June 7, 2019 / 5:14 AM / 2 months ago

India Ratings for Indian debt instruments – Jun 7

    Jun 7 (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 6, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Bcits Pvt Ltd                   Non-FB WC limit        IND A3+          335      Upgraded
(increased from INR290mlns)
India Dyeing Mills Pvt. Ltd.    Non-FB WC limits       IND A1           52.6     Affirmed
(reduced from INR91.9 mlns)
Mufg Bank, Ltd                  Certificates of        IND A1+          10000    Assigned
                                deposit*
*Yet to be issued
Rajbir Construction Pvt Ltd     Non-FB WC limits       IND A3+          910      Affirmed

LONG TERM RATINGS:
-------------------
Bcits Pvt Ltd                   FB WC limit            IND BBB/IND A3+  70       Upgraded
(increased from INR50 mlns)
Bcits Pvt Ltd                   Long-TL                WD               20.7     Withdrawn
                                                                                 (paid in full)
Bell Finvest (I) Ltd            Bk loans               IND BBB-         250      Assigned
Bindu Vayu Urja Pvt Ltd         Rupee TL               IND A(SO)        22450    Affirmed
(reduced from INR23,566 mlns)
Bindu Vayu Urja Pvt Ltd         WC facility            IND A(SO)        1065.4   Affirmed
Crbr Industries Pvt Ltd         FB WC limit*           WD               10       Affirmed and
                                                                                 Withdrawn
* Affirmed at ‘IND BB’/Stable/‘IND A4+’ before being withdrawn
Crbr Industries Pvt Ltd         Non-FB WC limit^       WD               55       Affirmed and
                                                                                 Withdrawn
^ Affirmed at ‘IND A4+’ before being withdrawn
India Dyeing Mills Pvt. Ltd.    TL                     IND A            189.9    Affirmed
 (increased from INR157.5 mlns )
India Dyeing Mills Pvt. Ltd.    FB WC limits           IND A /IND A1    250      Affirmed
(increased from INR50 mlns)
India Grid Trust’S              NCDs                   IND AAA          6850     Affirmed
India Grid Trust’S              Bk loan                IND AAA          10000    Affirmed
India Grid Trust’S              Proposed NCDs (NCDs)^  Provisional IND  14000    Assigned
                                                       AAA
^ The final rating is contingent upon the receipt of the debenture trust deed and relevant
documents conforming
K. L. Rathi Steels Ltd          FB WC limit            IND BB /IND A4+  395.3
Migrated to Non - Cooperating Category,(Issuer Not Cooperating)
Ksc Engineers Pvt Ltd           FB WC limits           IND BB+ /IND A4+ 80.4     Affirmed
Mathuram Swasthya Evam Shikshan TL                     IND B+           106.5
Sansthan
(Issuer Not Cooperating); Maintained in Non-Cooperating Category
Mytrah Vayu (Krishna) Pvt Ltd   Rupee TL               IND A(SO)        6230.1   Affirmed
(reduced from INR6,540 mlns)
Mytrah Vayu (Krishna) Pvt Ltd   WC facility            IND A(SO)        235.4    Affirmed
Mytrah Vayu (Pennar) Pvt Ltd    Rupee TL               IND A(SO)        2527.7   Affirmed
(reduced from INR2,653 mlns)
Mytrah Vayu (Pennar) Pvt Ltd    WC facility            IND A(SO)        120      Affirmed
Rajbir Construction Pvt Ltd     FB WC limits           IND BBB          35       Affirmed
Sona Blw Precision Forging Ltd  Long-TL                IND A/RWE        1763     Placed on RWE
Sona Blw Precision Forging Ltd  FB limits              IND A/RWE/IND    1025     Placed on RWE
                                                       A1/RWE
Sona Blw Precision Forging Ltd  Non-FB limits          IND A/RWE/IND    225      Placed on RWE
                                                       A1/RWE
Sona Blw Precision Forging Ltd  Proposed FB limits*    Provisional IND  225      Placed on RWE
                                                       A/RWE/
                                                       Provisional IND A1/RWE
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by SBPFL to the satisfaction of Ind-Ra.
Sona Blw Precision Forging Ltd  TL                     WD               -
Withdrawn (the company did not proceed with the instrument as envisaged)
Suryamitra Exim Pvt Ltd         Long-TL                IND BBB+         42.9
Migrated to Non - Cooperating Category,(Issuer Not Cooperating)
Suryamitra Exim Pvt Ltd         FB WC limits           IND BBB+ /IND A2 1080
Migrated to Non - Cooperating Category,(Issuer Not Cooperating)
Suryamitra Exim Pvt Ltd         Non-FB WC limits       IND BBB+ /IND A2 385
Migrated to Non - Cooperating Category,(Issuer Not Cooperating)
Suryamitra Exim Pvt Ltd         Proposed long-TL       Provisional IND  100
                                                       BBB+
Migrated to Non - Cooperating Category,(Issuer Not Cooperating)
Suryamitra Exim Pvt Ltd         Proposed FB WC limits  Provisional IND  350
                                                       BBB+
                                                       /Provisional IND A2
Migrated to Non - Cooperating Category,(Issuer Not Cooperating)
Suryamitra Exim Pvt Ltd         Proposed non-FB WC     Provisional IND  80
                                limits                 BBB+
                                                       /Provisional IND A2
Migrated to Non - Cooperating Category,(Issuer Not Cooperating)
Vaibhav Edibles Pvt Ltd         Long-TL                IND BBB          20.4     Affirmed
(reduced from INR65.80 mlns)
Vaibhav Edibles Pvt Ltd         FB WC limits           IND BBB /IND A3+ 120      Affirmed
Vaibhav Edibles Pvt Ltd         FB WC limits*          IND BBB /IND A3+ 60       Assigned
(reduced from INR64.20 mlns)/* The final ratings have been assigned following the receipt of
sanction letter by Ind-Ra.       
Worldwide Tradelinks            FB limits              IND B+ /IND A4   300      Downgraded
-----------------------------------------------------------------------------------------------
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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