November 26, 2018 / 4:18 AM / 20 days ago

India Ratings for Indian debt instruments – Nov 26

    Nov 26 (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 23, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Aryan Enterprise                Non-FB WC Fac          IND A3           400
Migrated to non-cooperating category
Atithya Inn Pvt Ltd             BG                     IND A3           30       Assigned
B.G. Shirke Construction        Non-FB limits          IND A1           34542.5
Technology Pvt Ltd
Affirmed; increased from 34,042.5 mln
Balaji Coal Pvt Ltd             Non-FB WC limit        IND A4+          400
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
D. K. Continental               Proposed non-FB WC Fac Provisional IND  500
                                                       A3
Migrated to  non-cooperating category; (Issuer Not Cooperating)
J. D. Overseas                  Proposed non-FB WC Fac Provisional IND  500
                                                       A3
Migrated to  Non-Cooperating Category; (Issuer Not Cooperating)
Jyoti Enterprises               Non-FB WC limits       IND A4           60
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Naturefresh Industries Ltd      Non-FB WC Fac          IND A3+          107.7
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Naturefresh Industries Ltd      Proposed non-FB WC Fac Provisional IND  200
                                                       A3+
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Reliable Industries             Non-FB WC limits       IND A4+          7
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
S.M. Corporation                Proposed non-FB WC Fac Provisional IND  400
                                                       A3
Migrated to  non-cooperating category; (Issuer Not Cooperating)
Sunrise Timply Company Pvt Ltd  Non-FB limit           IND A4+          260      Affirmed
Ultra Denim Pvt Ltd             Non-FB WC limits       IND A4+          25
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Unimech Industries Pvt Ltd      Non-FB limits          IND A4+          78
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
B.G. Shirke Construction        Long-TL                IND A            3296.2
Technology Pvt Ltd
Affirmed; increased from 995.3 mln
B.G. Shirke Construction        FB limits              IND A            9550     Affirmed
Technology Pvt Ltd
Balaji Coal Pvt Ltd             FB WC limit            IND BB+          75
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Cholamandalam Investment And    Perpetual debt (tier 1 IND AA           1        Affirmed
Finance Co. Ltd.                instrument)
Cholamandalam Investment And    NCDs (NCDs)            IND AA+          45       Affirmed
Finance Co. Ltd.
Cholamandalam Investment And    Lower tier 2           IND AA+          21.63
Finance Co. Ltd.                subordinated debt
Affirmed; reduced from 23.23 mln
Il&Fs Education And Technology  WC loan limits         IND C            290      Downgraded
Services Ltd
Il&Fs Education And Technology  TL                     IND C            100      Downgraded
Services Ltd
Il&Fs Education And Technology  FB WC                  IND C/ IND A4    850
Services Ltd
Long Term rating downgraded; Short-term affirmed
Il&Fs Education And Technology  Non-FB WC              IND C/ IND A4    2244
Services Ltd
Long term rating downgraded; Short-term affirmed
Irb Infrastructure Developers   Non-FB Bk Fac          IND A+/ IND A1+  12000
Ltd
Affirmed; Outlook revised to Positive from Stable; increased from 11,000 mln
Irb Infrastructure Developers   TL                     IND A+/ IND A1+  18254
Ltd
Affirmed; Outlook revised to Positive from Stable; reduced from 21,066 mln
Itd Cemindia Jv                 FB WC limits           IND A+/ IND A1   1250     Assigned
Jyoti Enterprises               FB WC limits           IND B+           40
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Mfl Securitisation Trust Lix    Series A1 pass-through IND AAA(SO)      809.26   Affirmed
(An Abs Transaction)            certificates (PTCs)
Mfl Securitisation Trust Lix    Series A2 PTCs         IND AAA(SO)      51.65    Affirmed
(An Abs Transaction)
Mfl Securitisation Trust Lix    Liquidity facility (LF)IND AAA(SO)      22.93    Affirmed
(An Abs Transaction)
Mfl Securitisation Trust Lix    Second loss credit     IND BBB(SO)      107.01   Affirmed
(An Abs Transaction)            facility (SLCF)
Naturefresh Industries Ltd      TL                     IND BBB          29.7
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Naturefresh Industries Ltd      FB WC Fac              IND BBB/ IND A3+ 40
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Naturefresh Industries Ltd      Proposed FB WC Fac     Provisional IND  30
                                                       BBB/ Provisional
                                                       IND A3+
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Persang Alloy Industries Pvt LtdTL                     IND BB           43.48
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Persang Alloy Industries Pvt LtdFB WC limits           IND BB/ IND A4+  80
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Reliable Industries             FB WC limits           IND BB+          430.6
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Sagar Cement Ltd                TL                     IND A-           254.8    Assigned
Saltee Buildcon Pvt Ltd         Long-TL                IND BB           72.5
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Shirke Infrastructure           TL                     IND BBB-         138 
Affirmed; reduced from 360 mln
Shirke Recreation Enterprise    TL                     IND BB           37.2 
Affirmed; reduced from 145.2 mln
Sunrise Timply Company Pvt Ltd  FB limit               IND BB+          80       Affirmed
Ultra Denim Pvt Ltd             TL                     IND BB-          772.7
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Ultra Denim Pvt Ltd             FB WC limits           IND BB-/ IND A4+ 110
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Unimech Industries Pvt Ltd      FB WC limits           IND BB-          97.5
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Vihaan Networks Ltd             FB WC Fac              WD               1250     Withdrawn
Vihaan Networks Ltd             Non-FB WC Fac          WD               1500     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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