November 27, 2019 / 6:05 AM / 19 days ago

India Ratings for Indian debt instruments – Nov 27

    Nov 27 (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 26, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Bhagaban Mohapatra              Non-FB limit (ST)      IND D            250      Downgraded
Constructions And Engineers Pvt
Ltd
(reduced from INR360 mln)
M/S George Maijo Industries Pvt Non-FB Fac             IND A4+          185
Ltd
(Issuer Not Cooperating)/Migrated to non-cooperating category
Mukand Sumi Metal Processing LtdNon-FBL                IND A4+          30       Downgraded
Natraj Electro Casting Pvt Ltd  Non-FB limits          IND A4           15.35
(Issuer Not Cooperating)/Migrated to non-cooperating category
Tharun Construction & Co’S      Non-FB WC limits       IND A4           250
(Issuer Not Cooperating)/Migrated to non-cooperating category

LONG TERM RATINGS:
-------------------
Annai Power Pvt Ltd             TL                     IND BB           120
(Issuer Not Cooperating)/Migrated to non-cooperating category
Aspiro Pharma Ltd               TL Limits              IND BBB-/Stable  95.8     Assigned
Bhagaban Mohapatra              FB limit (LT)          IND D            49       Downgraded
Constructions And Engineers Pvt
Ltd
(increased from INR30 mlns)
Bhagaban Mohapatra              TL (LT)                IND D            1.1      Assigned
Constructions And Engineers Pvt
Ltd
Indo Farm Equipment Ltd         FB WC limits*          -                1350
* Maintained at ‘IND BBB+(Issuer Not Cooperating)’/‘IND A2+(Issuer Not Cooperating)’ before
withdrawn
Indo Farm Equipment Ltd         Non-FB WC limits**     -                100
**Maintained at ‘IND A2+(Issuer Not Cooperating)’ before withdrawn
M/S George Maijo Industries Pvt TL                     IND BB           315.7
Ltd
(Issuer Not Cooperating)/Migrated to non-cooperating category
M/S George Maijo Industries Pvt FB Fac                 IND BB / IND A4+ 105
Ltd
(Issuer Not Cooperating)/Migrated to non-cooperating category
M/S George Maijo Industries Pvt Proposed FB Fac        Provisional IND  70
Ltd                                                    BB/Provisional
                                                       IND A4+
(Issuer Not Cooperating)/Migrated to non-cooperating category
Mukand Sumi Metal Processing LtdFB limits              IND              400      Downgraded
                                                       BB+/Stable/IND
                                                       A4+
Nagpur Waste Water Management   TL                     -                1650     Withdrawn
Pvt Ltd
Nagpur Waste Water Management   BG                     -                50       Withdrawn
Pvt Ltd
Natraj Electro Casting Pvt Ltd  FB limit               IND B+           80
(Issuer Not Cooperating)/Migrated to non-cooperating category
Natraj Electro Casting Pvt Ltd  Long-TL                IND B+           200
(Issuer Not Cooperating)/Migrated to non-cooperating category
Tharun Construction & Co’S      FB WC limits           IND B+ /IND A4   250
(Issuer Not Cooperating)/Migrated to non-cooperating category
Vilfer June 2019                Series A pass-through  IND A-(SO)/Stable651.87   Assigned
                                certificates (PTCs)
Vodafone Idea Ltd               NCDs (NCDs)            IND BBB/RWN      35000    Maintained on
                                                                                 RWN
-----------------------------------------------------------------------------------------------
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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