October 14, 2019 / 9:08 AM / in 4 months

India Ratings for Indian debt instruments – Oct 14

    Oct 14 (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
October 11, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
BMSS Steel Industries Pvt. Ltd. Non-FB Fac             IND A4+          80       Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
BMSS Steel Industries Pvt. Ltd. Proposed non-FB Fac    Provisional IND  40       Migrated to
                                                       A4+                       non
                                                                                 cooperating 
                                                                                 category
Dalmia Cement (Bharat) Ltd      CP (CP)                IND A1+          12000    Affirmed
Dantal Hydraulics Pvt Ltd       Non-FB WC limit        IND A3+          315      Affirmed
M S Infraengineers Pvt Ltd      Non-FB WC limit        IND A3           50       Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Rockeira Engineering Llp        Non-FB WC limits       IND A4+          225      Affirmed
Rockeira Engineering Llp        Non-FB WC limits^      IND A4+          80       Affirmed
^The assignment of the final rating follows the receipt of the final documents conforming to the
information already received by Ind-Ra
YCD Industries Ltd              Non-FBL                IND A4+          80       Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category


LONG TERM RATINGS:
-------------------
Amitex Agro Product Pvt Ltd     TL                     IND BB           120      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Amitex Agro Product Pvt Ltd     FB WC limit            IND BB           110      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Beehive Alcoveb                 FB limit               IND              180      Affirmed
                                                       BB/Stable/IND A4+
Bindu Vayu Urja Pvt Ltd         Rupee TL               IND A-(CE)/RWN   22,450*  Downgraded;
                                                                                 Maintained 
                                                                                 on
                                                                                 Rating
                                                                                 Watch
                                                                                 Negative
                                                                                 (RWN). 
*outstanding as on 31 March 2019
Bindu Vayu Urja Pvt Ltd         WC facility            IND A-(CE)/RWN   1065.4   Downgraded;
                                                                                 Maintained on
                                                                                 RWN
Bindu Vayu Urja Pvt Ltd         Rupee TL(Unsupported   IND A-/RWN       -        Assigned;
                                Rating)                                          placed on RWN
Bindu Vayu Urja Pvt Ltd         WC facility            IND A-/RWN       -        Assigned;
                                
(Unsupported Rating)                            placed on RWN
BMSS Steel Industries Pvt. Ltd. FB Fac                 IND BB- / IND A4+45       Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
BMSS Steel Industries Pvt. Ltd. Proposed FB Fac        Provisional IND  35       Migrated to
                                                       BB- /Provisional          non
                                                                                 cooperating 
                                                                                 category
Cleansolar Renewable Energy Pvt TL                     -                2122.5   Withdrawn
Ltd
Cleansolar Renewable Energy Pvt TL                     IND A-/RWN       1683.5   Assigned
Ltd
Dalmia Cement (Bharat) Ltd      NCDs (NCDs)            IND AA+/Stable   1450     Affirmed
Dalmia Cement (Bharat) Ltd      TL                     IND AA+/Stable   16971.5  Affirmed
Dantal Hydraulics Pvt Ltd       TL                     IND BBB/Positive 300      Affirmed
Dantal Hydraulics Pvt Ltd       FB WC limit            IND              385      Affirmed
                                                       BBB/Positive/IND
                                                       A3+
Jain Irrigation Systems Ltd     FB WC limits (LT/ST)   IND D            15500    Downgraded;
                                                                                 Off RWN
Jain Irrigation Systems Ltd     Non-FB WC limits       IND D            17350    Downgraded;
                                (LT/ST)                                          Off RWN
Jain Irrigation Systems Ltd     TL (LT)                IND D            3460     Downgraded;
                                                                                 Off RWN
Jain Irrigation Systems Ltd     Proposed TL (LT)^      Provisional IND D 1500    Downgraded;
                                                                                 Off RWN
^The rating is provisional and shall be confirmed upon the sanction and execution 
of loan/transaction documents for the above instrument to the satisfaction of Ind-Ra
M S Infraengineers Pvt Ltd      FB WC limit            IND BBB-         187.5    Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
My Car Pvt Ltd                  TL (LT)                IND D            6.21     Affirmed
(ISSUER NOT COOPERATING)
My Car Pvt Ltd                  FB limit (LT)          IND D            245      Affirmed
(ISSUER NOT COOPERATING)
Mytrah Vayu (Krishna) Pvt Ltd   Rupee TL               IND A-(CE)/RWN   6230.1*  Downgraded;
                                                                                 Maintained 
                                                                                 on
                                                                                 Rating
                                                                                 Watch
                                                                                 Negative
                                                                                 (RWN). 
*outstanding as on 31 March 2019
Mytrah Vayu (Krishna) Pvt Ltd   WC facility            IND A-(CE)/RWN   235.4    Downgraded;
                                                                                 Maintained on
                                                                                 RWN
Mytrah Vayu (Krishna) Pvt Ltd   Rupee TL (Unsupported  IND A-/RWN       -        Assigned;
                                Rating)                                          placed on RWN
Mytrah Vayu (Krishna) Pvt Ltd   WC facility            IND A-/RWN       -        Assigned;
                                (Unsupported Rating)                             placed on RWN
Mytrah Vayu (Pennar) Pvt Ltd    Rupee TL               IND A-(CE)/RWN   2527.7*  Downgraded;
                                                                                 Maintained
                                                                                 on
                                                                                 Rating
                                                                                 Watch
                                                                                 Negative
                                                                                 (RWN). 
                    
*outstanding as on 31 March 2019
Mytrah Vayu (Pennar) Pvt Ltd    WC facility            IND A-(CE)/RWN   120      Downgraded;
                                                                                 Maintained on
                                                                                 RWN
Mytrah Vayu (Pennar) Pvt Ltd    Rupee TL 
(Unsupported IND A-/RWN       -        Assigned;
                                Rating)                                          placed on RWN
Mytrah Vayu (Pennar) Pvt Ltd    WC facility            IND A-/RWN       -        Assigned;
                                
(Unsupported Rating)                            placed on RWN
P.N. Gadgil & Sons Ltd          TL                     -                250      Affirmed and
                                                                                 withdrawn
P.N. Gadgil & Sons Ltd          WC limits              IND A/Stable     2900     Affirmed;
                                                       /IND A1                   Outlook
                                                                                 revised 
                                                                                 to Stable
                                                                                 from
                                                                                 Positive
Rockeira Engineering Llp        FB WC limits^          IND BB+/Negative 20       Affirmed
                                                       / IND A4+
^The assignment of the final rating follows the receipt of the final documents conforming to the
information already received by Ind-Ra
Rockeira Engineering Llp        Fund based WC limits   IND BB+/Negative 100      Affirmed
                                                       /IND A4+
Sanjay Danchand Ghodawat        TL                     IND BB+/Stable   579.6    Assigned
(Windmill Division)’S
YCD Industries Ltd              TL                     IND BB+          18       Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category
YCD Industries Ltd              FB WC limit            IND BB+/IND A4+  280      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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