October 31, 2018 / 6:10 AM / in 8 months

India Ratings for Indian debt instruments – Oct 31

    Oct 31 (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 30, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Chaudhary Timber Industries Pvt Non-FB WC limit        IND A3           1020     -
Ltd
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Gmw Engineers Pvt Ltd           Non-FB limits          IND A4+          105      Affirmed
India Dairy Products Ltd        Non-FB WC limits       IND A3           25       -
Migrated to non-cooperating category; (Issuer Not Cooperating)
Kartar Agro Industries Pvt Ltd  Non-FB WC limit        IND A3           47.5     Affirmed
(reduced from INR75)
Maa Bala Sundri Plywood Pvt Ltd Non-FB WC limit        IND A4           15       -
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Mehul Geo Projects              Non-FB Fac             IND A4+          50       -
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Nahar Textiles Pvt Ltd          NFBL                   IND A4+          50       -
Migrated to non-cooperating category; (Issuer Not Cooperating)
Prithvi Polymers Industries     Non-FB Limits          IND A4+          7.25     -
Pvt. Ltd.
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
R & C Infraengineers Pvt Ltd    Non-FB WC limits       IND A4+          50       -
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Revive Construction Company (I) Non-FB Fac             IND A4+          200      Assigned
Pvt Ltd
Revive Construction Company (I) Proposed non-FB Fac*   Provisional IND  650      Assigned
Pvt Ltd                                                A4+
*The rating is provisional and shall be confirmed upon the sanction and execution of
loan/transaction documents
Robbins Tunneling And           Non-FB WC limit        IND A4+          50       -
Trenchless Technology (I) Pvt
Ltd
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Samarth Diamond                 Non-FB WC  Fac         IND A3+          51       Affirmed
(increased from INR49)
Sigma Chemtrade Pvt. Ltd.       Non-FB WC limits       IND A4+          130      -
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Sriram Compounds Pvt Ltd        Non-FB WC limit        IND A3+          350      -
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Sudarshan Chemical Industries   CP*                    IND A1+          500      Assigned
Ltd
*Yet to be issued, carved out of existing working capital facilities.
Super Drilling Pvt Ltd          Non-FB limit           IND A4+          60       Assigned
Vivaan Solar Pvt Ltd            Non-FB WC limits       IND A3           125      -
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)


LONG TERM RATINGS:
-------------------
Brand Concepts Pvt Ltd          TL                     WD               1.4      Withdrawn
Brand Concepts Pvt Ltd          FB WC  limits          WD               77       Withdrawn
Brand Concepts Pvt Ltd          Non-FB WC limits       WD               31       Withdrawn
Euro Shoe Components Ltd        TL                     IND BBB+         34.1     -
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Euro Shoe Components Ltd        FB WC limit            IND BBB+ / IND A250       -
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Euro Shoe Components Ltd        Non-FB WC limits       IND BBB+ / IND A2132.5    -
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Gajanand Foods Pvt. Ltd         Long-TL                IND B+           52.46    -
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Gajanand Foods Pvt. Ltd         FBF                    IND B+ / IND A4  20       -
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Ghcl Ltd                        Proposed NCDs (NCDs)   Provisional IND  3000     Assigned
                                                       A+
Gmw Engineers Pvt Ltd           TL                     IND BB+          5.88     Affirmed
(increased from INR3)
Gmw Engineers Pvt Ltd           FB limits              IND BB+ / IND A4+12       Affirmed
(reduced from INR17)
Iiert October 2018              Series A pass-through  Provisional IND  1193.6   Assigned
                                certificates (PTCs)    AA(SO)
India Dairy Products Ltd        TL                     IND BBB-         168.28   -
Migrated to non-cooperating category; (Issuer Not Cooperating)
India Dairy Products Ltd        FB WC  limits          IND BBB-         30       -
Migrated to non-cooperating category; (Issuer Not Cooperating)
Indo Sponge Power And Steel Ltd FB WC limit (LT)       IND D            80       Downgraded
                                                                                 from IND B-
Indo Sponge Power And Steel Ltd Long-TL (LT)           IND D            50       Downgraded
                                                                                 from IND B-
Kartar Agro Industries Pvt Ltd  TL                     IND BBB-         24.5     Affirmed
(increased from INR22)
Kartar Agro Industries Pvt Ltd  FB WC limit            IND BBB- / IND A3258      Affirmed
(increased from INR233)
Maa Bala Sundri Plywood Pvt Ltd FB WC limit            IND B / IND A4   50       -
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Mehul Geo Projects              FB Fac                 IND BB-          100      -
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Nahar Textiles Pvt Ltd          FBL                    IND BB           115      -
Migrated to non-cooperating category; (Issuer Not Cooperating)
Narayana Educational Society    TL                     IND AA-          2279.9   Affirmed
(reduced from INR2,337.38)
Narayana Educational Society    WC limits              IND AA-          750      Affirmed
Narayana Learning Pvt Ltd       BL                     IND AA-          989.18   Affirmed
(increased from INR257.07)
Narayana Learning Pvt Ltd       WC limits              WD               250      Withdrawn
                                                                                 (paid in full)
Nkc Projects Pvt Ltd            FB WC limits           WD               520      Withdrawn
Nkc Projects Pvt Ltd            Non-FB WC limits       WD               2910     Withdrawn
Nkc Projects Pvt Ltd            Proposed FB WC limits  WD               5        Withdrawn
Nkc Projects Pvt Ltd            Proposed non-FB WC     WD               565      Withdrawn
                                limits
Nspira Management Services Pvt  NCD                    IND AA-          2020     Affirmed
Ltd
(reduced from INR3.78)
Nspira Management Services Pvt  NCD                    IND AA-          1000     Affirmed
Ltd
Nspira Management Services Pvt  BL                     IND AA-          1190     Affirmed
Ltd
(reduced from INR1.25)
Prithvi Polymers Industries     FB limits              IND B            25       -
Pvt. Ltd.
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Prithvi Polymers Industries     TL                     IND B            70       -
Pvt. Ltd.
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
R & C Infraengineers Pvt Ltd    TL                     IND BB-          15       -
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
R & C Infraengineers Pvt Ltd    FB WC limits           IND BB-          33.5     -
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Rana Milk Foods Pvt Ltd         FB WC limit            IND BB / IND A4+ 190      -
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Revive Construction Company (I) FB Fac                 IND BB+ / IND A4+350      Assigned
Pvt Ltd
Revive Construction Company (I) Proposed FB Fac*       Provisional IND  300      Assigned
Pvt Ltd                                                BB+/Stable/IND
                                                       A4+
*The rating is provisional and shall be confirmed upon the sanction and execution of
loan/transaction documents.
Robbins Tunneling And           FB WC limit            IND BB+/IND A4+  30       -
Trenchless Technology (I) Pvt
Ltd
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Samarth Diamond                 FB WC  Fac             IND BBB / IND A3+490      Affirmed
(increased from INR360)
Samarth Diamond                 Proposed FB WC Fac*    Provisional IND  109      Affirmed
                                                       BBB /
                                                       Provisional IND A3+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by SMD to the satisfaction of Ind-Ra.,(reduced from INR241)
Sigma Chemtrade Pvt. Ltd.       FB WC limits           IND BB+          12.5     -
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Sree Krishna Automotives        FB WC limits           IND BBB- / IND A3850      Upgraded
Hyderabad Pvt Ltd
Sriram Compounds Pvt Ltd        FB WC limit            IND BBB / IND A3+400      -
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Super Drilling Pvt Ltd          FB WC limit            IND BB- / IND A4+20       Assigned
Tata Projects Ltd               NCD                    Provisional IND  5000     Assigned
                                                       AA
Union Bank Of India’S           Basel III AT1 Bonds    IND AA           45       Affirmed
Union Bank Of India’S           Lower Tier II Bonds    IND AA+          4        Affirmed
(Outlook revised to Negative)
Union Bank Of India’S           Basel III Complaint    IND AA+          10       Affirmed
                                Tier II Bonds
(Outlook revised to Negative)
Up Koraun Urja Pvt Ltd          Rupee TL               IND BBB-         1690     Assigned
Vivaan Solar Pvt Ltd            LT loans               IND BBB-         68.75    -
(Maintained in Non-Cooperating Category; Issuer Not Cooperating)
Vivaan Solar Pvt Ltd            FB WC limits           IND BBB- / IND A325       -
(Maintained in 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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