September 21, 2018 / 6:42 AM / 3 months ago

India Ratings for Indian debt instruments – Sep 21

    Sep 21 (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 20, 2018.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
Abhiraj Engicon Pvt Ltd         Non-FB limits          IND A4+          25       Assigned
Advatech Cera Tiles Ltd         Non-FB limit           IND A4+          32.9
(Migrated to non-cooperating category,Issuer not cooperating)
Arihant Ship Breakers           Non-FB WC limits       IND A4           75
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Bihar Bottlers And Blenders     TL                     IND A4           59.49
Pvt. Ltd.
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Clavecon (I) Pvt Ltd            Non-FB WC limit        IND A4+          5        Upgraded
Clavecon (I) Pvt Ltd            Non-FB WC limit*       IND A4+          5        Assigned
* The final ratings have been assigned following the receipt of executed financing documents by
Ind-Ra.
Gallantt Metal Ltd              Non-FB limits          IND A1           38       Assigned
Gemus Engineering Ltd           Non-FB limits          IND A4+          40       Assigned
Gold Star Diamond Pvt Ltd       Issuer Rating          IND A2+          -        Assigned
Gold Star Jewellery Pvt Ltd     Issuer Rating          IND A2+          -        Assigned
Ind Expo’S Bank                 FB limits              IND A4           75
(Maintained in Non-Cooperating Category, Issuer not cooperating)
India Coke And Power Pvt Ltd    Non-FB WC facility     IND A4+          1000     Affirmed
Multiurban Infra Services Pvt   Non-FB WC  limits      IND A3           250
Ltd
(Migrated to non-cooperating category,Issuer not cooperating)
Multiurban Infra Services Pvt   Proposed non- FB WC    Provisional IND  200
Ltd                             limit                  A3
(Migrated to non-cooperating category,Issuer not cooperating)
N.V.Nageswara Rao’S             Non-FB limits (ST)     IND D
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Secunderabad Hotels Pvt. Ltd    Non-FB WC limit        IND A4+          11.5
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Shree Jee Flour Mills Pvt Ltd   Non-FB limit           IND A4+          5
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Shri Shyam Agro Biotech Pvt Ltd Non-FB limits          IND A4+          11
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Sincon Infrastructure Pvt Ltd   Non-FB WC limit        IND A4+          210
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Yuvashakthi Enterprises         Non-FB WC limit        IND A4+          50
(Maintained in Non-Cooperating Category, Issuer not cooperating)

LONG TERM RATINGS:
-------------------
Abhiraj Engicon Pvt Ltd         FB limits              IND BB- /IND A4+ 67.5     Assigned
Advatech Cera Tiles Ltd         FB limit               IND BB-          125
(Migrated to non-cooperating category,Issuer not cooperating)
Advatech Cera Tiles Ltd         TL                     IND BB-          21.9
(Migrated to non-cooperating category,Issuer not cooperating)
Arihant Ship Breakers           FB limits              IND B-           75
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Arihant Ship Breakers           Long-TL                IND B-           16.2
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Berg And Schmidt (I) Pvt Ltd    Proposed FB WC Fac     Provisional IND  100      Assigned
                                                       BBB-
                                                       /Provisional IND A3
Bihar Bottlers And Blenders     FB WC limit            IND B            15.5
Pvt. Ltd.
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Clavecon (I) Pvt Ltd            TL                     IND BB-          79.57    Upgraded
Clavecon (I) Pvt Ltd            FB WC limit            IND BB- /IND A4+ 35       Upgraded
Dr. Rajendra Prasad Educational TL                     IND BBB-         50
Society
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Dr. Rajendra Prasad Educational Bk overdraft facility  IND BBB-         40
Society
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Entally Astha                   TL                     IND D            100      Downgraded
Gemus Engineering Ltd           FB limits              IND BB-          85       Assigned
Gemus Engineering Ltd           TL                     IND BB-          23.5     Assigned
Indexport Leather Export Pvt LtdFB WC limit            IND B+           86.4
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Indexport Leather Export Pvt LtdTL                     IND B+           4.5
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Ingenerie Technologies          FB limits              IND B+           20
Solutions Pvt Ltd
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Ingenerie Technologies          TL                     IND B+           60
Solutions Pvt Ltd
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Innoven Capital India Pvt Ltd   Bk loans               IND AA-          1250     Assigned
Mark International Foods Stuff  FB WC limit            IND BB           60
Pvt Ltd
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Multiurban Infra Services Pvt   FB WC limits           IND BBB-         50
Ltd
(Migrated to non-cooperating category,Issuer not cooperating)
Multiurban Infra Services Pvt   Proposed FB WC limits  Provisional IND  50
Ltd                                                    BBB-
(Migrated to non-cooperating category,Issuer not cooperating)
Mytrah Ujjval Power Pvt Ltd     NCDs                   IND A-(SO)       8200     Upgraded
N.V.Nageswara Rao’S             FB limits (LT)         IND D
(Maintained in Non-Cooperating Category, Issuer not cooperating)
N.V.Nageswara Rao’S             TL (LT)                IND D
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Om Sree Papertek Pvt Ltd        TL                     IND BB           225
(Migrated to non-cooperating category,Issuer not cooperating)
Orissa Order Suppliers Pvt. Ltd FB CC limits (LT)      IND D            210
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Raga Motors Pvt Ltd             FB WC limit            IND BB /IND A4+  190.9
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Rubber O Malabar Products Pvt   TL (LT)                IND D            45.8
Ltd
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Rubber O Malabar Products Pvt   FB Fac (long-/ST)      IND D            14.2
Ltd
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Satwik Steel Pvt Ltd            FB limits              IND B+           200
(Migrated to non-cooperating category,Issuer not cooperating)
Secunderabad Hotels Pvt. Ltd    Long-TL                IND BB+          226.4
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Secunderabad Hotels Pvt. Ltd    Fund based WC limit    IND BB+          107.5
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Shree Ashtvinayak Roller Flour  FB limits (LT)         IND D            50
Mills Pvt Ltd
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Shree Ashtvinayak Roller Flour  TL (LT)                IND D            28.5
Mills Pvt Ltd
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Shree Durga Khandsari (Sugar)   FB limit*              IND BB+          77.5     Affirmed
Mills
* The limits are seasonal in nature and enhanced to INR140 million during October-May. During
the rest of the period, the limits stand at INR77.5 million.
Shree Durga Khandsari (Sugar)   Term loans             IND BB+          99.4     Affirmed
Mills
(reduced from INR124 mlns)
Shree Jee Flour Mills Pvt Ltd   FB limit               IND BB+          100
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Shree Jee Flour Mills Pvt Ltd   TL                     IND BB+          2.2
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Shri Shyam Agro Biotech Pvt Ltd FB limits              IND BB+          140
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Shri Shyam Agro Biotech Pvt Ltd TL                     IND BB+          3.7
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Shruthi Milk Products Pvt Ltd   TL                     IND BB+          24.8
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Shruthi Milk Products Pvt Ltd   CC limit               IND  BB+ /IND A4+60
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Sincon Infrastructure Pvt Ltd   FB WC limit            IND BB           40
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Suman Vinimay Pvt Ltd           FB WC limit            IND BB-
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Suman Vinimay Pvt Ltd           TL                     IND BB-
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Tprs Enterprises Pvt Ltd        TL                     IND BBB-         54
(Migrated to non-cooperating category,Issuer not cooperating)
Tprs Enterprises Pvt Ltd        FB WC facility         IND BBB- /IND A3 95
(Migrated to non-cooperating category,Issuer not cooperating)
Tprs Enterprises Pvt Ltd        Proposed TL            Provisional IND  77
                                                       BBB-
(Migrated to non-cooperating category,Issuer not cooperating)
Tprs Enterprises Pvt Ltd        Proposed-FB WC facilityProvisional IND  20
                                                       BBB-
                                                       /Provisional IND A3
(Migrated to non-cooperating category,Issuer not cooperating)
Tunic Fashion Apparels          FB WC limits           IND BB           20
(Maintained in Non-Cooperating Category, Issuer not cooperating)
Yuvashakthi Enterprises         FB WC limit            IND BB           10
(Maintained in 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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