June 14, 2018 / 6:31 AM / a year ago

India Ratings for Indian debt instruments – Jun 14

    Jun 14 (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 13, 2018.

COMPANY                         INSTRUMENT             RATING         AMOUNT   MOVEMENT
------                          ----------             ------         ------   ---------
Abhilash Chemicals And          Non-FB WC limits       IND A4+          52.5     Assigned
Pharmaceuticals Pvt. Ltd
Amar Ujala Publications Ltd     CP (CP)*               IND A1+          200      Assigned
* The CP has been carved out of the working capital limits. Its proceeds will 
be used for meeting working capital requirements.
Pioneer Power Ltd               Non-FB LOC facility    IND A3           160      Downgraded
Workspace Metal Solutions Pvt   Non-FB limits          IND A4+          35       Assigned

Abhilash Chemicals And          TL                     IND BB+          6.64     Assigned
Pharmaceuticals Pvt. Ltd
Abhilash Chemicals And          FB WC limits           IND BB+/IND A4+  160      Assigned
Pharmaceuticals Pvt. Ltd
Amar Ujala Publications Ltd     TL                     IND A+           400      Assigned
Amar Ujala Publications Ltd     FB and non-FB WC limitsIND A+ /IND A1+  250      Assigned
Barmalt Malting (I) Pvt Ltd     TL                     IND A            25       Affirmed
(reduced from INR48.3)
Barmalt Malting (I) Pvt Ltd     Fund/Non-FB WC         IND A/IND A1     1250     Affirmed
(reduced from INR1,330)
Bscpl Aurang Tollway Ltd        LT senior Bk loans     IND B+           8560     Maintained in
Greenply Industries Ltd         CP programme*          IND A1+/RWE      300      Placed on RWE
*Carved out of the existing fund-based working capital banking lines
Greenply Industries Ltd         Long-TL                IND AA-          2861.7   Placed on RWE
Greenply Industries Ltd         Bk Fac                 IND AA-/RWE/IND  4750     Placed on RWE
Greenply Industries Ltd         Proposed short-TL      Provisional IND  400      Placed on RWE
Krishna Hydro Energy Ltd        New RTL                IND BBB-(SO      230      Assigned
Krishna Hydro Energy Ltd        Rupee TL (RTL)         IND BBB-(SO)     212.04   Downgraded
Lakshmi Jalavidyut (Krishna) LtdRupee TL               IND BBB-(SO)     505.31   Downgraded
Lakshmi Jalavidyut (Krishna) LtdNew RTL                IND BBB-(SO)     1100     Assigned
Magic Auto Pvt Ltd              FB WC limits           IND BB+ / IND A4+600      Migrated to
Pioneer Genco Ltd               Rupee TL               IND BBB-(SO)     824.22   Downgraded
Pioneer Genco Ltd               New RTL                IND BBB-(SO)     220      Assigned
Pioneer Power Corporation Ltd   Rupee TL               IND BBB-(SO)     647.96   Downgraded
Pioneer Power Corporation Ltd   New RTL                IND BBB-(SO)     300      Assigned
Pioneer Power Ltd               New rupee TL (RTL)     IND BBB-(SO)     2150     Assigned
Pioneer Power Ltd               Proposed FB WC                          40       Withdrawn
*The proposed facility was not availed as envisaged.
Ravi Industries                 TL                     IND B+           0.786    Affirmed
Ravi Industries                 FB Fac                 IND B+/IND A4    60       Affirmed
Workspace Metal Solutions Pvt   TL                     IND BB           18       Assigned
Workspace Metal Solutions Pvt   FB Fac                 IND BB/IND A4+   25       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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