August 28, 2017 / 7:19 AM / in 4 months

India Ratings for Indian debt instruments – Aug 28

    Aug 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
August 24 & 25, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
-------------------
SHORT TERM RATINGS:
-------------------
Aanchal Cement                  Non-FB WC limit        IND A4           132.19   -
Migrated to Non-Cooperating Category
Anil Construction Company       Non-FBL                IND A4+          70       -
Issuer not Co-operating / Migrated to Non-Cooperating Category
Auro Industries Ltd             Non-FB limits          IND A4+          30       Assigned
Av Impex                        Non-FB Fac             IND A4           65       -
Issuer not Co-operating / Migrated to Non-Cooperating Category
Axis Overseas Ltd               Non-FB WC limit        IND A4+          30       -
Issuer not Co-operating / Migrated to Non-Cooperating Category
Crystal Cable Industries Ltd    Non-FB Fac             IND D            250      Downgraded from
                                                                                 IND A4+
Migrated to Non-Cooperating Category
DNS Electronics                 NFB WC limit           IND A4           8        -
Migrated to Non-Cooperating Category
DNS Electronics                 Proposed NFB WC limit  Provisional IND  2        -
                                                       A4
Migrated to Non-Cooperating Category
K B A Infrastructure            Non-FB Fac             IND A4+          130      Affirmed
Khokhar Infrastructure Pvt Ltd  Non-FB WC limit        IND A4+          300      -
Migrated to Non-Cooperating Category
Kpm Processing Mill             Non-FB limits          IND A4+          10.97    Affirmed
Loocust Incorp Apparel Export   FB limits              IND A2           242      Affirmed
Pvt Ltd
(increased from INR502mln)
Loocust Incorp Apparel Export   Non-FB limits          IND A2           520      Affirmed
Pvt Ltd
(increased from INR400mln)
Moenus Textile Pvt Ltd          Non-FB WC limit        IND A4+          21       -
Issuer not Co-operating / Migrated to Non-Cooperating Category
Nagabhushanam & Co              FB Fac                 IND A4+          140      -
Migrated to Non-Cooperating Category
R.H. Solvex                     Non-FB limits          IND A4+          0.3      -
Migrated to Non-Cooperating Category
Royalline Resources             WC facility            IND A3           800      -
Migrated to Non-Cooperating Category
Royalline Resources             Proposed WC Facility   Provisional IND  90       -
                                                       A3
Migrated to Non-Cooperating Category
S.G.S Motors Pvt Ltd            Non-FB WC limit        IND A4+          20       -
Migrated to Non-Cooperating Category
Spica Projects &                Non-FB Fac             IND A4+          138.5    -
Infrastructures Pvt. Ltd.
Issuer not Co-operating / Migrated to Non-Cooperating Category
Sterlite Power Grid Ventures    CP*                    IND A1+          1        Upgraded from
                                                                                 IND A1+
*Carved out of the working capital bank line
Surya Metalloys Pvt Ltd         Non-FB limit           IND A4           10       -
Migrated to Non-Cooperating Category

LONG TERM RATINGS:
-------------------
Brand Concepts                  FB WC limit            IND BB           77       -
Migrated to Non-Cooperating Category
Brand Concepts                  Long-TL                IND BB           1.4      -
Migrated to Non-Cooperating Category
Brand Concepts                  Non-FB WC limit        IND BB           31       -
Migrated to Non-Cooperating Category
Aanchal Cement                  FB WC limit            IND B+           100      -
Migrated to Non-Cooperating Category
Alex Astral Power Pvt Ltd       TL                     IND BBB          1826.9   Upgraded from
                                                                                 IND BBB-
(reduced from INR2,085.3mln)
Anil Construction Company       FB limits              IND BB-          30       -
Issuer not Co-operating / Migrated to Non-Cooperating Category
Auro Industries Ltd             FB limits              IND BB-          80       Assigned
Axis Overseas Ltd               FB WC limit            IND BB-          220      -
Issuer not Co-operating / Migrated to Non-Cooperating Category
Birbal International Pvt Ltd    FB WC limit            IND B+ /IND A4   100      -
Issuer not Co-operating / Migrated to Non-Cooperating Category
Carbogen                        TL                     IND A+           600      Assigned
City Union Bank Ltd             Lower Tier 2           -                100      Withdrawn
                                subordinated debt
                                programme
Crystal Cable Industries Ltd    FB Fac (LT)            IND D            497.4    Downgraded from
                                                                                 IND BB
Migrated to Non-Cooperating Category

Crystal Cable Industries Ltd    Long-TL                IND D            29.3     Downgraded from
                                                                                 IND BB
Migrated to Non-Cooperating Category
 

Daga Auto Distributors          FB limits              IND BB-          50       -
Migrated to Non-Cooperating Category
Dns Electronics                 FB WC limit            IND B+           152      -
Migrated to Non-Cooperating Category
Dns Electronics                 Proposed FB WC limit   Provisional IND  78       -
                                                       B+
Migrated to Non-Cooperating Category
Dolbi’S Granite                 FB WC limits           IND D            50       -
Migrated to Non-Cooperating Category
Dolbi’S Granite                 TL                     IND D            37       -
Migrated to Non-Cooperating Category
Dolbi’S Granite                 Non-FB WC limits       IND D            15       -
Migrated to Non-Cooperating Category
Faridabad Steel Mongers         FB limits              IND BB/A4+       500      Affirmed
Gansons                         FB WC limits           IND BBB          100      Upgraded from
                                                                                 IND BBB-
Gansons                         Non-FB WC limits       IND BBB / IND A3+140      Upgraded from
                                                                                 IND BBB- / A3
Gawar Construction              CP                     WD               500      withdrawn
Grace Suppliers                 FB  WC limit           IND BB-          230      -
Migrated to Non-Cooperating Category
Grace Suppliers                 TL                     IND BB-          10       -
Migrated to Non-Cooperating Category
Himachal Energy                 FB WC limits           IND A / IND A1   350      Affirmed
Himachal Energy                 Non-FB WC limits       IND A / IND A1   800      Affirmed
Ideal Hotel And Industries Ltd  FB WC limits           IND B+ /IND A4   150      -
Migrated to Non-Cooperating Category
Indore Treasure Island Pvt Ltd  TL                     IND BB+          1279     -
Migrated to Non-Cooperating Category
Jk Tyre & Industries Ltd        FB and non-FB limits   IND AA- / RWN /  26810    Placed on RWN
                                                       IND A1+ / RWN
Jk Tyre & Industries Ltd        Long-TL                IND AA-/RWN      11540    Placed on RWN
Jk Tyre & Industries Ltd        LT Bk Fac              IND AA-/RWN      10300    Placed on RWN
Jk Tyre & Industries Ltd        Term deposit           IND TAA / RWN    600      Placed on RWN
Jpb Chemical Industries Pvt Ltd FB limits              IND BB /IND A4+  220      -
Migrated to Non-Cooperating Category
K B A Infrastructure            FB Fac                 IND BB- / IND A4+100      Affirmed
Khokhar Infrastructure Pvt Ltd  FB WC limit            IND BB-          50       -
Migrated to Non-Cooperating Category
Kpm Processing Mill             FB WC limits           IND BB           90       Affirmed
Kpm Processing Mill             Long-TL                IND BB           109.93   Affirmed
Loocust Incorp Apparel Export   Long-TL                IND BBB+         280.62   Affirmed
Pvt Ltd
(reduced from INR282.73mln)
Manav Infrastructure Pvt Ltd    Proposed project loan* Provisional IND  4760     Assigned
                                                       BBB-
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by MIPL to the satisfaction of Ind-Ra.
Moenus Textile Pvt Ltd          FB WC limit            IND BB+          106      -
Issuer not Co-operating / Migrated to Non-Cooperating Category
Moenus Textile Pvt Ltd          TL                     IND BB+          57.1     -
Issuer not Co-operating / Migrated to Non-Cooperating Category
Nagabhushanam & Co              FB Fac                 IND BB-          34.5     -
Migrated to Non-Cooperating Category
Navdurga Pulp And Paper Mills   FB WC limits           IND BB-          35       -
Migrated to Non-Cooperating Category
Navdurga Pulp And Paper Mills   Long-TL                IND BB-          50.68    -
Migrated to Non-Cooperating Category
Padmavati Ferrous Ltd           TL                     IND BBB-         211.63   -
Migrated to Non-Cooperating Category
Parkash Pulses                  FB WC limits           IND B / IND A4   100      Affirmed
Patel Motors                    FB WC limits           IND BB           410      -
Migrated to Non-Cooperating Category
Pitti Castings Pvt Ltd          FB WC limit (LT/ST)    IND D            250      -
Issuer not Co-operating / Migrated to Non-Cooperating Category
Pitti Castings Pvt Ltd          TL (LT)                IND D            845.5    -
Issuer not Co-operating / Migrated to Non-Cooperating Category
Pitti Castings Pvt Ltd          Non FB WC limit (ST)   IND D            50       -
Issuer not Co-operating / Migrated to Non-Cooperating Category
R.H. Solvex                     FB Limits              IND BB+          100      -
Migrated to Non-Cooperating Category
R.H. Solvex                     TL                     IND BB+          71.8     -
Migrated to Non-Cooperating Category
S.G.S Motors Pvt Ltd            FB WC limit            IND BB+          150      -
Migrated to Non-Cooperating Category
Sansar Trust Jun 2017           Second loss credit     IND A-(SO)       325.1    Assigned
                                facility (SLCF)
Sansar Trust Jun 2017           Pass-through           IND AAA(SO)      6502.4   Assigned
                                certificates
                                (PTCs)-Series A
Sansar Trust June 2017 Iv       Second loss credit     IND A-(SO)       210.4    Assigned
                                facility (SLCF)
Sansar Trust June 2017 Iv       Pass-through           IND AAA(SO)      3627.9   Assigned
                                certificates
                                (PTCs)-Series A
Sansar Trust June 2017 Vi       Second loss credit     IND A-(SO)       51       Assigned
                                facility (SLCF)
Sansar Trust June 2017 Vi       Pass-through           IND AA+(SO)      1000     Assigned
                                certificates
                                (PTCs)-Series A
Satyam Balajee Automotives Pvt. FB WC limit            IND BB-          110      -
Ltd
ISSUER NOT COOPERATING / Migrated to Non-Cooperating Category
Satyam Balajee Automotives Pvt. Long-TL                IND BB-          57.42    -
Ltd
ISSUER NOT COOPERATING / Migrated to Non-Cooperating Category
Shital Gems                     FB WC limits           IND D            220      Downgraded
                                                                                 from IND B+
Migrated to Non-Cooperating Category
Siwana Solar Power Project Pvt  TL                     IND BB           200      -
Ltd
Migrated to Non-Cooperating Category
Spica Projects &                FB WC limit            IND BB           48.7     -
Infrastructures Pvt. Ltd.
ISSUER NOT COOPERATING / Migrated to Non-Cooperating Category
Spica Projects &                Long-TL                IND BB           20       -
Infrastructures Pvt. Ltd.
ISSUER NOT COOPERATING / Migrated to Non-Cooperating Category
Spica Projects &                Non-FB Fac             IND BB /IND A4+  150      -
Infrastructures Pvt. Ltd.
ISSUER NOT COOPERATING / Migrated to Non-Cooperating Category
Sri Vijaya Venkateswara Cotton  FB limits              IND B+           100      -
Mills
Migrated to Non-Cooperating Category
Sterlite Power Grid Ventures    NCD (NCDs)             IND A+           3        Upgraded from
                                                                                 IND A
Sterlite Power Grid Ventures    FB WC Fac              IND A+/ IND A1+  3        Upgraded from
                                                                                 IND A / A1
Sterlite Power Grid Ventures    Non-FB WC Fac          IND A+/ IND A1+  4.75     Upgraded from
                                                                                 IND A / A1
Suneja Sons                     FB WC limits           IND BB /IND A4+  197.5    -
Migrated to Non-Cooperating Category
Surya Metalloys Pvt Ltd         TL                     IND B+           49       -
Migrated to Non-Cooperating Category
Surya Metalloys Pvt Ltd         FB limit               IND B+ /IND A4   55       -
Migrated to Non-Cooperating Category
Venkata Sai Ispat Industries    FB WC limits (LT)      IND D            120      -
Migrated to Non-Cooperating Category
Venkata Sai Ispat Industries    TL (LT)                IND D            50       -
Migrated to Non-Cooperating Category
Vinit Fabrics                   FB working limits      IND BB           45       -
Migrated to Non-Cooperating Category
Vinit Fabrics                   Long-TL                IND BB           28.52    -
Migrated to Non-Cooperating Category
-----------------------------------------------------------------------------------------------
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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