October 29, 2019 / 5:40 AM / 21 days ago

India Ratings for Indian debt instruments – Oct 29

    Oct 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
October 25, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Fil Industries Ltd              Non-FB WC limit        IND A3+          190      Affirmed
reduced from INR280 mln
Hariom Ingots & Power Pvt Ltd   Non-FB WC limits       IND A4+          50
(Issuer Not Cooperating); Migrated to non-cooperating category
Imperial Auto Industries Ltd    CP*                    IND A1+          500      Affirmed
*Carved out of fund based working capital limits
Nmc Industries Pvt Ltd          NFB facility           IND A4+          200
(Issuer Not Cooperating); Migrated to non-cooperating category
Sandhar Technologies Ltd        CP*                    IND A1+          800      Affirmed
*Carved out of fund based working capital limits
Shree Baidyanath Ayurved Bhawan Non-FB WC limits       IND A2+          20       Downgraded
Pvt Ltd

LONG TERM RATINGS:
-------------------
Fil Industries Ltd              TL                     IND BBB/ Negative123.56
Affirmed; Outlook revised to Negative from Stable
Fil Industries Ltd              FB WC limit            IND BBB/         438.5
                                                       Negative/ IND A3+
Affirmed; Outlook revised to Negative from Stable
Hariom Ingots & Power Pvt Ltd   TL                     IND BB           26.51
(Issuer Not Cooperating); Migrated to non-cooperating category
Hariom Ingots & Power Pvt Ltd   FB WC limits           IND BB           200
(Issuer Not Cooperating); Migrated to non-cooperating category
Il&Fs Clusters Development      FB WC limits (LT/ST)   IND D            300      Downgraded
Initiative Ltd
Il&Fs Clusters Development      Non-FB WC limits       IND D            60       Downgraded
Initiative Ltd                  (LT/ST)
Il&Fs Skills Development        Non-FB limit/FB limit  IND D            100      Downgraded
Corporation Ltd                 (LT/ST) *
*The limit is fungible
Imperial Auto Industries Ltd    TL                     IND A+/ Negative 1154.4
increased from INR 618 million; Affirmed; Outlook revised to Negative from Stable
Imperial Auto Industries Ltd    FB WC limits           IND A+/          1920
                                                       Negative/ IND A1+
increased from INR 1,537 million; Affirmed; Outlook revised to Negative from Stable
Imperial Auto Industries Ltd    Non-FB WC limits       IND A+/          85
                                                       Negative/ IND A1+
Affirmed; Outlook revised to Negative from Stable
Nmc Industries Pvt Ltd          FB facility            IND BB-/ IND A4+ 25
(Issuer Not Cooperating); Migrated to non-cooperating category
Northern Arc 2019 Sbl Bilbao    Series A1 pass-through IND A+(SO)/      499.75   Assigned
(An Asset-Backed Securities     certificates (PTCs)    Stable
Transaction)
Northern Arc 2019 Sbl Bilbao    Series A2 PTCs         IND BBB+(SO)/    11.11    Assigned
(An Asset-Backed Securities                            Stable
Transaction)
Sadguru Sri Sri Sakhar Karkhana TL                     IND BB-          207
Ltd
(Issuer Not Cooperating); Migrating to non-cooperating category
Sandhar Technologies Ltd        FB WC limits           IND AA-/ Stable/ 1490     Affirmed
                                                       A1+
decreased from INR1,550 mln
Sandhar Technologies Ltd        Non-FB WC limits       IND AA-/ Stable/ 1730     Affirmed
                                                       A1+
increased from INR262.5 mln
Schoolnet India Ltd             WC TL limits (LT)      IND D            290      Downgraded
Schoolnet India Ltd             FB WC limits (LT/ST)   IND D            850      Downgraded
Schoolnet India Ltd             Non-FB WC limits       IND D            2244     Downgraded
                                (LT/ST)
Schoolnet India Ltd             TL (LT)                IND D            100      Downgraded
Shree Baidyanath Ayurved Bhawan FB WC limits           IND A-/ Negative 320      Downgraded
Pvt Ltd
Shri Venkateshwara Shikshan     TL(LT)                 IND D            121.7
Sanstha’S (Svss)
(Issuer Not Cooperating); Maintained in non-cooperating category
Small Business Fincredit India  Bk loans               IND A/ Stable    26.466   Assigned
Pvt Ltd
Small Business Fincredit India  NCDs                   IND A/ Stable    4        Assigned
Pvt Ltd
Tata Power Co. Ltd              Proposed NCDs          Provisional IND  2.2      Assigned
                                                       AA/ Stable
Usher Agro Ltd                  NCDs (LT)              IND D            550
(Issuer Not Cooperating); Maintained in 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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