March 11, 2019 / 4:48 AM / 4 months ago

India Ratings for Indian debt instruments – Mar 11

    Mar 11 (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
March 8, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Emdee Digitronics Pvt Ltd       Non-FB limits          IND A4+          96.5
(Issuer Not Cooperating); Migrated to non-cooperating category
Emdee Digitronics Pvt Ltd       Proposed non-FB limits Provisional  IND 83.5
                                                       A4+
(Issuer Not Cooperating); Migrated to non-cooperating category
Gmw Pvt Ltd                     Non-FB limits          IND A4+          725      Affirmed
Inrhythm Energy Ltd             Non-FB WC Fac          IND A4+          240      Upgraded
Jcbl Ltd                        Non-FB WC limit        IND A4+          230      Assigned
Kamachi Industries Ltd          Non-FB WC limits (ST)  IND D            4476.8   Downgraded
Rci Industries & Technologies   Non-FBL                IND A2           1090     Assigned
Ltd
Safety Controls & Devices Pvt   Non-FB WC limit        IND A3           792.2    Affirmed
Ltd
Sct Pvt Ltd                     Non-FB WC limit        IND A4+          80       Affirmed
Welspun Global Brands Ltd       Non-FB limits          IND A1+          706.4    Affirmed
(increased from INR435.4 mlns)
Welspun Global Brands Ltd       CP                     IND A1+          1000     Assigned
Welspun India Ltd               Non-FB limits          IND A1+          4500     Affirmed
(increased from INR3.9 blns)
Welspun India Ltd               CP                     IND A1+          3000     Affirmed

LONG TERM RATINGS:
-------------------
Akin Chemicals Pvt. Ltd.        Non-FB WC limits*      IND BBB- /IND A3 1170     Affirmed
* Includes INR160 million (increased from INR150 million) sub-limit of cash credit limit 
Akin Chemicals Pvt. Ltd.        FB WC limits#          IND BBB- /IND A3 30       Assigned
# Includes INR30 million letter of credit as sub-limits of fund-based working capital limits 
Devi Fisheries Ltd              FB limits*             WD               1620
Maintained in the non-cooperating category and withdrawn/*Maintained in ‘IND BBB+(ISSUER NOT
COOPERATING)’/‘IND A2+(ISSUER NOT COOPERATING)’ before being withdrawn
Devi Fisheries Ltd              Non-FB limits#         WD               100
Maintained in the non-cooperating category and withdrawn/#Maintained in ‘IND A2+(ISSUER NOT
COOPERATING)’ before being withdrawn
Emdee Digitronics Pvt Ltd       FB WC limits           IND BB           25
(Issuer Not Cooperating); Migrated to non-cooperating category
Emdee Digitronics Pvt Ltd       Proposed FB WC limits  Provisional IND  35
                                                       BB
(Issuer Not Cooperating); Migrated to non-cooperating category
Gmw Pvt Ltd                     FB limits              IND BB+          155      Affirmed
Gopal Chakraborty Charitable    Bk loans               IND BB-          292.66
Trust
(Issuer Not Cooperating); Migrated to non-cooperating category
Jcbl Ltd                        TL                     IND BB-          165      Assigned
Jcbl Ltd                        FB WC limit            IND BB- /INDA4+  340      Assigned
Kamachi Industries Ltd          TL (LT)                IND D            7131.1   Affirmed
Kamachi Industries Ltd          FB WC limits (long-/ST)IND D            2119.8   Affirmed
M.R. Gupta & Company Pvt Ltd    FB WC limit*           WD               488.5
(Issuer Not Cooperating); Migrated to non-cooperating category/* Migrated to ‘IND BB-(ISSUER NOT
COOPERATING)’/‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn
M.R. Gupta & Company Pvt Ltd    BG#                    WD               50
(Issuer Not Cooperating); Migrated to non-cooperating category/# Migrated to ‘IND A4+(ISSUER NOT
COOPERATING)’ before being withdrawn
Marvel Solren Pvt Ltd           Rupee TL*              IND A            594.6    Assigned
* Includes a sublimit of INR400 million in the form of a letter of credit/buyer’s credit
Rci Industries & Technologies   FB limits              IND BBB          1010     Assigned
Ltd
Rci Industries & Technologies   Proposed long-TL*      Provisional IND  500      Assigned
Ltd                                                    BBB
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by RCI to the satisfaction of Ind-Ra.
Rci Industries & Technologies   Proposed FB limits*    Provisional IND  250      Assigned
Ltd                                                    BBB
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by RCI to the satisfaction of Ind-Ra.
Safety Controls & Devices Pvt   FB WC limit            IND BBB- /IND A3 55       Reaffirmed
Ltd
Saravana Stores                 TL                     IND BBB-         1753.5
(Issuer Not Cooperating); Migrated to non-cooperating category
Saravana Stores                 FB WC limits           IND BBB- /IND A3 1820
(Issuer Not Cooperating); Migrated to non-cooperating category
Sct Pvt Ltd                     FB WC limit            IND BB- /IND A4+ 70       Affirmed
Tera Software Ltd               FB limits              IND BB+ /IND A4+ 430      Affirmed
Tera Software Ltd               Non-FB limits          IND BB+ /IND A4+ 880      Affirmed
Welspun Global Brands Ltd       FB limits              IND AA-          6180     Affirmed
 (increased from INR4,126.5 mlns)
Welspun India Ltd               TL                     IND AA-          17200    Affirmed
(reduced from INR22.5 blns)
Welspun India Ltd               FB limits              IND AA-          11000    Affirmed
(increased from INR8.5 blns)
-----------------------------------------------------------------------------------------------
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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