May 2, 2019 / 4:19 AM / 6 months ago

India Ratings for Indian debt instruments – May 2

    May 2 (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 30, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Ken Enterprises                 Non-FB Fac             IND A3           200      -
(Migrated to non-cooperating category)
Nile                            Non-FB WC Fac          IND A2+          150      Affirmed
Nile                            Non-FB WC facility*    IND A2+          150      Assigned
* The final rating has been assigned on the receipt of the executed sanction letter, conforming
to the information already received by Ind-Ra.
P. K. Saxena Contractor         Non-FB WC limit        IND A4+          100      -
(Migrated to non-cooperating category)
Shivam Iron & Steel Co          Non-FB WC limits       IND A4           381      -
(Migrated to non-cooperating category)
Virendra Kumar Singh            Non-FB limits          IND A4+          20       Affirmed
Bamnipal Steel                  ST borrowings          WD               115      Withdrawn
Bamnipal Steel                  CP                     WD               50       Withdrawn
Essel Propack                   CP (CP)*               IND A1+/RWE      1000     Placed on RWE
* Carved out of the existing working capital facility
Greenpiece Landscapes India     FB WC limits*          -                62.5     -
* Maintained in ‘IND BB(ISSUER NOT COOPERATING)’ before being withdrawn
Greenpiece Landscapes India     Non-FB WC limits#      -                87.5     -
# Maintained in ‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn

Insta Sme Trust April 2019      Series A1 pass-through Provisional IND  1253     Assigned
                                certificates (PTCs)    AAA
Ken Enterprises                 Long-TL                IND BBB-         12.8     -
(Migrated to non-cooperating category)
Ken Enterprises                 FB Fac                 IND BBB-/A3      290      -
(Migrated to non-cooperating category)
Magppie Exports                 FB WC limits           IND B/A4         195      -
(Migrated to non-cooperating category)
Nile                            FB WC Fac              IND A-           600      Affirmed
P. K. Saxena Contractor         FB WC limit            IND BB/A4+       60       -
(Migrated to non-cooperating category)
Shivam Iron & Steel Co          FB WC limits           IND B+           1250     -
(Migrated to non-cooperating category)
Shivam Iron & Steel Co          Long-TL                IND B+           490      -
(Migrated to non-cooperating category)
Virendra Kumar Singh            FB limits              IND BB-          40       Affirmed
Virendra Kumar Singh            Proposed FB limits*    Provisional IND  10       Affirmed
* The above rating is provisional and final rating shall be confirmed upon the sanction and
execution of the loan documents for the above facilities by VKS to the satisfaction of Ind-Ra.
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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