May 31, 2018 / 3:55 AM / 19 days ago

India Ratings for Indian debt instruments – May 31

    May 31 (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 30, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Amar Plastic Industries         Non-FB limit           IND A4+          60
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Carrier Wheels Pvt Ltd          Non-FB WC limit        IND A4           7.5
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Eastern Construction Company    Non-FB WC limit        IND A4+          50
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
E-Shoppe                        Non-FB WC limit        IND A4           50
Maintained in non-cooperating category; (Issuer Not Cooperating)
Gulshan Rai Jain-Ii             Non-FB WC limit        IND A4+          240
Maintained in non-cooperating category; (Issuer Not Cooperating)
Home Credit India Finance Pvt   ST debt/CP*            IND A1           4        Assigned
Ltd
* Yet to be issued
K.S. Pipe Fittings Pvt Ltd      Non-FB limit           IND A4           50       Downgraded
Orix Leasing & Financial        CP (CP)#               IND A1+          1700     Assigned
Services India Ltd
# Not issued yet
Oswal Extrusion Ltd             Non-FB WC limits*      IND A3           50       Assigned
* Sub-limit to the Fund-based working capital limit
Plastene India Ltd              Non-FB WC limits       IND A3           410      Affirmed
Plastene India Ltd              Forward contract limitsIND A3           15       Affirmed
Plastene Polyfilms Ltd          Non-FB WC limits       IND A4+          90       Assigned
Sanco Industries Ltd            Non-FB WC limit        IND A4+          154
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Scoda Tubes Ltd                 Non-FB limit           IND A4           32.5
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Shree Coal Carrier              Non-FB WC limit        IND A4+          65
Maintained in non-cooperating category; (Issuer Not Cooperating)
Sri Balaji Trader               Non-FB limit           IND A4           30
Maintained in non-cooperating category; (Issuer Not Cooperating)
St Pipes And Tubes Co.          Non-FBL                IND A4+          150      Assigned


LONG TERM RATINGS:
-------------------
Bansal Rice Mills               TL                     IND B            24.4
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Bansal Rice Mills               FB WC limits           IND B/ IND A4    120
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Carrier Wheels Pvt Ltd          FB WC limits           IND B/ IND A4    42.5
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Carrier Wheels Pvt Ltd          Proposed FB WC limit   Provisional IND  40
                                                       B/ Provisional
                                                       IND A4
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Dbl Wardha Butibori Highways    Rupee TL               IND A-           3368.5   Assigned
Pvt Ltd
Dbl Wardha Butibori Highways    Performance BG         IND A-           532.8    Assigned
Pvt Ltd
Eastern Construction Company    FB WC limit            IND BB/ IND A4+  15
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
E-Shoppe                        FB WC limit            IND B+           1
Maintained in non-cooperating category; (Issuer Not Cooperating)
Gulshan Rai Jain-Ii             FB WC limit            IND BB           150
Maintained in non-cooperating category; (Issuer Not Cooperating)
H. J. Industries (I) Pvt Ltd    TL (LT)                IND D            37.22
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Hardcastle Restaurants Pvt Ltd  Fund based WC limits   IND A+/ IND A1+  1000     Upgraded
Hardcastle Restaurants Pvt Ltd  Proposed WC limits*    Provisional IND  750      Upgraded
                                                       A+/ Provisional
                                                       IND A1+
*The rating is provisional and shall be confirmed upon the sanction and execution of
loan/transaction documents
Home Credit India Finance Pvt   Bk loans               IND A-           10       Assigned
Ltd
Home Credit India Finance Pvt   NCDs (NCDs)*           IND A-           10       Assigned
Ltd
* Yet to be issued
Hotel Vakratunda                TL                     IND B            62.5
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Jaunpur Nagar Palika Parishad   Issuer rating          IND BB                    Withdrawn
K.S. Pipe Fittings Pvt Ltd      FB limit               IND B+/ IND A4   70       Downgraded
Karan Rice Mills                FB WC limit            IND B/ IND A4    99
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Narula Oil And Fats Pvt Ltd     FB limit               IND BB/ IND A4+  150
Migrated to non-cooperating category; (Issuer Not Cooperating)
Orix Leasing & Financial        NCDs (NCDs)            IND AAA          7200     Affirmed
Services India Ltd
Orix Leasing & Financial        Bk loans               IND AAA          13000    Affirmed
Services India Ltd
increased from 8,800 mln
Oswal Extrusion Ltd             Long-TL                IND BBB-         254.6    Affirmed
reduced from 310 mln
Oswal Extrusion Ltd             FB WC limits           IND BBB-         650      Affirmed
Oswal Extrusion Ltd             Proposed FB WC limits  WD               290
Withdrawn (issuer did not proceed with the instrument as envisaged)
Oswal Traders And Travels Pvt   FB WC limit            WD               400      Withdrawn
Ltd
Oswal Traders And Travels Pvt   Non-FB BG              WD               40       Withdrawn
Ltd
Plastene India Ltd              Long-TL                IND BBB-         464.7    Affirmed
reduced from 615 mln
Plastene India Ltd              FB WC limits           IND BBB-         1960     Affirmed
Plastene Polyfilms Ltd          FB WC limits           IND BB+          150      Assigned
Rkn Retail Pvt Ltd              FB WC limits           WD               1000     Withdrawn
Safi Traders                    FB limits              IND BB-/ IND A4+ 470      Assigned
Sanco Industries Ltd            FB WC limit            IND BB-/ IND A4+ 180
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Sandhu Poultry Farm             TL                     IND BB-          20.7
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Sandhu Poultry Farm             FB WC limits           IND BB-/ IND A4+ 40
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Scoda Tubes Ltd                 FB limit               IND B            92.5
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Shree Coal Carrier              FB WC limit            IND BB-          25
Maintained in non-cooperating category; (Issuer Not Cooperating)
Spring Bee Dairy Products Pvt   Proposed long-TL       Provisional IND B200      Assigned
Ltd
Spring Bee Dairy Products Pvt   Proposed FB Fac        Provisional IND  90       Assigned
Ltd                                                    B/ Provisional
                                                       IND A4
Sri Balaji Trader               FB limit               IND B+/ IND A4   60
Maintained in non-cooperating category; (Issuer Not Cooperating)
Srs Ltd                         TL (LT)                IND D            100      Affirmed
(Issuer Not Cooperating)
Srs Ltd                         Non-FB WC limits (ST)  IND D            4750     Affirmed
(Issuer Not Cooperating)
Srs Ltd                         FB WC limits (long-    IND D            3500     Affirmed
                                and ST)
(Issuer Not Cooperating)
Srs Ltd                         Term deposit (LT)      IND tD           2250     Affirmed
(Issuer Not Cooperating)
St Pipes And Tubes Co.          FB limit               IND BB-/ IND A4+ 200      Assigned
Sumeru Energy Pvt Ltd           Senior project Bk loan IND BBB-         203.1    Upgraded
Sweta Estates Pvt Ltd           Long-TL                WD               3000
Withdrawn (prepaid in full)
Vivriti Loftus 005 2018 (An Abs Series A1 pass-through Provisional IND  265.63   Assigned
Transaction)                    certificates (PTCs)    A-(SO)
Vivriti Loftus 005 2018 (An Abs Series A2 PTCs         Provisional IND  18.11    Assigned
Transaction)                                           BBB-(SO)
Vridhi Iron And Steels          Long-TL                IND B+           10.8
Maintained in non-cooperating category; (Issuer Not Cooperating)
Vridhi Iron And Steels          FB WC limit            IND B+           43
Maintained in non-cooperating category; (Issuer Not Cooperating)
Yogesh And Yogesh Developers    FB Fac                 IND BB-          99
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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