March 14, 2019 / 5:31 AM / 4 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, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Grt Jewellers (I) Pvt Ltd       Non-FB WC Fac          IND A1+          1400     Assigned
Multitex Filtration Engineers   Non-FB WC limit        IND A3           600      Affirmed
Ltd
National Aluminium Co. Ltd      Non-FB limits          IND A1+          8000     Affirmed
P Ramu                          Non-FB facility        IND A4           13.5     Assigned
Power Max (I) Pvt Ltd           Non-FB limits          IND A4           271.5    Assigned
Sindhu Cargo Services Pvt Ltd   Non-FB limits          IND A4+          20
(Issuer Not Cooperating); Migrated to non-cooperating category
Vishvas Power Engineering       Non-FB limit           IND A4           120      Upgraded
Services Pvt Ltd

LONG TERM RATINGS:
-------------------
Artson Engineering Ltd          FB Fac                 IND AA-/ IND A1+ 120      Assigned
Artson Engineering Ltd          Non-FB Fac             IND AA-/ IND A1+ 530      Assigned
Delhi International Airport Ltd FB limits              IND AA-          1850     Affirmed
Delhi International Airport Ltd FB limits              IND AA-          1500     Affirmed
                                (interchangeable
                                between fund-bused and non-FB limits)
Delhi International Airport Ltd Non-FB limits          IND AA-          490      Affirmed
Delhi International Airport Ltd LT debt                IND AA-          56000    Affirmed
Equitas Small Finance Bank Ltd  Bk loans               IND A+           315      Affirmed
reduced from INR865 mln
Equitas Small Finance Bank Ltd  Subordinated debt      IND A+           400      Affirmed
Equitas Small Finance Bank Ltd  NCDs (NCDs)*           WD               3000
*Withdrawn (paid in full)
G.R. Thanga Maligai & Sons      TL                     IND A+           1107.5   Assigned
G.R. Thanga Maligai & Sons      FB WC Fac              IND A+/ IND A1+  2500     Assigned
G.R. Thanga Maligai Firm        TL                     IND A+           1068.8   Assigned
G.R. Thanga Maligai Firm        FB WC Fac              IND A+/ IND A1+  1400     Assigned
Grt Jewellers (I) Pvt Ltd       TL                     IND AA-          5453.3   Assigned
Grt Jewellers (I) Pvt Ltd       FB WC Fac              IND AA-/ IND A1+ 13500    Assigned
Grt Silverwares                 TL                     IND A+           589.5    Assigned
Grt Silverwares                 FB WC Fac              IND A+/ IND A1+  50       Assigned
India Standard Loan Trust -     Series A pass-through  IND A (SO)       725.2    Affirmed
Xlv’S (An Abs Transaction)      certificates (PTCs)
India Standard Loan Trust -     Liquidity facility (LF)IND AAA(SO)      23.48    Affirmed
Xlv’S (An Abs Transaction)
India Standard Loan Trust -     Second loss credit     IND BBB(SO)      90.4     Affirmed
Xlv’S (An Abs Transaction)      facility (SLCF)
Jagannath Institute For         TL                     IND BBB          246.3    Upgraded
Technology & Management
reduced from INR291.44 mln
Jagannath Institute For         FB WC                  IND BBB          50       Upgraded
Technology & Management
Kosamattam Finance Ltd          NCDs                   IND BBB          3000     Assigned
Mbs Services                    FB WC limit            IND BB+/ IND A4+ 164      Assigned
Multitex Filtration Engineers   FB WC limit            IND BBB-/ IND A3 140
Ltd
Rating affirmed; Outlook revised to Positive from Stable
National Aluminium Co. Ltd      FB limits              IND AAA          6000     Affirmed
Neogrowth Credit Pvt Ltd        NCDs (NCDs)            IND BBB          1185     Affirmed
reduced from INR1,575 mln
P Ramu                          TL                     IND B+           4.4      Assigned
P Ramu                          FB facility            IND B+/ IND A4   60       Assigned
Power Max (I) Pvt Ltd           FB limits              IND C            210      Assigned
Sansar Trust March 2017 Iii (An Series A pass-through  IND AAA(SO)      689.1    Affirmed
Abs Transaction)                certificates (PTCs)
Sansar Trust March 2017 Iii (An Second loss credit     IND BBB(SO)      187.3    Affirmed
Abs Transaction)                facility (SLCF)
Sansar Trust March 2017 Iv’S    Series A pass-through  IND AAA (SO)     398.9    Affirmed
(An Abs Transaction)            certificates (PTCs)
Sansar Trust March 2017 Iv’S    Second loss credit     IND BBB (SO)     95.1     Affirmed
(An Abs Transaction)            facility SLCF
Sansar Trust March 2019 Ii (An  Second loss credit     Provisional IND  325.1    Assigned
Abs Transaction)                facility (SLCF)        A-(SO)
Sansar Trust March 2019 Ii (An  Series A pass-through  Provisional IND  6502.9   Assigned
Abs Transaction)                certificates (PTCs)    AAA(SO)
Shree Bharka (I) Ltd            FB Fac                 IND BB+/ IND A4+ 240
(Issuer Not Cooperating); Migrated to non-cooperating category
Sindhu Cargo Services Pvt Ltd   FB limits              IND BB+          450
(Issuer Not Cooperating); Migrated to non-cooperating category
Sindhu Cargo Services Pvt Ltd   Proposed FB limits     Provisional IND  530
                                                       BB+
(Issuer Not Cooperating); Migrated to non-cooperating category
Statcon Electronics India Ltd   FB WC limit            IND BBB/ IND A2  60
reduced from INR144.5 mln; Rating affirmed; Outlook Revised to Stable from Negative
Statcon Electronics India Ltd   Non-FB WC limit        IND BBB/ IND A2  120.2
reduced from INR210.2 mln; Rating affirmed; Outlook Revised to Stable from Negative
The West Bengal Power           FB WC limits           IND BBB/ IND A3+ 2        Assigned
Development Corporation Ltd
The West Bengal Power           NFB WC limits          IND BBB/ IND A3+ 2.6      Assigned
Development Corporation Ltd
Vishvas Power Engineering       Long-TL                IND B            4        Upgraded
Services Pvt Ltd
Vishvas Power Engineering       Long-TL*               IND B            15       Assigned
Services Pvt Ltd
*The final rating has been assigned following the receipt of the executed financing documents by
Ind-Ra.
Vishvas Power Engineering       FB Limit               IND B/ IND A4    75       Upgraded
Services Pvt Ltd
-----------------------------------------------------------------------------------------------
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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