February 28, 2018 / 8:33 AM / 10 months ago

India Ratings for Indian debt instruments – Feb 28

    Feb 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
February 27, 2018.

COMPANY                         INSTRUMENT             RATING         AMOUNT     MOVEMENT
------                          ----------             ------         ------     ---------
Armstrong Spinning Mills Pvt LtdNon-FB WC limits       IND A3           20       Assigned
Eapro Global Ltd                Non-FB limit           IND A4+          10       Assigned
Rajendra Kumar Kalal            Non-FB limits          IND A4+          95       Affirmed
Spun Micro-Processing Pvt. Ltd  Non-FB WC limit        IND A3           10       Assigned

4S Spintex India Pvt Ltd        TL                     IND BB-          121.62   Assigned
4S Spintex India Pvt Ltd        FB WC limit            IND BB- /IND A4+ 60       Assigned
Altico Capital India Ltd        NCDs                   IND AA-          2500     Assigned
Altico Capital India Ltd        Bk loans               IND AA-          12000    Assigned
Armstrong Spinning Mills Pvt LtdFB WC limits           IND BBB- /IND A3 250      Assigned
Brightstar Telecommunications   FB WC limits           IND A-(SO) /IND  5600     Assigned
India Ltd                                              A2+(SO)
Brightstar Telecommunications   Non-FB WC limits       IND A-(SO) /IND  1470     Assigned
India Ltd                                              A2+(SO)
Eapro Global Ltd                TL                     IND BB           10       Assigned
Eapro Global Ltd                FB WC limit            IND BB /IND A4+  80       Assigned
Ess Kay Fincorp Ltd             NCDs                   Provisional IND  250      Assigned
Iris Sbl Northern Arc 2018      Series A1 pass-through Provisional IND  134.37   Assigned
                                certificates (PTCs)    BBB(SO)
M P Entertainment And           TL                     WD               558.7    Withdrawn
Developers Pvt Ltd
Modulus Cosmetics               FB-limits              IND BBB- /IND A3 190      Upgraded
(increased from INR131.244mln)
Modulus Cosmetics               Non-FB limits          WD               6.3      Withdrawn
Priyanka Communications (I) Pvt FB limits              IND BBB+         940      Migrated to
Ltd                                                                              Non Cooperating
Priyanka Communications (I) Pvt Non-FB limits          IND BBB+/IND A2  260      Migrated to
Ltd                                                                              Non Cooperating
Priyanka Communications (I) Pvt Proposed FB limits     Provisional IND  260      Migrated to
Ltd                                                    BBB+                      Non Cooperating
Priyanka Communications (I) Pvt Proposed non-FB limits Provisional IND  540      Migrated to
Ltd                                                    BBB+                      Non Cooperating
                                                       /Provisional IND A2       Category
Rajendra Kumar Kalal            FB limits              IND BB           50       Affirmed
Sansar Trust Feb 2017 II        Series A pass-through  IND AAA (SO)     278.85   Affirmed
                                certificates (PTCs)
Sansar Trust Feb 2017 II        Second loss credit     IND BBB (SO)     26.51    Affirmed
                                facility SLCF
Saravana Stores                 TL                     IND BBB-         1753.5   Assigned
Saravana Stores                 FB WC limit            IND BBB- /IND A3 1820     Assigned
Shalimar Ksmb Projects          TL                     IND BB+          500      Assigned
Sikar Bikaner Highway Ltd       Senior project Bk loan IND BBB          4000     Affirmed
Spun Micro-Processing Pvt. Ltd  TL                     IND BBB-         180      Assigned
Spun Micro-Processing Pvt. Ltd  FB WC limit            IND BBB- /IND A3 160      Assigned
Thetis CV Ifmr Capital 2017     Series A1 pass-through IND A+(SO)       183.5    Upgraded
                                certificates (PTCs)
Thetis CV Ifmr Capital 2017     Series A2 PTCs         IND BBB-(SO)     51.27    Upgraded
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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