November 22, 2018 / 4:44 AM / 6 months ago

India Ratings for Indian debt instruments – Nov 22

    Nov 22 (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 21, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Anubhav Plast Pvt Ltd           Non-FB WC limit        IND A4           15
Maintained in non-cooperating category (Issuer Not Cooperating)
Anubhav Plast Pvt Ltd           Proposed non-FB WC     Provisional IND  15
                                limit                  A4
Maintained in non-cooperating category (Issuer Not Cooperating)
Auro Industries Ltd             Non-FB limits          IND A4+          30       Affirmed
Avanti Feeds Ltd                Non-FB WC Fac          IND A1+          665.8    Affirmed
Avanti Frozen Foods Pvt Ltd     Non-FB WC limits       IND A1+          172.5
Affirmed and Reassigned
Avanti Frozen Foods Pvt Ltd     Non-FB WC limits#      IND A1+          127.5    Assigned
#The assignment of final rating follows the receipt of the final loan documents confirming to
the information already received by Ind-Ra. 
Catvision Ltd                   Non-FB WC limits       IND A4+          42.5     Affirmed
Golden Globe Impex Pvt Ltd      Non-FB limits          IND A4+          120
Maintained in non-cooperating category (Issuer Not Cooperating)
Prism Johnson Ltd               Non-FB WC limits       IND A1           4000     Affirmed
Prism Johnson Ltd               Unsecured short-TL     IND A1           3550     Affirmed
increased from 3,000 mln
Prism Johnson Ltd               CP programme           IND A1           2000     Affirmed
Ravindranath                    Non-FB WC limit        IND A4+          100
Maintained in non-cooperating category (Issuer Not Cooperating)
Rungta Irrigation Ltd           Non-FB limits          IND A4           80       Downgraded
(Issuer Not Cooperating)
Sunvik Steels Pvt Ltd           Non-FB WC limits       IND A3           250      Assigned
Suriya Garments                 Non-FB WC limit        IND A4           1
Maintained in non-cooperating category (Issuer Not Cooperating)


MEDIUM TERM RATINGS:
-------------------
Catvision Ltd                   Term deposit*          IND tB+          12.5
Affirmed; Outlook revised to Negative from Stable; * The term deposit is valid up to the date of
the next annual general meeting or within six months from the close of the next financial year,
whichever earlier. Ind-Ra is unable to provide an update on the maturity date as the information
is yet to be received from CL. 


LONG TERM RATINGS:
-------------------
Anubhav Plast Pvt Ltd           FB WC limit            IND B+/IND A4    70
Maintained in non-cooperating category (Issuer Not Cooperating)
Auro Industries Ltd             FB limits              IND BB-          80       Affirmed
Avanti Feeds Ltd                FB WC Fac              IND AA-          750      Affirmed
Avanti Frozen Foods Pvt Ltd     FB WC limits           IND AA-          400
Affirmed and Reassigned
Avanti Frozen Foods Pvt Ltd     FB WC limits#          IND AA-          500      Assigned
#The assignment of final rating follows the receipt of the final loan documents confirming to
the information already received by Ind-Ra. 
Avanti Frozen Foods Pvt Ltd     Long-TL                WD               149
Withdrawn (paid in full)
Catvision Ltd                   FB WC limits           IND BB-/IND A4+  85
Long-term rating downgraded; Short-term rating affirmed
Concept Conceivers & Executors  TL                     IND BB           40
Migrated to Non-Cooperating Category (Issuer Not Cooperating)
Concept Conceivers & Executors  FB WC limit            IND BB/IND A4+   80
Migrated to Non-Cooperating Category (Issuer Not Cooperating)
Ganesh Sponge Pvt Ltd           FB limit (LT)          IND D            260      Affirmed
Ganesh Sponge Pvt Ltd           TL (LT)                IND D            55.63    Affirmed
(reduced from 116.5 mln)
Gmr Hyderabad International     Proposed WC limits     Provisional IND  1300     Assigned
Airport Ltd                                            AA
Gmr Hyderabad International     Bk loans               WD               13172.7
Airport Ltd
Withdrawn (paid in full) (outstanding as on 28 April 2017: 12,864)
Gmr Hyderabad International     External commercial    WD               USD95.53
Airport Ltd                     borrowings
Withdrawn (paid in full)(outstanding as on 28 April 2017: USD73.15)
Gmr Hyderabad International     FB Fac                 WD               550
Airport Ltd
Withdrawn (paid in full)
Gmr Hyderabad International     NFB-Fac                WD               1500
Airport Ltd
Withdrawn (paid in full)
Golden Globe Impex Pvt Ltd      FB limit               IND BB/IND A4+   60
Maintained in non-cooperating category (Issuer Not Cooperating)
Iiert September 2016 (An Abs    Series A pass-through  IND AA(SO)       624      Affirmed
Transaction)                    certificates (PTC)
India Standard Loan Trust –     Series A pass-through  IND AA (SO)      193.97   Affirmed
Xxxviii                         certificates (PTCs)
India Standard Loan Trust –     Liquidity facility (LF)IND AAA(SO)      11.15    Affirmed
Xxxviii
India Standard Loan Trust –     Second loss credit     IND BBB(SO)      52.98    Affirmed
Xxxviii                         facility (SLCF)
Klr Industries Ltd              TL (LT)                IND D            30
Maintained in non-cooperating category (Issuer Not Cooperating)
Klr Industries Ltd              FB facility (LT)       IND D            282
Maintained in non-cooperating category (Issuer Not Cooperating)
Klr Industries Ltd              Non-FB facility (ST)   IND D            125
Maintained in non-cooperating category (Issuer Not Cooperating)
Lagu Bandhu Motiwale Pvt Ltd    FB Fac                 IND BB/IND A4+   200
Maintained in non-cooperating category (Issuer Not Cooperating)
Manipal Media Network Ltd       TL                     IND BBB          323
Affirmed; Outlook revised to Negative from Stable (increased from 55.1 MLN)
Manipal Media Network Ltd       FB WC limits           IND BBB/IND A3+  200
Affirmed; Outlook revised to Negative from Stable
Manipal Media Network Ltd       Non-FB limits          IND BBB/IND A3+  230
Affirmed; Outlook revised to Negative from Stable
Mm Trust Sep 15 I (An Abs       Series A pass-through  IND AA+(SO)      118.2    Affirmed
Transaction)                    certificates (PTCs)
Prism Johnson Ltd               NCDs (NCDs)            IND A-           4950
Affirmed; Outlook revised to Positive from Stable (reduced from 5,950 mln
Prism Johnson Ltd               TL                     IND A-           7950
Affirmed; Outlook revised to Positive from Stable reduced from 8,500 mln
Prism Johnson Ltd               FB limits              IND A-           4500
Affirmed; Outlook revised to Positive from Stable
Prism Johnson Ltd               Term deposit programme IND tA           150
Affirmed; Outlook revised to Positive from Stable reduced from 1,000 mln
Ravindranath                    FB WC limit            IND BB           20
Maintained in non-cooperating category (Issuer Not Cooperating)
Rungta Irrigation Ltd           FB limits              IND B-/IND A4    140      Downgraded
(Issuer Not Cooperating)
Sunvik Steels Pvt Ltd           FB WC limits           IND BBB/IND A3   450      Assigned
Suriya Garments                 FB WC limit            IND B+/IND A4    66.5
Maintained in non-cooperating category (Issuer Not Cooperating)
Texmaco Rail & Engineering Ltd  FB limits              IND AA-/IND A1+  500
Affirmed; Outlook revised to Negative from Stable
Vasudha Pharma Chem Ltd         Long-TL*               IND A            1000     Assigned
* The assignment of the final ratings follows the receipt of sanction letters conforming to the
information already received by Ind-Ra. 
Vasudha Pharma Chem Ltd         FB WC limits*          IND A/IND A1     50       Assigned
* The assignment of the final ratings follows the receipt of sanction letters conforming to the
information already received by Ind-Ra. 
Vector Green Surya Urja Pvt Ltd NCDs                   IND A            1222     Upgraded

-----------------------------------------------------------------------------------------------
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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