September 22, 2017 / 4:33 AM / a month ago

India Ratings for Indian debt instruments – Sep 22

    Sep 22 (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 21, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Ark Builders                    Non- fund- based Fac   IND A4           15       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Artek Enterprises Pvt Ltd       Non- fund based WC     IND A4           49.5     Migrated to
                                limit                                            Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Classic Engicon Pvt Ltd         Non- fund- based Fac   IND A4+          160      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Classic Engicon Pvt Ltd         Proposed non- fund-    Provisional IND  90       Migrated to
                                based Fac              A4+                       Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Devika Fibres Pvt Ltd           Non- fund- based Fac   IND A3           25       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Fuso Glass India Pvt Ltd        Non- fund- based Fac   IND A4+          155      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Growell Cnc Systems             Non- fund- based WC    IND A4           12.5     Migrated to
                                limits                                           Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Idea Infinity It Solutions Pvt  Non- fund- based Fac   IND A4+          47       Migrated to
Ltd                                                                              Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Idea Infinity It Solutions Pvt  Proposed non fund-     Provisional IND  58       Migrated to
Ltd                             based Fac              A4+                       Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Indusind Media & Communications Non- fund- based       IND A2+          2,190    Affirmed
Ltd                             Fac (includes LER
                                derivative)
(increased from 530)
K. Lall Overseas Pvt Ltd        Non- fund- based limit IND A4+          300      Assigned
K. Lall Overseas Pvt Ltd        Proposed non- FBL      Provisional IND  80       Assigned
                                                       A4+
N.V.Nageswara Rao               Non- fund- based       IND D            20       Migrated to
                                limits (short- term)                             Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Prakash Constrowell Ltd         Non- fund- based WC    IND A3+          550      Assigned
                                limits
Ranger Cotton Mills (I) Pvt Ltd Non- fund- based Fac   IND A4           14.6     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Sutlej Textiles And Industries  Non- fund- based limitsIND A1+          450      Migrated to
Ltd                                                                              Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Vaswani Industries Ltd          Non- fund- based WC    IND A4+          320      Affirmed
                                limit
Vishal Precision Steel Tubes &  Non- fund- based WC    IND A1(SO)       150      Assigned
Strips Pvt Ltd                  limits
Viva Servitrade Pvt Ltd         Non- fund- based WC    IND A4+          150      Migrated to
                                limits                                           Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)

LONG TERM RATINGS:
-------------------
Ark Builders                    Long- TL               IND B+           51       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Ark Builders                    Fund- based Fac        IND B+/ IND A4   37.5     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Artek Enterprises Pvt Ltd       Fund- based WC limit   IND B+/ IND A4   10       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Centurywells Roofing India      Fund- based WC facilityIND A(SO)        200      Upgraded
(Pvt) Ltd
Classic Engicon Pvt Ltd         Fund- based Fac        IND BB/ IND A4+  50       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Devika Fibres Pvt Ltd           Long- TL               IND BBB-         78.7     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Devika Fibres Pvt Ltd           Fund- based Fac        IND BBB- / IND A3320      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Fuso Glass India Pvt Ltd        TL Fac                 IND BB            33.7    Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Fuso Glass India Pvt Ltd        Fund- based Fac        IND BB/ IND A4+  260      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Growell Cnc Systems             Long- TL               IND B-           20.1     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Growell Cnc Systems             Fund- based WC limit   IND B-           44       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Idea Infinity It Solutions Pvt  Fund- based Fac        IND BB/ IND A4+  5        Migrated to
Ltd                                                                              Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Idea Infinity It Solutions Pvt  Proposed fund- based   Provisional IND  10       Migrated to
Ltd                             Fac                    BB/ Provisional           Non-
                                                       IND A4+                   Cooperating
Category
(ISSUER NOT COOPERATING)
Indusind Media & Communications Rupee TL               IND BBB+         4439.9   Downgraded
Ltd
(reduced from 7,131.3)
Indusind Media & Communications CC limits              IND BBB+         200      Downgraded
Ltd
reduced from 600
K. Lall Overseas Pvt Ltd        Fund- based WC limit   IND BB- / IND A4+20       Assigned
Kineta Global Ltd               Fund- based WC limits  IND BB- / IND A4+500      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Kudu Industries Ltd             Long- TL               IND BB-          25       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Kudu Industries Ltd             Fund- based WC limit   IND BB-          75       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Life Shine Medical Services Pvt TL                     IND BB-          140.73   Migrated to
Ltd                                                                              Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
N.V.Nageswara Rao               Fund- based limits     IND D            110      Migrated to
                                (long- term)                                     Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
N.V.Nageswara Rao               TL (long- term)        IND D            29.1     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Nandraj Rice Mill               Fund- based WC limit   IND B- / IND A4  70       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Patdiam Jewellery Pvt Ltd       Fund- based Fac        IND BB- / IND A4+215.1    Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Prakash Constrowell Ltd         Fund- based WC limits  IND BBB/ IND A3+ 350      Assigned
Ranger Cotton Mills (I) Pvt Ltd Long- TL               IND B+           91.8     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Ranger Cotton Mills (I) Pvt Ltd Fund- based Fac        IND B+/ IND A4   185      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Renew Akshay Urja Pvt Ltd       Proposed NCDs          Provisional IND  7600     Affirmed
                                (standalone)           A-
Renew Akshay Urja Pvt Ltd       Proposed NCDs with     Provisional IND  7600     Affirmed
                                partial credit         AA+(SO)
                                guarantee
Sansar Trust Aug 2017           Second Loss Credit     Provisional IND  295.5    Assigned
                                Facility (SLCF)        A- (SO)
Sansar Trust Aug 2017           Series A pass- through Provisional IND  5910.1   Assigned
                                certificates (PTCs)    AAA(SO)
Sutlej Textiles And Industries  TL                     IND AA-          8472.3   Migrated to
Ltd                                                                              Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Sutlej Textiles And Industries  Fund- based limits     IND AA-          5000     Migrated to
Ltd                                                                              Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Vaswani Industries Ltd          Fund- based WC limit   IND BB           400      Downgraded
Vaswani Industries Ltd          TL                     WD               81.6     Withdrawn
                                                                                 (repaid in
                                                                                 full)
Veda Biofuel Ltd                Long- TL               IND BB-          773      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Vishal Precision Steel Tubes &  TL                     IND A(SO)        52.6     Upgraded
Strips Pvt Ltd
(reduced from 100)
Vishal Precision Steel Tubes &  Fund- based WC limits  IND A(SO)        400      Upgraded
Strips Pvt Ltd
(increased from 300)
Viva Servitrade Pvt Ltd         Fund- based WC limits  IND BB-          100      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Warana Dairy And Agro           Bk loan (Long- term)   IND D            485.19   Downgraded and
Industries Ltd                                                                   Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Warana Dairy And Agro           Fund- based WC limit   IND D            80       Downgraded and
Industries Ltd                  (Long- term)                                     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

$: 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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