June 1, 2018 / 7:02 AM / 24 days ago

India Ratings for Indian debt instruments – Jun 1

    Jun 1 (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
May 31, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Anondita Healthcare             Non-FB BG              IND A4           15
Maintained in non-cooperating category; (Issuer Not Cooperating)
Avadh Rail Infra Ltd            Non-FB BG              IND A4+          100
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Brijbasi Hi-Tech Udyog Ltd      Non-FB WC limit (ST)   IND D            100
Maintained in non-cooperating category; (Issuer Not Cooperating)
Bla Coke Pvt Ltd                Non-FB WC limits       IND A2+          1300     Affirmed
Bla Coke Pvt Ltd                Forward cover limit    IND A2+          32.4     Affirmed
Bla Coke Pvt Ltd                Proposed non-FB WC     Provisional IND  200      Assigned
                                limits*                A2+
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by BLA to the satisfaction of Ind-Ra.
Corrosion Protection Pvt Ltd    Non-FB limits          IND A4+          15       Assigned
Grover Impex Pvt Ltd            Non-FB limits          IND A4+          100
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Iqbal Construction Company      Non-FB WC limit        IND A4+          55
Maintained in non-cooperating category; (Issuer Not Cooperating)
Jai Mata Di Enterprises         Non-FB limits          IND A4           90       Assigned
Jain Irrigation Systems Ltd     CP (CP)*               IND A1           7750     Upgraded
*CP is carved out of the fund-based limits
Kripa Telecom                   Non-FB Fac             IND A4           60
Maintained in non-cooperating category; (Issuer Not Cooperating)
Machhalandapur Simlon Agro Pvt  Non-FB limits          IND A4           1.14
Ltd
Maintained in non-cooperating category; (Issuer Not Cooperating)
Northern Arc 2018 Csl Andromeda Series A1 pass-through Provisional IND  138.85   Assigned
                                certificates (PTCs)    A3+(SO)
Orito Polyfab Pvt Ltd           Non-FB limits          IND A4+          27.5     Assigned
Parikh Brothers                 FB limits              IND A4+          110
Maintained in non-cooperating category; (Issuer Not Cooperating)
Parikh Brothers                 Non-FB limits          IND A4+          5
Maintained in non-cooperating category; (Issuer Not Cooperating)
Pvn Fabrics Pvt Ltd             Non-FB WC limits (ST)  IND D            162      Downgraded
Radha Smelters Pvt Ltd          Non-FB WC limit        IND A3           5        Upgraded
(reduced from INR60 mln)
Shyam Spectra Pvt Ltd           Non-FB limits          IND A3           30       Affirmed
Shyam Spectra Pvt Ltd           Proposed non-FB limits*Provisional IND  60       Affirmed
                                                       A3
Proposed term loan* /(reduced from INR220mln)

LONG TERM RATINGS:
-------------------
Allu Entertainment Pvt Ltd      TL                     IND B+           83.6
Maintained in non-cooperating category; (Issuer Not Cooperating)
Allu Entertainment Pvt Ltd      FB WC limits           IND B+ /IND A4   45
Maintained in non-cooperating category; (Issuer Not Cooperating)
Anondita Healthcare             TL                     IND B+           40
Maintained in non-cooperating category; (Issuer Not Cooperating)
Anondita Healthcare             FB limits              IND B+ /IND A4+  70
Maintained in non-cooperating category; (Issuer Not Cooperating)
Avadh Rail Infra Ltd            FB limits              IND BB+ /IND A4+ 150
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Bhagwati Steels                 FB WC limit            IND BB- /IND A4+ 185
Maintained in non-cooperating category; (Issuer Not Cooperating)
Bla Coke Pvt Ltd                FB WC limits           IND A-           100      Affirmed
Brijbasi Hi-Tech Udyog Ltd      FB WC limit (LT/ST)    IND D            85
Maintained in non-cooperating category; (Issuer Not Cooperating)
Capital Infraprojects Pvt Ltd   TL                     IND BB+          1000
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Corrosion Protection Pvt Ltd    FB limits              IND BB-          80       Assigned
Fairwealth Housing Pvt Ltd      TL                     IND BB-          400
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Fine Lines                      FB limits              IND BB+ /IND A4+ 80
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Grover Impex Pvt Ltd            FB WC limits           IND BB- /IND A4+ 25
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Iqbal Construction Company      FB WC limit            IND BB+ /IND A4+ 20
Maintained in non-cooperating category; (Issuer Not Cooperating)
Jai Mata Di Enterprises         Long-TL                IND B+           16.53    Assigned
Jai Mata Di Enterprises         FB limits              IND B+           40       Assigned
Jain Irrigation Systems Ltd     TL                     IND A-           3460     Upgraded from
                                                                                 IND BBB
Jain Irrigation Systems Ltd     FB WC limits           IND A- /IND A1   15500    Upgraded
Jain Irrigation Systems Ltd     Non-FB limits          IND A- /IND A1   17350    Upgraded
Jain Irrigation Systems Ltd     Proposed TL^           Provisional IND  1500     Upgraded
                                                       A-
^The rating is provisional and shall be confirmed upon the sanction and execution of
loan/transaction documents for the above instrument to the satisfaction of Ind-Ra.
Kripa Telecom                   FB Fac                 IND B+ /IND A4   30
Maintained in non-cooperating category; (Issuer Not Cooperating)
Lmj Logistics Ltd               WC limits              IND BBB+ /IND A2+869.93
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
M/S Shantikalash Jewellers      TL (LT)                IND D            47.5
Downgraded from IND BB- and Migrated to Non- Cooperating Category
M/S Shantikalash Jewellers      FB working capital     IND D            270
                                limits (Long-
                                term)
Downgraded from IND BB- and Migrated to Non- Cooperating Category
M/S. Shanthilal & Sons JewellersFB working capital     IND D            240
                                limits (long-
                                term)
Downgraded from IND BB- and Migrated to Non-Cooperating Category
Machhalandapur Simlon Agro Pvt  FB limits              IND B+           57.5
Ltd
Maintained in non-cooperating category; (Issuer Not Cooperating)
Machhalandapur Simlon Agro Pvt  Long-TL                IND B+           35.25
Ltd
Maintained in non-cooperating category; (Issuer Not Cooperating)
Meenamani Ganga Builder Llp     FB limits              IND BB+          500
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Natural Product Bio Tech Ltd    Proposed TL            Provisional IND  200
                                                       BB-
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Orito Polyfab Pvt Ltd           Long-TL                IND BB-          400      Assigned
Orito Polyfab Pvt Ltd           FB limits              IND BB- /IND A4+ 72.5     Assigned
P.C. Dey And Son Distributors   FB limits              IND BB-          210      Assigned
Pvt Ltd
P.C. Dey And Son Distributors   Proposed FB limits*    Provisional IND  100      Assigned
Pvt Ltd                                                BB-
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by PCDSDPL to the satisfaction of Ind-Ra.
Penta Gold Ltd                  FB limits              IND BBB- /IND A3 380
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Pvn Fabrics Pvt Ltd             Long-TL (LT)           IND D            163.4    Downgraded
Pvn Fabrics Pvt Ltd             FB WC limits (LT)      IND D            220      Downgraded
Radha Smelters Pvt Ltd          FB WC limit            IND BBB- /IND A3 410      Upgraded
Shri Ram Educational Trust      FB WC facility         IND BBB+         150      Affirmed
 (increased from INR72mln)
Shri Ram Educational Trust      TL                     IND BBB+         150      Assigned
Shyam Spectra Pvt Ltd           Bk loan                IND BBB-         428.3    Affirmed
 (increased from INR397.59mln)
Shyam Spectra Pvt Ltd           Term  loan**           IND BBB-         200      Assigned
** The final rating has been assigned based on the sanction letters provided by SSPL to Ind-Ra.
Shyam Spectra Pvt Ltd           TL                     IND BBB-         400      Affirmed
Shyam Spectra Pvt Ltd           FB limits              IND BBB-         50       Affirmed
                                                       /IND A3
(increased from INR10 mln)
Shyam Spectra Pvt Ltd           Proposed TL*           Provisional IND  89.3     Assigned
                                                       BBB-
Proposed term loan*
State Bank Of Patiala           Basel III Tier I bonds WD               11500    Withdrawn
Vaibhav Edibles Pvt Ltd         LT loan                IND BBB          65.8     Upgraded
(increased from INR35.73 mln)
Vaibhav Edibles Pvt Ltd         FB WC limits           IND BBB /IND A3+ 120      Upgraded
(increased from INR65 mln )
Vaibhav Edibles Pvt Ltd         *Proposed FB WC limits Provisional IND  64.2     Upgraded
                                                       BBB /Provisional
                                                       IND A3+
(reduced from INR115 mln) * The above ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities by VEPL to the satisfaction of
Ind-Ra.
Vaibhav Edibles Pvt Ltd         Proposed LT loan       WD               34.27    Withdrawn
(the company did not proceed with the instrument as envisaged)
-----------------------------------------------------------------------------------------------
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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