May 16, 2018 / 6:23 AM / 6 months ago

India Ratings for Indian debt instruments – May 16

    May 16 (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
May 15, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Balaji Fiber Reinforce Pvt Ltd  Non-FB limits          IND A4+          200      Affirmed
(increased from INR160)
Balaji Fiber Reinforce Pvt Ltd  Proposed non-FB limits*Provisional IND  70       Affirmed
                                                       A4+
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by BFRPL to the satisfaction of Ind-Ra.,(reduced from INR90)
Gsr Ventures Pvt Ltd            Non-FB WC limits       IND A4+          350      Assigned
Kaytee Corporation Pvt Ltd      Non-FB WC limit        IND A4           10       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Poggenamp Nagarsheth            Non-FB WC limits       IND A4+          220      Assigned
Powertronics Pvt Ltd
Prince Industries               Non-FB WC              IND A3           310      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Rpg Industrial Product Pvt Ltd  Non-FB limit           IND A4+          15       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
S.W.R Systems Pvt Ltd           Non-FB limit           IND A4+          525      Downgraded
                                                                                 from IND A3
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Xl Enterprises Ltd              FB limit               IND A4+          60       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Uttam Galva Steels Ltd'S        Non-FB limit (ST)      IND D            24.4     Affirmed
(ISSUER NOT COOPERATING)
Uttam Galva Steels Ltd'S        ST debt (ST)           IND D            1        Affirmed
(ISSUER NOT COOPERATING)    
Uttam Galva Steels Ltd'S        Standby limits (ST)    IND D            2        Affirmed
(ISSUER NOT COOPERATING)    
Uttam Galva Steels Ltd'S        Proposed non-FB limit  Provisional IND D2        Affirmed
(ISSUER NOT COOPERATING)         (ST)

LONG TERM RATINGS:
-------------------
Balaji Fiber Reinforce Pvt Ltd  FB limits              IND BB+          100      Upgraded from
                                                                                 IND BB
(reduced from INR120)
Balaji Fiber Reinforce Pvt Ltd  Proposed FB limits*    Provisional IND  80       Upgraded from
                                                       BB+                       IND BB
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by BFRPL to the satisfaction of Ind-Ra.
Bhadrashree Steel & Power Ltd   TL                     IND BB+          5.1      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Bhadrashree Steel & Power Ltd   FB limit               IND BB+ /IND A4+ 122      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Bhaskar Tea & Industries Pvt LtdFB limit (LT)          IND D            54       Downgraded
                                                                                 from IND B-
Bhaskar Tea & Industries Pvt LtdNon-FB limit (ST)      IND D            0.7      Downgraded
                                                                                 from IND B-
Bhima And Brothers Bullion Pvt  TL                     IND BBB          108.49   Affirmed
Ltd
(increased from INR15.11)
Bhima And Brothers Bullion Pvt  FB WC limits           IND BBB/IND A3+  1280     Affirmed
Ltd
Fortune Spirit Ltd              FB WC limit            IND BB           150      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
General Petrochemicals Ltd      TL                     IND BB-          206.24   -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
General Petrochemicals Ltd      FB limits              IND BB-          80       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Gokul Steels Pvt Ltd            FB limits              IND B+           42.4     -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Gokul Steels Pvt Ltd            TL                     IND B+           64.5     -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Goyal Rice Mills                TL                     IND B            16.5     -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Goyal Rice Mills                FB WC limits           IND B /IND A4    50       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Gsr Ventures Pvt Ltd            FB WC limits           IND BB/IND A4+   20       Assigned
Herman Properties Pvt Ltd       TL                     IND BB-          150      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Herman Properties Pvt Ltd       FB limits              IND BB- / IND A4+50       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Il&Fs Environmental             TL                     IND BBB          54       Affirmed
Infrastructure And Services Ltd
Outlook revised to Stable,(reduced from INR190)
Il&Fs Environmental             FB limits              IND BBB/IND A3+  250      Affirmed
Infrastructure And Services Ltd
Outlook revised to Stable
Il&Fs Environmental             Proposed Bk loans*     Provisional IND  896      Affirmed
Infrastructure And Services Ltd                        BBB/Provisional
                                                       IND A3+
Outlook revised to Stable,*The rating is provisional and shall be confirmed upon the sanction
and execution of the loan documents for the above facilities by IEISL to the satisfaction of
Ind-Ra.,(increased from INR760)
Kaytee Corporation Pvt Ltd      TL                     IND B+           25       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Kaytee Corporation Pvt Ltd      FB WC limit            IND B+/IND A4    222      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Magadh Industries Pvt Ltd       FB limits              IND BB           1110     -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Magadh Industries Pvt Ltd       Long-TL                IND BB           200      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Magadh Industries Pvt Ltd       Proposed FB WC limits  Provisional IND  410      -
                                                       BB
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Maheshwari Pharmaceuticals (I)  TL                     IND BB-          5        Upgraded from
Ltd                                                                              IND B+
(reduced from INR5.11)
Maheshwari Pharmaceuticals (I)  FB limit               IND BB-/IND A4+  56       Upgraded from
Ltd                                                                              IND B+ / IND A4
Micky Metals Ltd                FB WC limit            IND BB+ /IND A4+ 150      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Mothers Agro Foods Pvt Ltd      FB limits              IND BB-/IND A4+  60       Assigned
N.R. Ispat & Power Pvt. Ltd.    FB WC limit            IND BB           269      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
N.R. Ispat & Power Pvt. Ltd.    TL                     IND BB           279.5    -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Neel Kanth Strips Pvt. Ltd      FB WC limit            IND B+ / IND A4  70       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Pee Cee Cosma Sope Ltd          FB WC limits           IND BBB-         57.5     -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Poggenamp Nagarsheth            TL limits              IND BB+          72       Assigned
Powertronics Pvt Ltd
Poggenamp Nagarsheth            FB WC limits           IND BB+/IND A4+  50       Assigned
Powertronics Pvt Ltd
Prime Urban Development India   FB facility            IND BB+/IND A4+  210      Affirmed
Ltd
(increased from INR200)
Prince Industries               TL                     IND BBB-         105.8    -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Prince Industries               FB CC                  IND BBB-         417      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Rpg Industrial Product Pvt Ltd  TL                     IND BB+          240      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Rpg Industrial Product Pvt Ltd  FB limit               IND BB+/IND A4+  150      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
S.W.R Systems Pvt Ltd           TL                     IND BB+          81.6     Downgraded
                                                                                 from IND BBB-
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
S.W.R Systems Pvt Ltd           FB CC                  IND BB+          827.2    Downgraded
                                                                                 from IND BBB-
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Shiv Shakti Rice Mills          FB WC limit            IND B / IND A4   150      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Shubh Rice Exports Pvt Ltd      TL                     IND B            32.88    -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Shubh Rice Exports Pvt Ltd      FB WC limits           IND B /IND A4    150      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Smart Motors Pvt Ltd            FB WC limit (LT)       IND D            100      Downgraded
                                                                                 from IND B
(ISSUER NOT COOPERATING)
Sunny Star Hotels Pvt Ltd       TL                     IND BB+          99.7     -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Surya Fab                       FB limit               IND BB-/IND A4+  100      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Uttam Galva Steels Ltd'S        Long-TL LT)            IND D            28.4     Affirmed
(ISSUER NOT COOPERATING)    
Uttam Galva Steels Ltd'S        FB limit (LT)          IND D            4        Affirmed
(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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