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India Ratings for Indian debt instruments – Nov 17
November 17, 2017 / 8:04 AM / in 2 months

India Ratings for Indian debt instruments – Nov 17

    Nov 17 (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
November 16, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Anubhav Plast                   Non-FB WC limit        IND A4           15       -
Migrated to Non- Cooperating Category
Anubhav Plast                   Proposed non-FB WC     Provisional IND  15       -
                                limit                  A4
Migrated to Non- Cooperating Category
Jyoti Enterprises               Non-FB WC limits       IND A4           60       -
Migrated to Non- Cooperating Category / (ISSUER NOT COOPERATING)
Sai Manasa Spintex              Non-FB WC limits       IND A4+          15.2     -
Migrated to Non- Cooperating Category
Saranya Spinning Mills          Non FB WC limits       IND A3           5.4      Assigned
Sri Venkata Lakshmi Narasimha   Non-FB limits          IND A4+          20.8     -
Spinning Mills
Migrated to Non- Cooperating Category
Standard Infratech              Non-FB WC limits       IND A3+          260      Upgraded from
                                                                                 IND A3
Vikrant Ispat Udyog             NFB WC limit           IND A4+          20       -
Migrated to Non- Cooperating Category


LONG TERM RATINGS:
-------------------
Afflatus Gravures               TL                     IND BBB          900      Assigned
Anubhav Plast                   FB WC limit            IND B+           70       -
Migrated to Non- Cooperating Category
Bee Jay Industrial Corporation  FB WC limits           IND BB- / A4+    200      -
Migrated to Non- Cooperating Category
Damodar Valley Corp             Bond programme         IND AAA          70000    Affirmed
Damodar Valley Corp             Bond programme         WD               6400     Withdrawn
Gelcaps Industries              TL                     IND BBB-         398.3    Affirmed
Gelcaps Industries              FB WC limits           IND BBB- / IND A375       Assigned
Gelcaps Industries              Non-FB limits          IND BBB- / IND A375       Assigned
Jyoti Enterprises               FB WC limits           IND B+           40       -
Migrated to Non- Cooperating Category / (ISSUER NOT COOPERATING)
Knr Walayar Tollways            Senior project Bk loansIND A-           2200*    Affirmed
* INR2,000 million outstanding as of October 2017
Mahua Bharatpur Expressway      Series A debentures    IND AAA          1842     Assigned
Mahua Bharatpur Expressway      Series B debentures    IND AAA          78       Assigned
Migrates Precision Granites     TL                     IND B+           165.6    -
Migrated to Non- Cooperating Category
Migrates Precision Granites     FB WC limit            IND B+ / A4      163.5    -
Migrated to Non- Cooperating Category
Monnet Power                    Senior project Bk      IND D            38190    Downgraded
                                loans (LT)                                       from IND BB+
Migrated to Non- Cooperating Category
Monnet Power                    Subordinated TL (LT)   IND D            3500     Downgraded
                                                                                 from IND BB
Migrated to Non- Cooperating Category
New Saraswati House             WC Bk loan             WD               100      Withdrawn
Nila Infrastructures            FBL                    IND BBB          626      Placed on RWE
Nila Infrastructures            Non-FBL                IND BBB / IND A3+861.2    Placed on RWE
S V Creditline                  Bk Loan                IND BBB-         500      Downgraded
                                                                                 from IND BBB
Sai Manasa Spintex              FB WC limits           IND BB-          112      -
Migrated to Non- Cooperating Category
Sai Manasa Spintex              Long-TL                IND BB-          215.5    -
Migrated to Non- Cooperating Category
Saranya Spinning Mills          LT-loan                IND BBB-         257      Assigned
Saranya Spinning Mills          FB WC limits           IND BBB- / A3    250      Assigned
Selvaraaj Prabhu                FB WC Fac (LT/ST)      IND D            177.5    Downgraded
                                                                                 from IND B-
Migrated to Non- Cooperating Category
Shree Radha Govind Agro         TL                     IND B+           11.6     -
Industries
Migrated to Non- Cooperating Category
Shree Radha Govind Agro         FB WC limits           IND B+           70       -
Industries
Migrated to Non- Cooperating Category
Shree Tirupati Balajee Fibc     TL                     IND BBB-         50       -
Migrated to Non- Cooperating Category
Shree Tirupati Balajee Fibc     FB WC limit            IND BBB- / A3    150      -
Migrated to Non- Cooperating Category
Sri Venkata Lakshmi Narasimha   FB Limits              IND BB           144      -
Spinning Mills
Migrated to Non- Cooperating Category
Sri Venkata Lakshmi Narasimha   TL                     IND BB           55.37    -
Spinning Mills
Migrated to Non- Cooperating Category
Standard Infratech              FB WC limits           IND BBB          90       Upgraded from
                                                                                 IND BBB-
Syrma Technology                TL                     WD               30.4     Withdrawn
Syrma Technology                FB WCFac               WD               270      Withdrawn
Syrma Technology                Non-FB WC Fac          WD               202      Withdrawn
Vikrant Ispat Udyog             FB WC limit            IND BB- / A4+    145      -
Migrated to Non- Cooperating Category
-----------------------------------------------------------------------------------------------
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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