June 27, 2017 / 7:48 AM / 25 days ago

India Ratings for Indian debt instruments – Jun 27

11 Min Read

    Jun 27 (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
June 23 & June 26, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
Bhardwaj Construction Company   Non-FB limits          IND A4+          98.4     Affirmed
Pvt Ltd
Bhardwaj Construction Company   Proposed non-FB limits*Provisional IND  101.6    Affirmed
Pvt Ltd                                                A4+
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by BCCPL to the satisfaction of Ind-Ra.
Ctrls Datacenters Ltd           Non-FB WC facility     IND A2+          100      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Emami Cement Ltd                Non-FB WC limit        IND A2+          150      Assigned
Housing And Urban Development   FY18 ST debt           IND A1+          20000    Assigned
Corporation Ltd
Lucky Yarn Tex India Pvt Ltd    Non-FB Bk Fac          IND A3           113      Affirmed
Orbit Technologies Pvt Ltd      Non-FB WC limits       IND A4+          35       Affirmed
(increased from INR27.5)
Shree Vardhman Developers Pvt   Non-FB limits          IND A4           98.9     Affirmed
Ltd
Suryalata Spinning Mills Ltd    Non-FB WC Fac          IND A3+          12.5     Assigned
Suryalata Spinning Mills Ltd    Forward cover facility IND A3+          5.2      Assigned
United Ciigma Institute Of      Non-FB WC Fac          IND A3           0.1      Assigned
Medical Sciences Pvt Ltd

LONG TERM RATINGS:
-------------------
Azamgarh Nagar Palika Parishad  LT Issuer Rating       IND BB           -        Assigned
Bgr Mining & Infra Pvt Ltd      TL                     IND BBB          2812     Affirmed
(reduced from INR3301.5)
Bgr Mining & Infra Pvt Ltd      Bk Fac                 IND BBB/INDA3+   7250     Affirmed
Bgr Mining & Infra Pvt Ltd      Proposed TL#           Provisional IND  937.9    Assigned
                                                       BBB
# The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by BGR to the satisfaction of Ind-Ra.
Bhalerao Brothers & Associates  Proposed long-TL       WD               75       Withdrawn
Ctrls Datacenters Ltd           Lease rental           IND A-           1260     Migrated to
                                discounting long-TL                              Non Cooperating
                                                                                 Category
Ctrls Datacenters Ltd           Long-TL                IND A-           480      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Ctrls Datacenters Ltd           FB WC facility         IND A-           150      Migrated to
                                                                                 Non Cooperating
 
                                                                                 Category
Emami Cement Ltd                FB WC limits           IND A-           1600     Assigned
Emami Cement Ltd                Long-TL                IND A-           19645    Assigned
Emami Cement Ltd                Proposed FB WC limits* Provisional IND  800      Assigned
                                                       A-
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by ECL to the satisfaction of Ind-Ra.
Emami Cement Ltd                Proposed LT loan*      Provisional IND  4400     Assigned
                                                       A-
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by ECL to the satisfaction of Ind-Ra.
Housing And Urban Development   FY18 borrowing         IND AAA          120000   Assigned
Corporation Ltd                 programme
Housing And Urban Development   Proposed LT Bk loans   Provisional IND  32813.5  Assigned
Corporation Ltd                                        AAA
Jasmer Pack Ltd                 Non-FB limit           IND BB /IND A4+  2.3      Affirmed
Jasmer Pack Ltd                 FB limit               IND BB/IND A4+   165      Affirmed
 (increased from INR145.0)
Jsw Steel Ltd                   NCDs (NCDs)            IND AA-          53510.4  Affirmed
(reduced from INR86,350)
Jubilant Agri And Consumer      Long-TL                IND BBB          1462.5   Affirmed
Products Ltd
Jubilant Agri And Consumer      FB WC limits           IND BBB /INDA3+  594      Affirmed
Products Ltd
Jubilant Agri And Consumer      Non-FB WC limits       IND BBB /INDA3+  2137.5   Affirmed
Products Ltd
Knowledge Infrastructure        FB WC                  IND A-/IND A2+   350      Affirmed
Systems Pvt Ltd
Knowledge Infrastructure        Non-FB WC              IND A-/IND A2+   8350     Affirmed
Systems Pvt Ltd
(reduced from INR 9,945)
Knowledge Infrastructure        Proposed WC Fac*       Provisional IND  6050     Affirmed
Systems Pvt Ltd                                        A- /Provisional
                                                       IND A2+
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by KISPL to the satisfaction of Ind-Ra. /(increased from
INR4,455)
Lucky Yarn Tex India Pvt Ltd    TL facility            IND BBB-/        359.2    Affirmed
Lucky Yarn Tex India Pvt Ltd    FB WC limit            IND BBB-/ IND A3 149      Affirmed
Mash Agro Foods Ltd.            TL                     IND BBB-         84.7     Affirmed
(reduced from INR140)
Mash Agro Foods Ltd.            FB limits*             IND BBB- /IND A3 160      Assigned
* The final rating has been assigned following the receipt of sanction letters from Mash Agro.
Mash Agro Foods Ltd.            FB limits              IND BBB- /IND A3 580      Affirmed
(increased from INR550)
Mash Agro Foods Ltd.            Proposed TL            WD               400      Withdrawn
Orbit Technologies Pvt Ltd      FB WC limits           IND BB-          27.5     Affirmed
Orbit Technologies Pvt Ltd      TL                     IND BB-          2.5      Affirmed
 (reduced from INR5.69)
Pharma Specialities Ltd         TL                     IND A+           1190     Affirmed
Pharma Specialities Ltd         Proposed TL*           Provisional IND  3810     Affirmed
                                                       A+
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by Eugia to the satisfaction of Ind-Ra.
Shree Vardhman Developers Pvt   FB limits              IND              1        Affirmed
Ltd                                                    B+/IND A4
Shree Vardhman Township Pvt Ltd TL (LT)                IND D            400      Downgraded
                                                                                 from IND B
Suryalata Spinning Mills Ltd    FB WC  Fac             IND BBB /IND A3+ 493.5    Assigned
Suryalata Spinning Mills Ltd    TL                     IND BBB/         988.8    Assigned
United Ciigma Institute Of      TL                     IND BBB-         1095.9   Assigned
Medical Sciences Pvt Ltd
United Ciigma Institute Of      FB WC  Fac             IND BBB-/ IND A3 370      Assigned
Medical Sciences Pvt Ltd
-----------------------------------------------------------------------------------------------
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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