April 6, 2017 / 6:20 AM / 7 months ago

India Ratings for Indian debt instruments – Apr 6

    Apr 6 (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
April 5, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Global Powersource              Non-FB limits          IND A3-          635      Migrated to 
Joseph Leslie Dynamiks          NFBL                   IND A4           68.7     Affirmed
Manufacturing Pvt Ltd
M.T. Patil Builders And         NFBL                   IND A4+          67.5     Affirmed
Contractors Pvt Ltd
(increased from INR 65.00)
Mahakaleshwar Infratech         Non-FB limit           IND A3           450      Upgraded from
                                                                                 IND A4+
Mani Export Pvt Ltd             NFBL                   IND A4+          4        Affirmed
(increased from INR2 )
Rohan Builders India Pvt Ltd    NFBL                   IND A2           1380     Affirmed
Rungta Mines Ltd                FBL                    IND A1+          3300     Affirmed
Rungta Mines Ltd                NFBL                   IND A1+          1000     Affirmed
Sripathi Paper & Boards Pvt Ltd Non FB WC limits       IND A2           685      Upgraded from
                                                                                 IND A3+
(increased from INR525)

Amul Feed                       FB WC limit            IND BB           117.5    Assigned
Amul Feed                       Long-TL                IND BB           19.67    Assigned
Bonai Industrial Co. Ltd        LT                     IND AA           -        Affirmed
Electromec Engineering          FB WC limit             IND D           35       Assigned
Electromec Engineering          Non-FB WC limit         IND D           35       Assigned
Feegrade & Company Pvt Ltd’S    LT                     IND AA           -        Affirmed
Gayatri Dye Chem                TL                     IND B+           11.55    Assigned
Gayatri Dye Chem                FB limits              IND B+           50       Assigned
Global Powersource              FB WC limits           IND BBB-         300      Migrated to 
Gokul Steels                    FB limits              IND B+           42.4     Assigned
Gokul Steels                    TL                     IND B+           64.5     Assigned
Joseph Leslie Dynamiks          FBL                    IND B+           97       Upgraded from
Manufacturing Pvt Ltd                                                            IND B
M.T. Patil Builders And         FBL                    IND BB           45       Affirmed
Contractors Pvt Ltd
Mahakaleshwar Infratech         FB limit               IND BBB- / IND A350       Upgraded from
                                                                                 IND BB+ / IND
Mangilall Rungta                LT                     IND A            -        Affirmed
Mani Export Pvt Ltd             FBL                    IND BB-          350      Downgraded
                                                                                 from IND BB
(reduced from INR498 )
Mfl Securitisation Trust -      Series A1 pass-through Provisional IND  2863.5   Assigned
Xlviii                          certificates (PTCs)    AA
Mfl Securitisation Trust -      Series A2 PTCs         Provisional IND  119.3    Assigned
Xlviii                                                 AA
Mfl Securitisation Trust -      Liquidity facility (LF)Provisional IND  52.2     Assigned
Xlviii                                                 AAA
Mfl Securitisation Trust -      Second loss credit     Provisional IND  253.5    Assigned
Xlviii                          facility (SLCF)        BBB
Nagapattinam Municipality       LT Issuer Rating       IND BB           -        Assigned
Pb Lifestyle                    FB WC limit            IND B            5        Migrated to 
Pb Lifestyle                    Long-TL                IND B            145      Migrated to 
Rohan Builders India Pvt Ltd    FBL                    IND BBB+         300      Affirmed
(reduced from INR500)
Rungta Sons Pvt Ltd             LT                     IND AA           -        Affirmed
S V Creditline                  Bk Loans               IND BBB          500      Affirmed
Sansar Trust                    Series A pass-through  Provisional IND  2003.8   Assigned
                                certificates (PTCs)*   AA+
*The final ratings are contingent upon the receipt of final documents conforming to information
already received by Ind-Ra.  
Sansar Trust                    Second loss credit     Provisional IND  100.2    Assigned
                                facility (SLCF)*       BBB
*The final ratings are contingent upon the receipt of final documents conforming to information
already received by Ind-Ra.  
Sathyam Green Power Pvt Ltd     Senior Bk loans        IND BB-          358.4    Migrated to 
Sathyam Green Power Pvt Ltd     FB WC limit            IND BB-          97.5     Migrated to 
Sharvi Rice Mill                FB limits              IND BB           40       Assigned
Sharvi Rice Mill                TL                     IND BB           65.39    Assigned
Shri Varu Polytex               TL                     IND B            115      Assigned
Shri Varu Polytex               FB WC limit            IND B / IND A4   50       Assigned
Sripathi Paper & Boards Pvt Ltd TL                     IND BBB+         829.8    Upgraded from
                                                                                 IND BBB
(increased from INR673.3)
Sripathi Paper & Boards Pvt Ltd FB WC limits           IND BBB+ / IND A21230     Upgraded from
                                                                                 IND BBB / IND
(increased from INR1,110)
Trishul Tread                   FB limits              IND BB           170      Assigned
Trishul Tread                   Proposed FB limits     Provisional IND  40       Assigned
United Chloro Paraffins Pvt Ltd FBL                    IND D            117.5    Affirmed
United Chloro Paraffins Pvt Ltd NFBL                   IND D            182.5    Affirmed
Vardhman Wires & Cables         FB Fac                 IND B+ / IND A4  28.95    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

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below