March 23, 2018 / 5:07 AM / 4 months ago

India Ratings for Indian debt instruments – Mar 23

    Mar 23 (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 22, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Anindita Steels Ltd             NFBL                   IND A4+          23.2     Affirmed
Bank Of Baroda                  CD                     IND A1+          200000   Assigned
Goldman Sachs India Capital     CP*                    IND A1+          10       Affirmed
Markets Pvt. Ltd
*No active issuances
Hamd Foods Pvt Ltd              FBL                    IND A4+          108      Maintained in
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Mantharagiri Textiles (Mt)      NFB WCL                IND A4           10.952   Affirmed
(reducedfromINR11.51)
Shivtex Spinning Pvt Ltd        NFBL                   IND A4+          17       Assigned
The West India Power Equipments Non-FB WC limit        IND A3           5        Affirmed
Pvt Ltd
(reduced from 6)

LONG TERM RATINGS:
-------------------
Anindita Steels Ltd             FBL                    IND BB+          200      Affirmed
Baddi Infrastructure            TL                     IND B-           52       Maintained in
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Dev Motors Pvt Ltd              FB WC limit            IND BB+/IND A4+  143      Affirmed
Gayatri Microns Ltd             TL                     IND BB-          50.62    Maintained in
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Gayatri Microns Ltd             FB limit               IND BB-/IND A4+  31.8     Maintained in
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Hanuman Impex                   FB WC limit            IND BB           99       Maintained in
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Kavit Pu Leather Cloth          FB limit (LT/ST)       IND D            30       Maintained in
Industries Pvt Ltd                                                               Non -
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Kavit Pu Leather Cloth          TL (LT)                IND D            27       Maintained in
Industries Pvt Ltd                                                               Non -
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Mantharagiri Textiles (Mt)      FB WC limit            IND B+           200      Affirmed
Mantharagiri Textiles (Mt)      TL                     IND B+           53.22    Affirmed
(reducedfromINR66.65)
Pb Lifestyle Ltd                FB WC limit            IND B            5        Maintained in
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Pb Lifestyle Ltd                TL                     IND B            145      Maintained in
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Sarthak Ispat Pvt Ltd           FB WC limit            IND BB+          210      Maintained in
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Sarthak Ispat Pvt Ltd           TL                     IND BB+          77.8     Maintained in
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Shivtex Spinning Pvt Ltd        TL                     IND BB           299      Assigned
Shivtex Spinning Pvt Ltd        FBL                    IND BB           80       Assigned
Swadeshi Textiles Pvt Ltd       FB WC limit            IND B+           100      Downgraded
(increased from 60)
Swadeshi Textiles Pvt Ltd       Proposed FB WC limits  WD               40       Withdrawn
(the company did not proceed with the instrument as envisaged)
Swadeshi Textiles Pvt Ltd       Non-FB WC limit        WD               2        Withdrawn
(repaid in full)
The West India Power Equipments TL                     IND BBB-         113.02   Affirmed
Pvt Ltd
(increased from 90.67)
The West India Power Equipments FB WC limit            IND BBB-/IND A3  305      Affirmed
Pvt Ltd
(increased from 265)
-----------------------------------------------------------------------------------------------
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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