March 18, 2020 / 7:31 AM / 22 days ago

India Ratings for Indian debt instruments – Mar 18

    Mar 18 - 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 17, 2020.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Ags Transact Technologies       CP#                    IND A1           300      Affirmed
# Yet to be issued; carved out of existing fund-based facilities.
Dolswap Business                Non-FB limits          IND A3           30       -
(Migrated to non-cooperating category)
Everon Castings                 Non-FB limits (ST)     IND A4           30       Downgraded
Infratech                       Non-FB WC limit        IND A3+          475      Affirmed
Kanchi Karpooram                Non FB Fac             IND A4+          100      -
(Maintained in non-cooperating category)
Klsr Infratech                  Non-FB WC limit        IND A3+          475      Affirmed
Maini Construction Equipments   Non-FB WC limit        IND A4           19       Downgraded
Mantharagiri Textiles           Non-FB WC limit        IND A4           8.8      -
(Migrated to non-cooperating category)
Sahara Engineering              Non-FB limits          IND A4+          2.5      -
(Migrated to non-cooperating category)
Techno Trak                     Non-FB WC limits       IND A4+          8.3      -
(Migrated to non-cooperating category)
Vishvas Power Engineering       Non-FB Fac (ST)        IND D            130      -
Services
(Migrated to non-cooperating category)
Vikrant Forge                   Non-FB limit (ST)      IND D            100      -
(Migrated to non-cooperating category)
Power Max (I)                   Non-FB limits (ST)     IND D            271.5    Downgraded


LONG TERM RATINGS:
-------------------
Ags Transact Technologies       TL                     IND A/Stable     3100     Affirmed
Ags Transact Technologies       TL                     IND A/Stable     300      Affirmed
Ags Transact Technologies       WC Bk loan *           IND A/Stable /   3650     Affirmed
                                                       IND A1
* Working capital bank lines are interchangeable between fund-based and non-fund-based
facilities.
Ags Transact Technologies       Proposed TL^           Provisional IND  1230     Affirmed
                                                       A/Stable
^ The final rating will be assigned following the closure of the issue upon the receipt of the
final documentation, conforming to the information already received by Ind-Ra.
Burman Hospitality              TL                     IND BBB/Positive 1000     Affirmed
(Outlook revised to Positive from Stable)
Burman Hospitality              FB limits              IND              100      Affirmed
                                                       BBB/Positive/ A3+
(Outlook revised to Positive from Stable)
Dolswap Business                FB limit               IND BBB-         130      -
(Migrated to non-cooperating category)
Everon Castings                 TL (LT)                IND C            196.7    Downgraded
Everon Castings                 FB limits (LT/ ST)     IND C / A4       210      Downgraded
Gcrg Memorial Trust             *Proposed TL           -                240      Withdrawn
* The provisional rating has been withdrawn as it has been outstanding for more than 90 days and
the agency no longer expects it to be converted to the final rating. 
Gcrg Memorial Trust             *Proposed FB limit     -                19.7     Withdrawn
* The provisional rating has been withdrawn as it has been outstanding for more than 90 days and
the agency no longer expects it to be converted to the final rating. 
Gcrg Memorial Trust             TL                     IND D            105.8    Downgraded
Gcrg Memorial Trust             FB limit               IND D            19.5     Downgraded
Gcrg Memorial Trust             Non-FB limit           IND D            115      Downgraded
Il&Fs Paradip Refinery Water    Senior Bk loans        IND AA/RWN       6360     Maintained on
                                                                                 RWN
India Standard Loan Trust - XlixSeries A pass-through  IND A (SO)/Stable249.5    Affirmed
                                certificates (PTCs)
India Standard Loan Trust - XlixLiquidity facility (LF)IND              12.85    Affirmed
                                                       AAA(SO)/Stable
India Standard Loan Trust - XlixSecond loss credit     IND              46.25    Affirmed
                                facility (SLCF)        BBB(SO)/Stable
Infratech                       FB WC Limit            IND              325      Affirmed
                                                       BBB/Negative/ A3+
(Outlook revised to Negative from Stable)
Kanchi Karpooram                FB Fac                 IND BB-/A4+      70       -
(Maintained in non-cooperating category)
Klsr Infratech                  FB WC Limit            IND              325      Affirmed
                                                       BBB/Negative/ A3+
(Outlook revised to Negative from Stable)
Maini Construction Equipments   FB WC limit            IND C / A4       90       Downgraded
Mantharagiri Textiles           FB WC limit            IND B+           200      -
(Migrated to non-cooperating category)
Mantharagiri Textiles           TL                     IND B+           41.8     -
(Migrated to non-cooperating category)
Power Max (I)                   FB  WC limits (LT)     IND D            210      Downgraded
Sahara Engineering              FB WC limits           IND BB           120      -
(Migrated to non-cooperating category)
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)
Techno Trak                     FB WC limits           IND BB           50       -
(Migrated to non-cooperating category)
Techno Trak                     TL                     IND BB           5.96     -
(Migrated to non-cooperating category)
Vikrant Forge                   TL (LT)                IND D            156.54   -
(Migrated to non-cooperating category)
Vikrant Forge                   FB limits (LT)         IND D            400      -
(Migrated to non-cooperating category)
Vishvas Power Engineering       TL (LT)                IND D            28.89    -
Services
(Migrated to non-cooperating category)
Vishvas Power Engineering       FB Fac (LT/ST)         IND D            85       -
Services
(Migrated to non-cooperating category)


-----------------------------------------------------------------------------------------------
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@refinitiv.com)
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