March 6, 2018 / 4:10 AM / 3 months ago

India Ratings for Indian debt instruments – Mar 6

    Mar 6 (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 5, 2018.

COMPANY                         INSTRUMENT             RATING         AMOUNT     MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------         ------     ---------
SHORT TERM RATINGS:
-------------------
Lalwani Ferro Alloys Ltd        Non-FB limits          IND A3+          1025     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Nile Ltd                        Non-FB WC Fac          IND A2+          150      Affirmed
Nile Ltd                        Non-FB WC Fac          IND A2+          150      Upgraded
Nile Ltd                        Proposed non-FB WC     Provisional IND  150      Assigned
                                facility*              A2+
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by Nile to the satisfaction of Ind-Ra.
Sunny Trexim Pvt Ltd.           FB limits              IND A4+          990      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Sunny Trexim Pvt Ltd.           Non-FB limits          IND A4+          179      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING

LONG TERM RATINGS:
-------------------
B.D. Memorial Institute         Bk loans               IND BBB-         112.76   Affirmed
(increased from INR88.87mln)
B.D. Memorial Institute         Bk loans*              IND BBB-         50       Assigned
(reduced from INR50.60mln)* The final rating is based on the receipt of sanction letter by
Ind-Ra.
Iiert December 2017             Series A pass-through  IND AA(SO)       1898.4   Assigned
                                certificates (PTCs)
Indian Infrastructure Equipment Series A pass-through  IND AA(SO)       822.2    Affirmed
Receivables Trust –             certificates (PTCs)
February,2016
Lalwani Ferro Alloys Ltd        FB limits              IND BBB          676      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Lalwani Ferro Alloys Ltd        WC limits*             IND BBB /IND A3+ 75       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
* Can either be used as fund-based or non-fund-based limits/Issuer Not Cooperating
Leitwind Shriram Manufacturing  TL (LT)                IND D            2465.9   Migrated to
Ltd                                                                              Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Leitwind Shriram Manufacturing  FB WC Fac (long- and   IND D            1900     Migrated to
Ltd                             ST)                                              Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Leitwind Shriram Manufacturing  Non-FB WC Fac (long-   IND D            1620.1   Migrated to
Ltd                             and ST)                                          Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Nile Ltd                        FB WC Fac              IND A-           400      Affirmed
Nile Ltd                        FB WC Fac              IND A-           400      Upgraded
Nile Ltd                        Proposed  FB WC        WD               43.3     Withdrawn
                                facility
(issuer did not proceed with the instrument as envisaged)
Nile Ltd                        TL                     WD               6.7      withdrawn
 (instrument has been paid in full)
Skywin Spinning Pvt Ltd         TL                     IND BB+          200      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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