May 14, 2018 / 9:00 AM / 3 months ago

India Ratings for Indian debt instruments – May 14

    May 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
May 13, 2018.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Dineshchandra R Agrawal         Non-FB WC Fac          IND A1+          10650    Affirmed
Infracon Pvt Ltd
Dineshchandra R Agrawal         Non-FB WC Fac#         IND A1+          700      Affirmed
Infracon Pvt Ltd
# Converted from provisional to final rating based on receipt of final documentation
Dineshchandra R Agrawal         Proposed non-FB WC     Provisional IND  450      Affirmed
Infracon Pvt Ltd                facility*              A1+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the proposed facilities by DRAIPL to the satisfaction of Ind-Ra.
Gautam Cement Works             Non-FB WC loan         IND A4           60       Maintained 
                                                                                 in Non
                                                                                 Cooperating
                                                                                 Category
Housing And Urban Development   CPs#                   IND A1+          65       Assigned
Corporation Ltd
# Short-term debt
Omsairam Steels And Alloys Pvt  BG                     IND A3           70       Migrated to
Ltd                                                                              Non
                                                                                 Cooperating
                                                                                 Category
Omsairam Steels And Alloys Pvt  Proposed BG            Provisional IND  130      Migrated to
Ltd                                                    A3                        Non
                                                                                 Cooperating
                                                                                 Category
Omsairam Steels And Alloys Pvt  Proposed LOC           Provisional IND  1000     Migrated to
Ltd                                                    A3                        Non
                                                                                 Cooperating
                                                                                 Category
Rajesh Power Services Pvt Ltd   Non-FB WC limit        IND A2           300      Affirmed
Shriniwas Engineering Auto      Non-FBL                IND A2           471.5    Migrated to
Components Pvt Ltd                                                               Non
                                                                                 Cooperating
                                                                                 Category

LONG TERM RATINGS:
-------------------
Adani Wind Energy (Gujarat) Pvt TL                     IND BBB          2265*    Affirmed
Ltd
*A new 18MW wind project (Sadla) with a sanctioned debt of INR825 million was added
 to the existing SPV i.e. AWEGPL in April 2017. Ind-Ra has considered the total debt
 in the SPV to affirm the rating (senior bank loan :INR1,440 million). 
Adani Wind Energy (Gujarat) Pvt WC facility            IND BBB          80       Affirmed
Ltd
Bhansali Engineering Polymers   FB WC limit            -                600      Withdrawn
Ltd
Bhansali Engineering Polymers   Non-FB WC limit        -                1500     Withdrawn
Ltd
Dhruv Oil & Protein             FB limits              IND BB           85       Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Dhruv Oil & Protein             TL                     IND BB           31.15    Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Dineshchandra R Agrawal         FB WC Fac              IND A+           1100     Affirmed
Infracon Pvt Ltd
Dineshchandra R Agrawal         FB WC Fac#             IND A+           100      Affirmed
Infracon Pvt Ltd
# Converted from provisional to final rating based on receipt of final documentation
Emami Realty Ltd                NCD                    -                         Withdrawn
Gautam Cement Works             Long-TL                IND B+           13.3     Maintained in
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Gautam Cement Works             FB WC limit            IND B+           50       Maintained in
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Housing And Urban Development   FY19 LT borrowing      IND AAA          72.45    Assigned
Corporation Ltd                 programme
Ishan International             FB limits (LT/ST)      IND D            347.5    Downgraded
Jagdamba Fibres Pvt Ltd         FB WC limits           IND B+           60       Downgraded
Kapil Enterprises Pvt Ltd       TL                     IND B+           1.11     Maintained in
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Kapil Enterprises Pvt Ltd       FB limits              IND B+/IND A4    70       Maintained in
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Kla Foods (I) Ltd               FB WC limit            IND BBB- /IND A3 100      Affirmed
Mahindra Susten Pvt Ltd         FB limits              -                150      Withdrawn
                                                                                 (repaid in
                                                                                 full)
Mahindra Susten Pvt Ltd         TL                     -                3500     Withdrawn
                                                                                 (repaid in
                                                                                 full)
Mahindra Susten Pvt Ltd         Derivative limit       -                500      Withdrawn
                                                                                 (repaid in
                                                                                 full)
Mahindra Susten Pvt Ltd         Non-FB limits*         IND A /IND A1    25240    Affirmed
* Includes INR5,650 million fund-based limits and INR590 million derivative limits 
as a sublimit of non-fund based limits
Mahindra Susten Pvt Ltd         Proposed non-FB limits#Provisional IND  9760     Assigned
                                                       A /Provisional
                                                       IND A1
# The rating is provisional and shall be confirmed upon the sanction and execution of
 loan documents for the above facilities by MSPL to the satisfaction of Ind-Ra.
Maya Saha                       FB limits              IND BB+          100      Maintained in
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Omsairam Steels And Alloys Pvt  FB WC limit            IND BBB-         360      Migrated to
Ltd                                                                              Non
                                                                                 Cooperating
                                                                                 Category
Omsairam Steels And Alloys Pvt  Proposed FB WC limit   Provisional IND  440      Migrated to
Ltd                                                    BBB-                      Non
                                                                                 Cooperating
                                                                                 Category
Parampujya Solar Energy Pvt Ltd Bk loans               IND A-           16505    Assigned
Parampujya Solar Energy Pvt Ltd FB Fac                 IND A-           475      Assigned
Parampujya Solar Energy Pvt Ltd Loan equivalent risk   IND A-           1640     Assigned
Pearl Polymers Ltd              FB WC limit            -                188      Affirmed
Pearl Polymers Ltd              Non-FB WC limit        -                97       Affirmed
Rajesh Power Services Pvt Ltd   FB WC limit            IND BBB          170      Affirmed
S.K. Agarwal & Co.              FB limit               IND BB           745      Migrated to
                                                       /IND A4+                  Non
                                                                                 Cooperating
                                                                                 Category
S.K. Agarwal & Co.              Proposed Bk Fac        Provisional IND  50       Migrated to
                                                       BB                        Non
                                                       /Provisional              Cooperating 
                                                       IND A4+                   Category
Sangotra Fashions Pvt Ltd       FB limits              IND BB+/IND A4+  70       Maintained in
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Shree Radhe Shyam Oil Mill      FB limits              IND B /IND A4    75       Maintained in
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Shri Balaji Institute Of        TL                     IND B+           73.5     Maintained in
Nursing Pvt Ltd                                                                  Non
                                                                                 Cooperating
                                                                                 Category
Shri Sagar Woven Pvt Ltd        FB limits              IND BB-          35       Assigned
Shri Sagar Woven Pvt Ltd        TL                     IND BB-          23.62    Assigned
Shri Sagar Woven Pvt Ltd        FB limits              IND BB-          40       Affirmed
Shri Sagar Woven Pvt Ltd        TL                     IND BB-          17.74    Affirmed
Shri Varu Polytex Pvt Ltd       TL                     IND B            115      Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Shri Varu Polytex Pvt Ltd       FB WC limit            IND B            50       Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Shriniwas Engineering Auto      TL                     IND BBB+         3068.5   Migrated to
Components Pvt Ltd                                                               Non
                                                                                 Cooperating
                                                                                 Category
Shriniwas Engineering Auto      WC Fac                 IND BBB+         1000     Migrated to
Components Pvt Ltd                                                               Non
                                                                                 Cooperating
                                                                                 Category
Viraj Construction Pvt Ltd      TL                     IND BB           615      Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Viraj Construction Pvt Ltd      FB limit               IND BB           238      Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Viraj Construction Pvt Ltd      FB limit               IND BB           82       Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Viraj Construction Pvt Ltd      Non-FB limit           IND BB           67.5     Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Vivek Realty & Resorts Pvt Ltd  Long-TL                IND BB-          143.5    Affirmed
-----------------------------------------------------------------------------------------------
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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