October 30, 2018 / 3:43 AM / in 20 days

India Ratings for Indian debt instruments – Oct 30

    Oct 30 (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 29, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Highway Infrastructure Pvt Ltd  Non-FB WC limit        IND A3           579
Migrated to non-cooperating category; (Issuer Not Cooperating)
Minda Corporation Ltd           CP*                    IND A1+          500      Affirmed
* Carved out from fund-based limits
Mnr Cottons Ltd                 Non-FB WC limits       IND A4+          8        Assigned
Northern Arc 2018 Csl Jupiter   Series A1 pass-through Provisional IND  121.1    Assigned
(An Asset-Backed Security       certificates (PTCs)    A3+(SO)
Transaction)
Shree Prithvi Steel Rolling     Non-FB WC limit        IND A4+          90
Mills Pvt Ltd
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Sri Venkata Siva Parvathi       Non-FB Fac             IND A4+          113.3
Spinning Mills Pvt. Ltd.
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Vayhan Coffee Ltd               Non-FB WC limits       IND A3           58.5     Affirmed

LONG TERM RATINGS:
-------------------
Beehive Alcoveb                 FB limit               IND BB/ IND A4+  150
Migrated to non-cooperating category; (Issuer Not Cooperating)
Dream Gateway Hotels Ltd        Long-TL                IND BBB-         150      Upgraded
reduced from 480 mln
Dwaraka Infra Projects          FB WC Limits           IND B+/ IND A4   150
Migrated to non-cooperating category; (Issuer Not Cooperating)
Gvk Cotton Mills                TL                     IND B-           17.5
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Gvk Cotton Mills                FB WC limits           IND B-/ IND A4   80
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Highway Infrastructure Pvt Ltd  FB WC  limit           IND BBB-         181
Migrated to non-cooperating category; (Issuer Not Cooperating)
IL&FS Clusters Development      FB WC limits           IND B+(SO)/ IND  300      Downgraded
Initiative Ltd                                         A4(SO)
IL&FS Clusters Development      Non-FB WC limits       IND B+(SO)/ IND  60       Downgraded
Initiative Ltd                                         A4(SO)
IL&FS Skills Development        Non-FB limit/FBL*      IND B+(SO)/ IND  100      Downgraded
Corporation Ltd                                        A4(SO)
*The limit is fungible
India Standard Loan Trust -     Series A pass-through  IND AA(SO)       52.71    Affirmed
XVIII (An Abs Transaction)      certificates (PTCs)
India Standard Loan Trust -     Liquidity facility (LF)IND AAA(SO)      8.04     Affirmed
XVIII (An Abs Transaction)
India Standard Loan Trust -     Second loss credit     IND BBB(SO)      27.3     Affirmed
XVIII (An Abs Transaction)      facility (SLCF)
MFL Securitisation Trust        Series A1 pass-through Provisional IND  1423.5   Confirmed
LXVII’S (An Abs Transaction)    certificates (PTCs)*   AAA(SO)
* The final ratings are contingent upon the receipt of final documents conforming to the
information already received by Ind-Ra. 
MFL Securitisation Trust        Series A2 PTCs*        Provisional IND  74.9     Confirmed
LXVII’S (An Abs Transaction)                           AAA(SO)
* The final ratings are contingent upon the receipt of final documents conforming to the
information already received by Ind-Ra. 
MFL Securitisation Trust        Second loss credit     Provisional IND  122.9    Confirmed
LXVII’S (An Abs Transaction)    facility (SLCF)*       BBB-(SO)
* The final ratings are contingent upon the receipt of final documents conforming to the
information already rec
Minda Corporation Ltd           TL                     IND AA-          1340.4   Upgraded
Minda Corporation Ltd           FB WC limits           IND AA-/ IND A1+ 635
Long-term rating upgraded; Short term rating affirmed
Minda Corporation Ltd           Non-FB WC limits       IND AA-/ IND A1+ 793.6
Long-term rating upgraded; Short-term rating affirmed
Mnr Cottons Ltd                 TL                     IND BB           96.6     Assigned
Mnr Cottons Ltd                 FB WC limits           IND BB/ IND A4+  80       Assigned
Northern Arc 2018 Mfi Euclid    Series A pass-through  Provisional IND  819.99   Assigned
(An Abs Transaction)            certificates (PTCs)    A(SO)
Patel Infrastructure Ltd        FB Fac                 IND A-/ IND A2+  1600     Downgraded
reduced from 2,500 mln
Patel Infrastructure Ltd        Non-FBL                IND A-/ IND A2+  7500     Downgraded
Patel Infrastructure Ltd        Proposed FB limits*    Provisional IND  900      Assigned
                                                       A-/ Provisional
                                                       IND A2+
*The final rating will be assigned following the final issuance and the receipt of final
documentation, conforming to the information already received by Ind-Ra. 
Shree Prithvi Steel Rolling     FB WC limit            IND BB+          147.5
Mills Pvt Ltd
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Shree Prithvi Steel Rolling     TL                     IND BB+          52.68
Mills Pvt Ltd
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Shri Guru Ram Dass Educational  TL                     IND A            400      Affirmed
Society
reduced from 599.9 mln
Sonamoti Agrotech Pvt Ltd       TL                     IND B+           77.5
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Sonamoti Agrotech Pvt Ltd       FB WC limit            IND B+           75.5
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Sri Venkata Siva Parvathi       Long-TL                IND BB+          417.03
Spinning Mills Pvt. Ltd.
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Sri Venkata Siva Parvathi       FB Fac                 IND BB+/ IND A4+ 457
Spinning Mills Pvt. Ltd.
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Vaibhav Gems                    Long-TL                IND BBB          10.48
Migrated to non-cooperating category; (Issuer Not Cooperating)
Vaibhav Gems                    FB WC  limit           IND BBB/ IND A3+ 268
Migrated to non-cooperating category; (Issuer Not Cooperating)
Vayhan Coffee Ltd               TL                     IND BBB-         5        Affirmed
reduced from 13.3 mln
Vayhan Coffee Ltd               FB WC limits           IND BBB-/ IND A3 354.3    Affirmed
reduced from 355.3 mln
-----------------------------------------------------------------------------------------------
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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