May 22, 2017 / 5:20 AM / 3 months ago

India Ratings for Indian debt instruments – May 22

    May 22 (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 19, 2017.

COMPANY                         INSTRUMENT             RATING        AMOUNT   MOVEMENT
                                                                     (RS.MLN)
------                          ----------             ------        ------   ---------
SHORT TERM RATINGS:
-------------------
Aic Infrastructures             Non-FB Fac             IND A4           60       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
Altico Capital India Pvt Ltd    CP                     IND A1+          70       Affirmed
B. L. Containers Pvt Ltd        Non-FB WC limits       IND A4+          2.5      Assigned
Cybertech Systems And Software  Non-FB limits          IND A3           80       Assigned
Ltd
Ganesh Yadav                    Non-FB limit           IND A4+          150      Assigned
Hindustan Ferro Alloy           Non-FB                 IND A4+          65       Migrated to
Industries Pvt Ltd                                                              Non -
                                                                                 Cooperating
                                                                                 Category
K.S.Pipe Fittings Pvt Ltd       Non-FB WC facility     IND A4+          50       Affirmed
Madhav Industries               Non-FB Fac             IND A4           20       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
Noslar International Ltd.       Non-FB limits          IND A4+          30       Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
Prime Urban Development India   FB facility            IND A4+          200      Affirmed
Ltd 
(reduced from INR300)
S.R. Constructions              Non-FB limit           IND A3           1600     Affirmed
(increased from INR1,000)
Sir Bio Tech India Ltd          NFBF                   IND A4+          150      Assigned
Sond Knit Garments              Non-FBL                IND A4           13.5     Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
Syndicate Bank                  CDs#                   IND A1+          200000   Affirmed
# Yet to be raised
Synergy Remedies Pvt Ltd       Non-FB WC limits       IND A4           20       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
Tata Projects Ltd               Project-specific       IND A1+          2362.5   Assigned
                                non-FB WC limits
Truvalue Agro Ventures Pvt Ltd Non-FB Fac             IND A4+          140      Assigned
Truvalue Agro Ventures Pvt Ltd Proposed non-FB Fac*   IND A4+          210      Assigned
Vijay Sheets & Strips Pvt Ltd  non-FB WC limits       IND A4+          10       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
Wrc Engineering Company Pvt     Non-FB limits          IND A4           40       Migrated to
Ltd                                                                             Non -
                                                                                 Cooperating
                                                                                 Category

LONG TERM RATINGS:
-------------------
Aarvee Cold Chain Logistics Pvt TL                     IND BB+          120      Migrated to
Ltd                                                                             Non -
                                                                                 Cooperating
                                                                                 Category
Aic Infrastructures             FB Fac                 IND B+           140      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
Altico Capital India Pvt Ltd    NCDs (NCDs)            IND AA-          2500     Assigned
Altico Capital India Pvt Ltd    Bk loan                IND AA-          18000    Affirmed
(increased from INR10.5)
Altico Capital India Pvt Ltd    NCDs                   IND AA-          11500    Affirmed
Altico Capital India Pvt Ltd    Principal protected    IND PP-MLD AA-emr10       Affirmed
                                market-linked debenture
B. L. Containers Pvt Ltd        TL                     IND BB-          49.5     Assigned
B. L. Containers Pvt Ltd        FB WC limits           IND BB+ / IND A4+70       Assigned
Crave Clothing Company Pvt Ltd  FB WC limits           IND B+           160      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
Crave Clothing Company Pvt Ltd  Long-TL                IND B+           19       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
Cybertech Systems And Software  FB limits              IND BBB- / IND A3200      Assigned
Ltd
Fairwealth Housing Pvt Ltd      TL                     IND BB-          400      Assigned
Gmr Hyderabad International     Bk loans               IND AA           13172.7  Upgraded from
Airport Ltd                                                                      BBB+
Gmr Hyderabad International     FB Fac                 IND AA           550      Upgraded from
Airport Ltd                                                                      BBB+
Gmr Hyderabad International     NFB-Fac                IND AA           750      Upgraded from
Airport Ltd                                                                      BBB+
Gmr Hyderabad International     Non-FB Fac             IND AA           750      Upgraded from
Airport Ltd                                                                      BBB+
Hindustan Ferro Alloy           FB Fac                 IND BB-          180      Migrated to
Industries Pvt Ltd                                                              Non -
                                                                                 Cooperating
                                                                                 Category
K.S.Pipe Fittings Pvt Ltd       FB WC facility         IND BB- / IND A4+70       Affirmed
Madhav Industries’              TL                     IND B+           148.7    Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
Madhav Industries’              FB Fac                 IND B+           30       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
Mahalakshmi Teleservices        FB WC limits (LT and   IND D            20       Migrated to
                                ST)                                              Non -
                                                                                 Cooperating
                                                                                 Category
Mahalakshmi Teleservices        TL (LT)                IND D            50       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
Mahalakshmi Teleservices        Non-FB WC limits (ST)  IND D            25       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
Noslar International Ltd.       FB WC limits           IND BB           139      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
Prime Urban Development India   FB facility            IND BB+          200      Upgraded from
Ltd                                                                             BB
(reduced from INR300)
Raj Rayon Industries Ltd        TL (LT)                IND D            2538.5   Affirmed
                                                                                 Migrated to
                                                                                 Non -
Cooperating Category
Raj Rayon Industries Ltd        WC TL (LT)             IND D            2571.8   Affirmed
                                                                                 Migrated to
                                                                                 Non -
Cooperating Category
Raj Rayon Industries Ltd        FB WC limits (LT/ST)   IND D            1023.8   Affirmed
                                                                                 Migrated to
                                                                                 Non -
Cooperating Category
Raj Rayon Industries Ltd        Non-FB limits (ST)     IND D            42.5     Affirmed
                                                                                 Migrated to
                                                                                 Non -
Cooperating Category
Raj Rayon Industries Ltd        Funded interest TL (LT)IND D            1063.4   Affirmed
                                                                                 Migrated to
                                                                                 Non -
Cooperating Category
S.R. Constructions              TL                     IND BBB-         9.8      Affirmed
(reduced from INR89.8)
S.R. Constructions              FB WC                  IND BBB-         200      Affirmed
Shilpi Cable Technologies Ltd   FB WC (Long-/ST)       IND D            2660     ISSUER NOT
                                                                                 COOPERATING
Shilpi Cable Technologies Ltd   Non-FB WC (Long-/ST)   IND D            7790     ISSUER NOT
                                                                                 COOPERATING
Shilpi Cable Technologies Ltd   Proposed WC (Long-/ST)*IND D            2050     ISSUER NOT
                                                                                 COOPERATING
Shivam Mobile Services Pvt Ltd  FB WC limits           IND BB-          60       Migrated to
                                                                                 Non -
                                                                                 Cooperating
Category
Shyam & Company                 FBL                    IND B+           100      Affirmed
(reduced from INR150)
Sir Bio Tech India Ltd          TL 1                   IND BB+          61.8     Assigned
Sir Bio Tech India Ltd          TL 2                   IND BB+          350      Assigned
Sir Bio Tech India Ltd          TL 3                   IND BB+          250      Assigned
Sir Bio Tech India Ltd          TL 4                   IND BB+          200      Assigned
Sir Bio Tech India Ltd          FBF                    IND BB+ / IND A4+23       Assigned
Sond Knit Garments              FB WC limit            IND B            100      Migrated to
                                                                                 Non -
                                                                                 Cooperating
Category
Sri Ganesh Electricals          FB WC limits           IND BB-          60       Assigned
Syndicate Bank                  AT1 perpetual debt*    IND AA           28000    Affirmed
* Refer to Annexure for details on Basel III-complaint Tier II bonds and AT1 perpetual debt
Syndicate Bank                  Basel III-complaint    IND AA+          16000    Affirmed
                                Tier II bonds*
Synergy Remedies Pvt Ltd        FB WC limits           IND B+           47       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
Synergy Remedies Pvt Ltd       Proposed TL limits     IND B+           177      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
Synergy Remedies Pvt Ltd       TL                     IND B+           153      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
Synergy Remedies Pvt Ltd       Proposed FB WC limits  IND B+           133      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
Tata Projects Ltd               Non-FB WC limits       IND AA- / IND A1+340      Assigned
The Bombay Burmah Trading       NCDs                   IND AA           1500     Assigned
Corporation Ltd
Truvalue Agro Ventures Pvt Ltd  FB Fac                 IND BB+ / IND A4+20       Affirmed
Truvalue Agro Ventures Pvt Ltd  Proposed FB Fac*       IND BB+ / IND A4+30       Assigned
Usha Fabs Pvt Ltd               FB limits              IND B+ / IND A4  60       Assigned
Vijay Sheets & Strips Pvt Ltd   FB WC limits           IND BB-          345      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
Wrc Engineering Company Pvt     TL                     IND B-           3        Migrated to
Ltd                                                                             Non -
                                                                                 Cooperating
Category
Wrc Engineering Company Pvt     FB limits              IND B-           28       Migrated to
Ltd                                                                             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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