September 12, 2018 / 7:10 AM / in 2 months

India Ratings for Indian debt instruments – Sep 12

    Sep 12 (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
September 11, 2018.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Aarohan Builders Pvt Ltd        NFBL                   IND A4           30       -
Migrated to non-cooperating category,Issuer not cooperating
Adani Ports And Special         CPs*                   IND A1+          67000    Affirmed
Economic Zone Ltd
*Unutilised as of 31 March 2018
Automark Industries (I) Ltd     Non-FB WC Fac          IND A3+          40       -
Migrated to non-cooperating category,Issuer not cooperating
Automark Technologies (I) Pvt   Non-FB WC Fac          IND A3+          150      -
Ltd
Migrated to non-cooperating category,Issuer not cooperating
Bgr Mining & Infra Ltd          Non-FB WC              IND A4+          3850     Downgraded
                                                                                 from IND A3+
Bgr Mining & Infra Ltd          Non-FB WC #            IND A4+          2150     Assigned
# The final ratings have been assigned following the receipt of executed financing documents by
Ind-Ra. 
Bhuptani Associates             Non-FB Fac             IND A4+          70       Affirmed
Bhuptani Associates             Proposed non-FB Fac    Provisional IND  100      Affirmed
                                                       A4+
Crbr Industries Pvt Ltd         Non-FB WC limit        IND A4+          55       Affirmed
Dishman Carbogen Amcis Ltd      Non-FB limits          IND A1+          336.7    Affirmed
INR336.7 (reduced from INR340.3)
Dishman Carbogen Amcis Ltd      CP (CP; carved out of  IND A1+          300      Affirmed
                                FBL)
INR300.0 (reduced from INR330.0)
Dishman Carbogen Amcis Ltd      CP (carved out of FBL) IND A1+          200      Assigned
Il&Fs Financial Services Ltd    ST debt/CP programme^  IND A4           7000     Downgraded
                                                                                 from IND AA/RWN
^Unutilised
Lts Plastics (I) Pvt Ltd        NFB WC limit           IND A4           61       -
Maintained in Non-Cooperating Category,Issuer not cooperating
Mainetti (I) Pvt Ltd            Non-FB WC              IND A2+          85       Affirmed
(reduced from INR177.5)
Ramgarh Sponge Iron Pvt Ltd     NFBL                   IND A4           26       -
Migrated to non-cooperating category,Issuer not cooperating
Reliance Asset Reconstruction   ST debt/CP*            IND A1+          500      Affirmed
Co. Ltd
*Unutilised
Renata Precision Components Pvt Non-FB WC limit        IND A4+          18       -
Ltd
Maintained in Non-Cooperating Category,Issuer not cooperating
Shree Radha Vallabh Giriraj     Non-fund –based WC     IND A4           110      -
Marketing Pvt Ltd               limit
Migrated to non-cooperating category,Issuer not cooperating
Swamiji Transmission Pvt Ltd    Proposed Non-FB limits Provisional IND  20       -
                                                       A4
Maintained in Non-Cooperating Category,Issuer not cooperating
Tatwa Technologies Ltd          Non-FB WC limit        IND A4+          5        -
Maintained in Non-Cooperating Category,Issuer not cooperating
Trijal Enterprise Pvt Ltd       Proposed non-FB limits IND A4+          500      -
Migrated to non-cooperating category,Issuer not cooperating
Wagad Infraprojects Pvt Ltd     Non-FB Fac             IND A3           250      -
Migrated to non-cooperating category,Issuer not cooperating
Wagad Infraprojects Pvt Ltd     Proposed non-FB Fac    IND A3           500      -
Migrated to non-cooperating category,Issuer not cooperating

LONG TERM RATINGS:
-------------------
Aarohan Builders Pvt Ltd        FBL                    IND B+           14       -
Migrated to non-cooperating category,Issuer not cooperating
Adani Ports And Special         NCDs (NCDs)            IND AA+          9520     Affirmed
Economic Zone Ltd
Adani Ports And Special         Proposed NCDs^         IND AA+          7480     Assigned
Economic Zone Ltd
^ The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the proposed facilities by APSEZL to the satisfaction of Ind-Ra
Aravind Ceramics Pvt Ltd        FB WC facility         IND BB / IND A4+ 360      -
Migrated to non-cooperating category,Issuer not cooperating
Arya Ship Charterers Pvt Ltd    Long-TL                IND D            2.04     Affirmed
Issuer not cooperating
Automark Industries (I) Ltd     FB WC Fac              IND BBB          140      -
Migrated to non-cooperating category,Issuer not cooperating
Automark Technologies (I) Pvt   TL                     IND BBB          30       -
Ltd
Migrated to non-cooperating category,Issuer not cooperating
Automark Technologies (I) Pvt   FB WC Fac              IND BBB / IND A3+60       -
Ltd
Migrated to non-cooperating category,Issuer not cooperating
Badri Ecofibres Pvt Ltd         FB WC limit            IND BB-          150      -
Migrated to non-cooperating category,Issuer not cooperating
Badri Ecofibres Pvt Ltd         Long-TL                IND BB-          131.7    -
Migrated to non-cooperating category,Issuer not cooperating
Bgr Mining & Infra Ltd          TL                     IND BB+          7743.1   Downgraded
                                                                                 from IND BBB
(increased from INR7,642.6)
Bgr Mining & Infra Ltd          FB WC                  IND BB+/IND A4+  900      Downgraded IND
                                                                                 BBB / IND A3+
Bgr Mining & Infra Ltd          FB WC#                 IND BB+/IND A4+  350      Assigned
# The final ratings have been assigned following the receipt of executed financing documents by
Ind-Ra. 
Bgr Mining & Infra Ltd          Proposed TL*           Provisional IND  837.4    Assigned
                                                       BB+
*The rating is provisional and shall be confirmed upon the sanction and execution of the
loan/transaction documents for the above instrument to the satisfaction of Ind-Ra.
Bgr Mining & Infra Ltd          Proposed TL            WD               937.9    Withdrawn
(the company did not proceed with the instrument as envisaged)
Bhuptani Associates             FB Fac                 IND BB- / IND A4+30       Affirmed
Crbr Industries Pvt Ltd         FB WC limit            IND BB /IND A4+  10       Upgraded from
                                                                                 IND BB-
                                                                                 /Affirmed
Dishman Carbogen Amcis Ltd      FB limits              IND A+/IND A1+   3529     Affirmed
INR3,529.0 (reduced from INR3,679)
Dishman Carbogen Amcis Ltd      TL                     IND A+/Stable    33637.3  Affirmed
INR3,637.3 (increased from INR2,228.4)
Dishman Carbogen Amcis Ltd      Proposed FBL*          Provisional IND  11510    Assigned
                                                       A+/Provisional
                                                       IND A1+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
/transaction documents for the above instruments to the satisfaction of Ind-Ra. 
Gbr Hatcheries Pvt Ltd          TL                     IND BB+          11.1     -
Maintained in Non-Cooperating Category,Issuer not cooperating
Gbr Hatcheries Pvt Ltd          FB WC limits           IND BB+ / IND A4+60       -
Maintained in Non-Cooperating Category,Issuer not cooperating
Ghanshyam Pulses                FB limits              IND B+           87.5     -
Maintained in Non-Cooperating Category,Issuer not cooperating
Ghanshyam Pulses                TL                     IND B+           17.5     -
Maintained in Non-Cooperating Category,Issuer not cooperating
Il&Fs Financial Services Ltd    NCDs                   IND C            49850    Downgraded
                                                                                 from IND AA/RWN
Il&Fs Financial Services Ltd    Subordinated debt      IND C            11000    Downgraded
                                                                                 from IND AA/RWN
Il&Fs Financial Services Ltd    Bk loans               IND C            7587.5   Downgraded
                                                                                 from IND
                                                                                 A1+/RWN
Il&Fs Infrastructure Debt Fund  Series-2 mutual fund   IND AAAidf-mf    -        -
(Iidf Or The Fund)              schemes Series-2A
Rating Watch Negative (RWN)
Il&Fs Infrastructure Debt Fund  Series-2B              IND AAAidf-mf    -        -
(Iidf Or The Fund)
Rating Watch Negative (RWN)
Il&Fs Infrastructure Debt Fund  Series-2C              IND AAAidf-mf    -        -
(Iidf Or The Fund)
Rating Watch Negative (RWN)
Il&Fs Infrastructure Debt Fund  Series-3 mutual fund   IND AAAidf-mf    -        -
(Iidf Or The Fund)              schemes Series-3A
Rating Watch Negative (RWN)
Il&Fs Infrastructure Debt Fund  Series-3B              IND AAAidf-mf    -        -
(Iidf Or The Fund)
Rating Watch Negative (RWN)
Il&Fs Infrastructure Debt Fund  Series-1 mutual fund   IND AAAidf-mf    -        -
(Iidf Or The Fund)              schemes Series-1A
Rating Watch Negative (RWN)
Il&Fs Infrastructure Debt Fund  Series-1B              IND AAAidf-mf    -        -
(Iidf Or The Fund)
Rating Watch Negative (RWN)
Il&Fs Infrastructure Debt Fund  Series-1C              IND AAAidf-mf    -        -
(Iidf Or The Fund)
Rating Watch Negative (RWN)
Infrastructure Leasing &        ST debt                IND A4+/RWN      12250    Downgraded
Financial Services Ltd                                                           from IND
                                                                                 A1+/RWN
maintained on RWN
Infrastructure Leasing &        LT debt                IND BB/RWN       93.600.8 Downgraded
Financial Services Ltd                                                           from IND
                                                                                 AA+/RWN
(reduced from INR95,100.8),maintained on RWN
Infrastructure Leasing &        Subordinated debt^     IND BB/RWN       1000     Downgraded
Financial Services Ltd                                                           from IND
                                                                                 AA+/RWN
^Unutilised,maintained on RWN
Infrastructure Leasing &        Bk loans               IND BB/RWN       3000     Downgraded
Financial Services Ltd                                                           from IND
                                                                                 AA+/RWN
maintained on RWN
Kotak Urja Pvt Ltd              TL                     WD               62.5     Withdrawn
Kotak Urja Pvt Ltd              FB WC Fac              WD               220      Withdrawn
Kotak Urja Pvt Ltd              Non-FB Fac             WD               120      Withdrawn
Lts Plastics (I) Pvt Ltd        FB WC limit            IND B            120      -
Maintained in Non-Cooperating Category,Issuer not cooperating
Mainetti (I) Pvt Ltd            FB WC                  IND BBB+ / IND   160      Affirmed
                                                       A2+
Outlook revised to Stable from Positive
Manav Infrastructure Pvt Ltd    Proposed project loan  Provisional IND  4760     -
                                                       BBB-
Migrated to non-cooperating category,Issuer not cooperating
Ramgarh Sponge Iron Pvt Ltd     FBL                    IND B+ /IND A4   50       -
Migrated to non-cooperating category,Issuer not cooperating
Reliance Asset Reconstruction   LT debt*               IND A+           1000     Affirmed
Co. Ltd
*Unutilised
Renata Precision Components Pvt TL                     IND BB+          151.9    -
Ltd
Maintained in Non-Cooperating Category,Issuer not cooperating
Renata Precision Components Pvt Proposed TL            IND BB+          25       -
Ltd
Maintained in Non-Cooperating Category,Issuer not cooperating
Renata Precision Components Pvt FB WC limit            IND BB+ /IND A4+ 87.5     -
Ltd
Maintained in Non-Cooperating Category,Issuer not cooperating
Rishi Traders                   FB limits              IND B+           80       -
Maintained in Non-Cooperating Category,Issuer not cooperating
Rishi Traders                   TL                     IND B+           13       -
Maintained in Non-Cooperating Category,Issuer not cooperating
Rswm Ltd                        TL                     IND A            7940.3   Downgraded
                                                                                 from IND A+
(increased from INR6,912.6)
Rswm Ltd                        FB limits              IND A/IND A1     8200     Downgraded
                                                                                 from A +
                                                                                 /affirmed
Rswm Ltd                        Non-FB limits          IND A/IND A1     1485     Downgraded
                                                                                 from A +
                                                                                 /affirmed
Rswm Ltd                        CP                     WD               2500     Withdrawn
                                                                                 (paid in full)
Rushil Decor Ltd                TL                     IND A-           267.4    Assigned
Rushil Decor Ltd                External commercial    IND A-           975      Assigned
                                borrowings
Shiv Shakti Exporters Pvt Ltd   FB limits(LT/ST)       IND D            343.5    -
Migrated to non-cooperating category,Issuer not cooperating
Shree Radha Vallabh Giriraj     Fund Based WC Limit    IND B / IND A4   35       -
Marketing Pvt Ltd
Migrated to non-cooperating category,Issuer not cooperating
Supertech Agrograins Pvt Ltd    TL                     IND BB-          72.7     -
Migrated to non-cooperating category,Issuer not cooperating
Supertech Agrograins Pvt Ltd    FB WC  Fac             IND BB- /IND A4+ 25       -
Migrated to non-cooperating category,Issuer not cooperating
Swamiji Transmission Pvt Ltd    Proposed FB limits     Provisional IND  65       -
                                                       B+
Maintained in Non-Cooperating Category,Issuer not cooperating
Tatwa Technologies Ltd          TL                     IND BB-          85.76    -
Maintained in Non-Cooperating Category,Issuer not cooperating
Tatwa Technologies Ltd          FB WC limit            IND BB-          70       -
Maintained in Non-Cooperating Category,Issuer not cooperating
Trijal Enterprise Pvt Ltd       Proposed FB limits     IND BB           300      -
Migrated to non-cooperating category,Issuer not cooperating
Wagad Infraprojects Pvt Ltd     FB Fac                 IND BBB-         100      -
Migrated to non-cooperating category,Issuer not cooperating
Yash Exports (I) Pvt Ltd        TL                     WD               350      Affirmed &
                                                                                 Withdrawn
Yash Exports (I) Pvt Ltd        Non-FB limit           WD               20       Affirmed &
                                                                                 Withdrawn
-----------------------------------------------------------------------------------------------
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)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below