June 3, 2020 / 8:34 AM / a month ago

India Ratings for Indian debt instruments – Jun 3

    Jun 3 - 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 2, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
------                          ----------             ------          ------   ---------
Absolute Projects (I) Ltd       Non-FB WC limit        IND A4+          380      Affirmed
(reduced from INR 400 mlns)
Klsr Infratech Ltd              Non-FB WC limit        IND A3+          1650     Affirmed
S.K. Exports                    Non FB limit           IND A4           20       Downgraded

Abhibus Services (I) Pvt Ltd    FB Fac                 IND              80       Assigned
                                                       B-/Stable/IND A4
Absolute Projects (I) Ltd       FB WC limit            IND              95       Affirmed
(reduced from INR100 mlns)
Giriraj Enterprises             FB limit (includes CC  IND A/Stable/IND 809      Affirmed
                                facility)              A1
(reduced from INR1,249 mlns)
Giriraj Enterprises             Non-FB limit           IND A/Stable/IND 150      Affirmed
Giriraj Enterprises             Proposed FB limit*     Provisional IND  201      Affirmed
                                                       A / Stable /
                                                       Provisional IND A1
* The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by GE to the satisfaction of Ind-Ra.
Klsr Infratech Ltd              FB WC Limit            IND              325      Affirmed
Outlook revised to Negative from Stable
Mahalakshmi Infraprojects Ltd   FB WC limits           WD               200      Affirmed and
Mahalakshmi Infraprojects Ltd   Non-FB WC limits       WD               400      Affirmed and
S.K. Exports                    TL                     IND B+/Stable    2.8      Downgraded
(reduced from INR4.00 mlns)
S.K. Exports                    FB limits              IND B+/Stable    160      Downgraded
Steel Strips Wheels Ltd         Long-TL                IND BBB+/RWN     6050     Downgraded
                                                                                 placed on RWN
Steel Strips Wheels Ltd         FB WC Limits           IND BBB+/RWN/IND 2750     Downgraded
                                                       A2/RWN                    placed on RWN
Steel Strips Wheels Ltd         NFB WC limits          IND BBB+/RWN/IND 4650     Downgraded
                                                       A2/RWN                    placed on RWN
Zen Shipping & Ports India Pvt  FB WC limits           IND D            100      Downgraded
Ltd                             (Long-/short- term)
Zen Shipping & Ports India Pvt  TL (Long- term)        IND D            253      Downgraded
(reduced from INR528.11 mlns)
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 rru.data@refinitiv.com)
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