November 13, 2018 / 6:30 AM / a month ago

India Ratings for Indian debt instruments – Nov 13

    Nov 13 (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
November 12, 2018.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
B T Roadlines                   Non-FB WC limits       IND A4+          12.7
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Bostin Engineers Pvt Ltd        Non-FB limits (ST)     IND D            89
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
East Hooghly Polyplast Pvt Ltd  Non-FB limits          IND A4+          3.84
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Jubilant Generics Ltd           Non-FB WC limits       IND A1+          2500     Affirmed
Jubilant Generics Ltd           ST debt/CP (CP)        IND A1+          1500     Affirmed
                                programme*
* Carved out of fund-based working capital limits
Kothari Agritech Pvt Ltd        Non-FB limits          IND A3           400
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Kothari Agritech Pvt Ltd        Proposed non-FB Fac    Provisional IND  200
                                                       A3
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Preca Solutions India Pvt Ltd   Non-FB WC limits       IND A3           80
Migrated to non-cooperating category; (Issuer Not Cooperating)
Preca Solutions India Pvt Ltd   Proposed non-FB WC     Provisional IND  80
                                limits                 A3
Migrated to non-cooperating category; (Issuer Not Cooperating)
T V Sundaram Iyengar & Sons Pvt CP                     IND A1+          8000     Affirmed
Ltd
Transworld Furtichem Pvt Ltd    Non-FB limits          IND A2           300
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
B T Roadlines                   FB WC limits           IND BB-         12.7
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
B T Roadlines                   TL                     IND BB-         38.73
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Bostin Engineers Pvt Ltd        FB limits (LT)         IND D            60
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Bostin Engineers Pvt Ltd        TL (LT)                IND D            4.96
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Celogen Pharma Pvt Ltd          FB WC limit            IND B+ /IND A4   60
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Dishman Pharma Solutions Ag     TL                     WD               1140     Withdrawn
East Hooghly Polyplast Pvt Ltd  FB limits              IND BB+          76.5
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
East Hooghly Polyplast Pvt Ltd  TL                     IND BB+          38.43
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Gm Reddy Cotton Industries Pvt  FB WC limits           IND B+ /IND A4   75
Ltd
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
India Standard Loan Trust -     Series A pass-through  IND AA+(SO)      313.1    Affirmed
Xxxi’S                          certificates (PTCs)
India Standard Loan Trust -     Liquidity facility (LF)IND AAA(SO)      21.1     Affirmed
Xxxi’S 
India Standard Loan Trust -     Second loss credit     IND BBB(SO)      126.5    Affirmed
Xxxi’S                          facility (SLCF)
Itd Cementation India Ltd       TL                     IND A+           1000     Upgraded
Itd Cementation India Ltd       Project-specific       IND A+ /IND A1   6450     Upgraded
                                non-FB limits                                    /Affirmed
 (reduced from INR7,500 mlns)
Itd Cementation India Ltd       FB WC limits           IND A+/IND A1    8000     Upgraded
                                                                                 /Affirmed
Itd Cementation India Ltd       Non-FB WC limits       IND A+/IND A1    40000    Upgraded
                                                                                 /Affirmed
(increased from INR35,000 mlns)
Jubilant Generics Ltd           FB WC limits           IND AA /IND A1+  2500     Upgraded
                                                                                 /Affirmed
Karyavattom Sports Facilities   Senior project Bk      IND BB/RWN       1680     Downgraded;
Ltd                             loans*                                           Placed on RWN
* INR1,906 million outstanding as on 5 November 2018
Karyavattom Sports Facilities   Senior project Bk      IND BB/RWN       735      Downgraded;
Ltd                             loans*                                           Placed on RWN
* INR1,906 million outstanding as on 5 November 2018
Knr Muzaffarpur Barauni Tollway Bk loans               IND BBB-         3166.01  Affirmed
Pvt Ltd
(reduced from INR3,180 mlns)
Kothari Agritech Pvt Ltd        FB limits              IND BBB-         300
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Kothari Agritech Pvt Ltd        Proposed FBFac         Provisional IND  150
                                                       BBB-
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Preca Solutions India Pvt Ltd   TL                     IND BBB-         128.6
Migrated to non-cooperating category; (Issuer Not Cooperating)
Preca Solutions India Pvt Ltd   FB WC limits           IND BBB- /IND A3 110
Migrated to non-cooperating category; (Issuer Not Cooperating)
Preca Solutions India Pvt Ltd   Proposed TL limits     Provisional IND  60
                                                       BBB-
Migrated to non-cooperating category; (Issuer Not Cooperating)
Preca Solutions India Pvt Ltd   Proposed FB WC limits  Provisional IND  90
                                                       BBB-
                                                       /Provisional IND A3
Migrated to non-cooperating category; (Issuer Not Cooperating)
Transworld Furtichem Pvt Ltd    FB limits              IND BBB+/IND A2  300
Maintained in Non-Cooperating Category; (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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