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India Ratings for Indian debt instruments - Dec 17
December 17, 2015 / 5:23 AM / in 2 years

India Ratings for Indian debt instruments - Dec 17

Dec 17 (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
December 16, 2015.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Ardor Global Pvt Ltd            Non-FB limits              IND A3+      300      Assigned
Ardor Global Pvt Ltd            Forward contracts          IND A3+      127.5    Assigned
Ardor International Pvt Ltd     Forward contracts          IND A3+      222.5    Assigned
Balaji Amines Ltd               Non-FB limits              IND A2+      1650     affirmed
(reduced from INR1,700m)
Essar Bulk Terminal Ltd         Non-FB WC facility         IND A4+      320      Suspended
Krishna Chandra Patra           Non-FB WC limits           IND A4       25       Assigned
Schenck Process India Ltd       Non-FB limits              IND A3       613      Downgraded
                                                                                 from IND A2+
Stock Redler India Pvt Ltd      Non-FB limits              IND A3       255      Downgraded
                                                                                 from IND A2
Sunteck Realty Ltd              Overdraft facility/        IND A1+      220      Assigned

Ardor Global Pvt Ltd            FB limits                  IND BBB /    3450*    Assigned
                                                           IND A3+
* includes sub-limits of INR1,645m non-fund-based limits.
Ardor International Pvt Ltd     FB limits                  IND BBB /    5600     Assigned
                                                           IND A3+
Balaji Amines Ltd               TL                         IND A-       1046.7   affirmed
(reduced from INR1,010m)
Balaji Amines Ltd               FB limits                  IND A- / IND 1950     affirmed
(increased from INR1,820m)
Balaji Amines Ltd               FB WC limits               IND A- / IND 180      Withdrawn
Balaji Greentech Products Ltd   Non-FB limits              IND B- / IND 30       Upgraded from
                                                           A4                    IND D /
(reduced form INR80m)
Balaji Greentech Products Ltd   TL                         IND B+       97.9     Upgraded from
                                                                                 IND D
Balaji Greentech Products Ltd   FB stand-by line of credit IND D        30       Withdrawn
Balaji Greentech Products Ltd   FB CC limits               IND D        120      Withdrawn
Bhaktavatsalam Memorial Trust   Bk loans                   IND BBB-     49.8     Withdrawn
Bhumya Pvt Ltd                  LT                         IND B-       625      affirmed
Essar Bulk Terminal Ltd         TL                         IND BB+      13250    Suspended
Essar Bulk Terminal Ltd         CC                         IND BB+      180      Suspended
Kamadgiri Oils Pvt Ltd          FB WC limit                IND BB+      110      Assigned
Kamadgiri Oils Pvt Ltd          TL                         IND BB+      3        Assigned
Krishna Chandra Patra           Long-TL                    IND B        1.8      Assigned
Krishna Chandra Patra           FB WC limits               IND B        31.5     Assigned
Orissa Women'S Development      Bk Fac                     -            270      Withdrawn
Pelican Rubber Ltd              Long-TL                    IND BB+      30       Assigned
Pelican Rubber Ltd              FB limits                  IND BB+      230      Assigned
Pelican Rubber Ltd              Non-FB limits              IND BB+ /    255      Assigned
                                                           IND A4+
Schenck Process India Ltd       FB limits                  IND BBB-     200      Downgraded
                                                                                 from IND A-
Shri Agrawal Health & Education TL                         IND B+       60.71    Suspended
Shri Agrawal Health & Education FB WC facility             IND B+       95.2     Suspended
Stock Redler India Pvt Ltd      FB limits                  IND BBB-     80       Downgraded
                                                                                 from IND BBB+
Sunteck Realty Ltd              Long-TL                    IND A+       1250     Assigned
Sunteck Realty Ltd              NCDs                       IND A+       1000     Assigned
Supreme Petrochem Ltd           Long-TL                    IND A        279      affirmed
Supreme Petrochem Ltd           FB limits                  IND A /      1000     affirmed
                                                           IND A1
Supreme Petrochem Ltd           Non-FB limits              IND A /      11850*   affirmed
                                                           IND A1
*of which INR1,000m can be interchangeable with fund-based limits. 
Trident Tools Ltd               Long-TL                    IND D        371      Assigned
Trident Tools Ltd               FB limits                  IND D        220      Assigned
Trident Tools Ltd               Non-FB limits              IND D        80       Assigned
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

$: 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

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

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