June 14, 2019 / 5:08 AM / 2 months ago

India Ratings for Indian debt instruments – Jun 14

    Jun 14 (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
June 13, 2019.

COMPANY                         INSTRUMENT            RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------            ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Bgr Mining & Infra Ltd          Non-FB WC limits (ST)  IND D            6000     Downgraded
Brfm India Pvt Ltd              Non-FB WC limits       IND A4           10.5
(Issuer Not Cooperating); Migrated to non-cooperating category
Hi-Tech Hydraulic Engineers     Non-FB WC limits       IND A4           30
(Issuer Not Cooperating); Migrated to non-cooperating category
Phoeniix’S                      Non-FB Fac             IND A4           3
(Issuer Not Cooperating); Migrated to non-cooperating category
Phoeniix’S                      Proposed non-FB Fac    Provisional IND  7.5
                                                       A4
(Issuer Not Cooperating); Migrated to non-cooperating category
Pure Petrochem India Pvt Ltd    Non-FB WC limits       IND A4+          20
(Issuer Not Cooperating); Migrated to non-cooperating category
Rajkumar Forge Ltd              Non-FB-WC limits       IND A2+          50       Affirmed and
                                                                                 Reassigned
(increased from INR10 mlns)
Sainest Tubes Pvt Ltd           Non-FB WC limits       IND A4+          260
(Issuer Not Cooperating); Migrated to non-cooperating category

LONG TERM RATINGS:
-------------------
Bgr Mining & Infra Ltd          FB WC limits (LT/ST)   IND D            1250     Downgraded
Bgr Mining & Infra Ltd          TL (LT)                IND D            7743.1   Downgraded
Bgr Mining & Infra Ltd          Proposed TL (LT)*      Provisional IND D837.4    Downgraded
*The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by BGR to the satisfaction of Ind-Ra.
Brfm India Pvt Ltd              Long-TL                IND B+           49.58
(Issuer Not Cooperating); Migrated to non-cooperating category
Brfm India Pvt Ltd              FB WC limits           IND B+ /IND A4   57.5
(Issuer Not Cooperating); Migrated to non-cooperating category
Fomento Resources Pvt Ltd       TL*  (LT)              WD               2009.5   Affirmed and
                                                                                 withdrawn
 *Affirmed at ‘IND D’ before being withdrawn
Fomento Resources Pvt Ltd       FB WC facility*  (LT)  WD               700      Affirmed and
                                                                                 withdrawn
 *Affirmed at ‘IND D’ before being withdrawn
Hi-Tech Hydraulic Engineers     TL                     IND B            31.25
(Issuer Not Cooperating); Migrated to non-cooperating category
Hi-Tech Hydraulic Engineers     FB WC limit            IND B            60
(Issuer Not Cooperating); Migrated to non-cooperating category
Jyoti Processors Pvt Ltd        FB limits              IND BB           105
(Issuer Not Cooperating); Migrated to non-cooperating category
Nandi Cotton Ginning Mill Pvt   TL                     IND BB-          21
Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Nandi Cotton Ginning Mill Pvt   FB Fac                 IND BB- / IND A4+140
Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Ongc Mangalore Petrochemicals   External commercial    IND AAA          -
Ltd.                            borrowings (ECBs)
Affirmed; Off RWE;
Ongc Mangalore Petrochemicals   NCDs (NCDs)            WD               25000
Ltd.
Withdrawn (paid in full)
Phoeniix’S                      FB Fac                 IND B+ /IND A4   160
(Issuer Not Cooperating); Migrated to non-cooperating category
Phoeniix’S                      Proposed FB Fac        Provisional IND  90
                                                       B+ /Provisional
                                                       IND A4
(Issuer Not Cooperating); Migrated to non-cooperating category
Pure Petrochem India Pvt Ltd    TL                     IND BB-          16.8
(Issuer Not Cooperating); Migrated to non-cooperating category
Pure Petrochem India Pvt Ltd    FB WC limits           IND BB- /IND A4+ 45
(Issuer Not Cooperating); Migrated to non-cooperating category
Pure Petrochem India Pvt Ltd    Proposed FB WC limits  Provisional IND  25
                                                       BB- /Provisional
                                                       IND A4+
(Issuer Not Cooperating); Migrated to non-cooperating category
Raajco Spinners Pvt Ltd         TL                     IND BB           256.2    Assigned
Raajco Spinners Pvt Ltd         FB limit               IND BB /IND A4+  200      Assigned
Rajkumar Forge Ltd              FB WC facility         IND A-           90       Affirmed and
                                                                                 Reassigned
(increased from INR70 mlns)
Rajkumar Forge Ltd              TL#                    WD               10       Affirmed
# Affirmed at ‘IND A-’/Stable before being withdrawn
Sainest Tubes Pvt Ltd           FB WC limits           IND BB+ /IND A4+ 200
(Issuer Not Cooperating); Migrated to non-cooperating category
State Bank Of India             Basel III Tier II      IND AAA          50000    Assigned
                                Bonds *
*Yet to be issued
Vani Tobaccos                   FB WC limits           IND B- /IND A4   75
(Issuer Not Cooperating); Migrated to non-cooperating category
Vani Tobaccos                   Proposed FB WC limit   Provisional IND  25
                                                       B- /Provisional
                                                       IND A4
(Issuer Not Cooperating); Migrated to non-cooperating category
Venus Alloys Pvt Ltd            TL                     IND BBB-         219.1
(Issuer Not Cooperating); Migrated to non-cooperating category
Venus Alloys Pvt Ltd            FB WC  limits          IND BBB- /IND A3 115
(Issuer Not Cooperating); 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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