April 13, 2017 / 4:32 AM / 3 months ago

India Ratings for Indian debt instruments – Apr 13

9 Min Read

    Apr 13 (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 12, 2017.

COMPANY                         INSTRUMENT             RATING         AMOUNT     MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------         ------     ---------
SHORT TERM RATINGS:
-------------------
Chemcoat India Enterprise Pvt   Non-FB WC limits       IND A4           49       Assigned
Ltd
Kaytee Corporation Pvt Ltd      Non-FB WC limit        IND A4           10       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Vmd Mills Pvt Ltd               Non-FB limit           IND A4+          19.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
LONG TERM RATINGS:
-------------------
Abhinaash Agrofood Industries   TL                     IND B+           32.56    Affirmed
Pvt Ltd
(reduced from INR38.75)
Abhinaash Agrofood Industries   FB limits              IND B+           30       Affirmed
Pvt Ltd
B.N.T. Innovations Pvt Ltd      FB limit (long- and ST)IND D            80       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
B.N.T. Innovations Pvt Ltd      NFB-limit              IND D            20       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Chemcoat India Enterprise Pvt   FB WC limits           IND B+ /IND A4   1        Assigned
Ltd
Haldia Petrochemicals Ltd       Long-TL                IND A+           41000    Assigned
Haldia Petrochemicals Ltd       FB WC limits           IND A+ /IND A1+  3500     Assigned
Haldia Petrochemicals Ltd       Non-FB WC limits       ND A+ /IND A1+   14500    Assigned
Haldia Petrochemicals Ltd       Proposed long-TL*      Provisional IND  1000     Assigned
                                                       A+
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by HPL to the satisfaction of Ind-Ra.
Jubilant Life Sciences Ltd      NCDs                   IND AA-          4950     Assigned
Kaytee Corporation Pvt Ltd      TL                     IND B+           25       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Kaytee Corporation Pvt Ltd      FB WC limit            IND B+ /IND A4    222     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
M/S Qualit Exports              FB WC limits           IND B/ IND A4    120      Assigned
Micky Metals Ltd                FB WC limit            IND BB+          150      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Parin Gems                      FB Fac -  CC           IND BB- /IND A4+ 217.2    Affirmed
 (decreased from INR248.5)
Pee Cee Cosma Sope Ltd          FB WC limits           IND BBB- /IND A3 57.5     Assigned
Raj Infrastructure Development  FB limits              IND BBB-         100      Migrated to
(I) Pvt Ltd                                                                      Non Cooperating
                                                                                 Category
Raj Infrastructure Development  Non-FB limits          IND BBB-         150      Migrated to
(I) Pvt Ltd                                                                      Non Cooperating
                                                                                 Category
Sahyadri Renewable Energy Pvt   TL (LT)                IND D            90.78    Assigned
Ltd
Shilpi Cable Technologies Ltd   FB WC                  IND BBB+ /IND A2 2660     Downgraded
Shilpi Cable Technologies Ltd   Non-FB WC              IND BBB+ /IND A2 7790     Downgraded
Shilpi Cable Technologies Ltd   Proposed WC*           Provisional IND  2050     Assigned
                                                       BBB+/
                                                       Provisional IND A2
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by SCTL to the satisfaction of Ind-Ra.
Shree Dwarkadhish Udyog Pvt Ltd FB limits              IND BB-          100      Assigned
Srm Power Pvt Ltd               TL I (LT)              IND D            204.17   Assigned
Srm Power Pvt Ltd               TL II (LT)             IND D            23.12    Assigned
Vmd Mills Pvt Ltd               TL                     IND BB-          106.5    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Vmd Mills Pvt Ltd               FB limit               IND BB-          50       Migrated to
                                                                                 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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