May 25, 2018 / 5:18 AM / a month ago

India Ratings for Indian debt instruments – May 25

    May 25 (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 24, 2018.

COMPANY                         INSTRUMENT              RATING         AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------              ------         ------   ---------
SHORT TERM RATINGS:
-------------------
Ambience Constructions India LtdNon-FB Fac             IND A4+          120      Assigned
Artemis Auto India Pvt Ltd      Non-FB WC limits       IND A4+          30       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Ashok Bricks Industries Pvt Ltd Non FB limit           IND A4+          200      Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Canon Engineering Constructions Non-FB WC limits       IND A4           40       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Canon Engineering Constructions Proposed non-FB WC     Provisional IND  50       Maintained in
                                limits                 A4                        Non
                                                                                 Cooperating 
                                                                                 Category
D And M Cables Pvt Ltd          Non-FB WC limit        IND A4           15       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Gaurav Earthmoving Equipments   NFB WC limits          IND A3           0.5      Upgraded
Pvt Ltd
Gem Motors (I) Pvt Ltd          Non-FB limit           IND A4           50       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Kamakshya Agro Products Pvt Ltd Non-FB WC limit        IND A4+          1.2      Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Kay Em Copper Pvt Ltd           Non-FB BG              IND A4+          10       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Kay Em Copper Pvt Ltd           Non-FB LOC             IND A4+          90       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Kay Em Copper Pvt Ltd           FC/CEL                 IND A4+          2        Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Mishrilal Associates Pvt Ltd    Non-FB WC limit        IND A4           50.25    Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
R V Plastic Ltd                 Non-FB BG              IND A4           70       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Reliance Infrastructure Ltd     CP#                    IND A1+(SO)      5        Affirmed
# Backed by an irrevocable, unconditional and non-transferable standby letter 
of credit of ICICI Bank Ltd (ICICI, Fitch Ratings Ltd: Issuer Default Rating: 
BBB-/Stable/F3). The payment mechanism, as defined in the transaction documents,
provides for the payment through the invocation of the standby letter of credit 
to the beneficiary’s account before/on the due date of the proposed CP.
Shiv Build India Pvt Ltd        Non-FB WC limits       IND A4+          150      Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Vectus Industries Ltd           Non-FB WC              IND A1           20       Upgraded


LONG TERM RATINGS:
-------------------
Aditya Prints Pvt Ltd           FB WC limits (LT)      IND D            162.5    Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Aditya Prints Pvt Ltd           Non-FB WC limits (ST)  IND D            6.4      Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Aditya Prints Pvt Ltd           TL (LT)                IND D            273.4    Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Ambience Constructions India LtdFB WC Fac              IND BB           50       Assigned
American Express Banking Corp   Fixed deposit programmeIND tAAA         1.25     Affirmed
Artemis Auto India Pvt Ltd      FB WC limits           IND BB / IND A4+ 112.5    Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Ashok Bricks Industries Pvt Ltd FB limit               IND BB+          140      Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Ashok Bricks Industries Pvt Ltd TL                     IND BB+          100      Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Canon Engineering Constructions FB WC limits           IND B+ /IND A4   20       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Canon Engineering Constructions Proposed FB WC limits  Provisional      10       Maintained in
                                                       B+/Provisional            Non
                                                       IND A4                    Cooperating
                                                                                 Category
Crave Clothing Company Pvt Ltd  FB WC limits           IND B+           160      Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Crave Clothing Company Pvt Ltd  TL                     IND B+           19       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
D And M Cables Pvt Ltd          FB WC limit            IND B+/IND A4    60       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Dhalavai Pathra Kaliamman       LT loan                IND BB-          9.33     Migrated to
Modern Rice Mill                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Dhalavai Pathra Kaliamman       FB Fac                 IND BB-/IND A4+  40       Migrated to
Modern Rice Mill                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Fair N Flair Garments           FB WC limits           IND B+           430      Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Fair N Flair Garments           TL                     IND B+           20.1     Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Flair Garments (P) Ltd          FB limits              IND BB-          20       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Flair Garments (P) Ltd          Long-TL                IND BB-          37.4     Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Gaurav Earthmoving Equipments   FB WC limits           IND BBB-         180      Upgraded
Pvt Ltd
(reduced from INR185)
Gem Motors (I) Pvt Ltd          FB limit               IND B            150      Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Gem Motors (I) Pvt Ltd          Proposed FB limits     Provisional IND B150      Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Ghazipur Nagar Palika Parishad  Issuer rating          IND BB-          -        Withdrawn
Gorakhpur Nagar Nigam           LT Issuer Rating       IND BBB-                  Withdrawn
Gowthami Infratech Pvt Ltd      FB WC limits (LT and   IND D            62       Maintained in
                                ST )                                             Non
                                                                                 Cooperating 
                                                                                 Category
Gowthami Infratech Pvt Ltd      Non-FB WC limits (ST)  IND D            455.4    Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Gowthami Infratech Pvt Ltd      TL (LT)                IND D            50       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
H D Motors                      LT loan                IND B-           30       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
H D Motors                      FB Fac                 IND B-/IND A4    50       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Kalyanalakshmi Shopping Mall    FB WC limits           IND B+/IND A4    85       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Kalyanalakshmi Shopping Mall    Proposed FB WC limits  Provisional IND  35       Migrated to
                                                       B+ /                      Non
                                                       Provisional IND A4        Cooperating
                                                                                 category
Kamakshya Agro Products Pvt Ltd FB WC limit            IND BB           40       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Kamakshya Agro Products Pvt Ltd Long-TL                IND BB           20.87    Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Karnataka Cooperative Milk      Fund-/non-FB WC limit  IND A            1500     Affirmed
Producers Federation Ltd
Kay Em Copper Pvt Ltd           FB CC facility         IND BB-/IND A4+  40       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Krushi Utpanna Bazar Samitee    Proposed Bk loan       Provisional IND  700      Assigned
                                                       BB-
Mahalakshmi Teleservices        FB WC limits (LT and   IND D            20       Maintained in
                                ST )                                             Non
                                                                                 Cooperating 
                                                                                 Category
Mahalakshmi Teleservices        TL (LT)                IND D            50       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Mahalakshmi Teleservices        Non-FB WC limits (ST)  IND D            25       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Mishrilal Associates Pvt Ltd    FB WC limits           IND B/IND A4     15       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Parksons Cartamundi Pvt Ltd     TL                     -                45.3     Withdrawn
Parksons Cartamundi Pvt Ltd     FB Fac                 -                147.5    Withdrawn
Pragathi Hatcheries             TL                     IND B            46.08    Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Pragathi Hatcheries             FB Fac                 IND B            75       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
R V Plastic Ltd                 FB limits              IND B+/IND A4+   100      Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Reliance Infrastructure Ltd     NCDs*                  IND A(SO)/RWN    2.25     Downgraded;
                                                                                 Rating Watch
                                                                                 revised to 
                                                                                 Negative
* Secured against regulatory asset collection in R-Infra’s Mumbai distribution business 
Reliance Infrastructure Ltd     TL*                    IND A(SO)/RWN    6.7      Downgraded;
                                                                                 Rating Watch
                                                                                 revised to
                                                                                 Negative
* Secured against regulatory asset collection in R-Infra’s Mumbai distribution business 
Reliance Infrastructure Ltd     ST debt/CP (CP)        IND A2+/RWN      13       Downgraded;
                                                                                 Rating Watch
                                                                                 revised to
                                                                                 Negative
Reliance Infrastructure Ltd     NCDs (NCDs)            IND BBB+/RWN     11.25    Downgraded;
                                                                                 Rating Watch
                                                                                 revised to 
                                                                                 Negative
Reliance Infrastructure Ltd     Bk Fac                 IND BBB+/RWN/IND 180      Downgraded;
                                                       A2+/RWN                   Rating Watch
                                                                                 revised to
                                                                                 Negative
Rythu Dairy Products Pvt Ltd    TL                     IND BB+          55.32    Assigned
Rythu Dairy Products Pvt Ltd    FB WC limits           IND BB+ /IND A4+ 60       Assigned
Rythu Dairy Products Pvt Ltd    Proposed TL*           Provisional IND  20       Assigned
                                                       BB+
* The rating is provisional and shall be confirmed upon the sanction and execution 
of the loan documents for the above facility by RDPPL to the satisfaction of Ind-Ra
Shiv Build India Pvt Ltd        FB WC limits           IND BB+          50       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Shivam Mobile Services Pvt      FB WC limits           IND BB-          60       Maintained in
Limite                                                                           Non
                                                                                 Cooperating 
                                                                                 Category
Shyam & Company                 FB limits              IND B+           100      Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Vapi Eco Energy Ltd             TL                     IND B            90.6     Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Vapi Eco Energy Ltd             FB WC limits           IND B /IND A4    15       Maintained in
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Vectus Industries Ltd           Fund based WC          IND A /IND A1    480      Upgraded
Western Up Tollway Ltd          TL                     IND A-           2220     Affirmed
Western Up Tollway Ltd          NCDs                   IND A-           1570     Affirmed
-----------------------------------------------------------------------------------------------
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)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below