October 7, 2019 / 9:14 AM / 11 days ago

India Ratings for Indian debt instruments – Oct 7

    Oct 7 (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 4, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
C Mohanlal Pvt Ltd              Non-FB limits          IND A3           30       Affirmed
Gallantt Metal Ltd              Non FB limits          IND A1           1288     Affirmed
K B A Infrastructure Pvt Ltd    Non-FB Fac             IND A4           50       Affirmed
(reduced from INR61.146)
Majestic Exports                Non-FB WC limits       IND A4+          5.5      Affirmed
Mil Industries Ltd              Non-FB Fac             IND A4+          65       Affirmed
P. Lakshmi                      Non-FB limits          IND A4+          60       -
(Migrated to non-cooperating category)
Plastene India Ltd              Non-FB WC limits       IND A3+          260      Upgraded
Plastene India Ltd              Forward contract limitsIND A3+          18.2     Upgraded


LONG TERM RATINGS:
-------------------
Acebright (I) Pharma Pvt Ltd    TL                     IND BBB-/Positive206.16   Assigned
Big Sky Properties Pvt Ltd      TL                     IND BBB          343.5    -
(Migrated to non-cooperating category)
C Mohanlal Pvt Ltd              TL                     IND BBB-/Stable  218      Affirmed
(increased from INR248.7)
C Mohanlal Pvt Ltd              FB limits              IND BBB-/Stable  150      Affirmed
C Mohanlal Pvt Ltd              TL*                    IND BBB-/Stable  27       Assigned
*The final rating has been assigned following the receipt of executed 
financing documents by Ind-Ra.
Dbl Yavatmal Wardha Highways    Performance BG (PBG)*  -                521.7    Withdrawn
Pvt Ltd                                                                          (limits
                                                                                 cancelled)
*The PBG was released by the Concession Authority on completion of 30% construction
works (physical progress) in accordance with the concession agreement signed 
between DYWHPL and the Concession Authority. The PBG limits were subsequently 
cancelled by the lenders and there is no amount outstanding against this 
facility as on date.
Dbl Yavatmal Wardha Highways    Rupee TL               IND A+/ Stable   3082.5   Upgraded
Pvt Ltd
Enn Enn Corp Ltd                TL limits              IND BBB          1083.8   -
(Migrated to non-cooperating category)
Enn Enn Corp Ltd                FB WC limits           IND BBB/IND A3+  100      -
(Migrated to non-cooperating category)
Gallantt Metal Ltd              FB limits              IND A/Stable/IND 500      Affirmed
                                                       A1
Gateway Distriparks Ltd         TL                     IND AA-/Stable   0.84     Affirmed
(reduced from INR1.1)
Gateway Distriparks Ltd         NCDs                   IND AA-/Stable   5.5      Affirmed
Gateway Distriparks Ltd         Non-FB limits          IND AA-/Stable/  0.75     Affirmed
                                                       IND A1+
Gateway Distriparks Ltd         FB limits              IND              0.3      Affirmed
                                                       AA-/Stable/IND
                                                       A1+
Gateway Rail Freight Ltd        FB limits              IND AA-/ Stable/ 400      Affirmed
                                                       IND A1+
Gateway Rail Freight Ltd        Non-FB limits          IND AA-/ Stable/ 950      Affirmed
                                                       IND A1+
Gateway Rail Freight Ltd        TL                     IND AA-/Stable   1440     Affirmed
Hemali Investment & Finance Pvt TL                     IND BB+          650      -
Ltd
(Migrated to non-cooperating category)
Indian Oil Corporation Ltd      NCDs*                  IND AAA/Stable   30000    Assigned
* Yet to be issued. The issue size will be INR10 billion, with an option to 
retain additional INR20 billion.
K B A Infrastructure Pvt Ltd    FB Fac                 IND              50       Affirmed
                                                       B+/Stable/IND A4
(reduced from INR100)
Lords Mark Industries Pvt Ltd   TL*                    -                17       Maintained in
                                                                                 non
                                                                                 cooperating 
                                                                                 category 
                                                                                 and withdrawn
*Maintained at ‘IND BB+(ISSUER NOT COOPERATING)’ before being withdrawn
Lords Mark Industries Pvt Ltd   FB WC Fac**            -                230      Maintained in
                                                                                 non
                                                                                 cooperating 
                                                                                 category 
                                                                                 and withdrawn
**Maintained at ‘IND BB+(ISSUER NOT COPPERATING)/IND A4+(ISSUER NOT COOPERATING)’
 before being withdrawn.
Lrehl Renewables India Spv 1    TL                     IND A/Stable     2112.4   Affirmed
Pvt Ltd
M/S.Dhuni Polymers Pvt Ltd      TL                     IND BBB-/Stable  237.5    Affirmed
M/S.Dhuni Polymers Pvt Ltd      WC limit               IND              100      Affirmed
                                                       BBB-/Stable/IND
                                                       A3
Majestic Exports                TL                     IND BB+/Stable   39.3     Upgraded
Majestic Exports                FB WC limits           IND              160      Long-term
                                                       BB+/Stable/IND            upgraded,
                                                       A4+                       Short-term
                                                                                 affirmed
Mil Industries Ltd              FB Fac                 IND BB+/Stable   22       Affirmed
Mileage Real Estates Pvt Ltd    TL                     IND BBB          359.2    -
(Migrated to non-cooperating category)
Mindchampion Learning Systems   FB limits*             -                300      Affirmed and
Ltd                                                                              Withdrawn
*Affirmed at ‘IND AA-’/Stable/‘IND A1+’ before being withdrawn
Mindchampion Learning Systems   Non-FB limits*         -                150      Affirmed and
Ltd                                                                              Withdrawn
*Affirmed at ‘IND AA-’/Stable/‘IND A1+’ before being withdrawn
P. Lakshmi                      FB limits              IND BB- /IND A4+ 130      -
(Migrated to non-cooperating category)
Plastene India Ltd              Long-TL                IND BBB/ Stable  354.3    Upgraded
Plastene India Ltd              FB WC limits           IND BBB/ Stable  1610     Upgraded
Plastene India Ltd              Corporate loans        IND BBB/ Stable  350      Upgraded
Polygon Properties Pvt Ltd      TL                     IND BBB          267.9    -
(Migrated to non-cooperating category)
Shri Ramswaroop Memorial        TL*                    -                466.3    -
Charitable Trust
(Migrated to non-cooperating category)
Shri Ramswaroop Memorial        FB WC Fac*             -                368      -
Charitable Trust
(Migrated to non-cooperating category)
Tamil Nadu Transmission         Bond INE084G09222      IND A(CE)/ Stable1890     Affirmed
Corporation Ltd
Tamil Nadu Transmission         Bond INE084G09230      IND A(CE)/ Stable800      Affirmed
Corporation Ltd
Tamil Nadu Transmission         Bond INE084G09248      IND A(CE)/ Stable1270     Affirmed
Corporation Ltd
Tamil Nadu Transmission         Unsupported rating$    IND BBB/Stable   -        Assigned
Corporation Ltd
$Ind-Ra has assigned unsupported rating in compliance with the Securities Exchange
 Board of India’s circular dated 13 June
-----------------------------------------------------------------------------------------------
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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