May 7, 2019 / 7:55 AM / 2 months ago

India Ratings for Indian debt instruments – May 7

    May 7 (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 6, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
Amul Boards Pvt Ltd             Non-FB WC limits       IND A3           100      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Contec Syndicate Pvt Ltd        Non-FB WC limit        IND A4+          120      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Gsr Ventures Pvt Ltd            Non-FB WC limits       IND A4+          350      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Gujarat Co-Operative Milk       CP                     IND A1+          5000     Affirmed
Marketing Federation Ltd
Jai Mata Di Enterprises         Non-FB limits          IND A4           90       Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Landmark Veneers Pvt Ltd        Non-FB WC limits       IND A3           165      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Preca Solutions India Pvt Ltd   Non-FB WC limits       IND A3           100      Assigned
Purbanchal Lumbers Pvt Ltd      Non-FB WC limits       IND A3           350      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Purbanchal Veneers              Non-FB WC limits       IND A4+          100      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Sakthi Ganesh Textiles Pvt Ltd  Non-FB WC limit        IND A4+          90       Downgraded
Sava Healthcare Ltd             Non-FB WC limits       IND A4+          30       Assigned


LONG TERM RATINGS:
-------------------
Amul Boards Pvt Ltd             CC limits              IND BBB-         25       Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Amul Boards Pvt Ltd             TL                     IND BBB-         1.7      -
Bambino Agro Industries Ltd     TL                     IND BBB-         437.9    Affirmed
Contec Syndicate Pvt Ltd        FB WC limit            IND BB-          30       Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Dewas Tollways Ltd              Bk loans (LT)          IND D            5500.2   Affirmed
Dwarkadhis Projects Pvt Ltd     TL (LT)                IND D            725      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Dwarkadhis Projects Pvt Ltd     Non-FB WC (LT/ST)      IND D            424      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Gsr Ventures Pvt Ltd            FB WC limits           IND BB /IND A4+  20       Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Jai Mata Di Enterprises         Long-TL                IND B+           16.53    Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Jai Mata Di Enterprises         FB limits              IND B+           40       Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Kalinga Institute Of Industrial Bk loans               IND A+           3593.2   Affirmed
Technology Society
Kalinga Institute Of Industrial FB facility (overdraft)IND A+           1750     Affirmed
Technology Society
Kalinga Institute Of Industrial Non-FB WC Fac (BG)     IND A+           170      Affirmed
Technology Society
Landmark Veneers Pvt Ltd        CC Limits              IND BBB-         20       Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Mahanadi Education Society      TL                     IND BB           74.5     Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Mahanadi Education Society      WC facility            IND BB           100      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Maharashtra Airport Development NCDs                   IND A-           1500     Maintained in
Company Ltd                                                                      non
                                                                                 cooperating 
                                                                                 category
Mukesh Balvantrai Rotliwala     FB Fac                 -                300      Affirmed &
                                                                                 Withdrawn*
* Affirmed at ‘IND BBB-/IND A3’ before being withdrawn
Nufuture Digital (I) Ltd        FB WC Fac              IND BBB-/IND A3  250      Affirmed
Preca Solutions India Pvt Ltd   FB WC limits           IND BBB-/IND A3  40       Assigned
Purbanchal Composite Panel (I)  TL                     IND BBB-         42       Migrated to
Pvt. Ltd                                                                         non
                                                                                 cooperating 
                                                                                 category
Purbanchal Lumbers Pvt Ltd      CC limits              IND BBB-         31.5     Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Purbanchal Veneers              CC Limits              IND BB+          8        Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Ramagundam Fertilizers And      Long-TL*               IND A-           39400    Affirmed
Chemicals Ltd
* Non-fund based limits of INR11.8 billion sanctioned within the long-term loan limits
Rhea Healthcare Pvt Ltd         FB limits              IND BBB-         250      Assigned
Rhea Healthcare Pvt Ltd         Long-TL                IND BBB-         1000     Assigned
Sakthi Ganesh Textiles Pvt Ltd  TL                     IND BB+          92       Downgraded
(reduced from INR107.9)
Sakthi Ganesh Textiles Pvt Ltd  FB WC limit            IND BB+/IND A4+  150      Downgraded
Sava Healthcare Ltd             TL limits              IND BB           111.5    Assigned
Sava Healthcare Ltd             FB WC limits           IND BB/IND A4+   290.2    Assigned
St. Marys Rubbers Pvt Ltd       Long-TL                IND BBB-         53.4     Assigned
St. Marys Rubbers Pvt Ltd       FB limits              IND BBB-/IND A3  70       Assigned
Vena Energy Patan Power Pvt Ltd TL                     IND A+           1790     Upgraded
Vena Energy Solar Ravi India    Rupee TL*              IND A+           4590     Upgraded
Power Resources Pvt Ltd
* Includes a sublimit of INR3,160 million in the form of a letter of credit/buyer’s credit
Yadu Sugar Ltd                  FB WC limits (LT/ST)   IND D            1020     Affirmed
-----------------------------------------------------------------------------------------------
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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