May 17, 2019 / 3:55 AM / 2 months ago

India Ratings for Indian debt instruments – May 17

    May 17 (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 16, 2019.

COMPANY                         INSTRUMENT             RATING        AMOUNT      MOVEMENT
------                          ----------             ------        ------      ---------
Corrosion Protection Pvt Ltd    Non-FB limits          IND A4+          15       Migrated to
Kalyani Technoforge Ltd         Non-FB WC Fac          IND A1           1250     Upgraded
(increased from INR600)
M/S Fortune Group               Non-FB limits          IND A3           150      Migrated to
Mahindra Sanyo Special Steel    Non-FB WC limits       IND A2+          2600     Affirmed
Pvt Ltd
(increased from INR2,400)

Corrosion Protection Pvt Ltd    FB limits              IND BB-          80       Migrated to
Eduspark International Pvt Ltd  Bk Loan*               IND A-           180      Assigned
*The assignment of the final ratings is based on the receipt of the sanction letter.
Flex Foods Ltd                  TL                     IND BBB          61.1     Affirmed
(reduced from INR103.1)
Flex Foods Ltd                  FB limits              IND BBB/IND A3+  250      Affirmed
Flex Foods Ltd                  Non-FB limits          IND BBB/IND A3+  25       Affirmed
Insta Sme Trust May 2019        Series A1 pass-through Provisional IND  1104.5   Assigned
                                certificates (PTCs)    AAA(SO)
Kalyani Technoforge Ltd         TL                     IND A            4220     Upgraded
(increased from INR4,095)
Kalyani Technoforge Ltd         FB limits              IND A/IND A1     4050     Upgraded
(increased from INR3,150)
M/S Fortune Group               FB limits              IND BBB-         70       Migrated to
Mahindra Sanyo Special Steel    TL                     IND BBB+         820      Affirmed
Pvt Ltd
Mahindra Sanyo Special Steel    FB WC limits           IND BBB+/IND A2+ 2850     Affirmed
Pvt Ltd
(increased from INR1,300)
Neelgiri Electricals            Non-FB WC limits       -                10       Withdrawn
                                                                                 (paid in full)
Neelgiri Electricals            TL                     IND BBB-         23.85    Affirmed
Neelgiri Electricals            FB WC limits           IND BBB-/IND A3  120      Affirmed
Northern Arc 2019 Mfi Aidan     Series A1 pass-through IND A-(SO)       236.16   Assigned
                                certificates (PTCs)
Northern Arc 2019 Mfi Aidan     Series A2 PTCs         IND BBB (SO)     8.23     Assigned
Pawan Castings Meghalaya Pvt LtdFB limits              IND BB           150      Migrated to
Pawan Castings Meghalaya Pvt LtdLong-TL                IND BB           10       Migrated to
United Chloro Paraffins Pvt Ltd FB limits (LT)         IND D            117.5    Migrated to
 (Issuer Not Cooperating)
United Chloro Paraffins Pvt Ltd Non-FB limits (ST)     IND D            182.5    Migrated to
 (Issuer Not Cooperating)
Uti Ultra Short Term Fund’S     Credit Rating          IND AAmfs                 Downgraded
National Fund                                                                    from IND
placing it on Rating Watch Negative (RWN)
Vivriti Timo 003 2018           Series A2 PTCs         IND A-(SO)       4.36     Upgraded
Vivriti Timo 003 2018           Series A1 pass-through IND A+(SO)       69.18    Upgraded
                                certificates (PTCs)
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

$: 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

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
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