May 23, 2019 / 8:21 AM / 4 months ago

India Ratings for Indian debt instruments – May 23

   May 23 (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 22, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
IFB Agro Industries Ltd         Non-FB limits          IND A1+          50       Affirmed
IVP Ltd                         Non-FB WC limits       IND A3           500      Assigned
Spun Micro-Processing Pvt. Ltd  Non-FB WC limit        IND A3           12.5     Affirmed
SRR Projects Pvt Ltd            Non-FB WC facility     IND A3+          1212.5   Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
(Issuer Not Cooperating)
SRR Projects Pvt Ltd            Proposed non-FB WC     Provisional IND  412.5    Migrated to
                                facility*              A3+                       non
                                                                                 cooperating 
                                                                                 category
(Issuer Not Cooperating)


LONG TERM RATINGS:
-------------------
Akshat Agro Milling Company    FB WC limit#            -                150      Withdrawn
Pvt Ltd
# Maintained in ‘IND BB-(ISSUER NOT COOPERATING)’/‘IND A4+(ISSUER NOT COOPERATING)’ 
before being withdrawn
Akshat Agro Milling Company    TL*                    -                99       Withdrawn
Pvt Ltd
* Maintained in ‘IND BB-(ISSUER NOT COOPERATING)’ before being withdrawn
Anindita Steels Ltd             FB limits              -                250      Withdrawn
Anindita Steels Ltd             Non-FB limits          -                33.2     Withdrawn
Dr. Agarwal’S Eye Hospital Ltd  TL                     IND A-           240      Assigned
Dr. Agarwal’S Eye Hospital Ltd  FB WC limits           IND A-/IND A2+   60       Assigned
Dr. Agarwal’S Eye Hospital Ltd  Proposed TL*           Provisional IND  200      Assigned
                                                       A-
*The ratings are provisional and shall be confirmed upon the sanction and execution
 of loan documents for the above facilities by AEHL to the satisfaction of Ind-Ra.
Field Motor Pvt Ltd             FB WC limits           IND BBB-         230      Affirmed
(reduced from INR270)
Ifb Agro Industries Ltd         TL                     IND A+           198      Affirmed
Ifb Agro Industries Ltd         CC limits              IND A+           500      Affirmed
Ifb Agro Industries Ltd         FB limits              IND A+/ IND A1+  250      Affirmed
Indira Priyadarshini Hydro      TL  (LT)               IND D            238.4    Maintained in
Power Pvt Ltd                                                                    the non
                                                                                 cooperating 
                                                                                 category
(Issuer Not Cooperating)
IVP Ltd                         FB WC limits           IND BBB-/IND A3  1190     Assigned
Krishna Stone Industries Pvt Ltd FB WC limit(long- and IND D            200      Affirmed
                                ST)
(Issuer Not Cooperating)
Krishna Stone Industries Pvt Ltd TL (LT)               IND D            3.9      Affirmed
(Issuer Not Cooperating)
KVK Bio Energy Pvt Ltd          WC facility (LT)       IND D            35       Maintained in
                                                                                 non
                                                                                 cooperating 
                                                                                 category
(Issuer Not Cooperating)
M/S Rashmi Motors               FB limits              IND BB+          308      Upgraded
South East U.P. Power           Senior project Bk      IND D            37132    Migrated to
Transmission Co. Ltd            loans (LT)                                       non
                                                                                 cooperating 
                                                                                 category
 (Issuer Not Cooperating)
Spun Micro-Processing Pvt. Ltd  TL                     IND BBB-         191.57   Affirmed
(reduced from INR255.0)
Spun Micro-Processing Pvt. Ltd  FB WC limit            IND BBB-/IND A3  210      Affirmed
SRR Projects Pvt Ltd            FB WC facility         IND BBB /IND A3+ 430      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
(Issuer Not Cooperating)
UBL Trust 3                     Series A pass-through  IND A+(SO)       19.55    Affirmed
                                certificates (PTCs)
Vector Green Energy Pvt Ltd     LT Issuer Rating       IND A            -        Affirmed
West Bengal State Electricity   Long-TL                IND A            669.2    Affirmed
Transmission Co. Ltd
(reduced from INR878.1)
West Bengal State Electricity   FB limits              IND A            3250     Affirmed
Transmission Co. Ltd
West Bengal State Electricity   Bonds programme        IND A            2683     Affirmed
Transmission Co. Ltd
(reduced from INR2,866)
-----------------------------------------------------------------------------------------------
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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