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India Ratings for Indian debt instruments – Oct 24
October 24, 2017 / 4:49 AM / a month ago

India Ratings for Indian debt instruments – Oct 24

    Oct 24 (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 23, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
Pallavi Motors Pvt Ltd          Non-FB limits          IND A4+          25       Affirmed
R & C Infraengineers Pvt Ltd    Non-FB limit           IND A4+          50       Assigned
Sri Vishnu Granites Ltd         Non-FB limits (ST)     IND D            6        Affirmed
Synergene Active Ingredients    Non-FB Fac             IND A3           60       Migrated to
Pvt Ltd                                                                          Non Cooperating
                                                                                 Category
Issuer Not Cooperating

LONG TERM RATINGS:
-------------------
Bangalore Airport Hotel Ltd     NCDs (NCDs)            IND AA+(SO)      3000     Assigned
(reduced from INR3,020mln)
Bangalore Airport Hotel Ltd     TL                     WD               3050     Withdrawn
Chanakya Cottons                TL                     IND B-           19       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Chanakya Cottons                FB WC limits           IND B-/IND A4    80       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Gvk Cotton Mills                TL                     IND B-           17.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Gvk Cotton Mills                FB WC limits           IND B-/IND A4    80       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Hotel Jayapushpam Pvt Ltd       TL                     IND BB           84.6     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
India Standard Loan Trust –     Series A pass-through  IND A(SO)        760.19   Affirmed
XXXII                           certificates (PTCs)
India Standard Loan Trust –     Liquidity facility (LF)IND AAA(SO)      12.57    Affirmed
XXXII
India Standard Loan Trust –     Second loss credit     IND BBB(SO)      44.64    Affirmed
XXXII                           facility (SLCF)
M/S Kayval Krupa Petroleum      FB WC demand loan      IND BB- /IND A4+ 17.5     Assigned
M/S Kayval Krupa Petroleum      FB WC  Fac             IND BB-/IND A4+  40       Assigned
M/S Kayval Krupa Petroleum      Proposed FB WC  Fac*   Provisional IND  12.5     Assigned
                                                       BB- /Provisional
                                                       IND A4+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by KKP to the satisfaction of Ind-Ra. 
Midas Petrochem Pvt Ltd         FB Fac                 IND BB           150      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Nikhil Automobiles Ltd          FB Limits              IND BB+          160      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Nikhil Automobiles Ltd          Long-TL                IND BB+          25.83    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Pallavi Motors Pvt Ltd          FB WC limits           IND BB+          200      Affirmed
 (increased from INR103mln)
Pallavi Motors Pvt Ltd          Long-TL                IND BB+          21.6     Affirmed
 (reduced from INR30mln)
R & C Infraengineers Pvt Ltd    TL                     IND BB-          15       Assigned
R & C Infraengineers Pvt Ltd    FB limit               IND BB-          33.5     Assigned
Rashmi Yarns Ltd                FB WC limits (LT/ST)   IND D            300      Downgraded and
                                                                                 Migrated to
                                                                                 Non Cooperating
                                                                                 Category 
Issuer Not Cooperating
Shri Venkateswara Sikshan       TL (LT)                IND D            121.7    Migrated to
Sanstha                                                                          Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Sri Vasudeva Textiles Pvt Ltd   TL                     IND BB+          270      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Sri Vasudeva Textiles Pvt Ltd   FB Fac                 IND BB+ /IND A4+ 300      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Sri Vishnu Granites Ltd         FB WC limits (LT)      IND D            64       Affirmed
Sri Vishnu Granites Ltd         Long-TL (LT)           IND D            5.27     Affirmed
(reduced from INR11.3mln)
Standard Loan Trust – Xix       Series A pass-through  IND A(SO)        339.9    Affirmed
                                certificates (PTCs)
Standard Loan Trust – Xix       Liquidity facility (LF)IND AAA(SO)      11.24    Affirmed
Standard Loan Trust – Xix       Second loss credit     IND BBB(SO)      38.8     Affirmed
                                facility (SLCF)
Synergene Active Ingredients    FB Fac                 IND BBB-         200      Migrated to
Pvt Ltd                                                                          Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Synergene Active Ingredients    TL                     IND BBB-         62.3     Migrated to
Pvt Ltd                                                                          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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