October 3, 2018 / 7:35 AM / 8 months ago

India Ratings for Indian debt instruments – Oct 3

    Oct 3 (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 1, 2018.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
Bharat Construction             Non-FB Fac             IND A4+          230      Maintained in
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Fuso Glass India Pvt Ltd        Non-FB Fac             IND A4+          155      Maintained in
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Heavy Engineering Corporation   Non-FBL                IND A4+          1880     Affirmed
Ltd


LONG TERM RATINGS:
-------------------
B.L. Agro Oils Ltd              Long-TL                IND BBB          770      Maintained in
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
B.L. Agro Oils Ltd              FB limit               IND BBB/IND A3+  2750     Maintained in
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Bharat Construction             FB Fac                 IND BB-/IND A4+  120      Maintained in
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Clean Sustainable Energy Pvt LtdTL                     IND BBB+         3375     Assigned
Clean Sustainable Energy Pvt LtdNon-FB facility (BG)   IND BBB+         200      Assigned
Embee Agro Food Industries Pvt  TL                     IND BB-          86       Migrated to
Ltd                                                                              Non
                                                                                 Cooperating
                                                                                 Category
Embee Agro Food Industries Pvt  FB WC limits           IND BB- /IND A4+ 140      Migrated to
Ltd                                                                              Non
                                                                                 Cooperating
                                                                                 Category
Extramarks Education India Pvt  Non-FB WC limit        IND A- /IND A2+  1124.2   Affirmed
Ltd
Extramarks Education India Pvt  FB WC limit            IND A-/IND A2+   50       Affirmed
Ltd
Fuso Glass India Pvt Ltd        TL Fac                 IND BB           33.7     Maintained in
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Fuso Glass India Pvt Ltd        FB Fac                 IND BB /IND A4+  260      Maintained in
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Heavy Engineering Corporation   FB limits              IND BB           2000     Affirmed
Ltd
J.R. Agrotech Pvt. Ltd.         FB limit (long- and ST)IND D            2800     Affirmed
J.R. Agrotech Pvt. Ltd.         TL (LT)                IND D            150      Affirmed
Maa Chinnamasta Food Processor  TL                     -                20       withdrawn
Pvt Ltd
Maa Chinnamasta Food Processor  FB WC limit            -                130      withdrawn
Pvt Ltd
Mahindra & Mahindra Financial   Retail NCDs (NCDs)^    IND AAA          100000   Assigned
Services Ltd
^the rated limit is interchangeable with retail subordinated debt
Mahindra & Mahindra Financial   Principal protected    IND PP-MLD AAA   5000     Assigned
Services Ltd                    market linked          EMR
                                debenture**
**The suffix emr denotes the exclusion of the embedded market risk from the rating. 
The rating of the market linked debentures is an ordinal assessment of the underlying 
credit risk of the instrument and does not factor in the market risk that investors 
in such instruments will assume. This market risk stems from the fact that coupon 
payment on the instrument will be based on the performance of a reference index or
equity share (detailed in the information memorandum of the issue).
PP-MLD refers to full principal protection in the equity-linked notes wherein the 
issuer is obligated to pay the full principal upon maturity.
Northern Arc 2018 Sbl Earth     Series A1 pass-through Provisional IND  135.07   Assigned
                                certificates (PTCs)    BBB (SO)
Radhey Govind Steel & Alloys    FB WC limit            IND BB-          50       Assigned
Pvt Ltd
Shri Ramswaroop Memorial        TL                     IND BB-          466.3    Migrated to
Charitable Trust                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Shri Ramswaroop Memorial        FB WC Fac              IND BB-          368      Migrated to
Charitable Trust                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Ummed Educational Foundation    TL                     IND B            96       Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Vasai Virar Municipal           Issuer rating LT       IND A-           -        -
Corporation
(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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