May 30, 2018 / 5:19 AM / 22 days ago

India Ratings for Indian debt instruments – May 30

    May 30 (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 29, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Agarwal Life Sciences Pvt Ltd   Non-FB WC limit        IND A4+          10       Affirmed
Anish Infracon India Pvt Ltd    Non-FB WC limit        IND A3+          990      Assigned
Bhopal Tractors Pvt Ltd         Non-FB limit           IND A3           40       -
(Maintained in Non-Cooperating Category) (Issuer Not Cooperating)
Exotic Fruits Pvt Ltd           NFBL                   IND A3           300      -
(Maintained in Non-Cooperating Category) (Issuer Not Cooperating)
Hitech Print Systems Ltd        NFBF                   IND A4+          45       Assigned
Infinite Computer Solutions (I) Non-FB limits          IND A1+          389.5    Assigned
Ltd
Konark Synthetic Ltd            Non-FB WC limits       IND A4           87       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Krishna Textile Process         Non-FB Fac             IND A4+          2.5      -
(Maintained in Non-Cooperating Category) (Issuer Not Cooperating)
Niit Ltd                        CP (carved out of FB   IND A1+          340      Affirmed
                                Bk lines)
(reduced from INR400)
Niit Ltd                        ST debt                IND A1+          200      Affirmed
(reduced from INR1,100)
Orix Auto Infrastructure        Non-FB limits          IND A1+          100      Affirmed
Services Ltd
Orix Auto Infrastructure        Short-TL (ST debt)     IND A1+          1050     Affirmed
Services Ltd
Orix Auto Infrastructure        CP (carved out of FB   IND A1+          1700     Assigned
Services Ltd                    Bk lines)
Ramkumar Mills Pvt Ltd          Non-FB Fac             IND A4+          20       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Shriram Pistons And Rings Ltd   Non-FB WC limits       IND A1+          1350     Affirmed
Shriram Pistons And Rings Ltd   CP*                    IND A1+          100      Affirmed
*no amount outstanding
Swastik Infra-Logic (I) Pvt Ltd Non-FB WC  Fac         IND A4           475      Assigned
Swastik Infra-Logic (I) Pvt Ltd Proposed non-FB WC Fac*Provisional IND  20       Assigned
                                                       A4
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by SILIPL to the satisfaction of Ind-Ra.
Vishnu Rice Mills               FB WC limit            IND A4           6.5      -
(Maintained in Non-Cooperating Category) (Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
Agarwal Life Sciences Pvt Ltd   FB WC limit            IND BB+ / IND A4+60       Affirmed
Anish Infracon India Pvt Ltd    FB WC limit            IND BBB / IND A3+210      Assigned
Bhopal Tractors Pvt Ltd         FB limit               IND BBB-         60       -
(Maintained in Non-Cooperating Category) (Issuer Not Cooperating)
Exotic Fruits Pvt Ltd           TL                     IND BBB-         171.6    -
(Maintained in Non-Cooperating Category) (Issuer Not Cooperating)
Exotic Fruits Pvt Ltd           FBL                    IND BBB- / IND A31000     -
(Maintained in Non-Cooperating Category) (Issuer Not Cooperating)
Faizabad Nagar Palika Parishad  LT Issuer              IND BB           -        Withdrawn
Hitech Print Systems Ltd        TL                     IND BB-          92.1     Assigned
Hitech Print Systems Ltd        FBF                    IND BB-          105      Assigned
Icici Bank                      Series A PTCs          IND AAA(SO)      103.27   Affirmed
Infinite Computer Solutions (I) Fund/non-FB WC limits  WD               160      Withdrawn
Ltd
(paid in full)
Jaquar & Company Pvt Ltd        FB WC limits           IND AA / IND A1+ 987.5    Upgraded from
                                                                                 IND AA- /
                                                                                 Affirmed
Jaquar & Company Pvt Ltd        Non-FB WC limits       IND AA / IND A1+ 1750     Upgraded from
                                                                                 IND AA- /
                                                                                 Affirmed
Joseph Leslie Dynamiks          FB limits (LT)         IND D            50       Downgraded IND
Manufacturing Pvt Ltd                                                            B+
(reduced from INR97)
Joseph Leslie Dynamiks          Non-FB limits (ST)     IND D            50       Downgraded IND
Manufacturing Pvt Ltd                                                            B+
(reduced from INR68.7)
Kamadgiri Oils Pvt Ltd          FB limits              IND BB+          103      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Kdh Textile                     TL                     IND BB+          43       Affirmed
(reduced from INR60.00)
Kdh Textile                     FB WC limit            IND BB+/IND A4+  230      Affirmed
(increased from INR160)
Konark Synthetic Ltd            FB WC limits           IND B- / IND A4  192.5    -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Krishna Textile Process         TL Fac                 IND BB-          7.7      -
(Maintained in Non-Cooperating Category) (Issuer Not Cooperating)
Krishna Textile Process         FB Fac                 IND BB-/IND A4+  31.5     -
(Maintained in Non-Cooperating Category) (Issuer Not Cooperating)
Laxmi Cotspin Ltd               Proposed TL            IND BBB-         140      -
(Maintained in Non-Cooperating Category) (Issuer Not Cooperating)
Laxmi Cotspin Ltd               Proposed FB limits     IND BBB-         10       -
(Maintained in Non-Cooperating Category) (Issuer Not Cooperating)
Longowalia Yarns Ltd            FB WC limits           IND BBB- / IND A3100      Assigned
Met Therapeutics Pvt Ltd        Long-TL                IND BB           25       -
(Maintained in Non-Cooperating Category) (Issuer Not Cooperating)
Met Therapeutics Pvt Ltd        FB WC limits           IND BB/IND A4+   65       -
(Maintained in Non-Cooperating Category) (Issuer Not Cooperating)
Met Therapeutics Pvt Ltd        Proposed long-TL       Provisional IND  420      -
                                                       BB
(Maintained in Non-Cooperating Category) (Issuer Not Cooperating)
Met Therapeutics Pvt Ltd        Proposed FB WC limits  Provisional IND  85       -
                                                       BB/ Provisional
                                                       IND A4+
(Maintained in Non-Cooperating Category) (Issuer Not Cooperating)
Niit Ltd                        FBL                    IND AA-/IND A1+  414      Affirmed
(reduced from INR614)
Niit Ltd                        NFBL                   IND AA-/IND A1+  368      Affirmed
(reduced from INR668)
Niit Ltd                        Proposed LT debt*      Provisional IND  400      Assigned
                                                       AA-
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by NIIT to the satisfaction of Ind-Ra.
Niit Ltd                        Proposed non-FB Bk     Provisional IND  700      Affirmed
                                limits*                AA-/Provisional
                                                       IND A1+
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by NIIT to the satisfaction of Ind-Ra.
Orix Auto Infrastructure        Long-TL                IND AAA          6374     Affirmed
Services Ltd
(reduced from INR7,550)
Orix Auto Infrastructure        FB limits              IND AAA/IND A1+  10100    Affirmed
Services Ltd
(increased from INR7,450)
Orix Auto Infrastructure        Proposed long-TL*      Provisional IND  2000     Assigned
Services Ltd                                           AAA
* The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by OAIS to the satisfaction of Ind-Ra. 
P.N.Tex                         TL                     WD               181.81   Withdrawn
P.N.Tex                         FBF                    WD               50       Withdrawn
P.N.Tex                         NFBF                   WD               30       Withdrawn
Ramkumar Mills Pvt Ltd          FB Fac                 IND BB / IND A4+ 210      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Shriram Pistons And Rings Ltd   FB WC limits           IND AA           750      Affirmed
Snehal Impex Pvt Ltd            TL                     IND B-           48.6     -
(Maintained in Non-Cooperating Category) (Issuer Not Cooperating)
Snehal Impex Pvt Ltd            FB Fac                 IND B- / IND A4  10       -
(Maintained in Non-Cooperating Category) (Issuer Not Cooperating)
Shriram Pistons And Rings Ltd   Term deposit           IND tAA+         700      AffirmedSwastik
Infra-Logic (I) Pvt Ltd FB WC  Fac             IND B+/IND A4    135      Assigned
Swastik Infra-Logic (I) Pvt Ltd Proposed FB WC Fac*    Provisional IND  20       Assigned
                                                       B+/Provisional
                                                       IND A4
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by SILIPL to the satisfaction of Ind-Ra.
Vishnu Rice Mills               TL                     IND B+           11.9     -
(Maintained in Non-Cooperating Category) (Issuer Not Cooperating)
Vishnu Rice Mills               FB WC limit            IND B+ / IND A4  105      -
(Maintained in Non-Cooperating Category) (Issuer Not Cooperating)
Worldwide Tradelinks’           FB limits              IND BB- / IND A4+300      Downgraded
                                                                                 from IND BB /
                                                                                 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)
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