October 4, 2017 / 5:36 AM / 16 days ago

India Ratings for Indian debt instruments – Oct 4

    Oct 4 (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 3, 2017.

COMPANY                         INSTRUMENT             RATING        AMOUNT     MOVEMENT
                                                                   (RS.MLN)
------                          ----------             ------       ------      ---------
SHORT TERM RATINGS:
-------------------
Commtrade Metals                Non-FB limit           IND A4           30       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Crompton Greaves Consumer       WC Fac                 IND A1+          2900     Assigned
Electricals Ltd
Crompton Greaves Consumer       Proposed WC Fac*       Provisional IND  400      Assigned
Electricals Ltd                                        A1+
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by CGCEL to the satisfaction of Ind-Ra. 
Daulat Ram Industries           Inland LOC limit (ST)  IND D            35       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Daulat Ram Industries           BG (ST)                IND D            15       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Devprayag Paper Mill Pvt Ltd    Proposed non-FB limit* Provisional IND  10       Assigned
                                                       A4
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by DPMP to the satisfaction of Ind-Ra.
G S Developers & Contractors    Non-FB limits          IND A4           122.5    Affirmed
Pvt Ltd
(increased from INR72.50mln)
Gurulaxmi Cottex Pvt Ltd        Non-FB WC limits       IND A4+          15       Affirmed
Gurulaxmi Cottex Pvt Ltd        NFB WC limits*         IND A4+          15       Assigned
*The final ratings are assigned following the receipt of sanction letter by Ind-Ra.
Kumaragiri Spinnerss Pvt Ltd    Non-FB WC limit        IND A3           4.7      Affirmed
(reduced from 7.90mln)
Madras Hard Tools Pvt Ltd       Non-FB limits          IND A4           10       Affirmed
Nina Waterproofing Systems Pvt  BG                     IND A1           250      Affirmed
Ltd
 (reduced from INR350mln)
Nkcm Spinners Pvt Ltd           Non-FB Fac             IND A4+          37.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Perfect Infraengineers Ltd      Non-FB WC limit (ST)   IND D            45       Downgraded
                                                                                 from IND A4+
Samarth Diamond                 Non-FB WC  Fac         IND A3+          49       Upgraded from
                                                                                 IND A3
(increased from INR30mln)
Small Industries Development    CP                     IND A1+          216000   Assigned
Bank Of India
Sree Shanmuga Modern Rice Mills Non-FB WC facility     IND A4+          0.6      Assigned
Pvt Ltd

LONG TERM RATINGS:
-------------------
Commtrade Metals                TL                     IND B+           18.7     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Commtrade Metals                FB limit               IND B+ /IND A4   95       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Daulat Ram Industries           TL (LT)                IND D            54.72    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Daulat Ram Industries           FB WC limit (LT/ST)    IND D            170      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Devprayag Paper Mill Pvt Ltd    TL                     IND B+           40       Assigned
Devprayag Paper Mill Pvt Ltd    FB WC limit            IND B+/IND A4    20       Assigned
G S Developers & Contractors    FB WC limit            IND B+/IND A4    55       Affirmed
Pvt Ltd
Graviti Pharmaceuticals Pvt Ltd TL                     WD               1600     Withdrawn
Gurulaxmi Cottex Pvt Ltd        Long-TL                IND BB+          159.62   Affirmed
Gurulaxmi Cottex Pvt Ltd        TL*                    IND BB+          250      Assigned
*The final ratings are assigned following the receipt of sanction letter by Ind-Ra.
Gurulaxmi Cottex Pvt Ltd        FB WC limits*          IND BB+ /IND A4+ 50       Assigned
*The final ratings are assigned following the receipt of sanction letter by Ind-Ra.
Gurulaxmi Cottex Pvt Ltd        FB WC limits           IND BB+/IND A4+  100      Affirmed
Hi-Tech Robotic Systemz Ltd     TL                     IND BB+          36       Affirmed
(reduced from INR62 million)
Hi-Tech Robotic Systemz Ltd     FB WC limits           IND BB+/IND A4+  100      Affirmed
Hi-Tech Robotic Systemz Ltd     Non-FB WC limits       IND BB+/IND A4+  70       Affirmed
Kumaragiri Spinnerss Pvt Ltd    TL                     IND BBB-         354.4    Affirmed
(increased from 354.38mln)
Kumaragiri Spinnerss Pvt Ltd    FB WC limit            IND BBB-/IND A3  300      Affirmed
(increased from INR250mln)
Madras Hard Tools Pvt Ltd       FB WC limits           IND B+/IND A4    245      Affirmed
(reduced from INR275mln)
Madras Hard Tools Pvt Ltd       Long-TL                WD               19.42    Withdrawal
Nina Waterproofing Systems Pvt  CC                     IND A-           180      Affirmed
Ltd
 (increased from INR80mln)
Nina Waterproofing Systems Pvt  LOC /BG                IND A-/IND A1    300      Affirmed
Ltd
Nkcm Spinners Pvt Ltd           TL                     IND BB           85.53    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Nkcm Spinners Pvt Ltd           FB Fac                 IND BB /IND A4+  300      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Perfect Infraengineers Ltd      TL (LT)                IND D            0.9      Downgraded
                                                                                 from IND BB
Perfect Infraengineers Ltd      FB WC limit (LT)       IND D            47.5     Downgraded
                                                                                 from IND BB
Radhey Narayan Industries Pvt   TL                     IND B            45       Assigned
Ltd
Radhey Narayan Industries Pvt   FB WC limits           IND B /IND A4    4        Assigned
Ltd
Radhey Narayan Industries Pvt   Proposed FB WC limits* Provisional IND  10       Assigned
Ltd                                                    B /Provisional
                                                       IND A4
*The ratings are provisional and shall be confirmed upon the sanction and execution of documents
for the above facilities by RNIPL to the satisfaction of Ind-Ra.
Rajalaxmi Agrotech              FB Fac                 IND B-           145      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Rajalaxmi Agrotech              Non FB Fac             IND B- /IND A4   90       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Samarth Diamond                 FB WC  Fac             IND BBB/IND A3+  360      Upgraded from
                                                                                 IND BBB- /IND
                                                                                 A3
(increased from INR90mln)
Samarth Diamond                 Proposed FB WC  Fac*   Provisional IND  241      Upgraded from
                                                       BBB /Provisional          Provisional
                                                       IND A3+                   IND
BBB-/Provisional IND A3
(increased from INR210mln)* The ratings are provisional and shall be confirmed upon the sanction
and execution of loan documents for the above facilities by SMD to the satisfaction of Ind-Ra.
Sree Shanmuga Modern Rice Mills TL                     IND BB           73.83    Assigned
Pvt Ltd
Sree Shanmuga Modern Rice Mills FB WC facility         IND BB /IND A4+  375.8    Assigned
Pvt Ltd
Tamil Nadu Transmission         Bond                   IND A(SO)        4760     Affirmed
Corporation Ltd
(reduced from INR4.81bln)
Tamil Nadu Transmission         Bond                   IND A(SO)        2000     Affirmed
Corporation Ltd
Tamil Nadu Transmission         Bond                   IND A(SO)        3170     Affirmed
Corporation Ltd
(reduced from INR3.19bln)
Tamil Nadu Transmission         Bond                   WD               1400     Withdrawn
Corporation Ltd
Yashoda Healthcare Services Pvt TL Fac                 IND A+           630.4    Affirmed
Ltd
(reduced from INR906.7mln)
Yashoda Super Speciality        TL Fac                 IND A-           212.2    Upgraded 
Hospital                                                                         from IND BBB+
-----------------------------------------------------------------------------------------------
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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