May 16, 2019 / 7:04 AM / 2 months ago

India Ratings for Indian debt instruments – May 16

    May 16 (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 15, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Atyati Technologies Pvt Ltd     Non-FB WC limits       IND A3+          250      Upgraded
Jm Financial Credit Solutions   CPs (CPs)              IND A1+          20000    Affirmed
Ltd
Megasoft Ltd                    NFB WC limit           IND A4+          50       Upgraded
Northern Arc 2019 Csl Pluto     Series A1 pass-through IND A3+(SO)      142.9    Assigned
                                certificates (PTCs)
Tata Projects Ltd               CP                     IND A1+          14000    Affirmed
Vama Industries Ltd             Non-FB WC limits       IND A4+          170      Affirmed
Vama Industries Ltd             Proposed non-FB WC     Provisional IND  200      Assigned
                                limits*                A4+
* The ratings are provisional and shall be confirmed upon the sanction and execution 
of the loan documents for the above facilities by Vama to the satisfaction of Ind-Ra.
 
Vibrant Constructions Pvt Ltd   Non-FB WC limits       IND A4+          160      Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category and 
                                                                                 withdrawn

LONG TERM RATINGS:
-------------------
Adani Green Energy (Up) Ltd     Proposed senior rupee  Provisional IND  2170     Assigned
                                TL*                    AA(SO)
* The final rating is contingent upon the receipt of the final documents, including 
escrow agreements, inter-creditor agreement, continuing covenant deed and project 
account deed, conforming to information already received by Ind-Ra.
 
Atyati Technologies Pvt Ltd     TL                     IND BBB          188      Upgraded
Atyati Technologies Pvt Ltd     FB WC limits           IND BBB          100      Upgraded
Banka Woven Sacks Pvt Ltd       TL*                    -                5.168    Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category and 
                                                                                 withdrawn
*Migrated to ‘IND B+(Issuer Not Cooperating)’ before being withdrawn.
Banka Woven Sacks Pvt Ltd       FB WC limit*           -                52.5     Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category and 
                                                                                 withdrawn
*Migrated to ‘IND B+(Issuer Not Cooperating)’ before being withdrawn.
Continental Warehousing         TL                     IND A            25       Assigned
Corporation (Nhava Seva) Ltd
Continental Warehousing         FB WC Fac              IND A/IND A1     500      Assigned
Corporation (Nhava Seva) Ltd
Continental Warehousing         Proposed FB WC Fac*    Provisional IND  175      Assigned
Corporation (Nhava Seva) Ltd                           A/Provisional
                                                       IND A1
* The rating is provisional and shall be confirmed upon the sanction and execution
 of the loan documents for the above facilities by CWCNSL to the satisfaction of Ind-Ra.
Gopala Polyplast Ltd            Secured TL (LT)        IND D            225.7    Downgraded
(Issuer Not Cooperating)
Gopala Polyplast Ltd            CC facility (LT)       IND D            500      Downgraded
(Issuer Not Cooperating)
Gopala Polyplast Ltd            Non-FB limits (ST)     IND D            23       Downgraded
(Issuer Not Cooperating)
Il&Fs Transportation Networks   NCDs (NCDs) (LT)       IND D            8000     Affirmed
Ltd
Il&Fs Transportation Networks   Long-TL (LT)           IND D            1190     Affirmed
Ltd
India Glycols Ltd               TL                     IND A-           1000     Assigned
Intime Properties Ltd           NCD                    -                2935.9   Withdrawn
Jm Financial Credit Solutions   NCDs (NCDs)            IND AA           50000    Affirmed
Ltd
Jm Financial Credit Solutions   Bk loans               IND AA           35000    Affirmed
Ltd
Kuppanna Poultry Farm           TL                     IND BB-          43.9     Assigned
Kuppanna Poultry Farm           FB WC limits           IND BB-/IND A4+  153.5    Assigned
M/S Shantikalash Jewellers      TL (LT)                IND D            47.5     Affirmed
(Issuer Not Cooperating)
M/S Shantikalash Jewellers      FB working capital     IND D            270      Affirmed
                                limits (Long- term)
(Issuer Not Cooperating)
M/S. Shanthilal & Sons JewellersFB working capital     IND D            240      Affirmed       
                        limits (long-term) 
Megasoft Ltd                    Fund based WC limit    IND BB+          150      Upgraded
Mfl Securitisation Trust Liii   Series A1 pass-through IND AA(SO)       840.4    Affirmed
                                certificates (PTCs)
Mfl Securitisation Trust Liii   Series A2 PTCs         IND AA(SO)       44.2     Affirmed
Mfl Securitisation Trust Liii   Liquidity facility (LF)IND AAA(SO)      43.5     Affirmed
Mfl Securitisation Trust Liii   Second loss credit     IND BBB(SO)      198.9    Affirmed
                                facility (SLCF)
Parampujya Solar Energy Pvt Ltd Proposed senior rupee  Provisional IND  5170     Assigned
                                TL*                    AA(SO)
* The final rating is contingent upon the receipt of the final documents, 
including escrow agreements, inter-creditor agreement, continuing covenant
deed and project account deed, conforming to information already received by Ind-Ra.
Prayatna Developers Pvt Ltd     Proposed senior rupee  Provisional IND  3660     Assigned
                                TL*                    AA(SO)
* The final rating is contingent upon the receipt of the final documents, 
including escrow agreements, inter-creditor agreement, continuing covenant
deed and project account deed, conforming to information already received by Ind-Ra.
Rythu Dairy Products Pvt Ltd    TL                     IND BB+          55.32    Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category
Rythu Dairy Products Pvt Ltd    FB WC limits           IND BB+ /IND A4+ 60       Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category
Rythu Dairy Products Pvt Ltd    Proposed TL            Provisional IND  20       Migrated to
                                                       BB+                       non
                                                                                 cooperating
                                                                                 category
Siddhi Weaves Pvt Ltd           TL                     IND BBB-         548      Assigned
Siddhi Weaves Pvt Ltd           FB limits              IND BBB-/IND A3  270      Assigned
Tata Projects Ltd               NCD                    IND AA           5000     Affirmed
Tata Projects Ltd               FB WC limits*          IND AA/IND A1+   28,020   Affirmed
*Comprise short-term loan, bill discounting facility along with fund-based limits
Tata Projects Ltd               Non-FB WC limits#      IND AA/IND A1+   158507.5 Affirmed
#Comprise project specific non-fund-based limits along with non-fund-based limits.
Vama Industries Ltd             FB WC limits           IND BB-/IND A4+  75       Long-term
                                                                                 rating
                                                                                 Downgraded;
                                                                                 ST rating 
                                                                                 Affirmed
Vibrant Constructions Pvt Ltd   FB WC limit            IND BB/ IND A4+  20       Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
Zuari Agro Chemicals Ltd        Proposed Bk facility   -                700      Withdrawn
(the company did not proceed with the instrument as envisaged)
Zuari Agro Chemicals Ltd        Long-TL                IND BB+          1300     Downgraded
-----------------------------------------------------------------------------------------------
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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