May 11, 2018 / 4:27 AM / 12 days ago

India Ratings for Indian debt instruments – May 11

    May 11 (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
May 10, 2018.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------    --------
SHORT TERM RATINGS:
-------------------
Dutch Tech Tools Pvt Ltd        FB WC limit            IND A4+          72.5     Affirmed
Dutch Tech Tools Pvt Ltd        Non-FB WC limit        IND A4+          27       Affirmed
Elysium Pharmaceuticals Ltd     Non-FB limits          IND A4+          65       Affirmed
Ethos Power Pvt Ltd             Non-FB limit           IND A4+          240      Affirmed
Hariom Projects Pvt Ltd         Non-FB limit           IND A4+          110
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Leader Valves Ltd               Non-FB WC facility     IND A4+          150      Assigned
Pragati Edible Processing Pvt   Non-FB WC limits       IND A4+          20
Ltd
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Rashtriya Ispat Nigam Ltd       Non-FB WC limits       IND A2+          22850    Affirmed
 (increased from INR3,600mln)
Rashtriya Ispat Nigam Ltd       CP (CP)                IND A2+          20000    Affirmed
Sunraj Ceramic Pvt. Ltd         Non-FB WC limits       IND A4+          22.5
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Vmd Mills Pvt Ltd               Non-FB limit           IND A4+          19.5
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)

LONG TERM RATINGS:
-------------------
P.K. Foods                     FB WC limits           IND B+ /IND A4   100
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Abhinaash Agrofood Industries   FB WC limit (LT)       IND D            30
Pvt Ltd
Downgraded and Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Abhinaash Agrofood Industries   TL (LT)                IND D            32.56
Pvt Ltd
Downgraded and Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Balajee Structural (I) Ltd.     FB WC limit            IND BBB-         200
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Bhadresh Trading Corporation LtdFB limits (long- and   IND D            8500
                                ST)
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Bhadresh Trading Corporation LtdTL (LT)                IND D            686.8
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Bhadresh Trading Corporation LtdNon-FB limits (ST)     IND D            1350
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Elysium Pharmaceuticals Ltd     FB limits              IND BB           150      Affirmed
Elysium Pharmaceuticals Ltd     TL                     IND BB           267.36   Affirmed
(reduced from INR327.31mlns)
Ethos Power Pvt Ltd             FB WC limit            IND BB/IND A4+   90       Upgraded from
                                                                                 IND BB-/
                                                                                 Affirmed
Field Motor Pvt Ltd             FB WC limits           IND BBB-         270      Affirmed
Hariom Projects Pvt Ltd         FB limit               IND BB           90
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Leader Valves Ltd               FB WC facility         IND BB+ /IND A4+ 120      Assigned
M/S. Agarwal Jewellers          FB WC limit            IND BB-          40
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
M/S. Agarwal Jewellers          Long-TL                IND BB-          28.6
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Mm Trust Mar 15 Ii’S            Series A PTCs          IND AA+(SO)      68.29    Affirmed
Mm Trust Mar 16’S               Series A PTCs          IND AA+(SO)      455.64   Affirmed
Ongc Mangalore Petrochemicals   External commercial    IND AAA/RWE               Affirmed and
Ltd.                            borrowings                                       maintained on
                                                                                 RWE
Ongc Mangalore Petrochemicals   NCDs (NCDs)            IND AAA/RWE      25000    Affirmed and
Ltd.                                                                             maintained on
                                                                                 RWE
Pearl Polymers Ltd              FB WC limit            IND BBB- /IND A3 188      Affirmed
Pearl Polymers Ltd              Non-FB WC limit        IND BBB- /IND A3 97       Affirmed
Pragati Edible Processing Pvt   FB WC limits           IND BB+          144
Ltd
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Pragati Edible Processing Pvt   Long-TL                IND BB+          86
Ltd
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Rashtriya Ispat Nigam Ltd       Non-FB limits          IND A-           5140     Affirmed
 (reduced from INR7,000mln)
Rashtriya Ispat Nigam Ltd       TL                     IND A-           81850    Affirmed
(reduced from INR95,000mln)
Rashtriya Ispat Nigam Ltd       FB WC limits           IND A- /IND A2+  96614    Affirmed
 (increased from INR94,643.5mln)
Shree Hanuman Loha Ltd.         FB WC limit            IND BBB-         90
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Sunraj Ceramic Pvt. Ltd         FB WC limits           IND BB-          40
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Sunraj Ceramic Pvt. Ltd         TL                     IND BB-          7.4
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
The Chunilal Motiram Ginning    FB WC limits           IND B-           60
Factory
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Vmd Mills Pvt Ltd               TL                     IND BB-          106.5
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Vmd Mills Pvt Ltd               FB limit               IND BB-          50
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
-----------------------------------------------------------------------------------------------
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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