September 6, 2018 / 5:17 AM / 2 months ago

India Ratings for Indian debt instruments – Sep 6

    Sep 6 (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 5, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Everon Castings Pvt Ltd         NFBF                   IND A4+          30       -
Migrated to non-cooperating category,Issuer not cooperating
Kpm Processing Mill Pvt Ltd     Non-FB limits          IND A4+          10.97    -
Migrated to non-cooperating category,Issuer not cooperating
Marudhar Rocks International    Non-FB limits*         IND A3           75       -
Pvt Ltd’S 
* The assignment of the final ratings follows the receipt of the final documents conforming to
the information already received by Ind-Ra. 
Sat Inder Constructions Pvt Ltd Non-FB WC limit        IND A4+          45       -
Maintained in Non-Cooperating Category,Issuer not cooperating
Shri Jayasheel N Shetty         Non-fund–based Fac     IND A4+          50       -
Maintained in Non-Cooperating Category,Issuer not cooperating
Tarun Enterprise                Non-FB WC limits       IND A4+          75       -
Migrated to non-cooperating category,Issuer not cooperating

LONG TERM RATINGS:
-------------------
Birbal International Pvt Ltd    FB WC  limit           IND B+           100      -
Maintained in Non-Cooperating Category,Issuer not cooperating
Brua Hydrowatt Pvt Ltd          Long-TL                IND BB+          490      -
Maintained in Non-Cooperating Category,Issuer not cooperating
Castings India Pvt Ltd          FB WC facility         IND B+           50       -
Maintained in Non-Cooperating Category,Issuer not cooperating
Castings India Pvt Ltd          TL                     IND B+           14       -
Maintained in Non-Cooperating Category,Issuer not cooperating
Classic Mall Development        Series 1 NCDs*         IND AAA(SO)      3637.5   Upgraded from
Company Pvt Ltd                                                                  IND AA+(SO)
* Outstanding as of July 2018
Classic Mall Development        Series 2 NCDs*         IND AAA(SO)      1000     Upgraded from
Company Pvt Ltd                                                                  IND AA+(SO)
* Outstanding as of July 2018
Everon Castings Pvt Ltd         TL                     IND BB+          196.7    -
Migrated to non-cooperating category,Issuer not cooperating
Everon Castings Pvt Ltd         FBF                    IND BB+ / IND A4+210      -
Migrated to non-cooperating category,Issuer not cooperating
Greater Hyderabad Municipal     NCDs*                  IND AA           1950     Assigned
Corporation
Guar Gum Industries             FB WC  limit           IND B- /IND A4   80       -
Maintained in Non-Cooperating Category,Issuer not cooperating
Haq Enterprises Pvt Ltd         FB WC limits           IND BB / IND A4+ 200      -
Maintained in Non-Cooperating Category,Issuer not cooperating
John Energy Ltd                 TL (LT)                IND D            578.4    Downgraded
                                                                                 from IND A
(reduced from INR819.3), (Off RWN)
John Energy Ltd                 External commercial    IND D            2832.1   Downgraded
                                borrowings (LT)                                  from IND A
(reduced from INR3,581.1), (Off RWN)
John Energy Ltd                 WC limits (LT/ST)      IND D            1270     Downgraded
                                                                                 from IND A
(Off RWN)
John Energy Ltd                 Non-FB limits (LT/ST)  IND D            1816.1   Downgraded
                                                                                 from IND A
(reduced from INR1,991),Off RWN
Kpm Processing Mill Pvt Ltd     FB WC limits           IND BB           90       -
Migrated to non-cooperating category,Issuer not cooperating
Kpm Processing Mill Pvt Ltd     LT  loans              IND BB           109.93   -
Migrated to non-cooperating category,Issuer not cooperating
M/S Bellatrix Infrastructure    TL                     IND BB-          29.1     Upgraded from
Pvt Ltd                                                                          IND B+
(reduced from INR35.5),Issuer not cooperating
M/S Bellatrix Infrastructure    FBF                    IND BB- /IND A4+ 25       Upgraded from
Pvt Ltd                                                                          IND B+/IND A4
Issuer not cooperating
Makino Automotive               TL                     IND BBB-         10       -
Maintained in Non-Cooperating Category,Issuer not cooperating
Makino Automotive               FB Limit               IND BBB-/IND A3  60       -
Maintained in Non-Cooperating Category,Issuer not cooperating
Malar Solvent Extraction Pvt LtdFBL                    IND BB- /IND A4+ 50       -
Maintained in Non-Cooperating Category,Issuer not cooperating
Marudhar Rocks International    TL*                    IND BBB- /IND A3 1300     -
Pvt Ltd
* The assignment of the final ratings follows the receipt of the final documents conforming to
the information already received by Ind-Ra. 
Mukti Projects Ltd              FB working limits (LT) IND D            32.4     -
Maintained in Non-Cooperating Category,Issuer not cooperating
Mukti Projects Ltd              Long-TL (LT)           IND D            1549.7   -
Maintained in Non-Cooperating Category,Issuer not cooperating
Naagaami Infratech Pvt Ltd      Proposed FB limits     Provisional IND  300      -
                                                       BB-
Maintained in Non-Cooperating Category,Issuer not cooperating
Northern Arc 2018 Mfi Crown     Series A1 pass-through Provisional IND           Assigned
                                certificates (PTCs)*   A(SO)
* The final ratings are contingent upon the receipt of final documents conforming to the
information already rec
Northern Arc 2018 Mfi Crown     Series A2 PTCs*        Provisional IND           Assigned
                                                       BBB-(SO)
* The final ratings are contingent upon the receipt of final documents conforming to the
information already rec
Parkash Pulses                  FB WC  limits          IND B / IND A4   100      -
Maintained in Non-Cooperating Category,Issuer not cooperating
Rejeuvine Enterprises Pvt Ltd   TL                     IND B            123.3    Assigned
Rejeuvine Enterprises Pvt Ltd   FB WC limit            IND B / IND A4   30       Assigned
Sat Inder Constructions Pvt Ltd FB WC limit            IND BB-          50       -
Maintained in Non-Cooperating Category,Issuer not cooperating
Sat Inder Constructions Pvt Ltd Long-TL                IND BB-          7.3      -
Maintained in Non-Cooperating Category,Issuer not cooperating
Shri Jayasheel N Shetty         Fund–based Fac         IND BB- / IND A4+45       -
Maintained in Non-Cooperating Category,Issuer not cooperating
Tarun Enterprise                FB WC limits           IND BB / IND A4+ 40       -
Migrated to non-cooperating category,Issuer not cooperating
Tsi Business Parks (Hyderabad)  LRD rupee loan         IND A+(SO)       4159.4^  Upgraded from
Pvt Ltd                         facility 1*                                      IND A(SO)
^Bank loan facility outstanding of LRD rupee loan facility 1 on 31 July 2018,*An INR500 million
overdraft facility can be availed as a sublimit of the LRD rupee loan facility 1. 
Tsi Business Parks (Hyderabad)  LRD rupee loan         IND A+(SO)       2500     Assigned
Pvt Ltd                         facility 2
Venkata Sai Ispat Industries    FB WC limits (LT)      IND D            120      -
Pvt Ltd
Maintained in Non-Cooperating Category,Issuer not cooperating
Venkata Sai Ispat Industries    TL(LT)                 IND D            50       -
Pvt Ltd
Maintained in Non-Cooperating Category,Issuer not cooperating
Vivriti Browne 06 2018 (An Abs  Series A1 pass-through IND A(SO)        500      Assigned
Transaction)                    certificates (PTCs)
Vivriti Browne 06 2018 (An Abs  Series A2 PTCs         IND BBB(SO)      29.07    Assigned
Transaction) 
-----------------------------------------------------------------------------------------------
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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