May 8, 2017 / 5:56 AM / 3 months ago

India Ratings for Indian debt instruments – May 8

    May 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
May 5, 2017.

COMPANY                         INSTRUMENT             RATING         AMOUNT     MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------         ------     ---------
SHORT TERM RATINGS:
-------------------
Cusp International Pvt Ltd      Non-FB limit           IND A4           50       Assigned
Krishna Textile                 Non-FB Fac             INDA4+           2.5      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Riddhi Steel & Tube Pvt Ltd     Non-FB WC limit        IND A3           90       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Rkd Construction Pvt Ltd        Non-FB WC limits       IND A2           1925     Assigned
Rkd Construction Pvt Ltd        Proposed non-FB WC     Provisional IND  775      Assigned
                                limits*                A2
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by RKD to the satisfaction of Ind-Ra.
Saab Engineering                Non-FB WC limits       IND A4+          10       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Samarth Diamond                 Non-FB Fac             IND A3           30       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Srf Ltd                         CP*                    IND A1+          1500     Assigned
*The CP will be carved out of fund-based limits, and will be used to fund working capital
requirements and achieve finance cost efficiency.
V.M. Star                       Foreign documentary    IND A4           150      Migrated to
                                bill purchase                                    Non Cooperating
                                                                                 Category
LONG TERM RATINGS:
-------------------
 H. J. Industries (I) Pvt Ltd   TL                     IND D            37.22    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Anwesha Engineering & Projects  TL                     IND BB+          239.25   Downgraded
Ltd                                                                              from from IND
                                                                                 BBB
Anwesha Engineering & Projects  FB limit               IND BB+ /IND A4+ 1250     Downgraded
Ltd                                                                              from from IND
                                                                                 BBB
Anwesha Engineering & Projects  Non-FB limit           IND BB+ /IND A4+ 2460     Downgraded
Ltd                                                                              from IND BBB
                                                                                 /IND A3
Anwesha Engineering & Projects  Proposed non-FB limit* Provisional IND  500      Downgraded
Ltd                                                    BB+ /Provisional          from IND BBB
                                                       IND A4+                   /IND A3
* The above rating is provisional and shall be confirmed upon the sanction and execution of the
loan documents for the above facilities by AEPL to the satisfaction of Ind-Ra.
B.V.S. Distilleries Pvt Ltd     TL                     IND B-           290      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Bajrang Steel And Alloys Ltd    FB WC limit            IND BB+          140      Assigned
Bapashree Agro Pvt Ltd          Proposed FB Fac        Provisional IND  97.5     Migrated to
                                                       B+                        Non Cooperating
                                                                                 Category
Cusp International Pvt Ltd      FB limit               IND B+ /IND A4   30       Assigned
Krishna Textile                 TL Fac                 IND BB-          7.7      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Krishna Textile                 FB Fac                 IND BB- /IND A4+ 31.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category  
Laxmi Cotspin Ltd               Proposed TL            Provisional IND  140      Migrated to
                                                       BBB-                      Non Cooperating
                                                                                 Category
Laxmi Cotspin Ltd               Proposed FB limits     Provisional IND  10       Migrated to
                                                       BBB-                      Non Cooperating
                                                                                 Category
M/S Shantikalash Jewellers      TL                     IND BB-          47.5     Assigned
M/S Shantikalash Jewellers      FB WC                  IND BB-          270      Assigned
Met Therapeutics Pvt Ltd        Long-TL                IND BB           25       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Met Therapeutics Pvt Ltd        FB WC limits           IND BB /IND A4+  65       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Met Therapeutics Pvt Ltd        Proposed long-TL       Provisional IND  420      Migrated to
                                                       BB                        Non Cooperating
                                                                                 Category
Met Therapeutics Pvt Ltd        Proposed FB WC limits  Provisional IND  85       Migrated to
                                                       BB / Provisional          Non Cooperating
                                                       IND A4+                   Category
Oxford Shelters Pvt Ltd         Proposed TL            -                650      Withdrawn
Parameswara Cotton Mills        TL                     IND B            14       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Parameswara Cotton Mills        FB Fac                 IND B /IND A4    40       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Parameswara Cotton Mills        FB WC limits           IND B /IND A4    60       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Rhapso Ifmr Capital 2016        Series A1 pass-through IND A-(SO)       38.08    Affirmed
                                certificates (PTCs)
Rhapso Ifmr Capital 2016        Series A2 PTCs         IND B+(SO)       26.18    Affirmed
Riddhi Steel & Tube Pvt Ltd     TL                     IND BBB-         30       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Riddhi Steel & Tube Pvt Ltd     FB WC limit            IND BBB- /IND A3 260      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Riddhi Steel & Tube Pvt Ltd     Proposed FB WC limit   Provisional IND  50       Migrated to
                                                       BBB- /IND A3              Non Cooperating
                                                                                 Category
Rkd Construction Pvt Ltd        TL                     IND BBB          325      Assigned
Rkd Construction Pvt Ltd        FB WC limits           IND BBB          975      Assigned
Saab Engineering’S              Long-TL                IND BB+          96.785   Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Saab Engineering’S              FB WC limits           IND BB+ /IND A4+ 92.31    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Samarth Diamond                 FB Fac                 IND BBB- /IND A3 90       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Samarth Diamond                 ProposedFB Fac         Provisional IND  210      Migrated to
                                                       BBB-                      Non Cooperating
                                                       /Provisional IND A3       Category
Snehal Impex Pvt Ltd            TL                     IND B-           48.6     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Snehal Impex Pvt Ltd            FB Fac                 IND B-           10       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Yogesh Developers               FB Fac                 IND BB-          99       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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