September 9, 2019 / 7:56 AM / 9 days ago

India Ratings for Indian debt instruments – Sep 9

    Sep 9 (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 6, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Allied Medical Ltd              Non-FBL                IND A4+          50       -
Migrated to non-cooperating category; (Issuer Not Cooperating)
Annai Infra Developers Ltd      Non-FB limits          IND A2           1510     Affirmed
(increased from INR1,160)
Bla Coke Pvt Ltd                Non FB WC limits       IND A2+          100      Assigned
Victory Spinning Mills Ltd      Non-FB Fac             IND A3           32.3     Affirmed
(reduced from 34.1)

LONG TERM RATINGS:
-------------------
Aegan Industries Pvt Ltd        TL (LT)                IND D            268      Affirmed
Aegan Industries Pvt Ltd        FB WC limits (LT/ST    IND D            450      Affirmed
Aegan Industries Pvt Ltd        Non-FB WC limits (ST)  IND D            101      Affirmed
Allied Medical Ltd              FB limits              IND BB/IND A4+   100      -
Migrated to non-cooperating category; (Issuer Not Cooperating)
Annai Infra Developers Ltd      FB limits              IND BBB/Negative 640      Affirmed
(increased from INR440)
Bank Of Baroda                  Basel III Tier 2       IND AAA/Stable   30       Assigned
                                instrument*
* Yet to be issued
Lc Infra Projects Pvt Ltd       FB WC                  WD               40       Affirmed &
                                                                                 withdrawn*
* Affirmed at ‘IND BBB’/Stable/‘IND A3+’ before being withdrawn
Lc Infra Projects Pvt Ltd       NFB WC                 WD               460      Affirmed &
                                                                                 withdrawn^
^ Affirmed at ‘IND A3+’ before being withdrawn
Macrotech Developers Ltd        Bk loans               IND BBB-/RWN     1.5      Downgraded
(maintained on RWN)
Macrotech Developers Ltd        NCDs                   IND BBB-/RWN     4.95     Downgraded
(maintained on RWN)
Mas Financial Services Ltd      Bk loans               IND A/Stable     240      Affirmed
Mas Financial Services Ltd      Bk loans*              WD               29760    Withdrawn
*INR5,640 million bank loans have been paid in full and for the balance INR24,120
million, Ind-Ra is no longer required to maintain the ratings, as the agency has received a no
objection certificate from the lead banker of the consortium. This is consistent with the
Securities and Exchange Board of India’s circular dated 31 March 2017 for credit rating
agencies.
Mas Rural Housing & Mortgage    Bk loan                IND A/Stable     5        Affirmed
Finance Ltd
Nilshikhaa Infra India Ltd      FB limits*             WD               50       Affirmed and
                                                                                 withdrawn
*Affirmed at ‘IND BB+’/Stable before being withdrawn
Nilshikhaa Infra India Ltd      NFB**                  WD               340      Affirmed and
                                                                                 withdrawn
**Affirmed at ‘IND A4+’ before being withdrawn
Pawan Castings Meghalaya Pvt LtdFB limits              IND BB/Stable    150      Affirmed
Pawan Castings Meghalaya Pvt LtdLong-TL                IND BB/Stable    6.942    Affirmed
(decreased from INR10)
Platinum Trust September 2016   Series A pass-through  IND              938.5    Affirmed
                                certificates (PTCs)    AAA(SO)/Stable
Platinum Trust September 2016   Second loss credit     IND              125.6    Affirmed
                                facility (SLCF)        BBB(SO)/Stable
Psk Engineering Construction &  FB limit#              WD               500      Upgraded and
Co’S                                                                             Withdrawn
# Upgraded to ‘IND BB-’/Stable ‘IND A4+’ before being withdrawn
Psk Engineering Construction &  Non-FB limit*          WD               500      Upgraded and
Co’S                                                                             Withdrawn
* Upgraded to ‘IND A4+’ before being withdrawn
Psk Engineering Construction &  Proposed FB limit      WD               100      Withdrawn
Co’S
(the company did not proceed with the instrument as envisaged)
Psk Engineering Construction &  Proposed non-FB limit  WD               300      Withdrawn
Co’S
(the company did not proceed with the instrument as envisaged)
Vadilal Enterprises Ltd         Non-FB Bk Fac          IND A2+/RWN      5        -
(Maintained on RWN)
Vadilal Enterprises Ltd         TL                     IND BBB+/RWN     200.6    -
(Maintained on RWN)
Vadilal Enterprises Ltd         FB Bk Fac              IND BBB+/RWN /   100      -
                                                       IND A2+/RWN
(Maintained on RWN)
Vadilal Industries Ltd          Non-FB Bk Fac          IND A2+/RWN      102.5    -
(Maintained on RWN)
Vadilal Industries Ltd          TL                     IND BBB+/RWN     900      -
(Maintained on RWN)
Vadilal Industries Ltd          FB Bk Fac              IND BBB+/RWN     577.7    -
(Maintained on RWN)
Victory Spinning Mills Ltd      TL                     IND BBB-/Stable  297.9    Affirmed
(reduced from 391.3)
Victory Spinning Mills Ltd      FB WC limits           IND              360      Affirmed
                                                       BBB-/Stable/IND
                                                       A3
(increased from 260)
-----------------------------------------------------------------------------------------------
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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