January 8, 2018 / 3:54 AM / 2 months ago

India Ratings for Indian debt instruments – Jan 8

    Jan 8 (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 5, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
------                          ----------             ------           ------   ---------
Encorp Powertrans Pvt Ltd       Non-FB WC limit        IND A4+          310      Assigned
Speedy Multimodes Ltd           Non-FB WC facility     IND A4+          340      Assigned
Speedy Multimodes Ltd           Proposed non-FB WC     Provisional IND  75       Assigned
                                facility*              A4+
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by SML to the satisfaction of Ind-Ra.

Aarvee Denims And Exports Ltd   Term deposit programme IND tA-/ Negative750      Affirmed
Andole-Jogipet Nagara Panchayat LT Issuer Rating       IND B                     Assigned
Encorp Powertrans Pvt Ltd       FB WC limit            IND BB+/ IND A4+ 240      Assigned
Gajwel-Pragnapur Nagarpanchayat LT Issuer Rating       IND B+                    Assigned
Indian School Finance Company   NCDs (NCDs)            IND BBB-         245      Affirmed
Pvt Ltd
Indian School Finance Company   Bk loans               IND BBB-         200      Affirmed
Pvt Ltd
Irb Kolhapur Integrated Road    Senior project Bk loansIND A+(SO)       2378.4*  Upgraded
Development Company Pvt Ltd
* INR1,959.70 million outstanding on 31 December 2017
Kamachi Industries Ltd          TL (LT)                IND D            7131.1   Affirmed
Kamachi Industries Ltd          FB WC limits (long-/ST)IND D            2119.8   Affirmed
Kamachi Industries Ltd          Non-FB WC limits (ST)  IND D            4476.8   Affirmed
Mokama-Munger Highway Ltd       TL                     WD               3550     Withdrawn
P. Hitesh & Co.                 TL                     IND BB+          18.6     Assigned
P. Hitesh & Co.                 FB WC  Fac             IND BB+/ IND A4+ 85       Assigned
P. Hitesh & Co.                 Proposed TL*           Provisional IND  35       Assigned
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by PHC to the satisfaction of Ind-Ra.
P. Hitesh & Co.                 Proposed FB WC Fac     Provisional IND  111.4    Assigned
                                                       BB+/ Provisional
                                                       IND A4+
Solaire Power Pvt Ltd           Senior Bk loans        IND BBB+         1180     Upgraded
Solaire Urja Pvt Ltd            Senior Bk loans        IND BBB          1180     Affirmed
Speedy Multimodes Ltd           FB WC facility         IND BB-/ IND A4+ 5        Assigned
Steel Strips And Wheels Ltd     TL                     IND A-           2428     Assigned
Steel Strips And Wheels Ltd     FB WC limits           IND A-/ IND A2+  300      Assigned
Steel Strips And Wheels Ltd     Non-FB WC limits       IND A-/ IND A2+  650      Assigned
The Punjab State Cooperative    FB limits              IND BBB/ IND A2  1.4      Affirmed;
Milk Producers' Federation Ltd                                                   Outlook revised
(reduced from 1.65 mln)
The Punjab State Cooperative    Non-FB limits          IND BBB/ IND A2  0.2      Affirmed;
Milk Producers' Federation Ltd                                                   Outlook revised

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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