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India Ratings for Indian debt instruments – Jun 22
June 22, 2017 / 4:02 AM / in 5 months

India Ratings for Indian debt instruments – Jun 22

    Jun 22 (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
June 21, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Alpine Distilleries Pvt Ltd     Non-FB limits          IND A3           9.5      Affirmed
Ellen Textiles Pvt Ltd          Non-FB limit           IND A4+          2.8      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Everest Instruments Pvt Ltd     Non-FB limit           IND A3+          80       Assigned
Everest Instruments Pvt Ltd     Proposed non-FB limit* Provisional IND  310      Assigned
                                                       A3+
* The above ratings are provisional and shall be confirmed upon the sanction and execution of
the loan documents
Gridco Ltd                      Non-FB WC limit        IND A2           3000     Affirmed
increased from 2,250

LONG TERM RATINGS:
-------------------
Alpine Distilleries Pvt Ltd     FB limits              IND BBB-         75       Affirmed
increased from 43
Alpine Distilleries Pvt Ltd     TL                     IND BBB-         99.5     Affirmed
reduced from 145.49
Alpine Distilleries Pvt Ltd     TL                     IND BBB-         380      Assigned
Alpine Distilleries Pvt Ltd     Proposed TL*           Provisional IND  170      Affirmed
                                                       BBB-
reduced from 550; * The above ratings are provisional and shall be confirmed upon the sanction
and execution of loan documents
Alpine Distilleries Pvt Ltd     Proposed FB limits*    Provisional IND  16       Assigned
                                                       BBB-
* The above ratings are provisional and shall be confirmed upon the sanction and execution of
the loan documents
Andhra Pradesh State Financial  Bond                   IND A(SO)/ RWE   8.7      Maintained on
Corporation                                                                      RWE 
Andhra Pradesh State Financial  Secured overdraft      IND BBB+/ RWE    0.25     Maintained on
Corporation                                                                      RWE 
Andhra Pradesh State Financial  Long-TL                IND BBB+/ RWE    5        Maintained on
Corporation                                                                      RWE
Axis Bank Ltd                   Basel III AT1 bonds    IND AA+          35       Assigned
Axis Bank Ltd                   Upper Tier-2           WD               3.07     Withdrawn
                                subordinated debt                                (paid in full)
Ellen Textiles Pvt Ltd          TL                     IND BB-          16       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Ellen Textiles Pvt Ltd          FB limit               IND BB-/ IND A4+ 25       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Everest Instruments Pvt Ltd     TL                     IND BBB-         80       Assigned
Everest Instruments Pvt Ltd     FB limits              IND BBB-         80       Assigned
Everest Instruments Pvt Ltd     Proposed FB limit*     IND BBB-         80       Assigned
* The above ratings are provisional and shall be confirmed upon the sanction and execution of
the loan documents
Gridco Ltd                      Bond                   IND A-(SO)       1275     Affirmed
Gridco Ltd                      FB WC limit            IND BBB+         6250     Affirmed
reduced from 7,000
Gvr Ajmer Nagaur Tollway Pvt LtdBk loan                IND D            3187.5   Downgraded
Gvr Nagaur Bikaner Tollway Pvt  Bk loan                IND D            3150     Downgraded
Ltd
J.J. House Pvt Ltd              Proposed FB WC limits  Provisional IND  15       Assigned
                                                       BBB
Karnataka Neeravari Nigam Ltd   Long-TL^               IND AA-(SO)      3000     Assigned
^The assignment of final rating is based on the receipt of final documents in March 2017.
Karnataka Neeravari Nigam Ltd   Proposed long-TL*      Provisional IND  5000     Assigned
                                                       AA-(SO)
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by KNNL and issuance of government guarantee for these loans
to the satisfaction of Ind-Ra.
Lotus Household Products Pvt.   TL                     IND BB           9.9      Affirmed
Ltd.
reduced from 30.39
Lotus Household Products Pvt.   FB limit               IND BB/ IND A4+  40       Affirmed
Ltd.
Meenakshi Energy Pvt Ltd        Senior Bk loan phase I IND BBB          10570    Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Meenakshi Energy Pvt Ltd        Senior Bk loan phase IIIND BBB          23311.7  Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Meenakshi Energy Pvt Ltd        Additional TL          IND BBB          11310    Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Navjivan Polyfab Pvt Ltd        Long-TL                IND B            50       Assigned
Navjivan Polyfab Pvt Ltd        FB Fac                 IND B/ IND A4    20       Assigned
Pune Municipal Corporation      NCDs                   IND AA+          2000     Assigned
Riba Textiles Ltd               Long-TL                IND BBB-         308      Upgraded
Riba Textiles Ltd               FB limit               IND BBB-/ IND A3 180      Upgraded
Riba Textiles Ltd               Non-FBL                IND BBB-/ IND A3 12       Upgraded
Samriddhi Rice Mill (P) Ltd.    FB limits              IND BB-          70       Affirmed
Samriddhi Rice Mill (P) Ltd.    TL                     IND BB-          12.8     Affirmed
reduced from 15
Samriddhi Rice Mill (P) Ltd.    FB limits*             IND BB-          5        Assigned
*The assignment of final rating is based on upon the sanction and execution of loan documents
for the above facilities by SRMPL to the satisfaction of Ind-Ra.
Sandwoods Infratech Projects    Long-TL                IND BB           317.35   Affirmed
Pvt Ltd
increased from 304.3
Sandwoods Infratech Projects    Proposed long-TL       WD               150      Withdrawn
Pvt Ltd
(as the company is no longer proceeding with the instrument as previously envisaged)
Shri Hiranyakeshi Sahakari      TL                     IND BB           324.47   Affirmed
Sakkare Karkhane Niyamit
reduced from 704.29
Shri Sankalp Medical And        TL                     IND BB-          112.5    Affirmed
Research Institute Pvt Ltd

-----------------------------------------------------------------------------------------------
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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