January 24, 2018 / 5:41 AM / 3 months ago

India Ratings for Indian debt instruments – Jan 24

    Jan 24 (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
January 23, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Glory Products Pvt Ltd          Non-FB limits          IND A4+          32.5     Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Jindal Infrastructure           NFBL                   IND A4           40       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Jindal-Prl Infrastructure       Non-FB limit           IND A4           90       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Premier (I) Bearings Ltd        Non-FB WC limit        IND A3           10       Affirmed
Rajasthan Metals                Non-FB limits          IND A4+          140      Upgraded IND A4
(reduced from INR145),
(ISSUER NOT COOPERATING)
Rajasthan Metals                Proposed non-FB limits*IND A4+          75       Assigned
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by RM to the satisfaction of Ind-Ra.
(ISSUER NOT COOPERATING) 
Rajasthan Metals                FB limits              IND BB- IND A4+  60       Upgraded from
                                                                                 IND B+ / IND A4
(increased from INR40),(ISSUER NOT COOPERATING)
Sleepers Ltd                  Non-FB WC limit        IND A4+          50       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Ujala Publications Ltd        CP (carved out of WC   IND A1+          500      Affirmed
                                limits)
Vasudev Power Pvt Ltd           Non-FB WC Fac          IND A4+          75       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Zkl Bearings (I) Pvt Ltd        Non-FB WC limit        IND A3           150      Assigned
Zkl Bearings (I) Pvt Ltd        Proposed non-FB WC     Provisional IND  50       Assigned
                                limit*                 A3
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by ZKLIBPL to the satisfaction of Ind-Ra.
 Fortesi Sbl Ifmr Capital 2018  Series A1 pass-through IND BBBB-(SO)    100      Assigned
(An Abs Transaction)            certificates (PTCs)

LONG TERM RATINGS:
-------------------
Geetanjali Spices               FB WC limits           IND B+           100      Assigned
Glory Products Pvt Ltd          FB limits              IND BB-          27.5     Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Green Infra Wind Power          Bk loan                IND A            6290     Upgraded from
Generation Ltd                                                                   IND BBB
Green Infra Wind Power          CC/overdraft facility  IND A            300      Upgraded from
Generation Ltd                                                                   IND BBB
Green Infra Wind Power          Capex LOC*             IND A            2500     Upgraded from
Generation Ltd                                                                   IND BBB
*A facility commonly availed by GIWPGL and Green Infra Wind Energy Limited (IND A+).
Irb Pathankot Amritsar Toll     Senior project Bk loan WD               9240*    Withdrawn
Road Pvt Ltd 
* includes external commercial borrowing totalling USD39.23
Jindal Infrastructure           FBL                    IND B+           50
(ISSUER NOT COOPERATING)
Jindal-Prl Infrastructure       FB limit               IND B+           30       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Lotus Gem                       FB limits              IND BB- /IND A4+ 150      Assigned
Megha Engineering &             FB WC limits           IND A+ / IND A1+ 550      Assigned
Infrastructures Ltd
Megha Engineering &             Non-FB WC limits       IND A+ / IND A1+ 9500     Assigned
Infrastructures Ltd
National Hotels Ltd             TL                     IND B-           50       Assigned
National Hotels Ltd             FB WC  Fac             IND B- / IND A4  30       Assigned
Premier (I) Bearings Ltd        FB WC limit            IND BBB-         60       Affirmed
Psa Avtec Powertrain Pvt Ltd    roposed LT loan        IND BBB          4000     Assigned
Rajasthan Metals                Proposed FB WC limit   WD               10       Withdrawn
(ISSUER NOT COOPERATING)
Rajasthan Metals                Proposed non-FB WC     WD               5        Withdrawn
                                limit
(ISSUER NOT COOPERATING)
Sleepers Ltd                    FB WC limit            IND BB           70       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Sleepers Ltd                    Proposed FB WC limit   IND BB           55       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Sleepers Ltd                    TL                     IND BB           11       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Sleepers Ltd                    Proposed TL            IND BB           15       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Suraksha Avenues Pvt Ltd        TL                     IND BB-          50       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Ujala Publications Ltd          TL                     IND A+           2250     Affirmed
(increased from INR2.18 CR)
Ujala Publications Ltd          FB and NFB WC limits   IND A+ / IND A1+ 1150     Affirmed
Vasudev Power Pvt Ltd           FB WC Fac              IND BB /IND A4+  10       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
-----------------------------------------------------------------------------------------------
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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