October 4, 2016 / 6:56 AM / a year ago

India Ratings for Indian debt instruments - Oct 4

Oct 4 (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
October 3, 2016.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Agarwal Rubber Ltd              Non-FB Fac             IND A3           360      Assigned
Bhopal Switchgears Pvt Ltd      Non-FB WC limits       IND A4           22.5     Affirmed
Bhupinder Singh                 Non-FB Fac             IND A4+          2.14     Assigned
Chaudhary Timber Industries Pvt Non-FB limits          IND A3           1020     Affirmed
(increased from INR870m)
Jai Hari Industries Pvt Ltd     Non-FB WC limit        IND A4           20       Suspended
Mindtree Ltd                    FB WC limits           IND A1+          2085     Affirmed
Mindtree Ltd                    Non-FB WC limits       IND A1+          1380     Affirmed
Rattan Kaur                     Non-FB Fac             IND A4+          1.12     Assigned
Sri Textile Erode Pvt Ltd       Non-FB Fac             IND A4+          50       Affirmed
(increased from INR30m)

Agarwal Rubber Ltd              FB Fac                 IND BBB- / IND A3500      Assigned
Bhopal Switchgears Pvt Ltd      FB WC limits           IND B+           67.5     Affirmed
(increased from INR65m)
Bhopal Switchgears Pvt Ltd      long-TL                IND B+           2.23     Affirmed
(decreased from INR3.50m)
Bhupinder Singh                 long-TL                IND BB-          443.1    Assigned
Bhupinder Singh                 FB Fac                 IND BB-          64       Assigned
Br.Sheshrao Wankhede Shetkari   Bk loans               IND B+           67.9     Migrated 
Sahakari Soot Girni Ltd
Br.Sheshrao Wankhede Shetkari   FB limits              IND B+           200      Migrated 
Sahakari Soot Girni Ltd
Cachar Alloys                   long-TL                IND B            59       Suspended
Cachar Alloys                   FB WC limits           IND B            37.5     Suspended
Chaudhary Timber Industries Pvt FB limits              IND BBB-         15       Affirmed
Chetan Industries Ltd           TL                     IND BB           28.5     Suspended
Chetan Industries Ltd           FB WC limits           IND BB / IND A4+ 250      Suspended
Euro Shoe Components Ltd        TL                     IND BBB+         34.1     Affirmed
(increased from INR16.4m)
Euro Shoe Components Ltd        TL                     IND BBB+         12.2     Withdrawn
Euro Shoe Components Ltd        fund based WC limit    IND BBB+ / IND A250       Affirmed
Euro Shoe Components Ltd        non-FB WC limits       IND BBB+ / IND A2132.5    Affirmed
(decreased fromINR107.5m)
Ganga Dairy                     FB WC limits           IND BB- / IND A4+120      Suspended
Jai Hari Industries Pvt Ltd     Long-TL                IND B            27.5     Suspended
Jai Hari Industries Pvt Ltd     FB WC limit            IND B            20       Suspended
Jindal Rice & Gen. Mills        FB TL Fac              IND B            36.55    Assigned
Jindal Rice & Gen. Mills        FB WC Fac              IND B / IND A4   210      Assigned
Leitwind Shriram Manufacturing  FB WC Fac              IND D            1900     Assigned
Leitwind Shriram Manufacturing  Non-FB WC Fac          IND D            1620.1   Assigned
Leitwind Shriram Manufacturing  TL                     IND D            2465.9   Assigned
Radiant Bizcom Pvt Ltd          FB Fac a LT            IND BB- / IND A4+250      Assigned
Rattan Kaur                     Long-TL                IND BB-          497.6    Assigned
Rattan Kaur                     FB Fac                 IND BB-          13.9     Assigned
Shree Ganesh Feed Industries    TL                     IND BB           2.11     Suspended
Shree Ganesh Feed Industries    FBL                    IND BB / IND A4+ 177      Suspended
Sri Srinivasa Educational &     TL                     IND BBB-         2680.8   Assigned
Charitable Trust
Sri Textile Erode Pvt Ltd       FB Fac                 IND BB           350      Upgraded from
                                                                                 IND BB-
(increased from INR200m)
Sri Textile Erode Pvt Ltd       TL                     IND BB           81       Upgraded from
                                                                                 IND BB-
(increased from INR77.2m)
Vasai Virar Municipal           LT                     IND A-           -        Suspended
Vatika Agritech Pvt Ltd         TL                     IND B+           39.04    Suspended
Vatika Agritech Pvt Ltd         FB CC limits           IND B+ / IND A4  30       Suspended
Vega Infrastructure             FB WC limits           IND B+           147.5    Assigned
(decreased from INR75.4m)
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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