May 4, 2017 / 5:19 AM / 4 months ago

India Ratings for Indian debt instruments – May 4

    May 4 (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 3, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Accent Metals Pvt Ltd           Non-FB WC facility     IND A3           219.6    Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Afflatus International          Non-FB limit           IND A4+          20       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Asha Enterprises Pvt Ltd        Non-FB WC limit        IND A4+          60       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Continental Milkose (I) Ltd     Non-FB WC limit        IND A4+          125      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Continental Milkose (I) Ltd     Proposed non-FB WC     IND A4+          50       Migrated to
                                limit                                            Non-
                                                                                 Cooperating
                                                                                 Category
Provisional , (ISSUER NOT COOPERATING)
D.R. Shah Construction Co       Non-FB WC facility     INR A4           22.5     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Dcs Techno Services Pvt Ltd     Non-FB Fac             IND A4+          62.5     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Girraj Ji Stone Crushers Pvt LtdNon-FB WC limit        IND A4+          58.7     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Gypsum Structural India Pvt Ltd Non-FB WC limit        IND A4+          20       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Harihara Metalloys Pvt Ltd      Non-FB WC facility     IND A4+          40       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Maini Construction Equipments   Non-FB WC limit        IND A4+          19       Migrated to
Pvt Ltd                                                                          Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Polycab Wires Pvt Ltd           CP (CP)                IND A1+          1000     Assigned

LONG TERM RATINGS:
-------------------
Accent Metals Pvt Ltd           TL                     IND BBB-         4        Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Accent Metals Pvt Ltd           FB WC facility         IND BBB-         235      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Afflatus International          FB limit               IND BB+ /IND A4+ 450      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Asha Enterprises Pvt Ltd        FB WC limit            IND BB+ /IND A4+ 15       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
B.R. Oil Industries Pvt Ltd     TL                     IND BB+          2.7      Affirmed
(reduced from INR24.4)
B.R. Oil Industries Pvt Ltd     FB WC limits           IND BB+          60       Affirmed
Bhadresh Trading Corporation LtdFB limits (long-and ST)IND D            8500     Downgraded and
                                                                                 Migrated to
                                                                                 Non-
Cooperating Category
(ISSUER NOT COOPERATING)
Bhadresh Trading Corporation LtdTL (LT)                IND D            686.8    Downgraded and
                                                                                 Migrated to
                                                                                 Non-
Cooperating Category
(ISSUER NOT COOPERATING)
Bhadresh Trading Corporation LtdNon-FB limits (ST)     IND D            1350     Downgraded and
                                                                                 Migrated to
                                                                                 Non-
Cooperating Category
(ISSUER NOT COOPERATING)
Bhagwati Steels                 FB WC limit            IND BB- /IND A4+ 185      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Bhagyanagar Green Energy Ltd    Senior Bk  loan        IND BBB          145      Affirmed
(outstanding 120.3)
Brijbasi Hi-Tech Udyog Ltd      Non-FB WC limit        IND D            100      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Brijbasi Hi-Tech Udyog Ltd      FB WC limit            IND D /IND D     85       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Continental Milkose (I) Ltd     FB WC limit            IND BB- /IND A4+ 225      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
D.R. Shah Construction Co       FB WC facility         IND B+           27.5     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Dcs Techno Services Pvt Ltd     FB Fac                 IND BB- / IND A4+57.5     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Garg Industries                 FB WC limit            IND BB- /IND A4+ 135      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Garg Industries                 Non-FB WC limit        IND BB- /IND A4+ 5        Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
General Petrochemicals Ltd      TL                     IND BB-          206.24   Assigned
General Petrochemicals Ltd      FB limit               IND BB-          80       Assigned
Girraj Ji Stone Crushers Pvt LtdFB WC limit            IND BB+ /IND A4+ 13.7     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Gypsum Structural India Pvt Ltd FB WC limit            IND BB- /IND A4+ 40       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Harihara Metalloys Pvt Ltd      FB WC facility         IND BB+          160      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Hdfc Bank Ltd                   AT1 perpetual debt     IND AA+          100      Assigned
Lancer Container Lines Pvt Ltd  TL                     IND B+           70       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Lancer Container Lines Pvt Ltd  Fund based WC limit    IND B+ / IND A4  50       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Light Craft And Sound Pvt Ltd   Long-TL                IND BB-          44.2     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Light Craft And Sound Pvt Ltd   FB Fac                 IND BB- /IND A4+ 5        Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Lotus Household Products Pvt LtdTL                     IND BB           30.39    Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Lotus Household Products Pvt LtdFB WC limit            IND BB /IND A4+  40       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Magic Auto Pvt Ltd              FB Bk Fac              IND BB+ /IND A4+ 600      Assigned
Maini Construction Equipments   FB WC limit            IND BB- /IND A4+ 90       Migrated to
Pvt Ltd                                                                          Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Mfl Securitisation Trust –      Series A1 pass-through IND AA (SO)      2863.5   Assigned
XLVIII                          certificates (PTCs)
Mfl Securitisation Trust –      Series A2 PTCs         IND AA (SO)      119.3    Assigned
XLVIII
Mfl Securitisation Trust –      Liquidity facility (LF)IND AAA (SO)     52.2     Assigned
XLVIII
Mfl Securitisation Trust –      Second loss credit     IND BBB (SO)     253.5    Assigned
XLVIII                          facility (SLCF)
Narayan Agro Foods Ltd          FB WC limit            IND C            70       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Nhc Foods Ltd                   Long-TL                IND BBB-         22.6     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Nhc Foods Ltd                   FB Fac                 IND BBB- /IND A3 240      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Pitambra Books Pvt Ltd          TL                     IND BBB-         0.84     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Pitambra Books Pvt Ltd          Proposed TL            IND BBB-         18.8     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Provisional , (ISSUER NOT COOPERATING)
Pitambra Books Pvt Ltd          FB WC limit            IND BBB- /IND A3 550      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Pitambra Books Pvt Ltd          Non-FB WC limit        IND BBB- /IND A3 1200     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Polycab Wires Pvt Ltd           TL                     IND AA-          2000     Affirmed
Polycab Wires Pvt Ltd           TL                     IND AA-          750      Assigned
Polycab Wires Pvt Ltd           External commercial    IND AA-          1329     Affirmed
                                borrowing
Polycab Wires Pvt Ltd           Bk Fac                 IND AA- /IND A1+ 25300    Affirmed
Ridley Ifmr Capital 2016        Series A1 pass-through IND A- (SO)      752.79   Assigned
                                certificates (PTCs)
(amortised from INR958.43)
Ridley Ifmr Capital 2016        Series A2 PTCs         IND B+ (SO)      132.19   Assigned
Sbl Construction Pvt Ltd        FB limit (LT)          IND C            20       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Sbl Construction Pvt Ltd        Proposed FB limit (LT) IND C            55       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Provisional, (ISSUER NOT COOPERATING)
Sbl Construction Pvt Ltd        Non-FB limit(ST)       IND C            50       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Shree Venkatesh Realties        TL                     IND BB           160      Assigned
Sparsh Infratech Pvt Ltd        TL                     IND BBB- (SO)    652.7    Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Tara Syntex Pvt Ltd             FB facility            IND B+           50       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Vijay Automobiles               FB WC limit            IND B+ /IND A4   100      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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