September 27, 2019 / 5:09 AM / 25 days ago

India Ratings for Indian debt instruments – Sep 27

    Sep 27 (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 26, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
M/S Shree Krishna Steel Udhyog  Non-FB Fac             IND A4           75       Assigned
Odyssey Advanced Telematics     Non-FBL                IND A4           19       Downgraded
Systems
Optech Engineering Pvt Ltd      Non-FB WC limits       IND A4+          45       Affirmed
Rain Cements Ltd                Non-FB limits          IND A1           700      Affirmed
(increased from INR500)

LONG TERM RATINGS:
-------------------
Br. Sheshrao Wankhede Shetkari  Bk loans               IND B+           21.4     -
Sahakari Soot Girni Ltd
(Maintained in non-cooperating category),Issuer not cooperating
Br. Sheshrao Wankhede Shetkari  FB WC limit            IND B+           200      -
Sahakari Soot Girni Ltd
(Maintained in non-cooperating category),Issuer not cooperating
Classic Foods                   FB Fac                 IND B+/ Stable/  67.5     Affirmed
                                                       IND A4
Classic Foods                   Long-TL                WD               3.4      withdrawn
(fully repaid)
Dashmesh Educational Charitable TL*                    WD               1383.6   -
Trust
Maintained in non-cooperating category and withdrawn,*Maintained at ‘IND BB+(ISSUER NOT
COOPERATING)’ before being withdrawn
Dashmesh Educational Charitable FB WC facility*        WD               150      -
Trust
Maintained in non-cooperating category and withdrawn
Dashmesh Educational Charitable Non-FB facility**      WD               177      -
Trust
Maintained in non-cooperating category and withdrawn,** Maintained at ‘IND A4+(ISSUER NOT
COOPERATING)’ before being withdrawn
Dashmesh Educational Charitable Proposed FB WC         WD               389.4    -
Trust                           facility***
Maintained in non-cooperating category and withdrawn,*** Maintained at ‘Provisional IND
BB+(ISSUER NOT COOPERATING)’ before being withdrawn
Hindustan Prefab Ltd            Non-FB WC limit        IND BBB/RWE/ IND 400      -
                                                       A2/RWE
Maintained on RWE; migrated to non-cooperating category,Issuer did not cooperate; Based on the
best-available information
K.M. Sugar Mills Ltd            FB limits*             WD               1005.1   -
*Affirmed at ‘IND BB+(ISSUER NOT COOPERATING)’ before being withdrawn
K.M. Sugar Mills Ltd            Non-FBL**              WD               20       -
** Affirmed at ‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn
K.M. Sugar Mills Ltd            TL*                    WD               279      -
*Affirmed at ‘IND BB+(ISSUER NOT COOPERATING)’ before being withdrawn
M/S Shree Krishna Steel Udhyog  FB Fac                 IND              5        Assigned
                                                       B+/Stable/IND A4
Nava Bharath Educational Trust  Bk loans               IND BB           86.08    -
(Maintained in non-cooperating category),Issuer not cooperating
Nava Bharath Educational Trust  FB WC limits           IND BB           30       -
(Maintained in non-cooperating category),Issuer not cooperating
Northern Arc 2019 Mca Virgo     Series A1 pass-through Provisional IND  133.1    Assigned
                                certificates (PTCs)    BBB(SO)/Stable
Odyssey Advanced Telematics     FB limits              IND B/Stable     80       Downgraded
Systems
Optech Engineering Pvt Ltd      TL                     IND BB/Stable    10       Affirmed
Optech Engineering Pvt Ltd      FB WC limits           IND              50       Affirmed
                                                       BB/Stable/IND A4+
(reduced from INR80)
Privilege Trust Series – 17     Pass-through           Provisional IND  1211.69  Assigned
                                certificates           AAA(SO)/Stable
                                (PTCs)-Series A*
*The final rating is contingent upon the receipt of the final documents conforming to the
information already received. The pool of loans to small businesses secured by property
mortgages to be assigned to the trust has been originated by Shriram City Union Finance Limited
(SCUF; originator or seller; ‘IND AA’/Stable).
Rain Cements Ltd                FB limits              IND A/Stable     100      Affirmed
Outlook revised to Stable from Positive
Rain Cements Ltd                Non-FB limits          IND A/Stable/IND 450      Assigned
                                                       A1
Sanco Industries Ltd            FB WC limit (long- and IND D(ISSUER NOT 305      -
                                ST)                    COOPERATING)
Migrated to non-cooperating category; (Issuer Not Cooperating)
Sanco Industries Ltd            Non-FB Fac (ST)        IND D(ISSUER NOT 224      -
                                                       COOPERATING)
Migrated to non-cooperating category; (Issuer Not Cooperating)
Tribeni Constructions Ltd       FB WC limit*           WD               265      withdrawn
Maintained in the non-cooperating category,*Maintained in ‘IND BBB(ISSUER NOT COOPERATING)’
before being withdraw 
Tribeni Constructions Ltd       Non- FB WC limit^      WD               1150     withdrawn
Maintained in the non-cooperating category,^Maintained in ‘IND A2(ISSUER NOT COOPERATING)’
before being withdraw
Tribeni Constructions Ltd       TL*                    WD               90       withdrawn
Maintained in the non-cooperating category,*Maintained in ‘IND BBB(ISSUER NOT COOPERATING)’
before being withdraw 
Tribeni Constructions Ltd       WC limits#             WD               95       withdrawn
Maintained in the non-cooperating category,#Maintained in ‘IND BBB(ISSUER NOT COOPERATING)/IND
A2(ISSUER NOT COOPERATING)’ before being withdrawn 
Tribeni Constructions Ltd       Proposed non-FB limits@WD               50       withdrawn
Maintained in the non-cooperating category,@Maintained in Provisional IND A2(ISSUER NOT
COOPERATING))’ before being withdrawn 
U R Agrofresh Pvt Ltd           FB Fac (long-/ST)      IND D            51.5     Affirmed
Migrated to non-cooperating category; (Issuer Not Cooperating)
U R Agrofresh Pvt Ltd           TL (LT)                IND D            64.88    Affirmed
Migrated to non-cooperating category; (Issuer Not Cooperating)
United Brothers Polytech Llp    FB limits              IND BB           80       -
Migrated to non-cooperating category; (Issuer Not Cooperating)
United Brothers Polytech Llp    Non-FB limits          IND BB / IND A4+ 50       -
Migrated to 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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