May 28, 2018 / 7:41 AM / 6 months ago

India Ratings for Indian debt instruments – May 28

   May 28 (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 25, 2018.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
Ambience Constructions India LtdNon-FB Fac             IND A4+          120      Maintained in
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Anand Motor Agencies Ltd        Non-FB WC limit        IND A4+          30       Maintained in
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Durga Krishna Store Pvt Ltd     Non-FB limit           IND A4+          75       Maintained in
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Durga Krishna Store Pvt Ltd     Proposed non-FB limit  Provisional IND  60       Maintained in
                                                       A4+                       non
                                                                                 cooperating 
                                                                                 category
Ivanta Ceramics Llp (Ivanta)    Non-FB limits          IND A4+          17       Assigned
Jalna Siddhivinayak Alloys Pvt  Non-FBL                IND A4+          60       Assigned
Ltd
Mpower Infratech (I) Pvt Ltd    Non-FB WC limit        IND A4+          150      Maintained in
                                                                                 non
                                                                                 cooperating 
                                                                                 category
National Cooperative            CP                     IND A1+          15.98    Affirmed
Development Corporation
Svs Mookambika Constructions    Non-FB WC limits       IND A4+          110      Assigned
Pvt Ltd
Tata Projects Ltd               Unsecured CP           IND A1+          4000     Assigned
Terai Tea Co. Ltd               Non-FB WC limit        IND A3           20       Maintained in
                                                                                 non
                                                                                 cooperating 
                                                                                 category

LONG TERM RATINGS:
-------------------
Ambience Constructions India LtdFB WC Fac              IND BB           50       Maintained in
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Anand Motor Agencies Ltd        FB WC limits           IND BB/IND A4+   198      Maintained in
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Arka Carbon Fuels Pvt. Ltd.     FB WC Fac (Long-/ST)   IND D            100      Downgraded
Arka Carbon Fuels Pvt. Ltd.     Non-FB WC Fac          IND D            1000     Downgraded
                                (Long-/ST)
Arka Carbon Fuels Pvt. Ltd.     Proposed Bk Fac        Provisional IND D200      Downgraded
                                (Long-/ST)
Bindu Vayu Urja Pvt Ltd         Rupee TL               IND A(SO)        23,566   Affirmed
Bindu Vayu Urja Pvt Ltd         WC facility            IND A(SO)        1065.4   Affirmed
Durga Krishna Store Pvt Ltd     Proposed FB limit      Provisional IND  30       Maintained in
                                                       BB+                       non
                                                                                 cooperating 
                                                                                 category
Gokul Steels Pvt Ltd            FB WC limits           IND BB-          65       Upgraded
Gokul Steels Pvt Ltd            TL                     IND BB-          39.2     Upgraded
Hdfc Da June 10 – Ii            Second loss credit     IND AA(SO)       94.9     Affirmed
                                facility (SLCF)
Hdfc Da June 10 – Ii            Purchaser payouts      IND AAA(SO)      320.6    Affirmed
Hdfc Da June 2010 – Iii         Second loss credit     IND AA-(SO)      46.4     Affirmed
                                facility (SLCF)
Hdfc Da June 2010 – Iii         Purchaser payouts      IND AAA(SO)      196.7    Affirmed
Ivanta Ceramics Llp (Ivanta)    Long-TL                IND BB-          121      Assigned
Ivanta Ceramics Llp (Ivanta)    FB limits              IND BB-          53       Assigned
Jai Bharat Industries           TL                     IND B+           42.5     Maintained in
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Jai Bharat Industries           FB WC limit            IND B+/IND A4    40       Maintained in
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Jalna Siddhivinayak Alloys Pvt  FB limits              IND BB-/IND A4+  595      Assigned
Ltd
Jalna Siddhivinayak Alloys Pvt  Proposed TL*           Provisional IND  200      Assigned
Ltd                                                    BB-
* The ratings are provisional and shall be confirmed upon the sanction and 
execution of loan documents for the above facilities by 
JSAPL to the satisfaction of Ind-Ra.
Jalna Siddhivinayak Alloys Pvt  Proposed FB limits*    Provisional IND  85       Assigned
Ltd                                                    BB-/Provisional
                                                       IND A4+
* The ratings are provisional and shall be confirmed upon the sanction and 
execution of loan documents for the above facilities by 
JSAPL to the satisfaction of Ind-Ra.
Kamal Krishna Builders Pvt Ltd  TL (LT)                IND D            62.5     Downgraded and
                                                                                 Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Mpower Infratech (I) Pvt Ltd    FB WC limit            IND BB+          370      Maintained in
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Mytrah Vayu (Krishna) Pvt Ltd   Rupee TL               IND A(SO)        6540     Affirmed
 (reduced from INR6,550)
Mytrah Vayu (Krishna) Pvt Ltd   WC facility            IND A(SO)        235.4    Affirmed
Mytrah Vayu (Pennar) Pvt Ltd    Rupee TL               IND A(SO)        2653     Affirmed
Mytrah Vayu (Pennar) Pvt Ltd    WC facility            IND A(SO)        120      Affirmed
Quad Lifesciences Pvt Ltd       TL                     -                12       Withdrawn
                                                                                 (paid in full)
Quad Lifesciences Pvt Ltd       Proposed FB WC limit   -                30       Withdrawn (the
                                                                                 company did
                                                                                 not proceed
                                                                                 with the 
                                                                                 instrument 
                                                                                 as envisaged)
Quad Lifesciences Pvt Ltd       FB WC limit            IND BB+/IND A4+  180      Affirmed
Quad Lifesciences Pvt Ltd       FB WC limit*           IND BB+/IND A4+  40       Assigned
* The final rating has been assigned following the receipt
 of the loan documents for the above facility by Ind-Ra.
Sbl Construction Pvt Ltd        FB limit               IND C            20       Maintained in
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Sbl Construction Pvt Ltd        Non-FB limit           IND C            50       Maintained in
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Sbl Construction Pvt Ltd        Proposed FB limit      Provisional IND C55       Maintained in
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Shiv Shakti Modern Rice Mill    Proposed FB limits     Provisional IND B64.21    Migrated to
Pvt Ltd                                                                          Non
                                                                                 cooperating 
                                                                                 category
Shiv Shakti Modern Rice Mill    Proposed long-TL       Provisional IND B70.79    Migrated to
Pvt Ltd                                                                          Non
                                                                                 cooperating 
                                                                                 category
Shree Ganpatlal Onkarlal        WC loans               IND BB/IND A4+   180      Downgraded
Agrawal & Company
Shri K. K. Jain Educational     TL                     IND BB+          120.4    Maintained in
Trust’S                                                                          non
                                                                                 cooperating 
                                                                                 category
Shri K. K. Jain Educational     WC facility            IND BB+          100      Maintained in
Trust’S                                                                          non
                                                                                 cooperating 
                                                                                 category
South East U.P. Power           Senior project Bk      IND D            37132    Affirmed
Transmission Co. Ltd            loans (LT)
Sudeep Exim Pvt Ltd             FB WC limits           IND B+/IND A4    85       Maintained in
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Terai Tea Co. Ltd               FB WC limit            IND BBB-         216.03   Maintained in
                                                                                 non
                                                                                 cooperating 
                                                                                 category
-----------------------------------------------------------------------------------------------
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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