October 6, 2017 / 4:41 AM / 9 months ago

India Ratings for Indian debt instruments – Oct 6

    Oct 6 (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 5, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Amar Infrastructure Ltd         Non-FB Fac             IND A3+          500      Upgraded from
                                                                                 IND A4+
Bhavya Cements Ltd              Non-FB WC limits       IND A3           110      Affirmed
Gujarat State Fertilisers &     CP                     IND A1+          3000     Assigned
Chemicals Ltd
Il&Fs Financial Services Ltd    ST debt/CP programme   IND A1+          7        Affirmed
Infrastructure Leasing &        ST debt                IND A1+          12250    Affirmed
Financial Services Ltd
Kamal Textile Industries        Non-FB WC              IND A4           4        Assigned
Mahindra Sanyo Special Steel    Non-FB limit           IND A2+          2400     Affirmed
Pvt Ltd
Sangam (I) Ltd                  CP                     IND A1           1000     Downgraded
                                                                                 from A1+
Sangam (I) Ltd                  Non-FB limits          IND A1           1450     Downgraded
                                                                                 from A1+
Shri Jayasheel N Shetty         NFBF                   IND A4+          50       Migrated to
                                                                                 Non -

Amar Infrastructure Ltd         FB Fac                 IND BBB          150      Upgraded from
                                                                                 IND BB+
Bhavya Cements Ltd              FB WC limits           IND BBB-         500      Affirmed
Bhavya Cements Ltd              TL                     IND BBB-         295.3    Affirmed
(reduced from INR435.5)
Bhavya Cements Ltd              NCDs (NCDs)            IND BBB-         304.7    Affirmed
(reduced from INR449.6)
Chandukaka Saraf & Sons Pvt Ltd TL                     IND BBB/         23.4     Affirmed
(reduced from INR52.5)
Chandukaka Saraf & Sons Pvt Ltd FB CC facility         IND BBB/IND A2   250      Affirmed
Chandukaka Saraf & Sons Pvt Ltd Proposed non-FB limits WD               250      Withdrawn
(issuer did not proceed with the instrument as envisaged)
Eastman Auto & Power Ltd        TL                     IND A            63.95    Affirmed
(increased from INR46.30)
Eastman Auto & Power Ltd        Proposed WC limits*    IND A / IND A1   372.3    Assigned
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the a
Eastman Auto & Power Ltd        WC limits              IND A/ IND A1    530      Affirmed /
(reduced from INR870)
Eastman Auto & Power Ltd        Non-FB WC limits       IND A/ IND A1    233      Affirmed /
(reduced from INR283)
Eugia Pharma Specialities Ltd    TL*                   IND A+           3810     Assigned
*The assignment of final rating follows the receipt of final documentation, conforming to the
information already.
Eugia Pharma Specialities Ltd   TL                     IND A+           1190     Assigned
Eugia Pharma Specialities Ltd   TL                     WD               1190     Withdrawn
Idhhartha Corporation Pvt Ltd   FBL                    IND BB-          1000     Migrated to
                                                                                 Non -
Il&Fs Financial Services Ltd    NCDs (NCDs)            IND AAA          50       Affirmed
(increased from INR40)
Il&Fs Financial Services Ltd    Subordinated debt      IND AAA          10       Affirmed
Infrastructure Leasing &        LT debt                IND AAA          69750    Affirmed
Financial Services Ltd
(increased from INR62,250)
Infrastructure Leasing &        Subordinated debt^     IND AAA          1000     Affirmed
Financial Services Ltd
Infrastructure Leasing &         Bk loans              IND AAA          3000     Affirmed
Financial Services Ltd
Jai Bhavani Furnishing Pvt Ltd  FB WC limits           IND BB-          80       Migrated to
                                                                                 Non -
Jai Bhavani Furnishing Pvt Ltd  Proposed FB WC limits  IND BB-          40       Migrated to
                                                                                 Non -
Kamal Textile Industries        TL                     IND B            56.92    Assigned
Kamal Textile Industries        FB WC                  IND B/IND A4     20       Assigned
Kochi Salem Pipeline Pvt Ltd    TL                     IND A-/RWN       7228.7   Placed on RWN
Mahindra Sanyo Special Steel    TL                     IND BBB+/        820      Affirmed
Pvt Ltd
Mahindra Sanyo Special Steel    FB WC limits           IND BBB+/IND A2+ 1300     Affirmed
Pvt Ltd
Sangam (I) Ltd                  TL                     IND A+           3834     Affirmed
Sangam (I) Ltd                  FB limits              IND A+           3800     Affirmed
Shri Jayasheel N Shetty         FBF                    IND BB-/IND A4+  45       Migrated to
                                                                                 Non -
Sjvn Ltd                        TL                     IND AA+          3001     Affirmed
(reduced from INR3,445)
Srf Ltd                         FB and non-FB  WC      IND AA / IND A1+ 950      Assigned
Svs Constructions               FBF                    IND B+ /IND A4   35       Migrated to
                                                                                 Non -
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

$: 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

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
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