April 23, 2018 / 6:23 AM / 3 months ago

India Ratings for Indian debt instruments – Apr 23

   Apr 23 (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 20, 2018.

COMPANY                         INSTRUMENT             RATING         AMOUNT     MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------         ------     ---------
SHORT TERM RATINGS:
-------------------
Atithya Inn Pvt Ltd             BG                     IND A3           40       Assigned
Axis Overseas Ltd               Non-FB WC limits       IND A4+          30       Affirmed
B.N.T Connections Impex Ltd     Non-FB limits          IND A4+          120
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Cimmco Ltd                      Non-FBL                IND A1           600      Downgraded
Cleantec Infra Pvt Ltd          Non-FB WC limits       IND A4+          40
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Cleantec Infra Pvt Ltd          Proposed NFB WC limits Provisional IND  120
                                                       A4+
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Heg Ltd                         CP                     IND A1+          1000     Affirmed
Kamlang Saw & Veneer Mills Pvt  Non-FB WC limit        IND A3           25
Ltd
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Modi Projects Ltd               Non-FB WC limits       IND A4+          238      Assigned
P K Saxena Contractor           Non-FB WC limit        IND A4+          100      Assigned
Titagarh Wagons Ltd             Non-FB limits          IND A1           6008     Downgraded
Titagarh Wagons Ltd             CP (CP)                IND A1           500      Assigned
 
LONG TERM RATINGS:
-------------------
Atithya Inn Pvt Ltd             TL                     IND BBB-         960      Upgraded
Atithya Inn Pvt Ltd             FB limits              IND BBB-         40       Upgraded
Axis Overseas Ltd               FB WC limits           IND BB-          220      Affirmed
B.N.T Connections Impex Ltd     TL                     IND BB           65.68
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
B.N.T Connections Impex Ltd     FB limits              IND BB /IND A4+  120
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Bahraich Nagar Palika Parishad  Issuer rating          IND BB           -        Withdrawn
Cimmco Ltd                      TL                     IND A+           229.4    Downgraded
Cimmco Ltd                      FB WC limits           IND A+ /IND A1   150      Downgraded
Cleantec Infra Pvt Ltd          FB WC limits           IND BB+ /IND A4+ 20
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Cleantec Infra Pvt Ltd          Proposed FB WC limits  Provisional IND  20
                                                       BB+ /Provisional
                                                       IND A4+
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Dutch Glass                     Long-TL                IND B+           56.12
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Dutch Glass                     FB limit               IND B+ /IND A4   11.6
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
G.R. Textile Mills              TL (LT)                IND D            13.58
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
G.R. Textile Mills              FB WC limit (LT)       IND D            47.5
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Heg Ltd                         FB WC limits           IND AA /IND A1+  5690     Upgraded
(increased from INR5,050mln)
Heg Ltd                         Non-FB WC limits       IND AA /IND A1+  2133     Upgraded
(increased from INR1,950mln)
Kamlang Saw & Veneer Mills Pvt  FB WC limit            IND BBB-         85
Ltd
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Modi Projects Ltd               FB WC limits           IND BB           40       Assigned
P K Saxena Contractor           FB WC limit            IND BB /IND A4+  60       Assigned
Raj Infrastructure Development  FB limits              IND BBB-         100
(I) Pvt Ltd
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Raj Infrastructure Development  Non-FB limits          IND BBB- /IND A3 150
(I) Pvt Ltd
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Shiv Shakti Cold Storage        FB limits              IND B            52
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Titagarh Agrico Pvt Ltd         FB limits              WD               20       Withdrawn
Titagarh Agrico Pvt Ltd         Non-FBL                WD               80       Withdrawn
Titagarh Wagons Ltd             FB WC limits           IND A+ /IND A1   1400     Downgraded
-----------------------------------------------------------------------------------------------
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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