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India Ratings for Indian debt instruments – Oct 11
October 11, 2017 / 7:31 AM / 2 months ago

India Ratings for Indian debt instruments – Oct 11

   Oct 11 (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
October 10, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Aarti Industries Ltd            CP* (CP)               IND A1+          2000     Affirmed
*The CP has been carved out of AIL’s working capital limits and will be used 
 to meet working capital requirement
Aarti Industries Ltd            CP^                    IND A1+          2000     Assigned
^Yet to be issued. CP outstanding to be within drawing power
B S Enterprise                  Non-FB limits          IND A4+          1.13     Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
B S Transport Company           Non-FB limits          IND A4+          1        Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Can Fin Homes Ltd               CP                     IND A1+          45       Assigned
Chaudhary Timber Industries Pvt NFB WC limit           IND A3           1020     Migrated to
Ltd                                                                              Non
                                                                                 Cooperating 
                                                                                 Category
Goodwear Fashions Pvt. Ltd.     Non-FB limits          IND A4+          1        Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Jodhani Exports                 FB Fac                 IND A4+          200      Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Karamtara Engineering Pvt Ltd   Non-FB limits          IND A1           10450.6  Affirmed
Karamtara Engineering Pvt Ltd   Non-FB limits*         IND A1           300      Affirmed
*The assignment of the final rating follows the receipt of executed financing documents.
Karamtara Engineering Pvt Ltd   CP programme (carved   IND A1           500      Affirmed
                                out of FB limits)
Maa Bala Sundri Plywood Pvt Ltd Non-FB WC limit        IND A4           15       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Perfect Engineering Corporation Non-FB limits          IND A4           40       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
R K Roadlines                   Non-FB limits          IND A4+          1        Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Sambandam Spinning Mills Ltd    Non-FB Fac             IND A3           130      Upgraded
T K Roadlines                   Non-FB limits          IND A4+          1        Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
T K Roadways                    Non-FB limits          IND A4+          1        Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Talwandi Sabo Power Ltd         CP programme           IND A1+          39.5     Assigned
Vasista Marine                  Non-FB limits          IND A4+          10       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Vee Dee Enterprises             Non-FB WC limits       IND A4           0.35     Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Victory Spinning Mills Ltd      Non-FB WC limits       IND A3           34.4     Affirmed
Vikram Infrastructure Company   Non-FB limits          IND A4           100      Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Vikrant Forge Pvt Ltd           Non-FB limits          IND A4+          100      Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category

MEDIUM TERM RATINGS:
-------------------
Sambandam Spinning Mills Ltd    Fixed deposit programmeIND tA-          53.8     Upgraded
LONG TERM RATINGS:
-------------------
Aarti Industries Ltd            TL                     IND AA-          3250     Affirmed
Aarti Industries Ltd            TL#                    IND AA-          1000     Assigned
#The final rating has been assigned following the receipt of sanction letter.
Aarti Industries Ltd            WC Fac                 IND AA-          3750     Affirmed
Aarti Industries Ltd            WC Fac#                IND AA-          1000     Assigned
#The final rating has been assigned following the receipt of sanction letter.
Allahabad Bank                  Basel III AT1          IND A            10       Affirmed
                                perpetual bonds 
Allahabad Bank                  Lower Tier II 10-year  IND AA           5        Withdrawn
                                subordinated debt
Allahabad Bank                  Basel III Tier 2 bonds IND AA           10       Affirmed
Azure Urja Pvt Ltd              Senior project Bk loan                  1740     Withdrawn
B S Enterprise                  FB limits              IND BB-          19.4     Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
B S Enterprise                  TL                     IND BB-          45.29    Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
B S Transport Company           FB limits              IND BB-          17       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
B S Transport Company           TL                     IND BB-          37.74    Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Can Fin Homes Ltd               NCDs#                  IND AAA          30       Assigned
#Yet to be issued
Can Fin Homes Ltd               Subordinated  debt     IND AAA          3        Assigned
Can Fin Homes Ltd               NCDs                   IND AAA          50       Assigned
Energon Rj Wind Power Pvt Ltd   Senior secured project IND A-           4750     Assigned
                                Bk loan
Energon Rj Wind Power Pvt Ltd   Senior secured project                  3640     Withdrawn
                                Bk loan
Goodwear Fashions Pvt. Ltd.     TL                     IND BB           13.6     Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Goodwear Fashions Pvt. Ltd.     FB limits              IND BB/IND A4+   88       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Karamtara Engineering Pvt Ltd   TL                     IND A+           957.2    Affirmed
Karamtara Engineering Pvt Ltd   FB limits              IND A+           1350     Affirmed
Karamtara Engineering Pvt Ltd   Proposed TL                             300      Withdrawn
Kedia Pipes                     FB limits              IND BB /IND A4+  210      Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
M.J. Steels Pvt. Ltd            FB WC limits                            60       Withdrawn
Maa Bala Sundri Plywood Pvt Ltd FB WC limit            IND B /IND A4    50       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Perfect Engineering Corporation FB limits              IND B+           20       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Prashanthi Ayurvedic Centre     FB limits              IND B+           18       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Prashanthi Ayurvedic Centre     TL                     IND B+           52.5     Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
R K Roadlines                   FB limits              IND BB-          15.7     Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
R K Roadlines                   TL                     IND BB-          45.66    Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Sambandam Spinning Mills Ltd    TL                     IND BBB-         179.6    Upgraded
Sambandam Spinning Mills Ltd    FB Fac                 IND BBB- /IND A3 521.5    Upgraded
T K Roadlines                   FB limits              IND BB-          12.3     Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
T K Roadlines                   TL                     IND BB-          35.32    Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
T K Roadways                    FB limits              IND BB-          16.5     Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
T K Roadways                    TL                     IND BB-          45.65    Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Tollway Pvt Ltd                 Senior project Bk loansIND BBB-         14609    Assigned
Vasista Marine                  FB limits              IND BB /IND A4+  400      Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Vee Dee Enterprises             FB WC limit            IND B+           24       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Vee Dee Enterprises             Long-TL                IND B+           43.5     Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Victory Spinning Mills Ltd      TL                     IND BBB-         391.3    Affirmed
Victory Spinning Mills Ltd      FB WC limits           IND BBB- /IND A3 260      Affirmed
Vikram Infrastructure Company   FB limits              IND B+           150      Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Vikrant Forge Pvt Ltd           FB limits              IND BB-          400      Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Vikrant Forge Pvt Ltd           TL                     IND BB-          336.86   Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Yes Bank Ltd                    Basel III AT1          IND AA           50       Assigned
                                perpetual bonds
-----------------------------------------------------------------------------------------------
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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