        IND A2           130
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Kundan Industries Ltd           Non-FB Fac             IND A4+          150
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Mahindra & Mahindra Ltd         FB limits              IND A1+          8000     Assigned
Maini Construction Equipments   Non-FB WC limit        IND A4+          19
Pvt Ltd
Maintained in non-cooperating category; (Issuer Not Cooperating)
Pongalur Pioneer Textiles       Non-FB WC limits       IND A4+          215      Affirmed
S.R. Constructions              Non-FB limit           IND A3           1600
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Sahil Polyplast Pvt Ltd         Non-FB WC limit        IND A4           15
Maintained in non-cooperating category; (Issuer Not Cooperating)
Sahil Polyplast Pvt Ltd         Proposed non-FB WC     Provisional IND  10
                                limit                  A4
Maintained in non-cooperating category; (Issuer Not Cooperating)
Walwhan Renewable Energy Ltd    CP                     IND A1+(SO)      3500     Affirmed

LONG TERM RATINGS:
-------------------
Anjana Explosives Ltd           FB WC limits           IND B /IND A4    30
Maintained in non-cooperating category; (Issuer Not Cooperating)
Capacite Engineering Pvt Ltd    FB CC Fac              IND A-(SO) /IND  67.5     Placed on RWE
                                                       A2+(SO
Dabang Metal Industries         FB WC limits (LT/ST)   IND D            55
Affirmed and migrated to non-cooperating category;(Issuer Not Cooperating)
Dabang Metal Industries         TL (LT)                IND D            1.25
Affirmed and migrated to non-cooperating category;(Issuer Not Cooperating)
Delta Jewellers Pvt Ltd         FB WC limits           IND BB+ /IND A4+ 100      Upgraded from
                                                                                 IND
                                                                                 BB/Reaffirmed
E C Blades & Tools Pvt Ltd      TL                     IND BBB+         200.9
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
E C Blades & Tools Pvt Ltd      FB WC limit            IND BBB+ /IND A2 190
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Kundan Industries Ltd           FB Fac                 IND BB+ /IND A4+ 487.2
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Mahindra & Mahindra Ltd         NCDs (NCDs)            IND AAA          4750     Affirmed
Mahindra & Mahindra Ltd         Non-FB limits          IND AAA /IND A1+ 4025     Assigned
                                                                                 /Reaffirmed
(reduced from INR8,000 mln)
Mahindra & Mahindra Ltd         Fund based / NFB       IND AAA /IND A1+ 2500     Assigned
Mahindra & Mahindra Ltd         CP                     WD               7000     Withdrawn
(as no debt is outstanding)
Maini Construction Equipments   FB WC limit            IND BB- /IND A4+ 90
Pvt Ltd
Maintained in non-cooperating category; (Issuer Not Cooperating)
Midas Golden Distilleries Pvt   FB WC limits           IND BBB          300
Ltd
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Narayan Agro Foods Ltd          FB WC limit (LT)       IND C            70
Maintained in non-cooperating category; (Issuer Not Cooperating)
Northern Arc 2018 Mfi Bamani    Series A1 pass-through IND A-(SO)       206.98   Assigned
                                certificates (PTCs)
Northern Arc 2018 Mfi Bamani    Series A2 PTCs         IND BB+(SO)      12.18    Assigned
Pongalur Pioneer Textiles       FB WC limits           IND BB+          57.5     Affirmed
Pongalur Pioneer Textiles       Long-TL                IND BB+          150.5    Affirmed
 (reduced from INR184.82 mln)
Rajaguru Spinning Mills Pvt Ltd Long-TL                IND BBB+         940      Upgraded from
                                                                                 IND BBB
(increased from INR829.78mln)
Rajaguru Spinning Mills Pvt Ltd FB Fac                 IND BBB+ /IND A2 360      Upgraded
(increased from INR310.00 mln)
S.R. Constructions              TL                     IND BBB-         9.8
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
S.R. Constructions              FB WC                  IND BBB-         200
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Sahil Polyplast Pvt Ltd         FB WC limit            IND B+ /IND A4   90
Maintained in non-cooperating category; (Issuer Not Cooperating)
Sahil Polyplast Pvt Ltd         Proposed FB WC limit   Provisional IND  35
                                                       B+ /Provisional
                                                       IND A4
Maintained in non-cooperating category; (Issuer Not Cooperating)
Sansar Trust June 2017 VI       Second loss credit     IND A-(SO)       51       Affirmed
                                facility (SLCF)
Sansar Trust June 2017 VI       Series A pass-through  IND AA+(SO)      432      Affirmed
                                certificates (PTCs)
Shukrana Impex Pvt Ltd          FB limits              IND B+ /IND A4   50
Maintained in non-cooperating category; (Issuer Not Cooperating)
South India Green Cardamom Co.  FB WC limit            IND BBB- /IND A3 50       Assigned
Ltd
South India Green Cardamom Co.  Non-FB WC limit        IND BBB- /IND A3 65       Assigned
Ltd
Transmarinus                    FB WC limit            IND BB /IND A4+  20       Assigned
Usha Fabs Pvt Ltd               FB limits              IND B+ /IND A4   60
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Uttarakhand Seeds & Tarai       FB WC facility         IND BBB          300      Downgraded
Development Corporation Ltd
 (reduced from INR500 mln)
Vivriti Shawcross 005 2018      Series A1 pass-through Provisional IND  951.54   Assigned
                                certificates (PTCs)    A-(SO)
Vivriti Shawcross 005 2018      Series A2 PTCs         Provisional IND  21.63    Assigned
                                                       BBB+(SO)
Yadu Sugar Ltd                  FB WC limits (LT/ST)   IND D            1020
Affirmed and migrated to 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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