May 9, 2017 / 6:23 AM / 2 months ago

India Ratings for Indian debt instruments – May 9

27 Min Read

    May 9 (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 8, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Akshar Spintex Pvt Ltd          Non-FB limit           IND A4+          13.5     Assigned
Batliboi Environmental          NFB WC limit           IND A4           2.5      Migrated to
Engineering Ltd                                                                  Non-
                                                                                 Cooperating
                                                                                 Category
Bhansali Engineering Polymers   Non-FB limits          IND A4+          1500     Affirmed
Ltd
Canon Engineering Constructions Non-FB WC limits       IND A4           40       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Canon Engineering Constructions Proposed non-FB WC     Provisional IND  50       Migrated to
                                limits                 A4                        Non-
                                                                                 Cooperating
                                                                                 Category
Nirmala Polyropes India Pvt Ltd Non-FB Fac             IND A4+          34       Affirmed
 (increased from INR30.2)
P.N.Tex India Pvt Ltd           Non-FB Fac             IND A4+          30       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Prime Retail (I) Ltd            Non-FB WC limit        IND A4+          7.5      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Prime Retail (I) Ltd            Non-FB WC limit        IND A4+          7.5      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Prime Retail (I) Ltd            Proposed non-FB WC     Provisional IND  12.5     Migrated to
                                limit                  A4+                       Non-
                                                                                 Cooperating
                                                                                 Category
Prime Retail (I) Ltd            Proposed non-FB WC     Provisional IND  12.5     Migrated to
                                limit                  A4+                       Non-
                                                                                 Cooperating
                                                                                 Category
R.V.R. Technologies Ltd         Non-FB limits          IND A4           10       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Sri Balaji Traders              Non-FB Fac             IND A4           30       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Sunteck Realty Ltd              Overdraft              IND A1+          200      Affirmed
                                facility/Short-TL#
(reduced from INR220) # Includes bank guarantee and letter of credit totalling INR100 million
Svarrnim Infrastructures Pvt LtdNon-FB limit           IND A4           147.5    Assigned
Trent Chemical Industries       Non-FB WC limits       IND A3           55       Affirmed

LONG TERM RATINGS:
-------------------
Aditya Prints Pvt Ltd           FB WC limits (LT)      IND D            162.5    Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Aditya Prints Pvt Ltd           Non-FB WC limits (ST)  IND D            6.4      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Aditya Prints Pvt Ltd           TL (LT)                IND D            273.4    Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Akshar Spintex Pvt Ltd          FB limit               IND BB           60       Assigned
Akshar Spintex Pvt Ltd          TL                     IND BB           296      Assigned
Akshat Agro Milling Company Pvt TL                     IND BB-          99       Migrated to
Ltd                                                                              Non-
                                                                                 Cooperating
                                                                                 Category
Akshat Agro Milling Company Pvt FB WC limit            IND BB- /IND A4+ 150      Migrated to
Ltd                                                                              Non-
                                                                                 Cooperating
                                                                                 Category
Batliboi Environmental          CC                     IND B-           6.5      Migrated to
Engineering Ltd                                                                  Non-
                                                                                 Cooperating
                                                                                 Category
Bhansali Engineering Polymers   FB WC limits           IND BB+          600      Affirmed
Ltd
Canon Engineering Constructions FB WC limits           IND B+ /IND A4   20       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Canon Engineering Constructions Proposed FB WC limits  Provisional B+   10       Migrated to
                                                       /Provisional IND          Non-
                                                       A4                        Cooperating
Category
Continental Hospitals Pvt Ltd   TL                     IND D            2189     Downgraded
                                                                                 from IND A+
Continental Hospitals Pvt Ltd   FB WC limits           IND D/IND D      170.7    Downgraded
                                                                                 from IND
                                                                                 A+/IND A1+
Kamadgiri Oils Pvt Ltd          TL                     -                3        Withdrawn
Kamadgiri Oils Pvt Ltd          FB limits              IND BB+          103      Affirmed
 (reduced from INR110)
Magma Fincorp Ltd- Mfl          Series A1 pass-through IND AA(SO)                Affirmed
Securitisation Trust – Xxxiii   certificates (PTCs)
Magma Fincorp Ltd- Mfl          Series A2 PTCs         IND AA(SO)                Affirmed
Securitisation Trust – Xxxiii
Magma Fincorp Ltd-MFL           Series A1 PTCs         IND AA(SO)                Affirmed
Securitisation Trust – Xlvii
Magma Fincorp Ltd-MFL           Series A2 PTCs         IND AA(SO)                Affirmed
Securitisation Trust – Xlvii
Magma Fincorp Ltd-MFL           LF                     IND AAA(SO)               Affirmed
Securitisation Trust – Xlvii
Magma Fincorp Ltd-MFL           SLCF                   IND BBB(SO)               Affirmed
Securitisation Trust – Xlvii
Magma Fincorp Ltd-MFL           Liquidity facility (LF)IND AAA(SO)               Affirmed
Securitisation Trust – Xxxiii
Magma Fincorp Ltd-MFL           Second loss credit     IND BBB(SO)               Affirmed
Securitisation Trust – Xxxiii   facility (SLCF)
Magma Fincorp Ltd-MFL           Series A1 PTCs         IND AA(SO)                Affirmed
Securitisation Trust – Xxxiv
Magma Fincorp Ltd-MFL           Series A2 PTCs         IND AA(SO)                Affirmed
Securitisation Trust – Xxxiv
Magma Fincorp Ltd-MFL           LF                     IND AAA(SO)               Affirmed
Securitisation Trust – Xxxiv
Magma Fincorp Ltd-MFL           SLCF                   IND BBB(SO)               Affirmed
Securitisation Trust – Xxxiv
Magma Fincorp Ltd-MFL           Series A1 PTCs         IND AA(SO)                Affirmed
Securitisation Trust – Xxxv
Magma Fincorp Ltd-MFL           Series A2 PTCs         IND AA(SO)                Affirmed
Securitisation Trust – Xxxv
Magma Fincorp Ltd-MFL           LF                     IND AAA(SO)               Affirmed
Securitisation Trust – Xxxv
Magma Fincorp Ltd-MFL           SLCF                   IND BBB(SO)               Affirmed
Securitisation Trust – Xxxv
Magma Fincorp Ltd-MFL           Series A1 PTCs         IND AA(SO)                Affirmed
Securitisation Trust - Xxxvi
Magma Fincorp Ltd-MFL           Series A2 PTCs         IND AA(SO)                Affirmed
Securitisation Trust - Xxxvi
Magma Fincorp Ltd-MFL           LF                     IND AAA(SO)               Affirmed
Securitisation Trust - Xxxvi
Magma Fincorp Ltd-MFL           SLCF                   IND BBB(SO)               Affirmed
Securitisation Trust - Xxxvi
Magma Fincorp Ltd-MFL           Series A1 PTCs         IND AA(SO)                Affirmed
Securitisation Trust – Xxxvii
Magma Fincorp Ltd-MFL           Series A2 PTCs         IND AA(SO)                Affirmed
Securitisation Trust – Xxxvii
Magma Fincorp Ltd-MFL           LF                     IND AAA(SO)               Affirmed
Securitisation Trust – Xxxvii
Magma Fincorp Ltd-MFL           SLCF                   IND BBB(SO)               Affirmed
Securitisation Trust – Xxxvii
Magma Fincorp Ltd-MFL           Series A1 PTCs         IND AA(SO)                Affirmed
Securitisation Trust Xliii
Magma Fincorp Ltd-MFL           Series A2 PTCs         IND AA(SO)                Affirmed
Securitisation Trust Xliii
Magma Fincorp Ltd-MFL           LF                     IND AAA(SO)               Affirmed
Securitisation Trust Xliii
Magma Fincorp Ltd-MFL           SLCF                   IND BBB(SO)               Affirmed
Securitisation Trust Xliii
Magma Fincorp Ltd-MFL           Series A1 PTCs         IND AA(SO)                Affirmed
Securitisation Trust Xliv
Magma Fincorp Ltd-MFL           Series A2 PTCs         IND AA(SO)                Affirmed
Securitisation Trust Xliv
Magma Fincorp Ltd-MFL           LF                     IND AAA(SO)               Affirmed
Securitisation Trust Xliv
Magma Fincorp Ltd-MFL           SLCF                   IND BBB(SO)               Affirmed
Securitisation Trust Xliv
Magma Itl Finance Ltd - MIFL    Series A1 pass-through IND AA(SO)                Affirmed
Securitisation Trust - X        certificates (PTCs)
Magma Itl Finance Ltd - MIFL    Series A2 PTCs         IND AA(SO)                Affirmed
Securitisation Trust - X
Magma Itl Finance Ltd - MIFL    Liquidity facility (LF)IND AAA(SO)               Affirmed
Securitisation Trust - X
Magma Itl Finance Ltd - MIFL    Second loss credit     IND BBB(SO)               Affirmed
Securitisation Trust - X        facility 
Magma Itl Finance Ltd- MIFL     Series A1 PTCs         IND AA(SO)                Affirmed
Securitisation Trust - Xi
Magma Itl Finance Ltd- MIFL     Series A2 PTCs         IND AA(SO)                Affirmed
Securitisation Trust - Xi
Magma Itl Finance Ltd- MIFL     LF                     IND AAA(SO)               Affirmed
Securitisation Trust - Xi
Magma Itl Finance Ltd- MIFL     SLCF                   IND BBB(SO)               Affirmed
Securitisation Trust - Xi
Magma Itl Finance Ltd- MIFL     Series A1 PTCs         IND AA(SO)                Affirmed
Securitisation Trust – Xii
Magma Itl Finance Ltd- MIFL     Series A2 PTCs         IND AA(SO)                Affirmed
Securitisation Trust – Xii
Magma Itl Finance Ltd- MIFL     LF                     IND AAA(SO)               Affirmed
Securitisation Trust – Xii
Magma Itl Finance Ltd- MIFL     SLCF                   IND BBB(SO)               Affirmed
Securitisation Trust – Xii
Magma Itl Finance Ltd- MIFL     Series A1 PTCs         IND AA(SO)                Affirmed
Securitisation Trust - Xiii
Magma Itl Finance Ltd- MIFL     Series A2 PTCs         IND AA(SO)                Affirmed
Securitisation Trust - Xiii
Magma Itl Finance Ltd- MIFL     LF                     IND AAA(SO)               Affirmed
Securitisation Trust - Xiii
Magma Itl Finance Ltd- MIFL     SLCF                   IND BBB(SO)               Affirmed
Securitisation Trust - Xiii
Magma Itl Finance Ltd- MIFL     Series A1 PTCs         IND AA(SO)                Affirmed
Securitisation Trust - Xiv
Magma Itl Finance Ltd- MIFL     Series A2 PTCs         IND AA(SO)                Affirmed
Securitisation Trust - Xiv
Magma Itl Finance Ltd- MIFL     LF                     IND AAA(SO)               Affirmed
Securitisation Trust - Xiv
Magma Itl Finance Ltd- MIFL     SLCF                   IND BBB(SO)               Affirmed
Securitisation Trust - Xiv
Magma Itl Finance Ltd- MIFL     Series A1 PTCs         IND AA(SO)                Affirmed
Securitisation Trust - Xv
Magma Itl Finance Ltd- MIFL     Series A2 PTCs         IND AA(SO)                Affirmed
Securitisation Trust - Xv
Magma Itl Finance Ltd- MIFL     LF                     IND AAA(SO)               Affirmed
Securitisation Trust - Xv
Magma Itl Finance Ltd- MIFL     SLCF                   IND BBB(SO)               Affirmed
Securitisation Trust - Xv
Man Tubinox Ltd                 Proposed LT FB limits# -                100      Withdrawn
# The rating on the proposed fund-based limits has been withdrawn as the company has not gone
ahead with the pro
Man Tubinox Ltd                 TL*                    IND C            1250     Downgraded
                                                                                 from IND BB+
* Not disbursed
Man Tubinox Ltd                 FB WC facility (LT)    IND D            95       Downgraded
                                                                                 from IND BB+
Man Tubinox Ltd                 Non-FB WC facility (ST)IND D            230      Downgraded
                                                                                 from IND BB+
Matrix Bizcom Services Pvt Ltd  FB WC limits           IND B + /IND A4  250      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Ms Solvex Pvt Ltd               FB WC limit            IND BB+          100      Assigned
Ms Solvex Pvt Ltd               TL                     IND BB+          140      Assigned
Nirmala Polyropes India Pvt Ltd TL                     IND BB+          38       Affirmed
(reduced from INR75)
Nirmala Polyropes India Pvt Ltd FB Fac                 IND BB+          35       Affirmed
P.N.Tex India Pvt Ltd           TL                     IND BB-          181.81   Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
P.N.Tex India Pvt Ltd           FB Fac                 IND BB- /IND A4+ 50       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Pelican Rubber Ltd              FB limits (LT)         IND D            230      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Pelican Rubber Ltd              TL limits (LT)         IND D            30       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Pelican Rubber Ltd              Non-FB limits (long/   IND D            255      Migrated to
                                ST)                                              Non-
                                                                                 Cooperating
                                                                                 Category
Prime Retail (I) Ltd            FB WC limit            IND BB+          310      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Prime Retail (I) Ltd            FB WC limit            IND BB+          310      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Prime Retail (I) Ltd            Proposed FB WC limit   Provisional IND  80       Migrated to
                                                       BB+                       Non-
                                                                                 Cooperating
                                                                                 Category
Prime Retail (I) Ltd            Proposed FB WC limit   Provisional IND  80       Migrated to
                                                       BB+                       Non-
                                                                                 Cooperating
                                                                                 Category
R.V.R. Technologies Ltd         FB limits              IND B-           45       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
R.V.R. Technologies Ltd         TL                     IND B-           10       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Sidhhartha Corporation Pvt Ltd  FB limits              IND A-           190      Assigned
Sri Balaji Traders              FB Fac                 IND B+           60       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Sunteck Realty Ltd              TL                     IND A+           1530     Affirmed
(reduced from INR 1,600)
Sunteck Realty Ltd              NCDs (NCDs)*           IND A+           350      Affirmed
(reduced from INR550) * Details on NCDs are given in Annexure
Sunteck Realty Ltd              Proposed NCDs          Provisional IND  650      Affirmed
                                                       A+
(increased from INR450)
Surya Fab                       FB limit               IND BB- /IND A4+ 100      Affirmed
(increased from INR70)
Svarrnim Infrastructures Pvt LtdFB limit               IND B+ /IND A4   50       Assigned
Swami Yoganand Charitable Trust TL                     IND D            49.5     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Swami Yoganand Charitable Trust WC facility            IND D            30       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
T Bhimjyani Realty Pvt Ltd      Long-TL                -                2250     Withdrawn
Tapasya Shiksha Samiti          Proposed TL            Provisional IND  60       Migrated to
                                                       BB-                       Non-
                                                                                 Cooperating
                                                                                 Category
The Chunilal Motiram Ginning    FB WC limits           IND B-           600      Migrated to
Factory                                                                          Non-
                                                                                 Cooperating
                                                                                 Category
Trent Chemical Industries       FB WC limits           IND BBB-         75       Affirmed
Trent Chemical Industries       TL                     IND BBB-         410      Affirmed
(reduced from INR470)
Vapi Eco Energy Ltd             TL                     IND B            90.6     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
Vapi Eco Energy Ltd             FB WC limits           IND B / IND A4   15       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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