November 29, 2017 / 7:51 AM / in a year

India Ratings for Indian debt instruments – Nov 29

    Nov 29 (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 28, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Air Travel Bureau Ltd           Non-FB WC limits       IND A3+          90       Affirmed
Jk Tyre & Industries Ltd        CP                     IND A1+          11000    Assigned
Madhu Industries Pvt Ltd        Non-FB WC limit        IND A4+          5        Assigned
Mil Industries Ltd              Non-FB Fac             IND A4+          65       Affirmed
Momentum Techsys Pvt Ltd        Non-FB WC limits       IND A4+          125      Affirmed
Momentum Techsys Pvt Ltd        Non-FB WC limits       IND A4+          125      Affirmed
Momentum Techsys Pvt Ltd        Proposed non-FB limits*Provisional IND  75       Affirmed
                                                       A4+
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by MTPL to the satisfaction of Ind-Ra.
Momentum Techsys Pvt Ltd        Proposed non-FB limits*Provisional IND  75       Affirmed
                                                       A4+
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by MTPL to the satisfaction of Ind-Ra.
R. H. Solvex Pvt Ltd            Non-FB limit           IND A4+          0.3      Affirmed
Tgv Sraac Ltd                   Non-FB limits          IND A2+          2391.8   Affirmed
increased from 2,340 CR

LONG TERM RATINGS:
-------------------
Aakriti Super Snacks Pvt Ltd    FB WC limit            IND B+           15       Affirmed
Aakriti Super Snacks Pvt Ltd    Long-TL                IND B+           102.1    Affirmed
reduced from 120 CR
Aakriti Super Snacks Pvt Ltd    FB WC limit            IND B+           15       Affirmed
Aakriti Super Snacks Pvt Ltd    Long-TL                IND B+           102.1    Affirmed
reduced from 120 CR
Air Travel Bureau Ltd           FB WC limit            IND BBB/ IND A3+ 630      Affirmed
Air Travel Bureau Ltd           FB WC limits           IND BBB/ IND A3+ 80       Assigned
Concept Conceivers & Executors  TL                     IND BB           40       Assigned
Concept Conceivers & Executors  FB WC limit            IND BB/ IND A4+  80       Assigned
Concept Conceivers & Executors  TL                     IND BB           40       Assigned
Concept Conceivers & Executors  FB WC limit            IND BB/ IND A4+  80       Assigned
Grand Prix Engineering Pvt Ltd  FB WC Fac              IND BB+/ IND A4+ 100      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Grand Prix Engineering Pvt Ltd  Non-FB WC Fac          IND BB+/ IND A4+ 215      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Intime Properties Ltd           NCDs                   IND AAA(SO)      2935.9   IND
                                                                                 AAA(SO)/Stable
Julius Baer Capital (I) Pvt Ltd CP                     WD               8        Withdrawn
Madhu Industries Pvt Ltd        FB WC limit            IND BB+/ IND A4+ 220      Assigned
Mas Financial Services Ltd      Bk loans               IND A            6000     Assigned
Mil Industries Ltd              FB Fac                 IND BB+          22       Affirmed
Prakash Woollen & Synthetics    TL                     IND BBB-         125      Affirmed
Mills Ltd
Prakash Woollen & Synthetics    FB WC limit            IND BBB-/ IND A3 190      Affirmed
Mills Ltd
increased from 180 CR
Prakash Woollen & Synthetics    Non-FB WC limit        WD               10       Withdrawn
Mills Ltd                                                                        (paid in full)
R. H. Solvex Pvt Ltd            FB limit               IND BB+          100      Affirmed
R. H. Solvex Pvt Ltd            TL                     IND BB+          20.2     Affirmed
reduced from 71.80 CR
Sarathy Autocars                FB Fac                 IND BB+/ IND A4+ 150      Assigned
Shanti G.D. Ispat & Power Pvt   TL                     IND BBB-         195.6    Affirmed
Ltd
reduced from 288.8 CR
Shanti G.D. Ispat & Power Pvt   FB WC limits           IND BBB-         240      Affirmed
Ltd
Sri Vijaya Venkateswara Cotton  FB limit               IND B+           100      Affirmed
Mills Pvt Ltd
Tgv Sraac Ltd                   TL                     IND BBB+         1783.6
Rating affirmed; Outlook revised to Positive from Stable
reduced from 1,920.3 CR
Tgv Sraac Ltd                   FB WC limits           IND BBB+/IND A2+ 425.3
Rating affirmed; Outlook revised to Positive from Stable
The Saswad Mali Sugar Factory   CC limits              IND B+           764.7    Migrated to
Ltd                                                                              Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
The Saswad Mali Sugar Factory   TL                     IND B+           868.4    Migrated to
Ltd                                                                              Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Usha Martin Ltd                 TL                     IND BB+/ RWN     33392.5
Downgraded; placed on RWN
reduced from 38,807.5 CR
Usha Martin Ltd                 FB limits              IND BB+/ RWN     6000     Downgraded;
                                                                                 placed on RWN
Usha Martin Ltd                 Non-FB limits          IND BB+/ RWN     1500     Downgraded;
                                                                                 placed on RWN
Usha Martin Ltd                 Proposed TL            WD               3150     Withdrawn
(the issuer did not proceed with the instrument as envisaged)
-----------------------------------------------------------------------------------------------
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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