November 28, 2017 / 6:50 AM / 7 months ago

India Ratings for Indian debt instruments – Nov 28

    Nov 28 (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 27, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Hindustan Concretes             Non-FB WC limits       IND A4           4        Assigned
International Commerce Ltd      Non-FB limits          IND A4+          600      Downgraded
                                                                                 from IND BBB-
K Bhupal Engineers And          Non-FB limits          IND A3           150      Affirmed
Contractors Pvt Ltd
K Bhupal Engineers And          Proposed non-FB limits*Provisional IND  100      Assigned
Contractors Pvt Ltd                                    A3
*The rating is provisional and shall be confirmed upon the sanction and execution 
of loan documents for the above facilities by K Bhupal to the satisfaction of Ind-Ra.
Moenus Textile Pvt Ltd          Non-FB WC limit        IND A4+          21       Affirmed
Vgs Enterprises                 Non-FB WC limit        IND A4           40       Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category

LONG TERM RATINGS:
-------------------
Garg Industries                 FB WC limit            IND BB- /IND A4+ 135      Affirmed
Garg Industries                 Non-FB WC limit        IND BB- /IND A4+ 5        Affirmed
Hindustan Concretes             FB WC limits           IND B+           75       Assigned
Il&Fs Financial Services Ltd    NCDs (NCDs)            IND AAA          6000     Assigned
Il&Fs Financial Services Ltd    Subordinated debt      IND AAA          1000     Assigned
Il&Fs Financial Services Ltd    Bk loans               IND AAA          7587.5   Assigned
India Glycols Ltd               TL                     IND BBB          680      Assigned
International Commerce Ltd      FB WC limit            IND BB+ /IND A4+ 150      Downgraded
                                                                                 from IND BBB-
K Bhupal Engineers And          FB WC limits           IND BBB-         75       Affirmed
Contractors Pvt Ltd
K Bhupal Engineers And          Proposed fund based WC Provisional IND  45       Assigned
Contractors Pvt Ltd             limits*                BBB-
*The rating is provisional and shall be confirmed upon the sanction and execution 
of loan documents for the above facilities by K Bhupal to the satisfaction of Ind-Ra.
K Bhupal Engineers And          Proposed FBL                            45       Withdrawn
Contractors Pvt Ltd
K Bhupal Engineers And          Proposed non-FB limits                  100      Withdrawn
Contractors Pvt Ltd
Mm Trust Sep 17 I               Series A pass-through  IND AA+(SO)      2548.8   Assigned
                                certificates (PTCs)
Mm Trust Sep 17 Ii              Series A PTC           IND AA+(SO)      508.7    Assigned
Moenus Textile Pvt Ltd          FB WC limit            IND BB-          121      Downgraded
                                                                                 from IND BB+
Moenus Textile Pvt Ltd          TL                     IND BB-          120      Downgraded
                                                                                 from IND BB+
Persang Alloy Industries Pvt LtdTL                     IND BB           43.48    Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Persang Alloy Industries Pvt LtdFB WC limits           IND BB /IND A4+  80       Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Rapid Punching Solutions Pvt LtdTL                     IND BB+          32.1     Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Rapid Punching Solutions Pvt LtdFB WC limit            IND BB+ /IND A4+ 30       Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Rapid Punching Solutions Pvt LtdProposed FB WC limit   Provisional IND  2.9      Migrated to
                                                       BB+ /Provisional          Non
                                                       IND A4+                   Cooperating 
                                                                                 Category
Sansar Trust Aug 2017           Second loss credit     IND A-(SO)       295.5    Assigned
                                facility (SLCF)
Sansar Trust Aug 2017           Series A pass-through  IND AAA(SO)      5910.1   Assigned
                                certificates (PTCs)
Shri Balaji Business House Pvt  FB limit               IND B+           95       Assigned
Ltd
Shri Balaji Business House Pvt  Proposed FB limits     Provisional IND  130      Assigned
Ltd                                                    B+
Tanishq Realities               TL*                    IND B            300      Assigned
*The final rating is assigned following the receipt of sanction letter by Ind-Ra.
Vgs Enterprises                 FB WC limit            IND B+ /IND A4   45       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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