September 18, 2017 / 9:03 AM / 3 months ago

India Ratings for Indian debt instruments – Sep 18

    Sep 18 (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 15, 2017.

COMPANY                         INSTRUMENT             RATING         AMOUNT    MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------         ------    ---------
SHORT TERM RATINGS:
-------------------
Asoke Timber Co.                Non-FBL                IND A4+          17.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Bhopal Switchgears Pvt Ltd      Non-FB WC limits       IND A4           22.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Bhramari Steels Pvt Ltd         Non-FB limits          IND A4+          20       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Blow Packaging (I) Ltd          Non fund based WC limitIND A2           92.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Gee Gee Agro Tech               Non-FB WC limit        IND A4           5        Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Imperial Tubes Pvt Ltd          Non-FB limits          IND A4           50       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Ind Expo                        FB limits              IND A4           75       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Jayakrishna Flour Mills Pvt Ltd Non-FB Fac             IND A2+          10       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Justclick Travels Pvt Ltd       Non-FB WC limits       IND A4+          10       Assigned
Kartar Agro Industries Pvt Ltd  Non-FB WC limit        IND A3           75       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
L.S. Mills Ltd                  Non-FB limits          IND A2           320      Assigned
M/S Sanjay Agrawal              Non-FB WC limit        IND A4+          600      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
M/S Swagattam Plastics          Non-FB limits          IND A4           5        Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Mahindra Lifespace Developers   CP (CP)                IND A1+          1500     Affirmed
Ltd
Multiurban Infra Services Pvt   Non-FB WC limits       IND A3           250      Assigned
Ltd 
Multiurban Infra Services Pvt   Proposed non- FB WC    Provisional IND  200      Assigned
Ltd                             limit*                 A3
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by MIPL to the satisfaction of Ind-Ra.
Saraf Chemicals Pvt Ltd         NFB WC limit           IND A3+          200      Upgraded from
                                                                                 IND A3
(increased from INR80mln)
Shivshakti Barrels Pvt Ltd      Non-FB WC limit        IND A4           13.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Shree Jee Flour Mills Pvt Ltd   Non-FB limits          IND A4+          5        Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Sincon Infrastructure Pvt Ltd   FB WC                  IND A4+          210      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
The Phoenix Mills Ltd           CP (CP)#               IND A1+          1000     Upgraded from
                                                                                 IND A
# CP to be carved out from the existing working capital facility
Tirupati Buil-Con Pvt. Ltd      Non FB limits          IND A3           475      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
LONG TERM RATINGS:
-------------------
Aditya Infotech Ltd             FB limits              IND BBB+ /IND A2 550      Migrated to
                                                                                 Non Cooperating
                                                                                 Cooperating
Category
Issuer Not Cooperating
Aditya Infotech Ltd             Non-FB limits          IND BBB+ /IND A2 800      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Arpit Projects Ltd              TL                     WD               1490     Withdrawn
Asian Business Connections Pvt  NCDs                   IND BB-/RWE      4500     Placed on RWE
Ltd
Asoke Timber Co.                FB limits              IND BB-          82.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Bajaj Energy Ltd                TL                     IND BB-/RWN      14446    Downgraded and
                                                                                 Maintained on
                                                                                 RWN
(reduced from INR14,454mln)
Bajaj Energy Ltd                WC facility            IND BB-/RWN/IND  9500     Downgraded and
                                                       A4+/RWN                   Maintained on
                                                                                 RWN
Bajaj Energy Ltd                Non-FB facility        IND BB-/RWN/IND  570      Downgraded and
                                                       A4+/RWN                   Maintained on
                                                                                 RWN
Bansal Spinning Mills Ltd       TL                     IND BB+          213      Downgraded and
                                                                                 Migrated to 
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Bansal Spinning Mills Ltd       FB limit               IND BB+ /IND A4+ 770      Downgraded and
                                                                                 Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Bansal Spinning Mills Ltd       Non-FB limit           IND BB+ /IND A4+ 680      Downgraded and
                                                                                 Migrated to
                                                                                 Non Cooperating
Category
Issuer Not Cooperating
Bansal Spinning Mills Ltd       Proposed TL            WD               100      Withdrawn
Bhopal Switchgears Pvt Ltd      FB WC limits           IND B+           67.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Bhopal Switchgears Pvt Ltd      Long-TL                IND B+           2.23     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Bhramari Steels Pvt Ltd         FB limits              IND BB+          172.5    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Bhramari Steels Pvt Ltd         TL                     IND BB+          11       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Blow Packaging (I) Ltd          FB WC limit            IND BBB          90       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Blow Packaging (I) Ltd          LT loan                IND BBB          36.6     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Cable Accessories Pvt Ltd       TL                     IND BBB-         14.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Cable Accessories Pvt Ltd       FB WC limits           IND BBB- /IND A3 100      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Cable Accessories Pvt Ltd       Non-FB WC limits       IND BBB- /IND A3 53.7     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Capacite Infraprojects Ltd      Bk Fac                 IND A-/RWP       2673     Placed on RWP
Capacite Infraprojects Ltd      Bk Fac                 IND A2+/RWP      8000     Placed on RWP
Dee-Tech Projects Pvt Ltd       FB WC limit            IND BB           220      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Dee-Tech Projects Pvt Ltd       Non-FB WC limit        IND BB /IND A4+  310      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Dr. Rajendra Prasad Educational TL                     IND BBB-         50       Migrated to
Society                                                                          Non Cooperating
                                                                                 Category
Dr. Rajendra Prasad Educational Bk overdraft facility  IND BBB-         40       Migrated to
Society                                                                          Non Cooperating
                                                                                 Category
Gee Gee Agro Tech               FB WC limit            IND B +/IND A4   230      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Imperial Tubes Pvt Ltd          FB limits              IND B+           400      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Indexport Leather Export Pvt LtdFB WC limit            IND B+           86.4     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Indexport Leather Export Pvt LtdTL                     IND B+           4.5      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Indo Sponge Power And Steel Ltd FB WC limit            IND B-           80       Assigned
Indo Sponge Power And Steel Ltd Long-TL                IND B-           50       Assigned
Innoven Capital India Pvt Ltd   Bk loans               IND AA-          1250     Assigned
Jayakrishna Flour Mills Pvt Ltd TL                     IND BBB+         12.9     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Jayakrishna Flour Mills Pvt Ltd FB Fac                 IND BBB+/IND A2+ 450      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Justclick Travels Pvt Ltd       FB WC limits           IND BB- /IND A4+ 90       Assigned
Kartar Agro Industries Pvt Ltd  TL                     IND BBB-         22       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Kartar Agro Industries Pvt Ltd  FB WC limit            IND BBB- /IND A3 233      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Kays Jewels Pvt Ltd             FB WC limit            IND BBB /IND A3+ 195      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Konkan Railway Corporation Ltd  NCDs                   IND AAA(SO)      3000     Affirmed
L.S. Mills Ltd                  TL                     IND BBB+         410.5    Assigned
L.S. Mills Ltd                  FB WC limits           IND BBB+ /IND A2 1230     Assigned
M/S Sanjay Agrawal              FB WC limit            IND BB           40       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
M/S Swagattam Plastics          FB limits              IND B+           30       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
M/S Swagattam Plastics          Long-TL                IND B+           10.53    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Magma Fincorp Ltd               LT Bk loans            IND AA-          1250     Assigned
Mahindra Lifespace Developers   FB limits              IND AA /IND A1+  2000     Affirmed
Ltd
Mahindra Lifespace Developers   Non-FB limits          IND AA /IND A1+  250      Affirmed
Ltd
Mahindra Lifespace Developers   Non-FB limits*         IND AA /IND A1+  250      Assigned
Ltd
* The assignment of final rating follows the receipt of a sanction letter conforming to the
information already received by Ind-Ra.
Mili Steels Pvt Ltd             Non-FB WC limits       IND BB+ /IND A4+ 80       Assigned
Mili Steels Pvt Ltd             FB WC limits           IND BB+/IND A4+  160      Assigned
Multiurban Infra Services Pvt   FB WC limits           IND BBB-         50       Assigned
Ltd 
Multiurban Infra Services Pvt   Proposed FB WC limits* Provisional IND  50       Assigned
Ltd                                                    BBB-
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by MIPL to the satisfaction of Ind-Ra.
My Car Pvt Ltd                  FB WC limit            IND B            245      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
My Car Pvt Ltd                  TL                     IND B            6.21     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Mysore Bellary Highway Pvt Ltd  Senior project Bk loan IND BBB+         4710     Affirmed
Oscar Investments Ltd           NCDs*                  IND C            1500     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
* Unutilised/Issuer Not Cooperating
Oscar Investments Ltd           LT Bk loan             IND C            5000     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Rhc Holding Pvt Ltd             Secured LT Bk loans    IND C            750      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Rhc Holding Pvt Ltd             Secured LT NCDs (LT)   IND D            2000     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Saraf Chemicals Pvt Ltd         TL                     IND BBB          146.6    Upgraded from
                                                                                 IND BBB-
(reduced from INR250mln)
Saraf Chemicals Pvt Ltd         FB WC limit            IND BBB          310      Upgraded from
                                                                                 IND BBB-
(reduced from INR380mln)
Secl Industries Pvt Ltd         FB WC limits           IND C            190      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Secl Industries Pvt Ltd         TL                     IND C            663.8    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Secl Industries Pvt Ltd         FB WC limits (LT)      IND D            149.9    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Secl Industries Pvt Ltd         Non-FB limits          IND D            317      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Shivshakti Barrels Pvt Ltd      TL                     IND B+           1.88     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Shivshakti Barrels Pvt Ltd      FB WC limit            IND B+           45       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Shree Jee Flour Mills Pvt Ltd   FB limits              IND BB+          100      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Shree Jee Flour Mills Pvt Ltd   TL                     IND BB+          2.2      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Sincon Infrastructure Pvt Ltd   FB WC                  IND BB           40       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Sri Sai Enterprises             FB WC limit            IND B+           97.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
The Phoenix Mills Ltd           TL                     IND A+           7500     Upgraded from
                                                                                 IND A
(increased from INR 7,182.4mln)
The Phoenix Mills Ltd           FB WC Fac*             IND A+ /IND A1+  1500     Upgraded from
                                                                                 IND A
* Working capital facilities are sub-limit of term loan
Tirupati Buil-Con Pvt. Ltd      FB limits              IND BBB- /IND A3 200      Migrated to
                                                                                 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
RWP: Rating Watch Positive
RWN:     
RWE: Rating Watch Evolving
$: 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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