March 14, 2018 / 7:26 AM / 3 months ago

India Ratings for Indian debt instruments – Mar 14

    Mar 14 (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
March 13, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Axis Clinicals                  Non-FBL#               IND A2           166.5    Withdrawn
# Part of INR180 million sub-limit of term loan
Bkd Infrastructure              Non-FB limits          IND A4+          120      Affirmed
Eagle Fibres                    Non-FB limits          IND A4+          60       -
Maintained in Non-Cooperating Category
Ganges Garden Realtors          Non-FB limits          IND A4+          50       Assigned
Goyal Glassware                 Non-FB WC limits       IND A4+          42.5     -
Migrated to Non-Cooperating Category
Pragati Spinners                Non-FB WC limit        IND A4+          6        -
Migrated to Non-Cooperating Category
S. K. Translines                Non-FB limits          IND A4+          35       Affirmed
Sky Alloys & Power              Non-FB WC limit (ST)   IND D            100      -
Maintained in Non-Cooperating Category


LONG TERM RATINGS:
-------------------
A.R.S. Agro Business            Proposed TL            Provisional IND B55       -
Maintained in Non-Cooperating Category/ ISSUER NOT COOPERATING
A.R.S. Agro Business            Proposed FB WC limit   Provisional IND  55       -
                                                       B / Provisional
                                                       IND A4
Maintained in Non-Cooperating Category/ ISSUER NOT COOPERATING
Axis Clinicals                  TL                     IND A-           161.8    Upgraded
Axis Clinicals                  TL*                    IND A-           480      Assigned
*including sub-limit of INR180 million non-fund-based limits
Axis Clinicals                  FB WC limits           IND A- / IND A2+ 150      Upgraded
B.D Textile Mills               FB Fac                 IND BB           230      -
Migrated to Non-Cooperating Category
Bkd Infrastructure              FB  limits             IND BB+          20       Affirmed
Dilip Buildcon                  FB Fac                 IND A+ / IND A1  17931    -
Long-term upgraded; Short-term affirmed
Dilip Buildcon                  Non-FBL                IND A+ / IND A1  30120
Long-term upgraded; Short-term affirmed
Dilip Buildcon                  Proposed non-FBL*      Provisional IND  2899
                                                       A+ / Provisional
                                                       IND A1
Long-term upgraded; Short-term affirmed / *The rating is provisional and shall be confirmed upon
the sanction and execution of loan documents for the above facilities by DBL to the satisfaction
of Ind-Ra.
Eagle Fibres                    FB limits              -                240      Withdrawn
Ganges Garden Realtors          FB limits              IND BB-          75       Assigned
Goyal Glassware                 TL                     IND BB+          106.48   -
Migrated to Non-Cooperating Category
Goyal Glassware                 FB WC limits           IND BB+/A4+      180      -
Migrated to Non-Cooperating Category
Heritage Finlease               Bk Loans               IND BB+          210      Assigned
Lord Balaji Warehousing         TL (LT)                IND D            99.66    -
Maintained in Non-Cooperating Category
Megha Engineering &             Proposed FB WC limits* Provisional IND  1500     Assigned
Infrastructures                                        A+ / Provisional
                                                       IND A1+
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by MEIL to the satisfaction of Ind-Ra.
Megha Engineering &             Proposed non-FB WC     Provisional IND  10000    Assigned
Infrastructures                 limits*                A+ / Provisional
                                                       IND A1+
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by MEIL to the satisfaction of Ind-Ra.
Mumbai Aviation Fuel Farm       TL                     IND AA-          3137.4   Upgraded
Nlc India                       TL                     IND AAA          25.52    Assigned
Ongc Petro                      Proposed CCDs*         Provisional IND  4.92     Assigned
                                                       AAA
* The final rating will be assigned following the closure of the issue upon the receipt of final
documentation, conforming to the information already received by Ind-Ra. The final documentation
includes all finalised financing, transaction and project documents, including legal opinion on
the validity of transaction and structure, and an opinion on taxation.
Ozone Diamonds                  FB WC limit            IND BB- / IND A4+100      -
Migrated to Non-Cooperating Category
Pragati Spinners                TL                     IND BB+          237.828  -
Migrated to Non-Cooperating Category
Pragati Spinners                FB WC limit            IND BB+ / IND A4+180      -
Migrated to Non-Cooperating Category
S. K. Translines                Long-TL                IND BB-          3.3      Assigned
S. K. Translines                FB limits              IND BB-/A4+      65       Affirmed
Shree Bharka (I)                FB limits              IND BB+/ A4+     240      Assigned
Shree Krishna Educational &     TL                     IND B+           66       -
Charitable Society
Maintained in Non-Cooperating Category
Shree Krishna Educational &     WC facility            IND B+           10       -
Charitable Society
Maintained in Non-Cooperating Category
Sky Alloys & Power              FB WC limit (LT)       IND D            500      -
Maintained in Non-Cooperating Category
Sky Alloys & Power              Long-TL (LT)           IND D            1161     -
Maintained in Non-Cooperating Category
Soni Ginning Factory            FB WC limits           IND B+           60       -
Migrated to Non-Cooperating Category
South East Asian Education TrustBk loans               WD               131.61   Withdrawn
South East Asian Education TrustWC Fac                 WD               48.5     Withdrawn
Truvalue Agro Ventures          FB Fac                 WD               20       Withdrawn
Truvalue Agro Ventures          Non-FB Fac             WD               140      Withdrawn
Truvalue Agro Ventures          Proposed FBFac         WD               30       Withdrawn
Truvalue Agro Ventures          Proposed non-FBFac     WD               210      Withdrawn
Zen Lefin                       NCDs*                  IND BBB          500      Assigned
* Yet to be issued
-----------------------------------------------------------------------------------------------
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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