April 27, 2018 / 9:50 AM / a month ago

India Ratings for Indian debt instruments – Apr 27

    Apr 27 (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 26, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Akar Tools Ltd                  Non-FB Fac             IND A4+          60       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Apollo Computing Laboratories   Non-FBL                IND A4+          260      Affirmed
Pvt Ltd
Apollo Tyres Ltd                CP (CP)                IND A1+          9000     Assigned
Bodal Chemicals Ltd             Non-FB WC limits       IND A1+          320      Assigned
Bodal Chemicals Ltd             CP*                    IND A1+          50       Assigned
*Yet to be issued; carved out of existing working capital facilities.
Dcs Techno Services Pvt Ltd     Non-FB Fac             IND A4+          62.5     Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Elegant Sales And Marketing     Non-FB WC limits       IND A4+          35       Assigned
Prafful Export                  Non-FBL                IND A4           35       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Sanvijay Infrastructures Pvt LtdProposed non-FB WC     Provisional IND  50       Migrated to
                                facility               A3                        non
                                                                                 Cooperating 
                                                                                 Category
Sdm Projects Pvt Ltd            Non Fund based fac     IND A4+          50       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Shinde Developers Pvt Ltd       Non-FB limits          INDA4+           360      Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Skywin Spinning Pvt Ltd         Non-FB Fac             IND A4+          14.2     Assigned
Sri Power Generation (I) Pvt LtdNon-FBL                IND A4+          31.5     Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Virendra Kumar Singh’S          Non-FB limits          IND A4+          20       Affirmed

LONG TERM RATINGS:
-------------------
Akar Tools Ltd                  Long-TL                IND BB+          45       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Akar Tools Ltd                  FB Fac                 IND BB+/IND A4+  343      Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Amba Foods                      FBL                    IND B/IND A4     90       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Ambica Chemicals                Long-TL                IND B            42.2     Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Ambica Chemicals                Fund based WC limit    IND B/IND A4     23.8     Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Anantnath Silk Mills Pvt Ltd    TL                     IND BB+          27.5     Affirmed
Anantnath Silk Mills Pvt Ltd    FB Fac                 IND BB+/IND A4+  241.5    Affirmed
Apollo Computing Laboratories   FB WC limits           IND BB-          120      Affirmed
Pvt Ltd
Apollo Computing Laboratories   Non-FBL                IND BB-          260      Assigned
Pvt Ltd
Apollo Computing Laboratories   TL                                      11.9     Withdrawn
Pvt Ltd
Apollo Tyres Ltd                NCDs (NCDs)            IND AA+          6250     Affirmed
Apollo Tyres Ltd                NCDs#                  IND AA+          4500     Assigned
Bodal Chemicals Ltd             FB WC limit            IND A+/ IND A1+  1750     Assigned
Bodal Chemicals Ltd             Proposed Bk Fac**      Provisional IND  930      Assigned
                                                       A+/IND A1+
** The rating is provisional and shall be confirmed upon the sanction and execution
 of financing documents for the above facilities by BCL to the satisfaction of Ind-Ra.
Chamaria Infrastructures Pvt LtdTL                     IND B            55       Assigned
Dcs Techno Services Pvt Ltd     Fund based fac         IND BB-/IND A4+  57.5     Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Eastman Industries Ltd          TL                     IND BBB+         25       Assigned
Eastman Industries Ltd          FB WC limits           IND BBB+/IND A2  210      Assigned
Eastman Industries Ltd          Non-FB WC limits       IND BBB+/IND A2  162      Assigned
Elegant Sales And Marketing     FB WC limits           IND BB-/IND A4+  45       Assigned
Hdfc Da December 2010 - I       Second loss credit     IND AA-(SO)      281      Upgraded
                                facility (SLCF)
Hdfc Da December 2010 - I       Purchaser payouts      IND AAA(SO)      1685.5   Affirmed
Hdfc Da December 2010 – III     Second loss credit     IND AA-(SO)      57.7     Affirmed
                                facility (SLCF)
Hdfc Da December 2010 – III     Purchaser payouts      IND AAA(SO)      223.9    Affirmed
Indian Art Gallery              FB limits              IND BB-/IND A4+  100      Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Light Craft And Sound Pvt Ltd   Long-TL                IND BB-          44.2     Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Light Craft And Sound Pvt Ltd   FB Fac                 IND BB-/IND A4+  5        Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Mfl Securitisation Trust - XvlIISeries A1 PTCs         IND AA+(SO)      1648.9   Upgraded
Mfl Securitisation Trust - XvlIISeries A2 PTCs         IND AA+(SO)      48.7     Upgraded
Mfl Securitisation Trust - XvlIILiquidity facility (LF)IND AAA(SO)      57.33    Affirmed
Mfl Securitisation Trust - XvlIISLCF                   IND BBB+(SO)     286.7    Upgraded
Navdurga Ispat (P) Ltd          FB WC limits           IND BB+          160      Affirmed
Northern Arc 2018 Csl Leopold   Series A1 pass-through Provisional IND  187.24   Assigned
                                certificates (PTCs)    BBB(SO)
Omniactive Health Technologies  TL                     IND BBB+         1400     Assigned
Omniactive Health Technologies  WC Fac                 IND BBB+/IND A2  700      Assigned
Omniactive Health Technologies  Non-FB limits          -                40       Withdrawn
P & Y Enterprises Pvt Ltd       LT foreign currency TL IND BB           374.78   Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Prafful Export                  FBL                    IND B/IND A4     60       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Rational Handloom Company Pvt   Long-TL                IND BB           124.82   Migrated to
Ltd                                                                              non
                                                                                 Cooperating 
                                                                                 Category
Rational Handloom Company Pvt   FB-WC limits           IND BB/IND A4+   350      Migrated to
Ltd                                                                              non
                                                                                 Cooperating 
                                                                                 Category
Sanvijay Infrastructures Pvt LtdProposed TL            Provisional IND  420      Migrated to
                                                       BBB-                      non
                                                                                 Cooperating 
                                                                                 Category
Sanvijay Infrastructures Pvt LtdProposed FB CC facilityProvisional IND  350      Migrated to
                                                       BBB-                      non
                                                                                 Cooperating 
                                                                                 Category
Sdm Projects Pvt Ltd            FBL                    IND BB /IND A4+  20       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Shinde Developers Pvt Ltd       FB WC limits           IND BB/IND A4+   170      Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Skywin Spinning Pvt Ltd         TL                     IND BB+          138.8    Assigned
Skywin Spinning Pvt Ltd         FB Fac                 IND BB+/IND A4+  140      Assigned
Small Business Trust 2016       Small Business Trust   IND AAA(SO)      208      Affirmed
Sparsh Infratech Pvt Ltd        TL                     IND BBB-(SO)     652.7    Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Sri Power Generation (I) Pvt LtdLong-TL                IND BB           51       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Virendra Kumar Singh’S          FB limits              IND BB-          40       Affirmed
Virendra Kumar Singh’S          Proposed FB limits*    Provisional IND  10       Affirmed
                                                       BB-
* 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.
Vishrambhai Gorasia             Fund based WC limit    IND BB-/IND A4+  79.8     Affirmed
Construction 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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