February 5, 2018 / 9:10 AM / 18 days ago

India Ratings for Indian debt instruments – Feb 5

    Feb 5 (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 2, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Agrawal Structure Mills         Non-FB WC limits       IND A4+          100      Affirmed
Anand Construwell               Non-FB WC limit        IND A4+          80       -
Migrated to Non-Cooperating Category
Arrow Construction              Non-FB limits          IND A4+          80       -
Migrated to Non-Cooperating Category
Element Chemilink               Non-FB WC limits       IND A4+          20       Affirmed
Jeewan Motors                   Non-FB Fac             IND A4+          10       -
Migrated to Non-Cooperating Category
Prateek Alloys                  Non-FB WC limits       IND A4           120      -
Migrated to Non-Cooperating Category
Sara Suole                      Non-FB limit           IND A2+          150      Assigned
Sun Steel Industries            Non-FB limits          IND A4+          115      Upgraded from
                                                                                 IND A4
Steel Impex & Industries        FB Fac (ST)            IND D            230      Downgraded
                                                                                 from IND A4
Kotak Urja                      Non-FB Fac (ST)        IND D            120      Downgraded
                                                                                 from IND A4+


LONG TERM RATINGS:
-------------------
Agrawal Structure Mills         FB WC limits           IND BB           200      Downgraded
                                                                                 from BB+
Anand Construwell               FB WC limit            IND BB+          130      -
Migrated to Non-Cooperating Category
Anand Mine                      FB WC limits           IND BB           60       -
Migrated to Non-Cooperating Category
Anand Mine                      Long-TL                IND BB           40.15    -
Migrated to Non-Cooperating Category
Arrow Construction              FB Limits              IND BB           20       -
Migrated to Non-Cooperating Category
Balaji Action Buildwell         TL                     IND A+           1250     Affirmed
Balaji Action Buildwell         FB limit               IND A+ / IND A1+ 800      Affirmed
Balaji Action Buildwell         Non-FB limit           IND A+ / IND A1+ 250      Affirmed
Balaji Action Buildwell         FB limit**             IND A+ / IND A1+ 200      Assigned
**The final rating has been assigned following the receipt of sanction letters from BAB.
Balaji Action Buildwell         Proposed FB limit*     Provisional IND  100      Affirmed
                                                       A+/Provisional
                                                       IND A1+
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by BAB to the satisfaction of Ind-Ra. 
Deys Cold Storage               FB WC limit            IND B+           81       -
Migrated to Non-Cooperating Category
Electroteknica Switchgears      FB limits              IND B+           15       -
Migrated to Non-Cooperating Category
Electroteknica Switchgears      Non-FB limits          IND B+           50       -
Migrated to Non-Cooperating Category
Element Chemilink               TL                     IND BB+          10.8     Affirmed
Element Chemilink               FB WC limits           IND BB+ / IND A4+35       Affirmed
Jaya Poultry                    TL                     IND B            85.1     Assigned
Jaya Poultry                    FB WC limit            IND B / IND A4   40       Assigned
Jeewan Motors                   FB  limits             IND BB           300      -
Migrated to Non-Cooperating Category
K.P. Solvex                     FB WC limit            IND B/IND A4     310      -
Migrated to Non-Cooperating Category
Kotak Urja                      TL (LT)                IND D            62.5     Downgraded
                                                                                 from IND BB-
Kotak Urja                      FB WC Fac (LT)         IND D            220      Downgraded
                                                                                 from IND BB-
Kurinji Spinning Mills          Long-TL                IND BB           64.5     Assigned
Kurinji Spinning Mills          FB WC limit            IND BB           149.5    Assigned
M P Entertainment And DevelopersTL                     IND BB           558.7    -
Migrated to Non-Cooperating Category
Navnitlal                       TL                     WD               6.7      Withdrawn
Navnitlal                       FB WC limits           WD               140      Withdrawn
Pg Electroplast’S               FB limits              IND BBB-         370      Assigned
Prateek Alloys                  FB WC limits           IND B+           100      -
Migrated to Non-Cooperating Category
R. K. Das Jewellers             TL                     IND B+           2        -
Migrated to Non-Cooperating Category
R. K. Das Jewellers             FB limits              IND B+/ A4       70       -
Migrated to Non-Cooperating Category
R. K. Vision                    FB limits              IND B+ / A4      130      -
Migrated to Non-Cooperating Category
Sara Suole                      TL                     IND A-           519.2    Assigned
Sara Suole                      FB limit               IND A-/ IND A2+  2200     Assigned
Shree Jagdamba Construction     FB Limits              IND BB+          50       -
Company
Migrated to Non-Cooperating Category
Shri Mahabir Dyg & Ptg          FB Limits              IND BB+          300      -
Migrated to Non-Cooperating Category
Sidy Datacom                    FB WC limit            IND B+ / IND A4  250      -
Migrated to Non-Cooperating Category
Sun Steel Industries            FB  limits             IND BB-          60       Upgraded from
                                                                                 IND B+
Top In Town                     FB limits              IND B+           50       -
Migrated to Non-Cooperating Category
Vadalia Foods                   TL                     IND B            171      Downgraded
                                                                                 from IND B+
Vadalia Foods                   FB WC limit            IND B / IND A4   70       -
Long-term rating downgraded; Short-term rating affirmed
-----------------------------------------------------------------------------------------------
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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