May 24, 2018 / 6:26 AM / in 3 months

India Ratings for Indian debt instruments – May 24

    May 24 (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 23, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Afflatus Gravures Pvt Ltd       Non-FB WC limits       IND A3+          50       Assigned
Ambrish Kumar Tripathi          Non-FB WC limit        IND A4           45.5     -
 
Atibir Industries Co. Ltd       Non-FB limits          IND A2           2628.3   -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Batliboi Environmental          NFB WC limit           IND A4           2.5      -
Engineering Pvt Ltd
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Bharuch Enviro Infrastructure   Non-FB limit           IND A2           55       -
Ltd
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Bhavya Cements                  Non-FB WC limits       IND A3           40       Affirmed
(reduced from 110)
Bhavya Cements                  Non-FB WC limits       IND A3           160      Assigned
Girraj Ji Stone Crushers Pvt LtdNon-FB WC limit        IND A4+          58.7     -
 
Indico Motors Pvt Ltd           Non-FB limits          IND A4+          20       -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Indico Motors Pvt Ltd           Proposed non-FB limits Provisional IND  50       -
                                                       A4+
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Kamakhya Transformers           Non-FB WC limit        IND A4+          23       -
 
Kamakhya Transformers           Proposed non-FB WC     IND A4+          13.5     -
                                limit
 
Kuna Impex Pvt Ltd              Non-FB limits          IND A4+          55       -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
L.Madanlal (Aluminium) Ltd      Non-FB limits          IND A4+          10       -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
M/S Advance Coolers             Non-FB WC              IND A4           17.5     -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
M/S Advance Coolers             Proposed non-FB Fac    Provisional IND  12.5     -
                                                       A4
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Power & Instrumentation         Non-FB limits          IND A4+          160      -
(Gujarat) Ltd
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Primacy Industries Ltd          Non-FB WC limits       IND A3+          200      Affirmed
Rajkumar Forge Ltd              Non-FB WC Fac          IND A2+(SO)      10       Affirmed
(reduced from INR27.50)
Riddhi Steel & Tube Pvt Ltd     Non-FB WC limits       IND A3           90       -
 
Sanjay Diesels                  Non-FB WC limit        IND A4           80       -
 
Shashi Catering Services        Non-FB limit           IND A3           40       -
 
Sungro Seeds Pvt Ltd            Non-FB WC limit        IND A4+          10       Affirmed
Sungro Seeds Pvt Ltd            Proposed FB WC limit*  IND A4+          85       Assigned
*The above ratings are provisional and shall be confirmed upon the sanction and execution of
loan documents for the above facilities by SSPL to the satisfaction of Ind-Ra.
Surya Carpet Pvt Ltd            FB WC limit            IND A2           432      -
 
Surya Carpet Pvt Ltd            Non-FB WC limit        IND A2           12       -
 
Western India Forgings Pvt. Ltd.Non-FB-WC limits       IND A2+          212      Affirmed
(reduced from 312)
Western India Forgings Pvt. Ltd.Bill discounting       IND A2+          90       Assigned
                                facility
LONG TERM RATINGS:
-------------------
Afflatus Gravures Pvt Ltd       FB WC limits           IND BBB / IND A3+250      Assigned
Ambrish Kumar Tripathi          FB WC limit            IND B+           10       -
 
Asian Institute Of              TL                     IND A            2000     Assigned
Gastroenterology Pvt Ltd
Atibir Industries Co. Ltd       FB limits              IND BBB          2180     -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Bapashree Agro Pvt Ltd          Proposed FB Fac        IND B+ / IND A4  97.5     -
 
Batliboi Environmental          CC                     IND B-           6.5      -
Engineering Pvt Ltd
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Bharuch Enviro Infrastructure   TL                     IND BBB          430.61   -
Ltd
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Bhavya Cements                  FB WC limits           IND BBB-         500      Affirmed
Bhavya Cements                  TL                     IND BBB-         500      Assigned
Bhavya Cements                  TL                     IND BBB-         196.9    Affirmed
(reduced from 295.3)
Bhavya Cements                  NCDs (NCDs)            IND BBB-         203.1    Affirmed
(reduced from 304.7)
Crystal Cars Pvt Ltd            TL                     IND B+           40       -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Crystal Cars Pvt Ltd            FB WC                  IND B+/IND A4    73       -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Daulat Flour Mill’S             TL                     IND B            27       -
 
Daulat Flour Mill’S             FB limit               IND B/IND A4     30       -
 
Daulat Flour Mill’S             Proposed FB WC limit   Provisional IND  13       -
                                                       B/Provisional
                                                       IND A4
 
Girraj Ji Stone Crushers Pvt LtdFB WC limits           IND BB+ / IND A4+13.7     -
 
Guru Kirpa Tex Fab              TL                     IND B+           25       -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Guru Kirpa Tex Fab              FB limit               IND B+/IND A4    30       -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Hercules Hospitalities Pvt Ltd  TL                     IND B            15       -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Hercules Hospitalities Pvt Ltd  FBF CC                 IND B            110      -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Indico Motors Pvt Ltd           FB limits              IND BB           220      -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Indico Motors Pvt Ltd           Proposed FB limits     Provisional IND  40       -
                                                       BB
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
In-Style Embroideries Pvt Ltd   TL                     IND BB-          52.5     -
 
In-Style Embroideries Pvt Ltd   FB WC limit            IND BB-/IND A4+  12.5     -
 
In-Style Embroideries Pvt Ltd   Proposed TL            Provisional IND  15       -
                                                       BB-
 
In-Style Embroideries Pvt Ltd   Proposed FB WC limit   Provisional IND  5        -
                                                       BB-/Provisional
                                                       IND A4+
 
Kamakhya Transformers           FB WC limit            IND BB           16       -
 
Kuna Impex Pvt Ltd              FB limits              IND BB-          57.5     -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Kuna Impex Pvt Ltd              TL                     IND BB-          6.18     -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
L.Madanlal (Aluminium) Ltd      FB limits              IND BB-/IND A4+  60       -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
M/S Advance Coolers             FB WC                  IND B/IND A4     60       -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
M/S Advance Coolers             Proposed long-TL       Provisional IND B20       -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
M/S Advance Coolers             Proposed FB Fac        Provisional IND  20       -
                                                       B/Provisional
                                                       IND A4
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
M/S Manmade                     FB WC limit            IND BB- / IND A4+60       -
 
Mahindra Renewables Pvt Ltd     Senior project TL*     Provisional IND  9500     Assigned
                                                       A-
Manney Engineers                Long-TL                IND B+           53.5     -
 
Matrix Bizcom Services Pvt Ltd  FB WC limits (LT/ST)   IND D            250      Downgraded
                                                                                 from IND B+
(ISSUER NOT COOPERATING)
Matrix Roller Mill Pvt Ltd      Long-TL                IND B            60       -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Matrix Roller Mill Pvt Ltd      FB WC limit            IND B/IND A4     71       -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Matrix Roller Mill Pvt Ltd      Proposed long-TL       Provisional IND B16       -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Matrix Roller Mill Pvt Ltd      Proposed FB WC limit   Provisional IND  29       -
                                                       B/Provisional
                                                       IND A4
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
New Haryana Overseas            FB WC limit            IND B+ / IND A4  95       -
 
Pothys Chennai                  TL                     IND BBB          1274.6   Affirmed
(reduced from 1,275.2)   
Pothys Chennai                  FB WC facility         IND BBB/IND A3+  250      Assigned
Pothys Fabrics                  TL                     IND BBB          36.2     Affirmed
(reduced from 60)
Pothys Fabrics                  FB WC facility         IND BBB/IND A3+  130      Affirmed
(increased from 90)
Pothys Garments                 TL                     IND BBB          56.7     Affirmed
(reduced from 121.8)
Pothys Garments                 FB WC facility         IND BBB/IND A3+  225      Affirmed
(increased from 185)
Pothys Matchings                TL                     IND BBB          18.7     Affirmed
(reduced from 20)
Pothys Matchings                FB WC facility         IND BBB/IND A3+  50       Affirmed
(reduced from 60)
Pothys Pvt Ltd                  TL                     IND BBB+         1747.9   Affirmed
(increased from 1,584.9)
Pothys Pvt Ltd                  Proposed TL*           IND BBB+         2000     Assigned
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by PPL to the satisfaction of Ind-Ra.
Pothys Pvt Ltd                  FB WC facility         IND BBB+/IND A2  940      Affirmed
Pothys Textiles                 TL                     IND BBB          18.4     Assigned
Pothys Textiles                 FB WC facility         IND BBB/IND A3+  50       Affirmed
(reduced from 60)
Pothys’S                        TL                     IND BBB          298.5    Affirmed
(increased from INR40)
Pothys’S                        FB WC facility         IND BBB / IND A3+450      Affirmed
(increased from INR160)
Power & Instrumentation         FB limits              IND BB-          140      -
(Gujarat) Ltd
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Power & Instrumentation         Non-FB limits*         IND BB-/IND A4+  100      -
(Gujarat) Ltd
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING),*Includes fund-based sublimit
Primacy Industries Ltd          TL                     IND BBB          0.14     Affirmed;
(Outlook revised to Negative)
Primacy Industries Ltd          FB WC limits           IND BBB/IND A3+  1000     Affirmed;
(Outlook revised to Negative)
Radhika Jewellers               FB limit               IND B+           65       -
(Migrated to Non Cooperating Category,ISSUER NOT COOPERATING)
Rajkumar Forge Ltd              FB WC Fac              IND A-           70       Affirmed
(increased from INR50)
Rajkumar Forge Ltd              TL                     IND A-(SO)       10       Affirmed
(reduced from INR22.50)
Rajkumar Forge Ltd              Post shipment demand   WD               50       Withdrawn
                                loan
Riddhi Steel & Tube Pvt Ltd     TL                     IND BBB-         30       -
 
Riddhi Steel & Tube Pvt Ltd     FBWC limits            IND BBB-/IND A3  260      -
 
Riddhi Steel & Tube Pvt Ltd     Proposed FB WC limits  Provisional IND  50       -
                                                       BBB-/Provisional
                                                       IND A3
 
Sampurn Agri Ventures Pvt. Ltd  TL                     IND B            80       -
 
Sampurn Agri Ventures Pvt. Ltd  FBL                    IND B / IND A4   20       -
 
Sanjay Diesels                  FB WC limit            IND B+/IND A4    70       -
 
Shashi Catering Services        FB limit               IND BBB-/IND A3  30       -
 
Srinivasa Agro Products         FB WC Fac              IND B+ / IND A4  80       Downgraded
                                                                                 from BB-
Sungro Seeds Pvt Ltd            TL                     IND BB+          131.25   Upgraded from
                                                                                 IND BB
(reduced from INR250)
Sungro Seeds Pvt Ltd            FB WC limit            IND BB+          250      Upgraded from
                                                                                 IND BB
(reduced from INR335)
Valuefirst Digital Media Pvt LtdFB limit               IND BBB / IND A2 150      -
 
Western India Forgings Pvt. Ltd.FB WC facility         IND A-           775      Affirmed
Outlook revised to Negative from Stable,(increased from 765)
Western India Forgings Pvt. Ltd.TL                     IND A-           350      Affirmed
Outlook revised to Negative from Stable
Western Up Tollways Ltd         TL                     IND A-           2220     Assigned
Western Up Tollways Ltd         NCDs                   IND A-           1570     Assigned
-----------------------------------------------------------------------------------------------
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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