November 2, 2018 / 8:55 AM / in 4 months

India Ratings for Indian debt instruments – Nov 2

    Nov 2 (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 1, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Bmss Steel Industries           Non-FB Fac             IND A4+          80       Assigned
Bmss Steel Industries           Proposed non-FB Fac*   Provisional IND  40       Assigned
                                                       A4+
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by BSIPL to the satisfaction of Ind-Ra.
Datamatics Business Solutions   BG                     IND A2+          10       Assigned
Dhruv Globals                   Non-FB WC limit        IND A3           197.5    -
(Maintained in Non-Cooperating Category)
G.C. Threads                    Non-FB WC limit        IND A3           5.55     -
(Maintained in Non-Cooperating Category)
M/S Sudhakaran Nair             Non-FB limits          IND A4+          95       -
(Maintained in non-cooperating category)
Nagpal Exports                  Non-FB WC limit        IND A4           10.5     -
(Maintained in Non-Cooperating Category)
Omsairam Steels And Alloys      BG                     IND A3           70       Affirmed
Omsairam Steels And Alloys      LOC*                   IND A3           500      Assigned
*The final rating has been assigned following the receipt of sanction letter by Ind-Ra.
Omsairam Steels And Alloys      BG*                    IND A3           30       Assigned
*The final rating has been assigned following the receipt of sanction letter by Ind-Ra.
Paramount Textile Mills         Non-FB WC limits       IND A4+          75       Affirmed
Veendeep Oiltek Exports         Non-FB Fac             IND A4+          40       -
(Migrated to non-cooperating category)

LONG TERM RATINGS:
-------------------
4 Genius Minds                  FB WC Fac (LT and ST)  IND D            450      -
(Maintained in Non-Cooperating Category)
4 Genius Minds                  Proposed FB WC Fac (LT Provisional IND D200      -
                                and ST)
(Maintained in Non-Cooperating Category)
Aditya Birla Retail             TL                     IND A+/RWE       18476.7  Placed on RWE
Aditya Birla Retail             NCD (NCDs)             IND A+/RWE       10000    Placed on RWE
Aditya Birla Retail             FB WC limits           IND A+/RWE/IND   18216.2  Placed on RWE
                                                       A1/RWE
Aditya Birla Retail             WC limits              IND A+/RWE/IND   2648.2   Placed on RWE
                                                       A1/RWE
Aditya Birla Retail             Non-FB WC limits       IND A1/RWE       658.3    Placed on RWE
Bmss Steel Industries           FB Fac                 IND BB-/ IND A4+ 45       Assigned
Bmss Steel Industries           Proposed FB Fac*       Provisional IND  35       Assigned
                                                       BB- /
                                                       Provisional IND A4+
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by BSIPL to the satisfaction of Ind-Ra.
Continental Hospital            TL                     IND BBB-         1649.3   Upgraded
Continental Hospital            FB WC limits           IND BBB-/ IND A3 170.7    Upgraded
Crown Cashew Impex              FB WC                  IND B+/A4        99       -
(Migrated to non-cooperating category)
Datamatics Business Solutions   TL                     IND BBB+         120      Assigned
Datamatics Business Solutions   CC                     IND BBB+         70       Assigned
Datamatics Business Solutions   Proposed FB limit*     Provisional IND  50       Assigned
                                                       BBB+
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by BSIPL to the satisfaction of Ind-Ra.
Destiny Hospitality             TL*                    IND BBB+         5250     Assigned
*Overdraft facility of INR1,500 million is a sub-limit of the term loan with a letter of credit
of INR500 million and bank guarantee of INR250 million being a sub-limit of the overdraft
facility.
Dhruv Globals                   TL                     IND BBB-         105.8    -
(Maintained in Non-Cooperating Category)
Dhruv Globals                   FB WC limit            IND BBB-/A3      465      -
(Maintained in Non-Cooperating Category)
Evergreen Farmhouse             TL                     IND B+           70       -
(Maintained in Non-Cooperating Category)
G.C. Threads                    TL                     IND BBB-         177.24   -
(Maintained in Non-Cooperating Category)
G.C. Threads                    FB WC limits           IND BBB-/A3      129      -
(Maintained in Non-Cooperating Category)
Karnataka Neeravari Nigam       Bonds                  IND AA-          5000     Affirmed
Karnataka Neeravari Nigam       TL                     IND AA-          28250    Affirmed
Karnataka Neeravari Nigam       Proposed TL*           Provisional IND  5000     Affirmed
                                                       AA-
*The rating is provisional and shall be confirmed upon the sanction and execution of the
proposed term loans by KNNL and issuance of government guarantee for these loans to the
satisfaction of Ind-Ra.
M/S Sudhakaran Nair             FB limit               IND BB           20       -
(Maintained in non-cooperating category)
M/S Sudhakaran Nair             TL                     IND BB           11       -
(Maintained in non-cooperating category)
Nagpal Exports                  FB WC Limit            IND B+/A4        55       -
(Maintained in Non-Cooperating Category)
Nagpal Exports                  Proposed FB WC limit   Provisional IND  34.5     -
                                                       B+/Provisional
                                                       IND A4
(Maintained in Non-Cooperating Category)
Noble Educational Trust         TL                     IND BB           25.52    Affirmed
Noble Educational Trust         FB WC                  IND BB           2.5      Affirmed
Noble Educational Trust         TL*                    IND BB           49.1     Affirmed
*The final rating is assigned based upon the receipt of the sanction letter by Ind-Ra.
Northern Arc 2018 Mfi Foreman   Series A1a             IND A            200      Assigned
                                pass-through
                                certificates (PTCs)
Northern Arc 2018 Mfi Foreman   Series A1b             IND A            189.3    Assigned
                                pass-through
                                certificates (PTCs)
Northern Arc 2018 Mfi Foreman   Series A2 PTCs         IND BBB+         15.4     Assigned
Omsairam Steels And Alloys      Proposed FB WC limit   -                300      Withdrawn
(the company did not proceed with the instrument as envisaged)
Omsairam Steels And Alloys      Proposed BG            -                100      Withdrawn
(the company did not proceed with the instrument as envisaged)
Omsairam Steels And Alloys      Proposed LOC           -                500      Withdrawn
(the company did not proceed with the instrument as envisaged)
Omsairam Steels And Alloys      FB WC limit            IND BBB-         360      Affirmed
Omsairam Steels And Alloys      Fund based WC limit*   IND BBB-         140      Assigned
*The final rating has been assigned following the receipt of sanction letter by Ind-Ra.
Paramount Textile Mills         TL                     IND BB+          80.4     Upgraded
Paramount Textile Mills         FB WC limits           IND BB+ / IND A4+190      -
(Long-term rating upgraded; Short-term rating affirmed)
Paramount Textile Mills         Proposed FB limits*    Provisional IND  20       -
                                                       BB+ /
                                                       Provisional IND A4+
(Long-term rating upgraded; Short-term rating affirmed)/ *The ratings are provisional and shall
be confirmed upon the sanction and execution of loan documents for the above facility by PTMPL
to the satisfaction of Ind-Ra.
Prayatna Developers             Proposed WC loan*      -                376.5    Withdrawn
*The rating is withdrawn as the as the issuer did not proceed with the instrument as envisaged.
Prayatna Developers             Senior Bk loans        IND A+           9517.6   Upgraded
Rec Power Distribution Co. Ltd  Non-FB WC Fac          IND AA-          1000     Affirmed
Rec Power Distribution Co. Ltd  FB WC Fac              IND AA-          100      Affirmed
Sangat Printers                 TL                     IND BB-          16       -
(Maintained in Non-Cooperating Category)
Sangat Printers                 FB WC limit            IND BB- / IND A4+45       -
(Maintained in Non-Cooperating Category)
Sangat Printers                 Proposed FB WC limit   Provisional IND  1        -
                                                       BB- /
                                                       Provisional IND A4+
(Maintained in Non-Cooperating Category)
Steelfur System                 FB WC limits           -                28.5     Withdrawn
Steelfur System                 TL                     -                18.6     Withdrawn
Steelfur System                 Non-FB WC limits       -                5        Withdrawn
Steelfur System                 Proposed FB WC limits  -                1.5      Withdrawn
Steelfur System                 Proposed non-FB WC     -                5        Withdrawn
                                limits
Veendeep Oiltek Exports         FB Fac                 IND BB-          50       -
(Migrated to 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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