June 8, 2018 / 4:19 AM / 10 days ago

India Ratings for Indian debt instruments – Jun 8

    Jun 8 (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 7, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
B L Containers Pvt Ltd          Non-FB WC limits       IND A4+          2.5
Migrated to non-cooperating category; (Issuer Not Cooperating)
Bonai Industrial Co. Ltd        FB limits              IND A1+          500      Affirmed
Eveready Industries India Ltd   CP (CP) programme      IND A1+          1000     Affirmed
Feegrade & Company Pvt Ltd      FB limits              IND A1+          500      Assigned
Hetero Healthcare Ltd           Non-FB WC limits       IND A2+          75       Assigned
M S Graphics Pvt Ltd            Non-FB limit           IND A4+          20
Migrated to non-cooperating category; (Issuer Not Cooperating)
M/S Trans Conduct (I)           Non-FB WC limits       IND A4           40
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Paracoat Products Ltd           Non-FB WC limits       IND A3+          145      Affirmed
Rameshvar Impex                 Non-FB limits          IND A4           8.75     Assigned
Rungta Mines Ltd                FB limits              IND A1+          3300     Affirmed
Rungta Mines Ltd                Non-FB limits          IND A1+          1000     Affirmed
Rungta Sons Pvt Ltd             FB limits              IND A1+          500      Assigned
Sarthi Construction             Non-FB WC limits       IND A3           227.8    Affirmed
increased from 162 mln
Shree Jaya Laboratories Pvt Ltd Non-FB WC limits       IND A4+          60
Migrated to non-cooperating category; (Issuer Not Cooperating)
Sripathi Paper & Boards Pvt Ltd Non-FB WC limits       IND A2           685      Affirmed
Uttarakhand Engineering         Non-FB limits          IND A4+          57.5
Products Pvt Ltd
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Vaibhavraj Enterprises          Proposed non-FB WC     Provisional IND  150      Assigned
                                Fac                    A4+


LONG TERM RATINGS:
-------------------
Amrita Sai Educational          WC Fac                 IND BB           29
Improvement Trust
Migrated to non-cooperating category; (Issuer Not Cooperating)
B L Containers Pvt Ltd          TL                     IND BB-          49.5
Migrated to non-cooperating category; (Issuer Not Cooperating)
B L Containers Pvt Ltd          FB WC limits           IND BB-/ IND A4+ 70
Migrated to non-cooperating category; (Issuer Not Cooperating)
Bajrang Steel And Alloys Ltd    FB WC limit            IND BB+          140
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Bhavani Erectors Pvt Ltd        FB WC limits           IND BBB/ IND A3+ 150      Assigned
Bikaner Municipal Corporation   Issuer rating          IND BBB-                  Withdrawn
Churu Municipal Council         Issuer rating          IND BB                    Withdrawn
Deoria Nagar Palika Parishad    Issuer rating          IND BB-                   Withdrawn
Dholpur Municipal Council       Issuer rating          IND BB+                   Withdrawn
Eveready Industries India Ltd   TL                     IND AA-          1424.6
Affirmed; Outlook revised to Negative from Stable; increased from 1,342.6 mln
Eveready Industries India Ltd   FB limits              IND AA- / IND A1+1600
Affirmed; Outlook revised to Negative from Stable; increased from 1,500 mln
Eveready Industries India Ltd   Non-FB limits          IND AA- / IND A1+1200
Affirmed; Outlook revised to Negative from Stable; reduced from 1,500 mln
Fatehpur Nagar Palika Parishad  Issuer rating          IND BB-                   Withdrawn
Gangapur City Municipal Council Issuer rating          IND BB+                   Withdrawn
Hanumangarh Municipal Council   Issuer rating          IND BBB-                  Withdrawn
Hetero Healthcare Ltd           TL                     IND A-           300      Assigned
Hetero Healthcare Ltd           FB WC limits           IND A-/ IND A2+  100      Assigned
Jamalpur Municipal Council      LT Issuer Rating       IND BB-                   Assigned
M S Graphics Pvt Ltd            FB limit               IND BB           160
Migrated to non-cooperating category; (Issuer Not Cooperating)
M/S Trans Conduct (I)           FB WC limits           IND B/ IND A4    65
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Mangilall Rungta                LT Issuer Rating       IND A                     Affirmed
Mathuram Swasthya Evam Shikshan TL                     IND B+           106.5
Sansthan
Migrated to non-cooperating category; (Issuer Not Cooperating)
Munger Municipal Corporation    LT Issuer Rating       IND BB-                   Assigned
Paracoat Products Ltd           FB WC limit            IND BBB/ IND A3+ 130      Affirmed
Phthalo Colours & Chemicals (I) TL limits              IND BB           211      Assigned
Ltd.
Phthalo Colours & Chemicals (I) FB WC limits           IND BB/ IND A4+  107.5    Upgraded
Ltd.
(reduced from INR130.0)
Rameshvar Impex                 FB limits              IND B+/ IND A4   70       Assigned
Sarthi Construction             FB WC limits           IND BBB-         15       Affirmed
increased from 14 mln
Satyam Spinners Pvt Ltd         FB limits              IND BB           155
Migrated to non-cooperating category; (Issuer Not Cooperating)
Savorit Ltd                     TL                     IND B+           82.66
Maintained in non-cooperating category; (Issuer Not Cooperating)
Savorit Ltd                     FB limit               IND B+/ IND A4   70
Maintained in non-cooperating category; (Issuer Not Cooperating)
Savorit Ltd                     Non-FB limit           IND B+/ IND A4   97.34
Maintained in non-cooperating category; (Issuer Not Cooperating)
Sawai Madhopur Municipal CouncilIssuer rating          IND BB+                   Withdrawn
Shree Jaya Laboratories Pvt Ltd FB WC limits           IND BB+/ IND A4+ 90
Migrated to non-cooperating category; (Issuer Not Cooperating)
Shree Venkatesh Realties        TL                     IND BB           160      Affirmed
Siwan Municipal Council         LT Issuer Rating       IND BB-                   Assigned
Sriganganagar Municipal Council Issuer rating          IND BBB-                  Withdrawn
Sripathi Paper & Boards Pvt Ltd TL                     IND BBB+         1364.4
Affirmed; Outlook revised to Negative from Stable; increased from 829.80 mln
Sripathi Paper & Boards Pvt Ltd FB WC limits           IND BBB+/ IND A2 1600
Affirmed; Outlook revised to Negative from Stable; increased from 1,230 mln
Sripathi Paper & Boards Pvt Ltd Proposed long-TL*      Provisional IND  150      Assigned
                                                       BBB+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the a
Sripathi Paper & Boards Pvt Ltd Proposed FB WC limits  Provisional IND  600      Assigned
                                                       BBB+/
                                                       Provisional IND A2
Sujangarh Municipal Council     Issuer rating          IND BB                    Withdrawn
Uttarakhand Engineering         FB limits              IND BB-/ IND A4+ 40
Products Pvt Ltd
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Vaibhav Edibles Pvt Ltd         Long-TL                IND BBB          65.8     Upgraded
increased from 35.73 mln
Vaibhav Edibles Pvt Ltd         FB WC limits           IND BBB/ IND A3+ 120      Upgraded
increased from 65 mln
Vaibhav Edibles Pvt Ltd         Proposed FB WC limits  Provisional IND  64.2     Upgraded
                                                       BBB/ Provisional
                                                       IND A3+
reduced from 115 mln
Vaibhav Edibles Pvt Ltd         Proposed long-TL       WD               34.27
Withdrawn (the company did not proceed with the instrument as envisaged);
Vaibhavraj Enterprises          FB WC  Fac             IND BB-/ IND A4+ 74       Assigned
Vaibhavraj Enterprises          Proposed FB WC Fac     Provisional IND  26       Assigned
                                                       BB-/ Provisional
                                                       IND A4+
Vaidehi Trendz Pvt Ltd          FB limits              IND BB-          75
Migrated to non-cooperating category; (Issuer Not Cooperating)
Vishal Infraglobal Pvt Ltd      FB limit (long -term)  IND D            190
 Downgraded and  Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Vishal Infraglobal Pvt Ltd      Non-FB limit (ST)      IND D            390
Downgraded and  Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Vivriti Timo 003 2018 (An Abs   Series A1 pass-through IND A(SO)        392.03   Assigned
Transaction)                    certificates (PTCs)
Vivriti Timo 003 2018 (An Abs   Series A2 PTCs         IND BBB+(SO)     4.36     Assigned
Transaction)


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