October 17, 2019 / 6:18 AM / a month ago

India Ratings for Indian debt instruments – Oct 17

    Oct 17 (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 16, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Mnr Cottons Ltd                 Non-FB WC limits       IND A4+          8        -
(ISSUER NOT COOPERATING) / Migrated to Non-Cooperating Category
Olectra Greentech Ltd           Non-FB WC limit        IND A2           94.6     Assigned
Olectra Greentech Ltd           Proposed NFB WC limit* Provisional IND  835.4    Assigned
                                                       A2
*The rating is provisional and shall be confirmed upon the sanction and execution of the
loan/transaction documents for the above instrument to the satisfaction of Ind-Ra.


LONG TERM RATINGS:
-------------------
Arbee Aquatic Proteins Pvt Ltd  Long-TL                WD               70.4     Affirmed and
                                                                                 withdrawn
Arbee Aquatic Proteins Pvt Ltd  FB limits              WD               80       Affirmed and
                                                                                 withdrawn
Arbee Aquatic Proteins Pvt Ltd  Non-FBL                WD               27.3     Affirmed and
                                                                                 withdrawn
Auto Profiles Ltd               TL                     IND BB+          236.64   -
(ISSUER NOT COOPERATING) / Migrated to Non-Cooperating Category
Auto Profiles Ltd               FB limits              IND BB+/IND A4+  304      -
(ISSUER NOT COOPERATING) / Migrated to Non-Cooperating Category
Auto Profiles Ltd               Proposed FB limits*    Provisional IND  58.8     -
                                                       BB+/Provisional
                                                       IND A4+
(ISSUER NOT COOPERATING)/ Migrated to Non-Cooperating Category * The ratings are provisional and
shall be confirmed upon the sanction and execution of the loan documents for the above facility
by APL to the satisfaction of Ind-Ra.
Bodal Chemicals Ltd             FB WC limit*           IND              500      Assigned
                                                       A+/Stable/IND A1+
* The final rating has been assigned following the receipt of the sanction letter by Ind-Ra.
Ford India Pvt Ltd              WC limits              IND AAA/RWN/IND  35000    Placed on RWN
                                                       A1+/RWN
Hinduja Leyland Finance Ltd     Lower tier II          IND AA-/Stable   2500     Affirmed
                                subordinated debt
Itd Cementation India Ltd       TL                     IND A+/RWN       978      Placed on RWN
(increased from INR700)
Itd Cementation India Ltd       FB WC limits           IND A+/RWN/IND   6966     Placed on RWN
                                                       A1/RWN
Itd Cementation India Ltd       Non-FB WC limits       IND A+/RWN/IND   31850    Placed on RWN
                                                       A1/RWN
(reduced from INR34,804)
Itd Cementation India Ltd       Project-specific       IND A+/RWN/IND   6450     Placed on RWN
                                non-FB limits          A1/RWN
Itd Cementation India Ltd       Proposed TL*           Provisional IND  22       Placed on RWN
                                                       A+/RWN
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
/transaction documents for the above instruments to the satisfaction of Ind-Ra.(reduced from
INR300)
Itd Cementation India Ltd       Proposed FB WC limits* Provisional IND A1034     Placed on RWN
                                                       RWN/Provisional
                                                       IND A1/RWN
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
/transaction documents for the above instruments to the satisfaction of Ind-Ra.(reduced from
INR300)
Itd Cementation India Ltd       Proposed non-FB WC     Provisional IND A8150     Placed on RWN
                                limits*                RWN/Provisional
                                                       IND A1/RWN
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
/transaction documents for the above instruments to the satisfaction of Ind-Ra.(reduced from
INR300)
Kundli Manesar Expressway Ltd   TL                     IND C            13000    Downgraded
(ISSUER NOT COOPERATING); Off RWN; migrated to non-cooperating category
Mnr Cottons Ltd                 TL                     IND BB           96.6     -
(ISSUER NOT COOPERATING) / Migrated to Non-Cooperating Category
Mnr Cottons Ltd                 FB WC limits           IND BB/IND A4+   80       -
(ISSUER NOT COOPERATING) / Migrated to Non-Cooperating Category
Olectra Greentech Ltd           FB WC limit            IND              70       Assigned
                                                       BBB+/Stable/IND
                                                       A2
Oppo Mobiles India Pvt Ltd      NCDs (NCDs)            IND BB-/Stable   7000     Downgraded
Ultimate Flexipack Ltd          Long-TL                IND BBB+/Stable  1147     Affirmed
(decreased from INR1317.2)
Ultimate Flexipack Ltd          FB WC limits           IND BBB+/Stable  1000     Affirmed
                                                       / INDA2
Ultimate Flexipack Ltd          Non FB WC limits       IND BBB+/Stable  550      Affirmed
                                                       / INDA2

-----------------------------------------------------------------------------------------------
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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