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India Ratings for Indian debt instruments – Mar 31
March 31, 2017 / 8:28 AM / 8 months ago

India Ratings for Indian debt instruments – Mar 31

    Mar 31 (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
March 30, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Ambience Construction India Ltd Non-FB Fac             IND A4+          120      Assigned
Anupam Udyog                    Non-FB limit           IND A4+          65       Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Axis Finance Ltd                CP                     IND A1+          70000    Affirmed
Bombay Fancy Store              Non-FB WC limits       IND A4           230      Assigned
Finolex Industries Ltd          Non-FB limits          IND A1+          12957.5  Affirmed
Gefab Facade Solutions Pvt Ltd  Non-FB WC limits       IND A4           50       Affirmed
Goldman Sachs India Capital     CP*                    IND A1+          10000    Affirmed
Markets Pvt. Ltd.
* No issuance in the current surveillance period 
Hemant Surgical Industries Ltd  NFB WC limits          IND A4+          101      Assigned
Mahindra Susten Pvt Ltd         NFBL                   IND A1           14350    Affirmed
(increased from INR5,850)
Mahindra Susten Pvt Ltd         Derivative limit       IND A1           500      Assigned
Poddar Global                   Non-FB WC limit        IND A2           140      Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Pragati Edible Processing Pvt   Non-FB WC limits       IND A4+          20       Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Quad Lifesciences Pvt Ltd       FB WC limit            IND A4+          180      Affirmed
Sri Bhaskar Contractors Company Non fund based WC      IND A4           105      Migrated
                                limit                                            To non-
                                                                                 Cooperating
                                                                                 Category 
Sumeru Processors Pvt Ltd       Proposed non-FB limit  IND A4+          50       Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Sunrise Timply Company Pvt Ltd  Non-FB WC loan         IND A4+          208.1    Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Yogaa & Co.                     NFBL                   IND A4           100      Affirmed


LONG TERM RATINGS:
-------------------
Aditya Birla Finance Ltd        NCDs (NCDs)            IND AA+          105000   Affirmed
Aditya Birla Finance Ltd        Subordinated debt      IND AA+          11500    Affirmed
Ambience Construction India Ltd FB WC                  IND BB           50       Assigned
Anupam Udyog                    FB limit               IND BB-          15       Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Atul Sharma Solar Energy        TL                     IND BB-          62       Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Axis Finance Ltd                ST Bk loan             -                12250    Withdrawn
Axis Finance Ltd                LT Bk loan             IND AAA          23250    Assigned
Axis Finance Ltd                Bonds                  IND AAA          5000     Affirmed
(increased from INR3,000)
Axis Finance Ltd                NCDs (NCDs)            IND AAA          12000    Affirmed
Bombay Fancy Store              FB WC limits           IND B+ / IND A4+ 230      Assigned
Bombay Fancy Store              Proposed FB WC limits  IND B+ / IND A4+ 40       Assigned
Century 21 Town Planners Pvt LtdTL                     IND BB           869.67   Affirmed
(reduced from INR922.5)
Century 21 Town Planners Pvt LtdProposed long-TL*      IND BB           1130.33  Assigned
* The above rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by CTTPPL to the satisfaction of Ind-Ra.
Finolex Industries Ltd          TL                     -                666.7    Withdrawn
Finolex Industries Ltd          NCDs (NCDs)            -                1000     Withdrawn
Finolex Industries Ltd          FB limits              IND AA           1000     Upgraded from
                                                                                 IND AA-
Finvest Ltd                     LT Bk loans            IND AA-          50000    Assigned
Flex Foods Ltd                  TL                     IND BBB          163.9    Affirmed
(reduced from INR 180.5 )
Flex Foods Ltd                  FBL                    IND BBB / IND A3+230      Affirmed
Flex Foods Ltd                  Non FB WC              IND BBB / IND A3+25       Affirmed
Frontier Warehousing            Term loa               IND BB+          345.05   Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
G.R. Textile Mills              TL                     IND D            13.58    Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
G.R. Textile Mills              FB WC limit            IND D            47.5     Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Gefab Facade Solutions Pvt Ltd  FB WC limits           IND B / IND A4   115      Affirmed
Hemant Surgical Industries Ltd  Fund based WC limits   IND BB-/ IND A4+ 82.5     Assigned
Hindusthan Loha Ltd             FB WC limit            IND BB           230      Migrated
Imperial Auto Industries Ltd    TL                     IND A            235      Upgraded from
                                                                                 IND A-
(increased from INR230 )
Imperial Auto Industries Ltd    FB WC limits           IND A / IND A1   1955     Upgraded from
                                                                                 IND A- / IND
                                                                                 A2+
(increased from INR1,925 )
Imperial Auto Industries Ltd    Non-FB WC limits       IND A / IND A1   50       Upgraded from
                                                                                 IND A- / IND
                                                                                 A2+
(reduced from INR85 )
India Standard Loan Trust Xliii PTC (PTCs)- Series A   IND AA(SO)       1125.53  Assigned
India Standard Loan Trust Xliii Liquidity facility (LF)IND AAA(SO)      11.3     Assigned
India Standard Loan Trust Xliii Second loss credit     IND BBB(SO)      53.46    Assigned
                                facility (SLCF)
Jai Jagdamba Dairy              TL                     IND B            7.57     Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Jai Jagdamba Dairy              FB WC limit            IND B            55       Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
M/S Dhru Motors                 FBF                    IND BB- / IND A4+215      Affirmed
(increased from INR135 CR)
M/S. Agarwal Jewellers          FB WC limit            IND BB-          40       Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
M/S. Agarwal Jewellers          Long-TL                IND BB-          28.6     Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Mahindra Susten Pvt Ltd         FBL                    IND A            150      Affirmed
(reduced from INR900)
Mahindra Susten Pvt Ltd         NFBL                   IND A            14350    Assigned
Mahindra Susten Pvt Ltd         TL                     IND A            3500     Assigned
Mahindra Susten Pvt Ltd         Non-FB limits*         IND A / IND A1   750      Assigned*
* The assignment of final ratings follows the receipt of sanction letter conforming to
information already received by Ind-Ra. 
Markdata Green Energy Pvt Ltd   TL                     IND BBB+         1777     Affirmed
(reduced from INR2,200 CR)
Markdata Green Energy Pvt Ltd   TL                     IND BBB+         290.8    Affirmed
Markdata Green Energy Pvt Ltd   WC facility            IND BBB+         167.5    Assigned
Nav Bharat Buildcon Pvt Ltd     Long-TL                IND D            82.5     Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Nav Bharat Buildcon Pvt Ltd     FB WC limit            IND D            46       Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Nav Bharat Buildcon Pvt Ltd     Non-FB WC limit        IND D            50       Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Poddar Global                   FB WC limit            IND BBB          300      Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Pragati Edible Processing Pvt   FB WC limits           IND BB+          144      Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Pragati Edible Processing Pvt   Long-TL                IND BB+          86       Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Quad Lifesciences Pvt Ltd       FB WC limit            IND BB+          180      Upgraded from
                                                                                 IND BB
Quad Lifesciences Pvt Ltd       TL                     IND BB+          12       Upgraded from
                                                                                 IND BB
(reduced from INR38)
Quad Lifesciences Pvt Ltd       Proposed FB WC limit*  IND BB+/ IND A4+ 70       Assigned
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by QLPL to the satisfaction of Ind-Ra.
Ravis Exports                   TL                     IND B            40.63    Assigned
Ravis Exports                   FB WC                  IND B / IND A4   100      Assigned
Sahara Engineering              FB limit               IND BB           75       Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
San Marine Export’S (Sme)       FB CC                  IND B+ / IND A4  150      Affirmed
(increased from INR120 CR)
San Marine Export’S (Sme)       TL                     WD               5.5      Withdrawn
Sarthak Ispat Pvt Ltd           FB WC limit            IND BB+          210      Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Sarthak Ispat Pvt Ltd           Long-TL                IND BB+          77.8     Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Shri Raj Jewels                 FBF                    IND BB+/ IND A4+ 565.6    Assigned
Shri Ram Educational Trust’S    TL                     -                32       Withdrawn
Shri Ram Educational Trust’S    WC facility            IND BBB+         72       Affirmed
Sky Alloys & Power              FB WC limit            IND D            500      Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Sky Alloys & Power              Long-TL                IND D            1161     Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Sky Alloys & Power              Non-FB WC limit        IND D            100      Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Sri Bhaskar Contractors Company Fund based WC limit    IND B+           40       Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Sri Vishnu Educational Society  Bk loan                IND BBB+         417.2    Affirmed
(reduced from INR449.8)
Sri Vishnu Educational Society  FB WC limit            IND BBB+         115      Affirmed
Sumeru Processors Pvt Ltd       Proposed FB limit      IND BB           50       Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Sumeru Processors Pvt Ltd       FB limit               IND BB / IND A4+ 100      Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Sunrise Timply Company Pvt Ltd  FB WC limit            IND BB+          60       Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Supreme Housing And Hospitality LT loans               IND D            3900     Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Vishrambhai Gorasia             FB WC limits           IND BB-/ IND A4+ 50       Upgraded from
Construction Pvt Ltd’S                                                           IND B+ / IND A4
Visitor Garments                FB WC limit            IND BB / IND A4+ 1000     Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Ykm Entertainment & Hotels Pvt  TL                     IND D            1360     Downgradedand
Ltd                                                                              Migrated
Ykm Entertainment & Hotels Pvt  Non-FB WC limits       IND D            27       Downgraded
Ltd                                                                              Migrated
                                                                                 To non-
                                                                                 Cooperating
                                                                                 Category 
Yogaa & Co.                     FBL                    IND B+           50       Affirmed
-----------------------------------------------------------------------------------------------
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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