April 28, 2017 / 4:15 AM / 7 months ago

India Ratings for Indian debt instruments – Apr 28

    Apr 28 (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 27, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
------                          ----------             ------          ------    ---------
Jubilant Enpro Pvt Ltd          Non-FB WC facility     IND A3           40       Affirmed
Kaveri Engineering Projects Pvt Non-FB WC limit        IND A4+          120      Affirmed
(increased from INR60.0)
Kay Em Copper Pvt Ltd           Non-FB BG              IND A4+          10       Migrated to
                                                                                 Non Cooperating
Kay Em Copper Pvt Ltd           Non-FB LOC             IND A4+          90       Migrated to
                                                                                 Non Cooperating
Kay Em Copper Pvt Ltd           FC/CEL                 IND A4+          2        Migrated to
                                                                                 Non Cooperating
Mukesh Balvantrai Rotliwala     FB Fac                 IND A4+          250      Affirmed
Shriram Pistons And Rings Ltd   Non-FB WC limits       IND A1+          1350     Affirmed
Shriram Pistons And Rings Ltd   CP*                    IND A1+          100      Affirmed
* Outstanding is NIL

Shriram Pistons And Rings Ltd   Term deposit           IND tAA+         600      Affirmed
Avalon Technology And Services  Long-TL                IND BB+          163      Assigned
Pvt Ltd
Avalon Technology And Services  FB Fac                 IND BB+ /IND A4+ 100      Assigned
Pvt Ltd
Coromandel International        LT Issuer rating       IND AA+          -        Affirmed
Hope Healthways                 Long-TL                IND D            80       Migrated to
                                                                                 Non Cooperating
Jagan Industries Ltd            FB Fac                 ND BB /IND A4+   60       Migrated to
                                                                                 Non Cooperating
Jharkhand Road Projects         Proposed senior,       Provisional IND  17300    Assigned
Implementation Co. Ltd          secured, redeemable    AA(SO)
Jubilant Enpro Pvt Ltd          TL                     IND BBB-         337.3    Affirmed
Jubilant Enpro Pvt Ltd          FB WC facility         IND BBB- /IND A3 50       Affirmed
Kaveri Engineering Projects Pvt FB WC limit            IND BB /IND A4+  55       Affirmed
Kay Em Copper Pvt Ltd           FB CC facility         IND BB- /IND A4+ 40       Migrated to
                                                                                 Non Cooperating
Mukesh Balvantrai Rotliwala     FB Fac                 IND BB+          250      Upgraded from
                                                                                 IND BB
New Haryana Overseas            FB WC limit            IND B+ /IND A4   95       Migrated to
                                                                                 Non Cooperating
Shriram Pistons And Rings Ltd   FB WC limits           IND AA           750      Affirmed
Tulsi Marketing                 FB WC limits           INDBB- /IND A4   50       Assigned
Uem India Pvt Ltd               Fund based WC facility -                100      Withdrawn
Uem India Pvt Ltd               NFB WC facility        -                750      Withdrawn
Western Up Tollways Ltd         TL                     IND A-           2220     Assigned
Western Up Tollways Ltd         NCDs                   IND A-           1570     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

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