February 8, 2017 / 5:29 AM / 7 months ago

India Ratings for Indian debt instruments – Feb 8

    Feb 8 (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
February 7, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
------                          ----------             ------           ------   ---------
Ace Commercial Co. Pvt. Ltd.    Non-FB WC limit        IND A4+          12       Assigned
B.N.T Connections Impex Ltd     FB limits              IND A4+          120      Affirmed
B.N.T Connections Impex Ltd     Non-FB limits          IND A4+          120      Affirmed
(increased from INR52.4)
Catvision Ltd                   Non-FBL                IND A4+          10       Assigned
E C Blades & Tools Pvt Ltd      Non-FB WC limit        IND A2           130      Upgraded
(increased from INR95)
Emtelle India Ltd               Non-FB WC limits       IND A4           220      Affirmed
Prince Industries               Non-FB WC              IND A3           210      Affirmed
(reduced from INR260)
Rajshri Iron Industries Pvt Ltd Non-FB limits          IND A4           3.5      Affirmed
Ribbel International Ltd        Non-FB limits          IND A4+          30       Assigned
Techno Trak Engineers           Non-FB WC limits       IND A4           12.5     Downgraded

Ace Commercial Co. Pvt. Ltd.    FB WC limit            IND BB+          90       Assigned
Ace Commercial Co. Pvt. Ltd.    TL                     IND BB+          350      Assigned
Ahmedabad Municipal Corporation *Proposed NCDs         Provisional IND  2000     Assigned
*The final rating will be assigned upon issuance of NCDs and receipt of transaction documents by
the agency.
B.N.T Connections Impex Ltd     FB limits              IND BB           120      Downgraded
B.N.T Connections Impex Ltd     TL                     IND BB           65.68    Assigned
Catvision Ltd                   FB limit               IND BB+/ IND A4+ 15       Assigned
E C Blades & Tools Pvt Ltd      TL                     IND BBB+         105.9    Upgraded
(reduced from INR137.7)
E C Blades & Tools Pvt Ltd      TL                     IND BBB+         95       Assigned
(reduced from INR100)
E C Blades & Tools Pvt Ltd      FB WC limit            IND BBB+/ A2     190      Upgraded
Electronica Finance Ltd         Bk Fac                 IND A-           1500     Assigned
Emtelle India Ltd               TL                     IND B            26.4     Affirmed
(reduced from INR87)
Emtelle India Ltd               CC limits              IND B            375      Affirmed
(reduced from INR400)
Indera Garments Pvt Ltd         FB limit               IND BB-          60       Assigned
Lord Balaji Warehousing Pvt Ltd TL                     Long term IND D  99.66    Assigned
Manglam Paper Pvt Ltd           Long-TL                IND BB-          185      Assigned
Manglam Paper Pvt Ltd           FB WC loans            IND BB-/ IND A4+ 110      Assigned
Pinakee Engineers & Developers  FB limits              IND B+/ IND A4   90       Affirmed
Prince Industries               TL                     IND BBB-         105.8    Affirmed
(increased from INR90)
Prince Industries               FB CC                  IND BBB-         417      Affirmed
(increased from INR350)
Rajshri Iron Industries Pvt Ltd FB limits              IND B            146.5    Downgraded
Rajshri Iron Industries Pvt Ltd Long-TL                IND B            33.3     Downgraded
(reduced from INR59.8)
Ribbel International Ltd        FB WC limits           IND BB- / IND A4+35       Assigned
Sagar Metallics Pvt Ltd         TL                     IND BB-          23.9     Affirmed
(reduced from INR31.58)
Sagar Metallics Pvt Ltd         FB WC limits           IND BB-/ IND A4+ 110      Affirmed
Sakthi Traders Shri Sakthi      FB WC limits           IND B/ IND A4    79       Assigned
Hitech Agro Foodss
Sakthi Traders Shri Sakthi      Proposed FB WC limits* Provisional IND  26       Assigned
Hitech Agro Foodss                                     B/ Provisional
                                                       IND A4
* The above ratings are provisional and shall be confirmed upon the sanction and execution of
loan documents for
Techno Trak Engineers           TL                     IND B+           1.8      Downgraded
(reduced from INR14.08)
Techno Trak Engineers           FB WC limits           IND B+           50       Downgraded
Tirupati Starch & Chemicals Ltd TL                     IND BB           132.6    Assigned
Tirupati Starch & Chemicals Ltd FB limits              IND BB           80       Assigned
Vodafone Mobile Services Ltd    NCDs (NCDs)            IND AAA/ RWE     15       Placed on RWE
Vodafone Mobile Services Ltd    NCDs                   IND AAA/ RWE     25       Placed on RWE
Vodafone Mobile Services Ltd    NCDs                   IND AAA/ RWE     35       Placed on RWE
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

$: 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

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

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