May 31, 2017 / 3:57 AM / 2 months ago

India Ratings for Indian debt instruments – May 31

10 Min Read

    May 31 (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
May 30, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Bhopal Tractors Pvt Ltd         Non-FB limit           IND A3           40       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Kamakhya Transformers           Non-FB WC limit        IND A4+          23       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Kamakhya Transformers           Proposed non-FB WC     Provisional IND  13.5     Migrated to
                                limit                  A4+                       Non-
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Lincon Polymers Pvt Ltd         Non-FB Fac             IND A3           5        Affirmed
Medha Servo Drives Pvt Ltd      Non-FB Fac             IND A1+          2300     Affirmed
Mundra Solar Pv Ltd             Non-FB limits          IND A3+          10580    Assigned
Paracoat Products Ltd           Non-FB Bk Fac          IND A3+          145      Upgraded
increased from 115
Rank Cranes Pvt Ltd             Non-FB WC limits       IND A4+          50       Affirmed
increased from 30
Vinyl Chemicals (I) Ltd         Non-FB limits          IND A1+          730      Affirmed

LONG TERM RATINGS:
-------------------
Aakriti Super Snacks Pvt Ltd    FB WC limit            IND B+           15       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Aakriti Super Snacks Pvt Ltd    Long-TL                IND B+           120      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Altius Management Advisors Pvt  TL (LT lease rental    IND BBB-         511.4    Affirmed
Ltd                             discounting loan)
reduced from INR 546.5
American Express Banking Corp.  Fixed deposit programmeIND tAAA         1.25     Affirmed
Bank Of Baroda                  Basel III Tier II bondsIND AAA          20       Assigned
Bhopal Tractors Pvt Ltd         FB limit               IND BBB-         60       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
HDFC Ltd                        Purchaser payouts      IND AAA(SO)      1444.52  Affirmed
Kamakhya Transformers           FB WC limit            IND BB           16       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Lincon Polymers Pvt Ltd         FB Fac                 IND BBB-         180      Affirmed
Lincon Polymers Pvt Ltd         TL                     WD               2.2      Withdrawn
                                                                                 (limits repaid
                                                                                 in full)
Medha Servo Drives Pvt Ltd      FB Fac                 IND A+/ IND A1+  50       Affirmed
Mundra Solar Pv Ltd             FB limits              IND BBB/ IND A3+ 2790     Assigned
Mundra Solar Pv Ltd             FB limits*             IND BBB/ IND A3+ 1210     Assigned
*The final ratings have been assigned following the receipt of transaction documents conforming
to the informati
Paracoat Products Ltd           FB WC limit            IND BBB/ IND A3+ 130      Upgraded
Paracoat Products Ltd           TL                     WD               60       Withdrawn
                                                                                 (repaid in
                                                                                 full)
Prathishta Business Solutions   TL (LT)                IND D            448.45   Assigned
Pvt Ltd
Prathishta Business Solutions   Non-FB WC Fac (ST)     IND D            120      Assigned
Pvt Ltd
Prathishta Business Solutions   FB WC Fac (LT/ST)      IND D/ IND D     10       Assigned
Pvt Ltd
Raj Regency                     TL                     IND B+           60       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Rank Cranes Pvt Ltd             FB WC limits           IND BB+          30       Affirmed
increased from 13.70
Rico Auto Industries Ltd        TL                     IND A-           1260     Upgraded
reduced from 1,600
Rico Auto Industries Ltd        Fund- and non-FB  WC   IND A-/ IND A1   1800     Upgraded
                                limits
increased from INR 1,550
Rico Auto Industries Ltd        Non-FB WC limits       IND A-/ IND A1   450      Upgraded
reduced from 670
Shanti G.D. Ispat & Power Pvt   Long-TL                IND BBB-         288.8    Migrated to
Ltd                                                                              Non-
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Shanti G.D. Ispat & Power Pvt   FB WC limit            IND BBB-         240      Migrated to
Ltd                                                                              Non-
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Vinyl Chemicals (I) Ltd         FB limits              IND A+           90       Affirmed

-----------------------------------------------------------------------------------------------
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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