November 19, 2018 / 8:04 AM / 4 months ago

India Ratings for Indian debt instruments – Nov 19

   Nov 19 (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 16, 2018.

COMPANY                         INSTRUMENT             RATING        AMOUNT      MOVEMENT
                                                                    (RS.MLN)
------                          ----------             ------         ------     ---------
SHORT TERM RATINGS:
-------------------
Calderys India Refractories Ltd Non-FB WC Fac          IND A1+          600      Affirmed
Enviropol Engineers Pvt Ltd     Non-FB WC limit        IND A4+          65       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Himachal Power Products         Overdraft              IND A1+          50       Assigned
KTL Pvt. Ltd                    Non-FB WC limit        IND A4+          25       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Microtek International Pvt Ltd  Overdraft              IND A1+          100      Assigned
Shiv AUM Steels Pvt Ltd         Non-FB limits          IND A4+          150      Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category

LONG TERM RATINGS:
-------------------
Bhaskar Shrachi Alloys Ltd      FB limits (LT)         IND D            290      Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Bhaskar Shrachi Alloys Ltd      TL (LT)                IND D            192      Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Bhaskar Shrachi Alloys Ltd      Non-FB limits (ST)     IND D            150      Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Calderys India Refractories Ltd CC Fac*                IND AA/IND A1+   200      Affirmed
* The facility is fully interchangeable with the fund-based limits. This facility 
  includes the INR150 million fund-based limits rated earlier.
Enviropol Engineers Pvt Ltd     Fund=based WC limit    IND BB+ /IND A4+ 30       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
GIE Jewels                      TL                     IND BB+          25.23    Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
GIE Jewels                      FB WC limit            IND BB+ /IND A4+ 100      Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Himachal Power Products         WC TL                  IND A+           150      Assigned
Himachal Power Products         FB limit               IND A+ /IND A1+  250      Affirmed
Himachal Power Products         Non-FB limit           IND A+/IND A1+   100      Affirmed
Hindustan Dorr-Oliver Ltd       FB limits (LT)         -                2070     Withdrawn
Hindustan Dorr-Oliver Ltd       Non-FB limits (ST)     -                8000     Withdrawn
Hindustan Dorr-Oliver Ltd       Long-TL (LT)           -                1200     Withdrawn
Hindustan Dorr-Oliver Ltd       WC TL (LT)             -                1816.2   Withdrawn
Hindustan Dorr-Oliver Ltd       Funded interest TL (LT)-                84.1     Withdrawn
KTL Pvt. Ltd                    FB WC limit            IND BB/IND A4+   590      Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Mahindra & Mahindra Financial   Bk Fac                 IND AAA/IND A1+  256427   Assigned
Services Ltd
Microtek International Pvt Ltd  TL                     -                53.3     Withdrawn
                                                                                 (paid in full)
Microtek International Pvt Ltd  TL                     IND A+           300      Assigned
Microtek International Pvt Ltd  FB limit               IND A+/IND A1+   700      Affirmed
Microtek International Pvt Ltd  Non-FB limit           IND A+/IND A1+   150      Affirmed
Nahar Textiles Pvt Ltd          FB limits              -                115      Withdrawn
Nahar Textiles Pvt Ltd          Non-FB limits          -                50       Withdrawn
Nandan Petrochem Ltd            TL                     -                50       Withdrawn
Nandan Petrochem Ltd            FB limits              -                360      Withdrawn
Nandan Petrochem Ltd            Non-FB limits          -                20       Withdrawn
Prakash Shellac Factory         FB WC limit            IND B+           50       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Shiv Aum Steels Pvt Ltd         FB limits              IND BB+          500      Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
SM-JDB Estate Pvt. Ltd          TL                     -                800      Withdrawn
Sterling And Wilson Solar Pvt   Non-FB limits*         IND AA/IND A1+   2980     Assigned
Ltd
* The assignment of the final rating follows the receipt of the final documents 
conforming to the information already received by Ind-Ra.
Vsoft Technologies Pvt Ltd      FB WC  Fac             -                70       Withdrawn
Vsoft Technologies Pvt Ltd      Non-FB WC  Fac         -                40       Withdrawn
Vsoft Technologies Pvt Ltd      Proposed FB WC  Fac    -                50       Withdrawn
Vsoft Technologies Pvt Ltd      Proposed TL            -                50       Withdrawn
-----------------------------------------------------------------------------------------------
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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