May 20, 2019 / 4:10 AM / a month ago

India Ratings for Indian debt instruments – May 20

    May 20 (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, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
B.C. Bhuyan Constructions Pvt   Non-FB limits          IND A3           200
Ltd
(Issuer Not Cooperating) Migrated to non-cooperating category
Bansal Ship Breakers Pvt Ltd    Non-FB WC limit        IND A3+          1575     Assigned
Emmennar Pharma Pvt Ltd         Non-FB Bk Fac          IND A3+          53       Affirmed
Gupta Steel (Ship Breakers)     Non-FB WC limit        IND A3+          800.7    Assigned
Nuvoco Vistas Corporation Ltd   Overdraft facility*    IND A1+          250      Affirmed
* Interchangeable with non-fund based limits
Nuvoco Vistas Corporation Ltd   Overdraft facility     IND A1+          350      Affirmed
Nuvoco Vistas Corporation Ltd   Non-FB limits          IND A1+          1311.5   Affirmed
reduced from INR2,110.5 mln
Nuvoco Vistas Corporation Ltd   CP                     IND A1+          3000     Affirmed
Rushil Décor Ltd                Non-FB WC limits       IND A3+          330      Downgraded
Sitaram Gems                    Non-FBL                IND A4+          20
(Issuer Not Cooperating) Migrated to non-cooperating category

MEDIUM TERM RATINGS:
-------------------
Andhra Bank                     National fixed deposit WD               -        Withdrawn
                                programme

LONG TERM RATINGS:
-------------------
Andhra Bank                     Subordinated bonds     WD               13       Withdrawn
Andhra Bank                     CDs                    WD               40       Withdrawn
Aquarious Marketing Pvt Ltd     FB WC limits           IND BB/ IND A4+  100
(Issuer Not Cooperating) Migrated to non-cooperating category
B.C. Bhuyan Constructions Pvt   Long-TL                IND BBB-         10
Ltd
(Issuer Not Cooperating) Migrated to non-cooperating category
B.C. Bhuyan Constructions Pvt   FB limits              IND BBB-         140
Ltd
(Issuer Not Cooperating) Migrated to non-cooperating category
Bansal Ship Breakers Pvt Ltd    FB WC limit            IND BBB          190      Assigned
Bhaskar Tea & Industries Pvt LtdFB limit (LT)          IND D            54
Migrated to non-cooperating category
Bhaskar Tea & Industries Pvt LtdNon-FB limit (ST)      IND D            0.7
Migrated to non-cooperating category
Chamaria Infrastructures Pvt LtdTL                     IND B            55
(Issuer Not Cooperating) Migrated to non-cooperating category
Emmennar Pharma Pvt Ltd         TL                     IND BBB          89.5
reduced from INR188.9 mln; Affirmed; Outlook revised to Positive from Stable
Emmennar Pharma Pvt Ltd         FB Bk Fac              IND BBB / IND A3+400
Affirmed; Outlook revised to Positive from Stable
Gupta Steel (Ship Breakers)     FB WC limit            IND BBB          95       Assigned
Icici Bank: Indian Rmbs Trust   Series A PTCs          IND AAA(SO)      82.38    Affirmed
Sr Viii
Ksm Educational & Charitable    Bk loans (LT)          IND D            65.2
Trust
(Issuer Not Cooperating); Downgraded and migrated to non-cooperating category
Nuvoco Vistas Corporation Ltd   FB limits              IND AA           1525     Affirmed
increased from INR1,325 mln
Optiflex Industries             FB WC limit            IND B+           80       Downgraded
Optiflex Industries             TL                     IND B+           14.875   Downgraded
(reduced from INR17.5 mln)
Parin Gems                      FB WC limit (LT/ST)    IND D            204.5    Downgraded
reduced from INR217.2 mln
Rkn Retail Pvt Ltd              NCDs                   WD               12500    Withdrawn
Rushil Décor Ltd                TL                     IND BBB          618.1    Downgraded
reduced from INR865.4 mln
Rushil Décor Ltd                FB WC limits           IND BBB          570      Downgraded
increased from INR510 mln
Rushil Décor Ltd                External commercial    IND BBB          975      Downgraded
                                borrowings
Shirpur Power Pvt Ltd           Rupee TL (LT)          IND D            15140
(Issuer Not Cooperating); Maintained in non-cooperating category
Sitaram Gems                    FB limit               IND BB           350
(Issuer Not Cooperating) Migrated to non-cooperating category
Sitaram Gems                    TL                     IND BB           9.4
(Issuer Not Cooperating) Migrated to non-cooperating category
Swastik Ceracon Ltd             TL (LT)                IND D            121      Affirmed
(Issuer Not Cooperating)
Swastik Ceracon Ltd             FB WC limits (LT)      IND D            500      Affirmed
(Issuer Not Cooperating)
Swastik Ceracon Ltd             Non-FB WC limits (ST)  IND D            141.5    Affirmed
(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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