March 20, 2018 / 5:47 AM / a month ago

India Ratings for Indian debt instruments – Mar 20

    Mar 20 (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 19, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Arunodaya Print Pack Pvt Ltd    NFBL                   IND A4+          2.8      Assigned
Arunodaya Print Pack Pvt Ltd    Proposed non-FB limits*Provisional IND  1.2      Assigned
                                                       A4+
*The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by APPPL to the satisfaction of Ind-Ra.
Cosmo Films Ltd                 Non FB WC limits*      IND A1           150      Assigned
(reduced from INR350)
Datacom Solutions Pvt Ltd       Non-fund WC            IND A4+          150      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Elastochemie Impex Pvt Ltd      Non-FB WC facility     IND A4           4        Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Geetanjali Graphics             NFBF                   IND A4+          11       Affirmed
(reduced from INR15)
Kamladityya Construction Pvt LtdNon-FB WC limits       IND A1           750      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
R L Construction                NFBL                   IND A4+          130      Affirmed
Simplex Castings Ltd            NFBl                   IND A4+          550      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)

LONG TERM RATINGS:
-------------------
Amber Enterprises India Ltd     FB WC limit            IND A / IND A1   2842.5   Upgraded from
                                                                                 IND A- / IND
                                                                                 A2+
(increased from INR 2,012.5)
Amber Enterprises India Ltd     Non-FB WC limit        IND A / IND A1   2021.5   Upgraded from
                                                                                 IND A- / IND
                                                                                 A2+
(reduced from INR2,102.5)
Amber Enterprises India Ltd     Non-FB WC limit*       IND A / IND A1   141      Assigned
*The final ratings have been assigned following the receipt of loan documents for the above
facilities by Ind Ra.
Amber Enterprises India Ltd     TL                     WD               1201.6   Withdrawn
                                                                                 (repaid in
                                                                                 full)
Arunodaya Print Pack Pvt Ltd    LTL                    IND BB           38.95    Assigned
Arunodaya Print Pack Pvt Ltd    FBL                    IND BB /IND A4+  29.5     Assigned
Arunodaya Print Pack Pvt Ltd    Proposed TL*           Provisional IND  20       Assigned
                                                       BB
*The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by APPPL to the satisfaction of Ind-Ra.
Arunodaya Print Pack Pvt Ltd    Proposed FB limits*    Provisional IND  15       Assigned
                                                       BB / Provisional
                                                       IND A4+
*The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by APPPL to the satisfaction of Ind-Ra.
Ask Home Furnishing Pvt Ltd     FB WC limit (long- and IND D            175      Downgraded
                                ST)                                              from IND BB+ /
                                                                                 IND A4+
(increased from INR160) ISSUER NOT COOPERATING
Ask Home Furnishing Pvt Ltd     Non-FB WC limit (ST)   IND D            5        Downgraded
                                                                                 from IND A4+
ISSUER NOT COOPERATING
Ask Home Furnishing Pvt Ltd     TL (LT)                IND D            45.5     Downgraded
                                                                                 from IND BB+ /
                                                                                 IND A4+
(reduced from INR60.80)ISSUER NOT COOPERATING
Cosmo Films Ltd                 Long-TL*               IND A+           426      Assigned
* The final rating is based on the receipt of sanction letter by Ind-Ra.(reduced from INR1,200)
Cosmo Films Ltd                 FB WC limits           IND A+ / IND A1  1900     Assigned
Datacom Solutions Pvt Ltd       FB WC                  IND BB+          80       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Elastochemie Impex Pvt Ltd      FB WC facility         IND B            150      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Geetanjali Graphics             TL                     IND BB-          20.71    Affirmed
Geetanjali Graphics             FBF                    IND BB-          34       Affirmed
(increased from INR30)
Grandway Incorporated           FB WC facility         IND B+ / IND A4  80       Assigned
Iiert March 2017                Series A pass-through  IND AA(SO)       1211.8   Affirmed
                                certificates (PTCs)
India Standard Loan Trust –     Series A pass-through  IND AA(SO)       743.8    Affirmed
Xliii                           certificates (PTCs)
(an ABS transaction)
India Standard Loan Trust –     Liquidity facility (LF)IND AAA(SO)      11.3     Affirmed
Xliii
(an ABS transaction)
India Standard Loan Trust –     Second loss credit     IND BBB(SO)      53.46    Affirmed
Xliii                           facility (SLCF)
(an ABS transaction)
India Standard Loan Trust - Xlv Series A pass-through  IND A(SO)        1586.3   Affirmed
                                certificates (PTCs)
(an ABS transaction)
India Standard Loan Trust - Xlv Liquidity facility (LF)IND AAA(SO)      23.48    Affirmed
(an ABS transaction)
India Standard Loan Trust - Xlv Second loss credit     IND BBB(SO)      90.4     Affirmed
                                facility (SLCF)
(an ABS transaction)
India Standard Loan Trust -Xliv Liquidity facility (LF)IND AAA(SO)      10.2     Affirmed
(an ABS transaction)
India Standard Loan Trust -Xliv Series A2 pass-through IND AAA(SO)      686.5    Affirmed
                                certificates (PTCs)
(an ABS transaction)
India Standard Loan Trust -Xliv Second loss credit     IND BBB(SO)      59.8     Affirmed
                                facility (SLCF)
(an ABS transaction)
Kamal Trading Corporation       FB WC limits           IND BB+ / IND A4+299.3    Assigned
Mm Trust Nov 14 I               Series A PTCs          IND AA+          22.84    Affirmed
(an ABS transaction)
Narmada Agrobase Pvt Ltd        LTL                    IND BB-          2.32     Assigned
Narmada Agrobase Pvt Ltd        FB WCL                 IND BB- /IND A4+ 60       Assigned
Ndia Standard Loan Trust – Xxii Liquidity facility (LF)IND AAA(SO)      10       Affirmed
(an ABS transaction)
Ndia Standard Loan Trust – Xxii Series A2 pass-through IND AAA(SO)      300.7    Affirmed
                                certificates (PTCs)
(an ABS transaction)
Ndia Standard Loan Trust – Xxii Second loss credit     IND BBB(SO)      67.2     Affirmed
                                facility (SLCF)
(an ABS transaction)
R L Construction                FBL                    IND BB           80       Affirmed
R L Construction                Proposed FB limits     WD               35       Withdrawn
(the company did not proceed with the instrument as envisaged)
Rinl Powergrid Tlt Pvt Ltd      Proposed TL            WD               2500     Withdrawn
Rural Electrification           GoI fully serviced     IND AAA          40000    Assigned
Corporation Ltd                 bonds
Siddhi Cotspin Pvt Ltd          TL                     IND BBB-         970      Assigned
Simplex Castings Ltd            FBF                    IND BB+          500      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Simplex Castings Ltd            TL                     IND BB+          146.4    Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
-----------------------------------------------------------------------------------------------
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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