May 3, 2018 / 4:38 AM / 3 months ago

India Ratings for Indian debt instruments – May 3

    May 3 (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 2, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Calstar Sponge Ltd              Non-FB limits          IND A3           170      Assigned
Jajoo Surgicals Pvt Ltd         Non-FB limits          IND A4+          40
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Kaveri Engineering Projects Pvt Non-FB WC limit        IND A4+          120
Ltd
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Klassik Lamitex Pvt Ltd         Non-FB limits          IND A4+          110
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Natraj Electro Casting Pvt Ltd  Non-FB limits          IND A4           15.35
Migrated to non-cooperating category; (Issuer Not Cooperating)
Poddar Car World Pvt Ltd        Non-FB limits          IND A4+          2.5      Affirmed
Spun Micro-Processing Pvt. Ltd  Non-FB limit           IND A3           2.5      Assigned
Surana Meta Cast (I) Pvt Ltd    Non-FB limits          IND A4           25.5
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
The Phosphate Co. Ltd           Non-FB WC limits       IND A4+          220      Assigned

LONG TERM RATINGS:
-------------------
Akbarpur Nagar Palika Parishad  Issuer rating          IND BB                    Withdrawn
Alpex Solar Pvt Ltd             FB WC limit (LT/ST)    IND D            120      Downgraded
Alpex Solar Pvt Ltd             Non-FB WC limit (ST)   IND D            250      Downgraded
Alpex Solar Pvt Ltd             Proposed FB WC limit   Provisional IND D80       Downgraded
                                (LT/ST)
Alpex Solar Pvt Ltd             Proposed non-FB WC     Provisional IND D150      Downgraded
                                limit (ST)
Brindha Cotton Mills Pvt Ltd    TL (LT)                IND D            16.7
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Brindha Cotton Mills Pvt Ltd    FB WC limits (LT/ST)   IND D            80
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Brindha Cotton Mills Pvt Ltd    Non-FB WC limits (ST)  IND D            9
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Cachet Pharmaceuticals Pvt Ltd  Proposed TL            WD               200      Withdrawn
Calstar Sponge Ltd              FB limits              IND BBB-         80       Assigned
Care Corupack Ltd               FB limits              IND BBB-         170
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Care Corupack Ltd               TL                     IND BBB-         46.84
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Devashish Polymers Pvt Ltd      FB limit               IND B+           12.5
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Devashish Polymers Pvt Ltd      TL                     IND B+           37.5
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Emkay Automobile Industries Ltd Non-FB Bk Fac          IND BB/IND A4    40
Downgraded and Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Emkay Automobile Industries Ltd FB Bk Fac              IND BB/IND A4    350
Downgraded and Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Ennore Tank Terminals Pvt Ltd   Bk loans               IND AA           2850     Affirmed
Ennore Tank Terminals Pvt Ltd   WC Fac                 IND AA           500      Affirmed
Hkr Roadways Ltd                Bk loans (LT)          IND D            15250    Affirmed
Hmr Steels Pvt Ltd              FB limits              IND B+           380      Affirmed
Jajoo Surgicals Pvt Ltd         FB limits              IND BB-          30
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Jajoo Surgicals Pvt Ltd         TL                     IND BB-          9.62
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Kalinga Institute Of Industrial Bk loans               IND A+           3923     Upgraded
Technology Society
Kalinga Institute Of Industrial FB facility (overdraft)IND A+           1750     Upgraded
Technology Society
Kalinga Institute Of Industrial Non-FB WC Fac (BG)     IND A+           170      Upgraded
Technology Society
Kaveri Engineering Projects Pvt FB WC limit            IND BB/IND A4+   55
Ltd
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Klassik Lamitex Pvt Ltd         FB limits              IND BB+          60
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Klassik Lamitex Pvt Ltd         TL                     IND BB+          107.65
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Knowledge Education Foundation  TL (LT)                IND D            38.63
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Knowledge Education Foundation  WC facility (LT)       IND D            15
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
M/S Dhru Motors                 FB Fac                 IND BB/IND A4+   345
Long-term rating upgraded; short-term rating affirmed; increased from 215 mln
MFL Securitisation Trust -      SLCF                   IND A-(SO)       66.1     Upgraded
XXXIV (An Abs Transaction)
MFL Securitisation Trust -      Series A1 PTCs         IND AA+(SO)      167.6    Upgraded
XXXIV (An Abs Transaction)
MFL Securitisation Trust -      Series A2 PTCs         IND AA+(SO)      8.8      Upgraded
XXXIV (An Abs Transaction)
MFL Securitisation Trust -      Liquidity facility (LF)IND AAA(SO)      14.02    Affirmed
XXXIV (An Abs Transaction)
MIFL Securitisation Trust - X   Second loss credit     IND A-(SO)       19.44    Upgraded
(An Abs Transaction)            facility (SLCF)
MIFL Securitisation Trust - X   Series A1 pass-through IND AA+(SO)      61.48    Upgraded
(An Abs Transaction)            certificates (PTCs)
MIFL Securitisation Trust - X   Series A2 PTCs         IND AA+(SO)      1.9      Upgraded
(An Abs Transaction)
MIFL Securitisation Trust - X   Liquidity facility (LF)IND AAA(SO)      4.39     Affirmed
(An Abs Transaction)
Natraj Electro Casting Pvt Ltd  FB limits              IND B+           80
Migrated to non-cooperating category; (Issuer Not Cooperating)
Natraj Electro Casting Pvt Ltd  Long-TL                IND B+           200
Migrated to non-cooperating category; (Issuer Not Cooperating)
Northway Infratech Pvt Ltd      FB limits              IND BB-          67.7
Migrated to non-cooperating category; (Issuer Not Cooperating)
Poddar Car World Pvt Ltd        Long-TL                IND BB+          18.22    Affirmed
Poddar Car World Pvt Ltd        FB limits              IND BB+/IND A4+  403      Affirmed
Saraf Trading Corporation Pvt   FB WC limit (LT/ST)    IND D            70       Downgraded
Ltd
Saraf Trading Corporation Pvt   Non-FB limit(ST)       IND D            17.5     Downgraded
Ltd
Shiva Cotton Industries         FB WC limit            IND B+           60
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Shiva Cotton Industries         Long-TL                IND B+           35
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Spun Micro-Processing Pvt. Ltd  TL                     IND BBB-         75       Assigned
Spun Micro-Processing Pvt. Ltd  FB WC limit            IND BBB-/IND A3  50       Assigned
Sri Vasavi Educational Society  TL                     IND BB           21.01    Affirmed
Sri Vasavi Educational Society  FB WC                  IND BB           25       Affirmed
Stallion Investments Pvt Ltd    TL                     WD               47.19    Withdrawn
Supreme Ahmednagar Karmala      Bk loans (LT)          IND D            4050
Tembhurni Tollways Pvt Ltd
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Supreme Best Value Kolhapur     TL - Facility A (LT)   IND D            1800
(Shiroli) Sangli Tollways Pvt
Ltd
Migrated to non-cooperating category; (Issuer Not Cooperating)
Supreme Best Value Kolhapur     TL - Facility B (LT)   IND D            675
(Shiroli) Sangli Tollways Pvt
Ltd
Migrated to non-cooperating category; (Issuer Not Cooperating)
Supreme Infraprojects Pvt Ltd   TL (LT)                IND D            646.9
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Supreme Kopargaon Ahmednagar    TL                     IND D            1750
Tollways Pvt Ltd
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Supreme Panvel Indapur Tollways Bk loans (LT)          IND D            9000
Pvt Ltd
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Supreme Suyog Funicular         Bk loans (LT)          IND D            600
Ropeways Pvt Ltd
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Surana Meta Cast (I) Pvt Ltd    TL                     IND B            103.6
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Surana Meta Cast (I) Pvt Ltd    FB limits              IND B            25
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
The Phosphate Co. Ltd           FB WC limits           IND BB           180      Assigned
The Phosphate Co. Ltd           Proposed NCDs (NCDs)   Provisional IND  100      Assigned
                                                       BB
The Phosphate Co. Ltd           Proposed               Provisional IND  60       Assigned
                                non-convertible        BB-
                                redeemable PS 
Varanasi Stp Project Pvt Ltd    BG                     IND BBB          130      Assigned
Vijayalakshmi Hydro Power Pvt   TL I (LT)              IND D            77.74
Ltd
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Vijayalakshmi Hydro Power Pvt   TL II (LT)             IND D            9.04
Ltd
Migrated to 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)
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