October 18, 2019 / 5:40 AM / a month ago

India Ratings for Indian debt instruments – Oct 18

    Oct 18 (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 17, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------         ------   ---------
SHORT TERM RATINGS:
-------------------
Adani Ports And Special         CP^                    IND A1+          67000    Affirmed
Economic Zone Ltd
^Unutilized as of 31 March 2019 
Amar Plastic Industries         Non-FB limits          IND A4+          50
Migrated to non-cooperating category; (Issuer Not Cooperating)
Ansal Housing                   Non-FB limits (ST)     IND D            716.3    Affirmed  
Minera Steel & Power Pvt Ltd    Non-FB WC limit        IND A3+          530      Affirmed
National Peroxide Ltd           Non-FB WC limits       IND A1           210      Affirmed
Revive Construction Company (I) Non-FB Fac (ST)        IND D            200      Downgraded and
Pvt Ltd                                                                          migrated to
                                                                                 non-cooperating
                                                                                 category
Shilpa Steel & Power Ltd        Non-FB WC limit        IND A1           1550     Affirmed

MEDIUM TERM RATINGS:
-------------------
Ansal Housing                   Fixed deposit          IND tD           1400     Affirmed
                                programme(LT)
LONG TERM RATINGS:
-------------------
Adani Ports And Special         NCDs (NCDs)            IND AA+/Stable   4520     Affirmed
Economic Zone Ltd
Adani Ports And Special         Proposed NCD*          Provisional IND  15000    Affirmed
Economic Zone Ltd                                      AA+/Stable
* The final rating will be assigned following the closure of the issue upon the receipt of the
final documentation, conforming to the information already received by Ind-Ra.
Amaltas Educational Welfare     TL                     IND B            370
Society
(Maintained in non-cooperating category),Issuer not cooperating
Amaltas Educational Welfare     BG                     IND B            100
Society
(Maintained in non-cooperating category),Issuer not cooperating
Ansal Housing                   Secured overdraft      IND D            750      Affirmed
                                Limits (LT)
Madurai Trans Carrier Ltd       TL                     IND A-/Stable    520      Affirmed
(reduced from INR579.5mlns)
Mansarovar Pearls India Pvt Ltd FB WC limits (LT/ ST)  IND D            350      Downgraded
Mansarovar Pearls India Pvt Ltd Proposed FB WC limits  Provisional IND D150      Downgraded
                                (LT/ ST)
Minera Steel & Power Pvt Ltd    Proposed FB limits     -                82.9     -
Withdrawn
(the company did not proceed with the instrument as envisaged
Minera Steel & Power Pvt Ltd    TL                     IND BBB/ Positive939      Affirmed
Minera Steel & Power Pvt Ltd    FB WC limit            IND BBB/Positive 850      Affirmed
                                                       /IND A3+
National Peroxide Ltd           FB WC limits           IND              166      Affirmed
                                                       A+/Stable/IND A1
Revive Construction Company (I) FB Fac (Long-/ST)      IND D            350      Downgraded and
Pvt Ltd                                                                          migrated to
                                                                                 non-cooperating
                                                                                 category
Revive Construction Company (I) Proposed FB            Provisional IND D300      Downgraded and
Pvt Ltd                         Fac* (Long-/ST)                                  migrated to
                                                                                 non-cooperating
                                                                                 category
*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.              
Revive Construction Company (I) Proposed non-FB        Provisional IND D650      Downgraded and
Pvt Ltd                         Fac* (ST)                                        migrated to
                                                                                 non-cooperating
                                                                                 category
*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. 
Scholars International          TL (LT)                IND D            97.61
Educational Foundation
(Maintained in non-cooperating category),Issuer not cooperating
Scholars International          WC facility (LT)       IND D            12.5
Educational Foundation
(Maintained in non-cooperating category),Issuer not cooperating
Shilpa Steel & Power Ltd        Long-TL                IND A-/Stable    45       Downgraded
(reduced from INR140mlns)
Shilpa Steel & Power Ltd        FB WC limit            IND A-/Stable    1650     Downgraded
Southco Utility’S               FB/non-FB limits       IND              720      Affirmed
                                                       BB-/Stable/IND
                                                       A4+
Tayal Sons Ltd                  FB WC limits           IND BBB- /IND A3 250
(Maintained in non-cooperating category),Issuer not cooperating
Ub Ventures Pvt Ltd             FB WC limit            IND BB           70
Migrated to non-cooperating category; (Issuer Not Cooperating)
-----------------------------------------------------------------------------------------------
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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