April 12, 2017 / 4:59 AM / 4 months ago

India Ratings for Indian debt instruments – Apr 12

29 Min Read

    Apr 12 (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
April 11, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Atibir Industries Co. Ltd       Non-FB limits          IND A2           2628.3   Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Cleantec Infra Pvt Ltd          Non-FB WC limits       IND A4+          40       Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Cleantec Infra Pvt Ltd          Proposed NFB WC limits IND A4+          120      Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
Provisional (ISSUER NOT COOPERATING)
Cosyn Ltd                       Non-FB WC limits       IND A4+          42.5     Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Element Chemilink Pvt Ltd       Non-FB WC limits       IND A4+          20       Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Enkebee Infra                   Non-FB WC limit        IND A4+          50       Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
M/S Ess Pee Knit Wear           Non-FB limit           IND A4+          3.5      Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Niagara Metals India Ltd        Non-FB limits          IND A4+          160      Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Perfect Infracorp Pvt Ltd       Non-FB WC limit        IND A3+          480      Assigned

Prashant Automobiles Pvt. Ltd.  Non-FB WC limit        IND A4           8.6      Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Premier Poultry Products Ltd    Non-FB limit           IND A4+          5        Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Reliance Infrastructure Ltd     CP#                    IND A1+(SO)      300      Affirmed
# The rating to the CP was assigned on 15 February 2017.
Shivganga Drillers Pvt Ltd      Proposed Non-FB Fac    IND A3           23.4     Assigned
Provisional
Shivganga Drillers Pvt Ltd      Non-FB Fac             IND A3           150      Assigned

Steelfur System Pvt Ltd         Non-FB WC limit        IND A4+          5        Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Steelfur System Pvt Ltd         Proposed non-FB WC     IND A4+          5        Migrated to
                                limit                                            Non
                                                                                 -Cooperating
                                                                                 Category
Provisional (ISSUER NOT COOPERATING)
Swadeshi Textiles Pvt Ltd       Non-FB WC limit        IND A4+          2        Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Trident Ltd                     CP*                    IND A1+          500      Assigned
* The CP has been carved out of Trident’s working capital limits and will be used to meet
working capital requir
Unimech Industries Pvt Ltd      Non-FB WC limits       IND A4+          78       Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)

LONG TERM RATINGS:
-------------------
Atibir Industries Co. Ltd       FB limits              IND BBB          2180     Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Bhubaneshwar Power Pvt Ltd      TL                     IND A-           6763.6   Assigned

Bhubaneshwar Power Pvt Ltd      WC Fac                 IND A-           460      Assigned

Bhubaneshwar Power Pvt Ltd      Non-FB Fac             IND A-           460      Assigned

Cleantec Infra Pvt Ltd          FB WC limits           IND BB+ /A4+     20       Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Cleantec Infra Pvt Ltd          Proposed FB WC limits  IND BB+ /A4+     20       Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
Provisional (ISSUER NOT COOPERATING)
Cosyn Ltd                       FB WC limit            IND BB           20       Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Cosyn Ltd                       Long-TL                IND BB           2.34     Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Dutch Glass                     Long-TL                IND B+           56.12    Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Dutch Glass                     FB limit               IND B+ /A4       11.6     Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Element Chemilink Pvt Ltd       TL                     IND BB+          9.6      Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Element Chemilink Pvt Ltd       FB WC limits           IND BB+ /A4+     30       Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Energon Gj Wind Power Pvt Ltd   Proposed Bk TL         IND A-           1970     Assigned

Enkebee Infra                   FB WC limit            IND BB-          10       Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Goyal Rice Mills                TL                     IND B            16.5     Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Goyal Rice Mills                FB limit               IND B /A4        50       Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Iiert December 2016             Series A pass-through  IND AA(SO)       1917.8   Assigned
                                certificates (PTCs)

Kapil Enterprises Pvt Ltd       TL                     IND B+           1.1      Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Kapil Enterprises Pvt Ltd       FB limit               IND B+ /A4       70       Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Kundli Manesar Expressway Ltd   Bk TL                  IND BBB          13000    Assigned

Ls Rice Exports Pvt Ltd         TL                     IND B            13.1     Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Ls Rice Exports Pvt Ltd         FB WC limits           IND B /A4        40       Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
M/S Ess Pee Knit Wear           FB Limit               IND BB+ /A4+     105      Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Niagara Metals India Ltd        TL                     IND BB           20       Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Niagara Metals India Ltd        FB WC limits           IND BB /A4+      70       Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Notandas And Sons               FB limit               IND BBB- /A3     280      Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Notandas Gems Pvt Ltd           FB limit               IND BB /A4+      80       Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Perfect Infracorp Pvt Ltd       FB WC limit            IND BBB          160      Assigned

Prakash Industrial              TL limits              IND B            93.7     Migrated to
Infrastructure Pvt Ltd                                                           Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Prakash Industrial              FB WC limits           IND B /A4        100      Migrated to
Infrastructure Pvt Ltd                                                           Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Prashant Automobiles Pvt. Ltd.  FB WC limit            IND B-           57.5     Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Prashant Automobiles Pvt. Ltd.  Long-TL                IND B-           17.4     Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Premier Poultry Products Ltd    Long-TL                IND BB+          26.6     Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Premier Poultry Products Ltd    FB limit               IND BB+ /A4+     74       Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Pudukkottai Municipality        LT Issuer Rating       IND BB+                   Assigned

Rational Handloom Company Pvt   TL                     IND BB           124.82   Migrated to
Ltd                                                                              Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Rational Handloom Company Pvt   FB WC limits           IND BB /A4+      350      Migrated to
Ltd                                                                              Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Reliance Infrastructure Ltd     NCDs (NCDs)            IND A+ /RWN      9750     RWN maintained
reduced from 15,000
Reliance Infrastructure Ltd     TL                     IND A+ /RWN      5300     Assigned;
                                                                                 placed on RWN

Reliance Infrastructure Ltd     Bk Fac                 IND A+ /RWN /IND 180000   RWN maintained
                                                       A1+ /RWN

Reliance Infrastructure Ltd     ST debt*               IND A1+ /RWN     18000    RWN maintained
*INR6,000 million of the short-term debt is backed by a fund-based facility.
Reliance Infrastructure Ltd     NCDs**                 IND AA-(SO) /RWN 4750     RWN maintained
**The rated facilities are secured against regulatory asset collection in R-Infra’s Mumbai
distribution business
Reliance Infrastructure Ltd     TL**                   IND AA-(SO) /RWN 9000     RWN maintained
**The rated facilities are secured against regulatory asset collection in R-Infra’s Mumbai
distribution business
Sai Bharathi Homes              FB limit               IND B+           130      Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Sansaara Weaves & Filaments Pvt Long-TL                IND BB-          46.7     Migrated to
Ltd                                                                              Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Sansaara Weaves & Filaments Pvt FB limit               IND BB- /A4+     20       Migrated to
Ltd                                                                              Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Shivganga Drillers Pvt Ltd      Long-TL                IND BBB-         190.35   Assigned

Shivganga Drillers Pvt Ltd      Proposed FB Fac        IND BBB- /IND A3 40       Assigned
Provisional
Shivganga Drillers Pvt Ltd      FB Fac                 IND BBB- /IND A3 30       Assigned

Shreegopal Gobind Agro Tech Pvt TL                     IND B-           150      Migrated to
Ltd                                                                              Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Shreegopal Gobind Agro Tech Pvt FB WC limit            IND B- /A4       85       Migrated to
Ltd                                                                              Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Shriram City Union Finance Ltd  Bk loan                IND AA           60540    Assigned

Shubhang Oils Pvt Ltd           FB limit               IND B            85       Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Steelfur System Pvt Ltd         TL limits              IND BB-          18.6     Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Steelfur System Pvt Ltd         FB WC limits           IND BB- /A4+     28.5     Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Steelfur System Pvt Ltd         Proposed FB WC limit   IND BB- /A4+     1.5      Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
Provisional (ISSUER NOT COOPERATING)
Swadeshi Textiles Pvt Ltd       FB WC limit            IND BB-          60       Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Swadeshi Textiles Pvt Ltd       Proposed FB WC limit   IND BB-          40       Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
Provisional (ISSUER NOT COOPERATING)
Unimech Industries Pvt Ltd      FB WC limits           IND BB-          97.5     Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Unimech Industries Pvt Ltd      Long-TL                IND BB-          34.6     Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Vadalia Foods                   TL limits              IND B+           43.84    Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Vadalia Foods                   FB WC limits           IND B+ /A4       30       Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Velankanni Town Panchayat       LT Issuer Rating       IND BB                    Assigned

Vivaana Designers Pvt Ltd       FB WC limits           IND B- /A4       84       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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