December 22, 2017 / 4:27 AM / 6 months ago

India Ratings for Indian debt instruments – Dec 22

    Dec 22 (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
December 21, 2017.

COMPANY                         INSTRUMENT             RATING        AMOUNT     MOVEMENT
                                                                    (RS.MLN)
------                          ----------             ------        ------     ---------
SHORT TERM RATINGS:
-------------------
Abhishek Solar Industries Pvt   Non-FB WC limit        IND A4+          60       Assigned
Ltd
Anunay Fab Ltd                  Non-FB WC facility     IND A4           60       Migrated to
ISSUER NOT COOPERATING                                                           Non Cooperating
                                                                                 Category
Ask Home Furnishing Pvt Ltd     Non-FB WC limit        IND A4+          5        Migrated to
ISSUER NOT COOPERATING                                                           Non Cooperating
                                                                                 Category
Camlin Fine Sciences Ltd        Non-FB limits          IND A2+          190      Assigned
Columbia Petro Chem Pvt Ltd     Non-FB limits          IND A2+          4450     Affirmed
Giriraj Enterprises             Non-FB limit           IND A1           500      Affirmed
(increased from INR250 million)
Gujarat Gas Ltd                 CP**                   IND A1+          350      Affirmed
** to be carved out of existing working capital limits
Kishore Infrastructures Pvt Ltd Non-FB Fac             IND A3           800      Assigned
Maktel Power Ltd                Non-FB Fac (ST)        IND D            125      Downgraded and
ISSUER NOT COOPERATING                                                           Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Sambhaav Media Ltd              Non-FB Fac             IND A4+          50       Assigned
Syndicate Bank                  CDs                    IND A1+          150000   Assigned

LONG TERM RATINGS:
-------------------
Abhishek Solar Industries Pvt   FB WC limit            IND BB-          60       Assigned
Ltd
Abhishek Solar Industries Pvt   TL                     IND BB-          8.98     Assigned
Ltd
Anunay Fab Ltd                  FB WC facility         IND B+ /IND A4   792      Migrated to
ISSUER NOT COOPERATING                                                           Non Cooperating
                                                                                 Category
Ask Home Furnishing Pvt Ltd     TL                     IND BB+          60.8     Migrated to
ISSUER NOT COOPERATING                                                           Non Cooperating
                                                                                 Category     
Ask Home Furnishing Pvt Ltd     FB WC limit            IND BB+ /IND A4+ 160      Migrated to
ISSUER NOT COOPERATING                                                           Non Cooperating
                                                                                 Category
Bhopal Dhule Transmission Co.   NCDs                   IND AAA          7350     Assigned
Ltd
Columbia Petro Chem Pvt Ltd     FB limits              IND A- /IND A2+  300      Affirmed
Dev Shree Cotsyn Pvt Ltd        TL                     IND BB+          90       Assigned
Dev Shree Cotsyn Pvt Ltd        FB WC limit            IND BB+ /IND A4+ 80       Assigned
Giriraj Enterprises             TL                     IND A            4353     Affirmed
 (reduced from INR9,395.9mln)
Giriraj Enterprises             CC facility            IND A/IND        1010     Affirmed
                                                       A1
(increased from INR400mln)
Giriraj Enterprises             Non-FB limit           IND A/IND        500      Affirmed
                                                       A1
Giriraj Enterprises             *Proposed TL           Provisional IND  2147     Affirmed
                                                       A
(increased from INR704.1mln)*The final rating is contingent upon receipt of the executed
financing documents between GE and lenders 
Gujarat Gas Ltd                 Bk loans*              IND AA /IND A1+  32000    Affirmed
* Interchangeable with working capital
Kishore Infrastructures Pvt Ltd FB Fac                 IND BBB-/IND A3  160      Assigned
Kishore Infrastructures Pvt Ltd Proposed FB Fac*       Provisional IND  40       Assigned
                                                       BBB-
                                                       /Provisional IND A3
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by KIPL to the satisfaction of Ind-Ra.
Maktel Power Ltd                FB Fac (LT)            IND D            105      Downgraded and
ISSUER NOT COOPERATING                                                           Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Pg Electroplast Ltd             TL                     IND BBB-         185      Assigned
Sambhaav Media Ltd              LT loans               IND BB+          27       Assigned
Sambhaav Media Ltd              FB Fac                 IND BB+ /IND A4+ 132.5    Assigned
Sambhaav Media Ltd              *Proposed LT Loan      Provisional IND  220      Assigned
                                                       BB+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by SAML to the satisfaction of Ind-Ra. 
Sheetal Structurals Pvt Ltd     Non-FB WC limit        IND BB+ /IND A4+ 60       Assigned
Sheetal Structurals Pvt Ltd     FB WC limit            IND BB+/IND A4+  30       Assigned
Suraksha Realty Ltd             NCDs (Series III)      IND AA-(SO)      200      Affirmed
Suraksha Realty Ltd             NCDs (Series IV)       IND AA-(SO)      200      Affirmed
Universal Educational Society   Term loan*             IND BB+          335.53   Assigned
*The details are provided in Annexure.
Universal Educational Society   Overdraft              IND BB+          35       Assigned
Woodstock Ambience Pvt Ltd      TL                     IND A-           5090     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
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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