March 28, 2018 / 5:11 AM / a month ago

India Ratings for Indian debt instruments – Mar 28

    Mar 28 (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 27, 2018.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Amiya Steel Pvt Ltd             Non-FB limits          IND A4           40       Affirmed
Bc Sen & Co. Ltd                Non-FB WC limit        IND A2           50       Downgraded
Ccl Products (I) Ltd            Non-FB WC limits       IND A1+          230      Affirmed
India Ratings And Research      Non-FB limits          IND A1+          160      Affirmed
(Ind-Ra) 
Indian Oil Corporation Ltd      CP programme           IND A1+          400      Affirmed
Kandui Industries Pvt Ltd       Non-FB WC limits       IND A3           230      Affirmed
Vasudha Pharma Chem Ltd         Non FB WC limits       IND A1           250      Affirmed

LONG TERM RATINGS:
-------------------
Amiya Steel Pvt Ltd             Proposed FB limits     -                23       Withdrawn
(the company did not proceed with the instrument as envisaged)
Amiya Steel Pvt Ltd             Proposed non-FB limits -                30       Withdrawn
(the company did not proceed with the instrument as envisaged)
Amiya Steel Pvt Ltd             FB limits              IND B            177      Upgraded
Bc Sen & Co. Ltd                FB WC limit            IND BBB/IND A2   295      Downgraded
Ccl Products (I) Ltd            TL                     IND A+           2426.3   Affirmed
Ccl Products (I) Ltd            FB WC limits           IND A+/IND A1+   1800     Affirmed
Cochin Shipyard Ltd             Tranche I Bond         IND AA+          1000     Affirmed
Cochin Shipyard Ltd             Tranche II Bond        IND AA+          230      Affirmed
Hotel Swosti Pvt. Ltd           TL                     IND BB           46.7     Affirmed
Hotel Swosti Pvt. Ltd           FB limits              IND BB           7.5      Affirmed
India Ratings And Research      FB WC limits           IND A+/IND A1+   1360     Affirmed
(Ind-Ra) 
Itm Infra (Itm)                 Long-TL                IND BB           1200     Assigned
Kandui Industries Pvt Ltd       FB WC limits           IND BBB-         90       Affirmed
Kandui Industries Pvt Ltd       TL                     IND BBB-         283.5    Affirmed
Mytrah Advaith Power Pvt Ltd    TL                     Provisional IND  1200     Assigned
                                                       BBB
Mytrah Akshaya Energy Pvt Ltd   TL                     Provisional IND  640      Assigned
                                                       BBB
Neelkanth Yarn (Neel)           FB WC limit            IND BB+/IND A4+  150      Assigned
Ongc Petro Additions Ltd        CCDs                   IND AAA(SO)      4.92     Assigned
Padmaja Power & Infra Pvt Ltd   FB WC limits           -                150      Withdrawn
                                                                                 (paid in full)
Padmaja Power & Infra Pvt Ltd   Non-FB WC limits       -                150      Withdrawn
                                                                                 (paid in full)
Padmaja Power & Infra Pvt Ltd   Proposed FB WC limit   -                200      Withdrawn
                                                                                 (paid in full)
Padmaja Power & Infra Pvt Ltd   Proposed FB WC limit*  Provisional IND  400      Assigned
                                                       B+/Provisional
                                                       IND A4
* The ratings are provisional and shall be confirmed upon the sanction and
  execution of loan documents for the above facilities by
  PPIPL to the satisfaction of Ind-Ra.
Pommys Garments (I) Ltd         TL                     IND BB+          244.2    Assigned
Pommys Garments (I) Ltd         FB Fac                 IND BB+/IND A4+  490      Assigned
Pommys Garments (I) Ltd         Proposed FB Fac        Provisional IND  120.75   Assigned
                                                       BB+/Provisional
                                                       IND A4+
Shiva Mettalicks Pvt Ltd        FB limits              IND BB-          120      Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Solar Print Process Pvt Ltd     TL                     IND BB           29.9     Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Solar Print Process Pvt Ltd     Line of credit (TL)    IND BB           18.6     Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Solar Print Process Pvt Ltd     FB limits              IND BB / IND A4+ 80       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Solar Print Process Pvt Ltd     Letter of guarantee    IND BB / IND A4+ 5        Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Sond Knit Garments              Non-FB limit           -                13.5     Withdrawn
Sond Knit Garments              FB WC limit            IND B+           100      Upgraded
Sushee Infra & Mining Ltd       FB WC limits           IND BB+/RWN/IND  1000     Downgraded;
                                                       A4+/RWN                   placed on RWN
Sushee Infra & Mining Ltd       Non-FB limits          IND BB+/RWN/IND  5320     Downgraded;
                                                       A4+/RWN                   placed on RWN
Sushee Infra & Mining Ltd       Proposed non-FB limits*Provisional IND  2680     Downgraded;
                                                       BB+/ RWN /                placed on RWN
                                                       Provisional IND A4+ / RWN
Sushee Infra & Mining Ltd       Proposed FB WC limits* Provisional IND  200      Downgraded;
                                                       BB+/ RWN /                placed on RWN
                                                       Provisional IND A4+/RWN
* The final ratings will be assigned subject to execution of sanction 
 letters for the rated facilities. 
T S Real Tech Pvt Ltd           TL                     IND BB-          100      Migrated to
                                                                                 Non-
                                                                                 Cooperating 
                                                                                 Category
Vasudha Pharma Chem Ltd         FB WC limits           IND A/IND A1     1200     Affirmed
Vasudha Pharma Chem Ltd         Proposed long-TL*      Provisional IND A1000     Affirmed
* The ratings are provisional and shall be confirmed upon the sanction and 
  execution of loan documents for the above facilities by VPCL 
  to the satisfaction of Ind-Ra.
Vasudha Pharma Chem Ltd         Proposed FB WC limits* Provisional IND  50       Affirmed
                                                       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 VPCL 
  to the satisfaction of Ind-Ra.
Venkateshwara Sponge & Iron     FB limits              IND B+           130      Migrated to
Company Pvt Ltd                                                                  Non
                                                                                 Cooperating
Category
Vinayak Support Services Pvt LtdTL                     IND BB           42       Assigned
Vinayak Support Services Pvt LtdFB WC limits           IND BB           52       Assigned
-----------------------------------------------------------------------------------------------
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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