February 6, 2018 / 8:07 AM / 5 months ago

India Ratings for Indian debt instruments – Feb 6

    Feb 6 (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 5, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Carraro India                   Non-FB limits          IND A1           690      Affirmed
Cde Asia                        Non-FB limits (BG and  IND A4+          71.5     -
                                loan equivalent risk)
Migrated to Non-Cooperating Category / ISSUER NOT COOPERATING
Gurusharanam Foods              Non-FB WC              IND A4           0.14     -
Migrated to Non-Cooperating Category / ISSUER NOT COOPERATING
Sagar Industries & Distilleries Non-FB Fac             IND A4+          90       Affirmed
(reduced from INR160)


LONG TERM RATINGS:
-------------------
Arch Infra Properties           Long-TL                IND BB           250      -
Migrated to Non-Cooperating Category
Awadh Oils                      FB limits              IND BB-          75       -
Migrated to Non-Cooperating Category
Carraro India                   Long-TL                IND A            824      Affirmed
(reduced from INR1,737.4)
Carraro India                   FB limits              IND A            1230     Affirmed
Cde Asia                        TL                     IND BB           14.3     -
Migrated to Non-Cooperating Category / ISSUER NOT COOPERATING
Cde Asia                        Non-FB limits (capex   IND BB           11       -
                                buyers credit)
Migrated to Non-Cooperating Category / ISSUER NOT COOPERATING
Cde Asia                        FB WC Fac              IND BB / A4+     140      -
Migrated to Non-Cooperating Category / ISSUER NOT COOPERATING
Chandigarh Educational Society  TL                     IND BBB+         308.7    -
Migrated to Non-Cooperating Category / ISSUER NOT COOPERATING
Gurusharanam Foods              FB WC limit            IND B+ / IND A4  62.5     -
Migrated to Non-Cooperating Category / ISSUER NOT COOPERATING
Haldia Petrochemicals           Long-TL                IND AA-          36.69    Upgraded from
                                                                                 IND A+
Haldia Petrochemicals           FB limits              IND AA- / A1+    3.5      Upgraded from
                                                                                 IND A+/
                                                                                 Affirmed
Haldia Petrochemicals           Non-FB limits          IND AA- / A1+    14.5     Upgraded from
                                                                                 IND A+/
                                                                                 Affirmed
Haldia Petrochemicals           Proposed long-TL*      Provisional IND  2.31     Upgraded
                                                       AA-
*The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by HPL to the satisfaction of Ind-Ra.
M/S Avigna Properties           TL                     IND BB+          200      Assigned
Malwa Automotives               FB WC limit            IND BB- / IND A4+130      -
Migrated to Non-Cooperating Category
Paschim Hydro Energy            Senior project Bk loansWD               330      Withdrawn
Puneet Automobiles              TL                     IND BB           31.53    -
Migrated to Non-Cooperating Category / ISSUER NOT COOPERATING
Puneet Automobiles              FB WC limit            IND BB / IND A4+ 470      -
Migrated to Non-Cooperating Category / ISSUER NOT COOPERATING
Puneet Laboratories             Long-TL                IND B+           60.96    -
Migrated to Non-Cooperating Category / ISSUER NOT COOPERATING
Puneet Laboratories             FB Fac                 IND B+ / A4      50       -
Migrated to Non-Cooperating Category / ISSUER NOT COOPERATING
Sagar Industries & Distilleries FB Fac                 IND BB-          200      Affirmed
(increased from INR150)
Sagar Industries & Distilleries Long-TL                WD               6.28     Withdrawn
Sangeeth Textiles               TL                     IND BB+          170.04   Downgraded
                                                                                 from BBB-
Sangeeth Textiles               FB WC limits           IND BB+ / IND A4+300      Downgraded
                                                                                 from BBB- / A3
Sangeeth Textiles               FB WC limits           WD               100      Withdrawn
(paid in full)
Silver Star Group               FB WC limit#           IND B            100      Assigned
# The final rating is assigned following the receipt of sanction letter by Ind-Ra.
Silver Star Group               Proposed TL*           Provisional IND B100      Assigned
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by MCPL to the satisfaction of Ind-Ra.
Spectrum Complex                Long-TL                IND BB-          183.1    -
Migrated to Non-Cooperating Category / ISSUER NOT COOPERATING
Stonex India                    TL                     IND BBB-         330      -
Migrated to Non-Cooperating Category / ISSUER NOT COOPERATING
Stonex India                    FB limits              IND BBB- /IND A3 450      -
Migrated to Non-Cooperating Category / ISSUER NOT COOPERATING
Style Marketing                 FB WC limit            IND BB- /IND A4+ 130      -
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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