September 20, 2018 / 7:20 AM / 3 months ago

India Ratings for Indian debt instruments – Sep 20

    Sep 20 (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
September 19, 2018.

COMPANY                         INSTRUMENT             RATING       AMOUNT   MOVEMENT
                                                                   (RS.MLN)
------                          ----------             ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Alaknanda Sponge Iron Ltd.      NFB WC limit           IND A4+          2.5      -
Maintained in Non-Cooperating Category
Amt International               Non-FB WC limit        IND A4           50       -
Maintained in non-cooperating category
Bhramari Steels Pvt Ltd         Non-FB limits          IND A4+          20       -
Maintained in non-cooperating category
Durga Marble And Minerals       FB WC limit            IND A4           84       -
Maintained in non-cooperating category
Ghcl Ltd                        CP (CP)*               IND A1+          1000     Assigned
*Yet to be issued; carved out of existing working capital facilities
Imperial Tubes Pvt Ltd          Non-FB limits          IND A4           50       -
Maintained in non-cooperating category
M/S Sanjay Agrawal              Non-FB WC limit        IND A4+          600      -
Maintained in non-cooperating category
Minera Steel & Power Pvt Ltd    Non-FB WC limit        IND A3+          4250     Affirmed
(increased from INR408)
Paras Commercial Corporation    Non-FB limits          IND A4           40       -
Maintained in non-cooperating category
R R Prestress Industries        Non-FB WC limit        IND A4           14.5     -
Maintained in non-cooperating category
Sas International               Non-FB WC limit        IND A4+          30       -
Maintained in non-cooperating category
Shakun Gases Pvt Ltd            Non-FB limits          IND A4           190      -
Maintained in Non-Cooperating Category
Shiva Polytubes Pvt Ltd         FB limit (standby line IND A4+          6.6      -
                                of credit)
Maintained in non-cooperating category
Shiva Polytubes Pvt Ltd         Non-FB limits          IND A4+          33.35    -
Maintained in non-cooperating category
Shivshakti Barrels Pvt Ltd      Non-FB WC limit        IND A4           13.5     -
Maintained in non-cooperating category
Tata Projects Ltd               CP                     IND A1+          2000     Assigned


LONG TERM RATINGS:
-------------------
Alaknanda Sponge Iron Ltd.      FB WC limit            IND BB+          125      -
Maintained in Non-Cooperating Category
Amt International               FB WC limit            IND B-           50       -
Maintained in non-cooperating category
Autopal Industries Ltd          TL                     IND BB-          6.3      -
Maintained in non-cooperating category
Autopal Industries Ltd          FB WC limit            IND BB-/IND A4+  100      -
Maintained in non-cooperating category
Bhramari Steels Pvt Ltd         FB limits              IND BB+          172.5    -
Maintained in non-cooperating category
Bhramari Steels Pvt Ltd         TL                     IND BB+          11       -
Maintained in non-cooperating category
Build Wallinfra India Pvt Ltd   TL (LT)                IND D            75       -
Maintained in non-cooperating category
Build Wallinfra India Pvt Ltd   FB WC limit (LT)       IND D            30       -
Maintained in non-cooperating category
Dee-Tech Projects Pvt Ltd       FB WC limit            IND BB           220      -
Maintained in non-cooperating category
Dee-Tech Projects Pvt Ltd       Non-FB WC limit        IND BB/IND A4+   310      -
Maintained in non-cooperating category
Eastern Media Ltd               FB limit               IND BBB-         299      Affirmed
Eastern Media Ltd               TL                     IND BBB-         40       Affirmed
Famous Stationery Pvt Ltd       FB WC limit            IND B+           50       -
Maintained in non-cooperating category
Gansons Ltd                     FB WC limit            IND BBB-         100      -
Maintained in non-cooperating category
Gansons Ltd                     NFB WC limit           IND BBB- /IND A3 140      -
Maintained in non-cooperating category
Ghanshyam Dall Mill             FB limits              IND BB-          75       -
Maintained in non-cooperating category
Hazaribagh Ranchi Expressway LtdSenior NCDs            IND AAA(SO)/RWN  5380     Placed on RWN
Hazaribagh Ranchi Expressway LtdSubordinate NCDs       IND AAA(SO)/RWN  1770     Placed on RWN
Hinduja Leyland Finance Ltd     Lower tier II          IND AA-          2500     Upgraded
                                subordinated debt
Il&Fs Clusters Development      FB WC                  IND BB+(SO) /IND 300      Downgraded
Initiative Ltd                                         A4+(SO)
Il&Fs Clusters Development      Non-FB WC              IND BB+(SO) /IND 60       Downgraded
Initiative Ltd                                         A4+(SO)
 (reduced from INR150)
Il&Fs Skills Development        Non-FB limit/FBL*      IND BB+(SO) /IND 100      Downgraded
Corporation Ltd                                        A4+(SO)
*The limit is fungible.
Imperial Tubes Pvt Ltd          FB limits              IND B+           400      -
Maintained in non-cooperating category
Indian Renewable Energy         FY18borrowing programme-                32650    Withdrawn 
Development Agency Ltd
(IREDA did not proceed with the instrument as envisaged)
Indian Renewable Energy         FY19borrowing programmeIND AAA          37000    Assigned
Development Agency Ltd
Indian Renewable Energy         Bonds                  IND AAA          7000     Affirmed
Development Agency Ltd
Indian Renewable Energy         Tax-free bonds         IND AAA          20000    Affirmed
Development Agency Ltd
Indian Renewable Energy         GoI fully serviced     IND AAA          16400    Affirmed
Development Agency Ltd          bonds
(reduced from INR40,000)
Jorbat Shillong Expressway Ltd  Senior NCDs            IND AAA(SO)/RWN  6412     Placed on RWN
Jorbat Shillong Expressway Ltd  Subordinate NCDs       IND AAA(SO)/RWN  2421.6   Placed on RWN
Linus Agroventures Pvt. Ltd     FB Fac (ST)            IND D            120      Affirmed
Linus Agroventures Pvt. Ltd     Long-TL (LT)           IND D            180      Affirmed
M/S Sanjay Agrawal              FB WC limit            IND BB           40       -
Maintained in non-cooperating category
Madhav Stores                   FB WC limit            IND B+           40       -
Maintained in non-cooperating category
Madhav Stores                   TL                     IND B+           24.28    -
Maintained in non-cooperating category
Minera Steel & Power Pvt Ltd    TL                     IND BBB          1137.1   Affirmed
(reduced from INR1,274)
Minera Steel & Power Pvt Ltd    FB WC limit            IND BBB /IND A3+ 850      Affirmed
Minera Steel & Power Pvt Ltd    Proposed FBL*          Provisional IND  119.9    Assigned
                                                       BBB /Provisional
                                                       IND A3+
* The ratings are provisional and shall be confirmed upon the sanction and execution
 of loan documents for the proposed facilities by Minera to the satisfaction of Ind-Ra. 
Paras Commercial Corporation    FB limits              IND B            45       -
Maintained in non-cooperating category
R R Prestress Industries        FB WC limit            IND B+/IND A4    40       -
Maintained in non-cooperating category
Sas International               FB WC limit            IND BB/IND A4+   215      -
Maintained in non-cooperating category
Shakun Gases Pvt Ltd            FB limits              IND B-           40       -
Maintained in Non-Cooperating Category
Shiva Polytubes Pvt Ltd         FB limits (CC)         IND BB+          44       -
Maintained in non-cooperating category
Shiva Polytubes Pvt Ltd         TL                     IND BB+          21.5     -
Maintained in non-cooperating category
Shivshakti Barrels Pvt Ltd      TL                     IND B+           1.88     -
Maintained in non-cooperating category
Shivshakti Barrels Pvt Ltd      FB WC limit            IND B+           45       -
Maintained in non-cooperating category
Tata Projects Ltd               FB WC limits           IND AA           10780    Assigned
Tata Projects Ltd               Non-FB limits          IND AA /IND A1+  16880    Assigned
Tata Projects Ltd               Short-TL               IND AA /IND A1+  1700     Assigned
Tata Projects Ltd               Bill discounting limitsIND AA /IND A1+  450      Assigned
Tiwana Oil Mills Pvt Ltd        TL                     IND BB           15.06    -
Maintained in non-cooperating category
Tiwana Oil Mills Pvt Ltd        FB WC limit            IND BB           82.5     -
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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