May 18, 2018 / 3:37 AM / 6 days ago

India Ratings for Indian debt instruments – May 18

    May 18 (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 17, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Associated Engineering          Non-FB WC limit        IND A4           95       -
Enterprises
(Migrated to Non-Cooperating Category)
E-Centric Solutions             Non-FB limits          IND A3+          100      -
(Migrated to Non-Cooperating Category)
G.S. Cotton Company             Proposed non-FB WC     Provisional IND  40       -
                                                       A4
(Maintained in Non-cooperating category)
India Steel Continental         Non-FB WC limit        IND A4           15       -
(Maintained in non-cooperating category)
Lekcon Infrastructure           Non-FB WC limits       IND A3+          650      Affirmed
Lekcon Infrastructure           Proposed non-FB WC     Provisional IND  260      Assigned
                                limits*                A3+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by Lekcon to the satisfaction of Ind-Ra.
M/S Fortune Group               Non-FB limits          IND A3           150      Upgraded from
                                                                                 IND A4+
Prime Retail (I)                Non-FB WC limit        IND A4+          7.5      -
(Maintained in non-cooperating category)
Prime Retail (I)                Proposed non-FB WC     Provisional IND  12.5     -
                                limit                  A4+
(Maintained in non-cooperating category)
Raj Rayon Industries            Non-FBL (ST)           IND D            42.5     Affirmed
Rajaramsevak Multipurpose Cold  Non-FB WC limit        IND A4           2        -
Storage
(Maintained in non-cooperating category)
Sri Kpr Industries              Non- fund based WC     IND A3           10       Affirmed
Sri Kpr Infra & Projects        NFB WC                 IND A3           51.5     Affirmed
Srr Projects                    Non-FB WC facility     IND A3+          1096.5   Affirmed
Srr Projects                    Non-FB WC facility     IND A3+          116      Assigned
Srr Projects                    Proposed non-FB WC     Provisional IND  412.5    Assigned
                                facility*              A3+
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by SRR to the satisfaction of Ind-Ra.
United Chloro Paraffins         Non-FB limits (ST)     IND D            182.5    Affirmed
Vista Pharmaceuticals           Non-FB WC Fac (ST)     IND D            30       Downgraded
                                                                                 from IND A4+


LONG TERM RATINGS:
-------------------
Associated Engineering          FB WC limit            IND B+ / IND A4  45       -
Enterprises
(Migrated to Non-Cooperating Category)
Associated Engineering          Proposed FB WC limit   Provisional  IND 20       -
Enterprises                                            B+ / Provisional
                                                       IND A4
(Migrated to Non-Cooperating Category)
Cherished Traders               FB WC limits           -                20       Withdrawn
Cherished Traders               Non-FB WC limits       -                80       Withdrawn
Daron Engineering               TL                     -                42.5     Withdrawn
Daron Engineering               FB Fac                 -                20       Withdrawn
E-Centric Solutions             FB WC limits           IND BBB / IND A3+190      -
(Migrated to Non-Cooperating Category)
G.S. Cotton Company             FB WC limit            IND B+ / IND A4  40       -
(Maintained in non-cooperating category)
G.S. Cotton Company             Proposed FB WC limit   Provisional IND  20       -
                                                       B+ / Provisional
                                                       IND A4
(Maintained in non-cooperating category)
India Steel Continental         Long-TL                IND B-           194.7    -
(Maintained in non-cooperating category)
India Steel Continental         FB WC limit            IND B- / A4      100      -
(Maintained in non-cooperating category)
Jagan Industries                FB Fac                 IND BB / A4+     60       -
(Maintained in non-cooperating category)
Johnson Jewelers                FBL                    IND B+           150      Affirmed
Lekcon Infrastructure           Proposed FB WC limits  -                30       Withdrawn
(the company did not proceed with the instrument as envisaged)
Lekcon Infrastructure           Proposed non-FB WC     -                100      Withdrawn
                                limits
(the company did not proceed with the instrument as envisaged)
Lekcon Infrastructure           FB WC limits           IND BBB / IND A3+200      Affirmed
Lekcon Infrastructure           Proposed FB WC limits* Provisional IND  370      Assigned
                                                       BBB /
                                                       Provisional IND A3+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by Lekcon to the satisfaction of Ind-Ra.
M/S Fortune Group               FB limits              IND BBB-         70       Upgraded from
                                                                                 IND BB+
Mukesh Balvantrai Rotliwala     FB Fac                 IND BBB- /IND A3 300      Upgraded from
                                                                                 IND BB+/A4+
Pelican Rubber                  FB limit (LT)          IND D            230      -
(Maintained in non-cooperating category)
Pelican Rubber                  TL (LT)                IND D            30       -
(Maintained in non-cooperating category)
Pelican Rubber                  Non-FB limits (long/ST)IND D            255      -
(Maintained in non-cooperating category)
Prime Retail (I)                FB WC limit            IND BB+          310      -
(Maintained in non-cooperating category)
Prime Retail (I)                Proposed FB WC limit   Provisional IND  80       -
                                                       BB+
(Maintained in non-cooperating category)
Raj Rayon Industries            TL (LT)                IND D            2538.5   Affirmed
Raj Rayon Industries            WC TL (LT)             IND D            2571.8   Affirmed
Raj Rayon Industries            FB WC limits (LT/ST)   IND D            1023.8   Affirmed
Raj Rayon Industries            Funded interest TL (LT)IND D            1063.4   Affirmed
Rajaramsevak Multipurpose Cold  TL                     IND B+           50.5     -
Storage
(Maintained in non-cooperating category)
Rajaramsevak Multipurpose Cold  FB WC limit            IND B+           87.5     -
Storage
(Maintained in non-cooperating category)
Sri Balachandra Vinayagar       TL                     IND B+           2.6      -
Modern Rice Mill
(Maintained in non-cooperating category)
Sri Balachandra Vinayagar       FB WC limits           IND B+ / A4      49.5     -
Modern Rice Mill
(Maintained in non-cooperating category)
Sri Kpr Industries              FB CC                  IND BBB-         40       Affirmed
Sri Kpr Infra & Projects        TL                     IND BBB-         53.6     Affirmed
Sri Kpr Infra & Projects        FB CC                  IND BBB-         60       Affirmed
Sri Venkata Lakshmi Narasimha   FB limits              -                144      Withdrawn
Spinning Mills
Sri Venkata Lakshmi Narasimha   Non-FB limits          -                20.8     Withdrawn
Spinning Mills
Sri Venkata Lakshmi Narasimha   TL                     -                55.37    Withdrawn
Spinning Mills
Srr Projects                    FB WC facility         IND BBB /IND A3+ 430      Affirmed
United Chloro Paraffins         FB limits (LT)         IND D            117.5    Affirmed
Vista Pharmaceuticals           FB WC Fac (LT/ST)      IND D            10       Downgraded
                                                                                 from IND BB+ /
                                                                                 IND A4+
Vista Pharmaceuticals           TL (LT)                IND D            60       Downgraded
                                                                                 from IND BB+
-----------------------------------------------------------------------------------------------
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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