May 23, 2018 / 8:29 AM / 3 months ago

India Ratings for Indian debt instruments – May 23

    May 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
May 22, 2018.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
Afflatus International’S        Non-FB limit           IND A4+          20
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
B.C. Bhuyan Constructions Pvt   Non-FB limits          IND A3           80       Assigned
Ltd
Bombay Fancy Store              Non-FB WC limits       IND A4           230
Affirmed and Migrated to Non-Cooperating Category
Elkaypee Spinners Pvt Ltd       Non-FB WC limit        IND A4+          6.9
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Ganesh Yadav                    Non-FB limit           IND A4+          150
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Gupta & Sons (Motors) Pvt Ltd   Non-FB limits          IND A4+          20
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Hill-Brow Metallics &           Non-FB limit           IND A4+          150
Construction Pvt Ltd
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Itms India Pvt Ltd              Non-FB WC facility     IND A4+          25
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Jubilant Enpro Pvt Ltd          Non-FB WC facility     IND A3           20       Affirmed
Kalyan Resorts                  Non-FB Fac             IND A4+          2        Assigned
Mcpi Pvt Ltd                    Non-FB limits          IND A2+          1800     Upgraded
 (increased from INR7,500 mln)
Miramar Resorts Pvt Ltd         Non-FB Fac             IND A4+          3        Assigned
Patiala Cotspin Ltd             Non-FB limits          
IND A4+         14.2
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Pratibha Syntex Ltd             Non-FB WC limits       IND A3           200      Affirmed
 (reduced from INR300 mln)
Shiva Structures Pvt Ltd        Non-FB WC limits       IND A4+          180
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Shree Tirupati Balajee Agro     Non-FB limit           IND A3           220
Trading Company Pvt Ltd’
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Sri Avantika Contractors (I) LtdNon-FB WC limits       IND A3           1890
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Sri Avantika Contractors (I) LtdProposed non-FB WC     Provisional IND  1360
                                limits                 A3
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Southern Auto Products          Non-FB limit (ST)      IND D            60       Downgraded
Sunil Kumar Agrawal'S           Non-FB limit           IND A3           85
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Trent Chemical Industries       Non-FB WC limits       IND A4+          55       Downgraded
V.M.Star                        Foreign documentary    IND A4          150
                                bill purchase
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Yadav Tractor Company‘S         Letter of guarantee    IND A4           30
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
Afflatus International’S        FB limit               IND BB+ /IND A4+ 450
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Asha Stone Crusher’S            TL                     IND B
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Asha Stone Crusher’S            FB limit               IND B /IND A4
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
B.C. Bhuyan Constructions Pvt   Long-TL                IND BBB-         10       Assigned
Ltd
B.C. Bhuyan Constructions Pvt   FB limits              IND BBB-         40       Assigned
Ltd
B.V.S. Distilleries Pvt Ltd     TL                     IND B-           290
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Bombay Fancy Store              FB WC limits           IND B+ /IND A4   230
Affirmed and Migrated to Non-Cooperating Category
Bombay Fancy Store              Proposed FB WC limits  WD               40       Withdrawn 
(the company did not proceed with the instrument as envisaged)
Cheer Sagar Exports             FB limit               IND BB /IND A4+  96
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Elkaypee Spinners Pvt Ltd       FB WC limit            IND BB-          60
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Elkaypee Spinners Pvt Ltd       Long-TL                IND BB-          52.6
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Gupta & Sons (Motors) Pvt Ltd   FB limits              IND BB           60
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Hill-Brow Metallics &           FB WC limit            IND BB+          80
Construction Pvt Ltd
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Hotel Miramar                   TL                     IND BB-          75       Assigned
Itms India Pvt Ltd              FB WC facility         IND BB- /IND A4+ 75
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
J.P Infra (Mumbai) Pvt Ltd      NCD (NCDs)             IND BBB-         1000     Affirmed
(reduced from INR1,050 mln)
Jubilant Enpro Pvt Ltd          FB WC facility         IND BBB-/IND A3  20       Affirmed
Jubilant Enpro Pvt Ltd          TL                     WD               337.3    Withdrawn
(facility paid in full)
Kalyan Resorts                  TL                     IND BB-          342.7    Assigned
Kalyan Resorts                  FB Fac                 IND BB- /IND A4+ 10       Assigned
Karnataka State Financial       Bond                   IND AA-(SO)      1000     Affirmed
Corporation’S
(outstanding INR0.75mln)
Karnataka State Financial       Bond                   WD               3000     Withdrawn
Corporation’S
(outstanding INR0.337mln)
Kbs Industries Pvt Ltd          TL                     IND B            9.9
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Kbs Industries Pvt Ltd          FB limit               IND B /IND A4    100
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Markdata Green Energy Pvt Ltd   WC facility            IND BBB+         167.5    Affirmed
Markdata Green Energy Pvt Ltd   TL                     IND BBB+         1800     Assigned
Markdata Green Energy Pvt Ltd   TL                     WD               1777.2   Withdrawn
(paid in full)
Markdata Green Energy Pvt Ltd   TL                     WD               290.8    Withdrawn
(paid in full)
Mcpi Pvt Ltd                    FB limits              IND A-           1500     Upgraded from
                                                                                 IND BBB+
(increased from INR1,350 mln)
Miramar Resorts Pvt Ltd         TL                     IND BB-          4.679    Assigned
Miramar Resorts Pvt Ltd         FB Fac                 IND BB- /IND A4+ 2        Assigned
Parin Gems                      FB Fac - CC            IND BB- /IND A4+ 217.2    Affirmed
Patiala Cotspin Ltd             TL                     IND BB+          232.31
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Patiala Cotspin Ltd             FB limits              IND BB+ /IND A4+ 70
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Patiala Cotspin Ltd             Proposed TL            Provisional IND  45
                                                       BB+
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Patiala Cotspin Ltd             Proposed FB limits     Provisional IND  10
                                                       BB+ /Provisional
                                                       IND A4+
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Pratibha Syntex Ltd             TL                     IND BBB-         2592.4   Affirmed
(reduced from INR3,329.8 mln)
Pratibha Syntex Ltd             FB WC facility         IND BBB- /IND A3 2700     Affirmed
Renewsys India Pvt Ltd          Long-TL                WD               280      Withdrawn
Renewsys India Pvt Ltd          Fund–based Fac         WD               100      Withdrawn
Renewsys India Pvt Ltd          Non-FB Fac             WD               150      Withdrawn
Sharvi Rice Mill Pvt Ltd        FB limits              IND BB           40
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Sharvi Rice Mill Pvt Ltd        TL                     IND BB           65.39
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Shiva Structures Pvt Ltd        FB WC limit            IND BB           75
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Shiva Structures Pvt Ltd        TL                     IND BB           15.09
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Shree Tirupati Balajee Agro     TL                     IND BBB-         50
Trading Company Pvt Ltd’
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Shree Tirupati Balajee Agro     FB limit               IND BBB- /IND A3 480
Trading Company Pvt Ltd’
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Shreyans Oils Ltd               FB limit               IND B /IND A4   60
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Shreyans Oils Ltd               Proposed TL            Provisional IND B45
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Shreyans Oils Ltd               Proposed FB limit      Provisional IND  45
                                                       B /Provisional
                                                       IND A4
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Southern Auto Products          TL (LT)                IND D            48.44    Downgraded
Southern Auto Products          FB WC limit (LT/ST)    IND D            103      Downgraded
Sri Avantika Contractors (I) LtdFB WC limits           IND BBB- /IND A3 285
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Sri Avantika Contractors (I) LtdProposed FB WC limits  Provisional IND  65
                                                       BBB-
                                                       /Provisional IND A3
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Sunil Kumar Agrawal'S           FB WC limit            IND BBB-         65
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Swastik Coal Corporation Pvt.   FB WC Fac(long-/ST)    IND D            425      Downgraded
Ltd
Swastik Coal Corporation Pvt.   Non-FB WC Fac          IND D            3035     Downgraded
Ltd                             (long-/ST)
Swastik Coal Corporation Pvt.   Proposed Bk Fac        Provisional IND D290      Downgraded
Ltd                             (long-/ST)
Trent Chemical Industries       FB WC limits           IND BB+          75       Downgraded
                                                                                 from IND BBB-
Trent Chemical Industries       TL                     IND BB+          410      Downgraded
                                                                                 from IND BBB-
Yadav Tractor Company‘S         CC                     IND B+ /IND A4   24.3
Maintained in 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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