July 11, 2017 / 6:08 AM / 11 days ago

India Ratings for Indian debt instruments – Jul 11

13 Min Read

    Jul 11 (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
July 10, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Aaditiya Aswin Paper Mills Pvt  NFBL                   IND A4+          10       Migrated to
Ltd                                                                              Non -
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Cmb Spinning Mills              NFBL                   IND A4           17.3     Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Gallantt Metal Ltd              NFBL                   IND A2+          1250     Affirmed
(increased from INR650)
K.B. Gems                       FB CC                  IND A4+          220      Affirmed
Krishna Firayalal & Co.         Non-FB WC limit        IND A4+          2.5      Assigned
Nilgiri Textiles Pvt Ltd        NFBL                   IND A4           9.6      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Optech Engineering Pvt Ltd      NFBF                   IND A4+          40       Affirmed
Plasto Eltronics Pvt. Ltd       NFBL                   IND A4+          35       Affirmed
(reduced from INR30)
S.S. Fruits International Pvt   NFBL                   IND A4+          170      Migrated to
Ltd                                                                              Non -
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)


LONG TERM RATINGS:
-------------------
Aaditiya Aswin Paper Mills Pvt  FBL                    IND BB- / IND A4+59       Migrated to
Ltd                                                                              Non -
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Almo Laminates Pvt Ltd          FB WC limit (LT)       IND D            30       Assigned
Almo Laminates Pvt Ltd          TL (LT)                IND D            10.6     Assigned
Cmb Spinning Mills              Long-TL                IND B+           140.8    Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Cmb Spinning Mills              FBL                    IND B+           25       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Gallantt Metal Ltd              FBL                    IND A- / IND A2+ 500      Affirmed
(reduced from INR1,100)
Harman Cottex & Seeds Pvt Ltd   FBL                    IND BB+          125      Affirmed
Harman Cottex & Seeds Pvt Ltd   Proposed fund- based   IND BB+          25       Assigned
                                limits*
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by HCSPL to the satisfaction of Ind-Ra.
I G Petrochemicals Ltd          Proposed NCDs (NCDs)*  IND A+           200      Upgraded from
                                                                                 IND A-
I G Petrochemicals Ltd          TL                     IND A+           434.6    Upgraded from
                                                                                 IND A-
I G Petrochemicals Ltd          Proposed TL^           IND A+           750      Upgraded from
                                                                                 IND A-
I G Petrochemicals Ltd          Bk Fac#                IND A+ /IND A1+  3989     Upgraded from
                                                                                 IND A- / IND A1
Indus Projects Ltd              FB Fac (LT)            IND D            250      Downgraded
                                                                                 from IND BB
Indus Projects Ltd              Non-FB Fac (ST)        IND D            636.2    Downgraded
                                                                                 from IND BB
(reducedfrom INR650)
K.B. Gems                       FB CC                  IND BB+          220      Upgraded from
                                                                                 IND BB+
Krishna Firayalal & Co.         FB WC limit            IND BB-          58.5     Assigned
Kudgi Transmission Ltd          Senior project Bk loan WD               10290    Withdrawn
Mfl Securitisation Trust – Liii Series A1 pass-through IND AA(SO)       2362.1   Assigned
(An Abs Transaction)            certificates (PTCs)
Mfl Securitisation Trust – Liii Series A2 PTCs         IND AA(SO)       124.3    Assigned
(An Abs Transaction)
Mfl Securitisation Trust – Liii Liquidity facility (LF)IND AAA(SO)      43.5     Assigned
(An Abs Transaction)
Mfl Securitisation Trust – Liii Second loss credit     IND BBB(SO)      198.9    Assigned
(An Abs Transaction)            facility (SLCF)
Mfl Securitisation Trust –      Liquidity facility     WD               30.3     Withdrawn
Xlvi’S (An Abs Transaction)
Mfl Securitisation Trust –      Series A1 pass-through WD               1900.9   Withdrawn
Xlvi’S (An Abs Transaction)     certificates (PTCs)
Mfl Securitisation Trust –      Series A2 PTCs         WD               116      Withdrawn
Xlvi’S (An Abs Transaction)
Mfl Securitisation Trust –      Second loss credit     WD               152.3    Withdrawn
Xlvi’S (An Abs Transaction)     facility
Mobile Next                     FB WC limit            IND BB / IND A4+ 100      Assigned
Nilgiri Textiles Pvt Ltd        FBL                    IND B+ /IND A4   60       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Ogene Systems India Pvt Ltd     LTL                    IND D            175.6    Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Ogene Systems India Pvt Ltd     FBL (LT/ ST)           IND D            250      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Ogene Systems India Pvt Ltd     NFBL (ST)              IND D            150      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Optech Engineering Pvt Ltd      TL                     IND BB           10       Affirmed
Optech Engineering Pvt Ltd      FBF                    IND BB / IND A4+ 50       Affirmed
Plasto Eltronics Pvt. Ltd       FBL                    IND BB           25       Affirmed
(reduced from INR30)
S.C. Shettar & Sons             FB WC limits           IND BBB- / IND A3200      Assigned
S.S. Fruits International Pvt   FBL                    IND BB- / IND A4+80       Migrated to
Ltd                                                                              Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Vishal Diamonds                 FBL                    IND B+ / IND A4  200      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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