September 4, 2017 / 5:32 AM / 3 months ago

India Ratings for Indian debt instruments – Sep 4

    Sep 4 (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 1, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
A.K. Das Associates Ltd         Non-FB limits          IND A4+          520      Affirmed
increased from 300
Balaji Oil Industries Pvt Ltd   Non-FB Fac             IND A4+          305.4    Affirmed
increased from 278.9
Kafila Forge Ltd                Non-FB WC limit        IND A3           130      Assigned
Kross Ltd                       Non-FB limits          IND A2           130      Upgraded
Kross Ltd                       Proposed non-FB limit* Provisional IND  50       Assigned
                                                       A2
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by KL to the satisfaction of Ind-Ra.
Raghuveer Metal Industries Ltd  NFB WC limit           IND A4+          40       Affirmed
Ramgarh Sponge Iron Pvt Ltd     Non-FB limit           IND A4           26       Assigned
Sanatan Logistics Pvt Ltd       Non-FB limit           IND A4+          21       Assigned
Tp Buildtech Pvt Ltd            Non-FB limits          IND A4           50       Affirmed

LONG TERM RATINGS:
-------------------
A.K. Das Associates Ltd         FB limits              IND BB           250      Affirmed
increased from 200
Akshara Operating Lease Pvt Ltd TL                     IND BBB-         750      Affirmed
Balaji Oil Industries Pvt Ltd   FB Fac                 IND BB           30       Affirmed
Cholamandalam Investment &      Lower tier 2           IND AA           5        Assigned
Finance Co. Ltd.                Subordinated debt
Cj’S Haritha Homes              Fund- based limits     IND B+           198.5    Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Delexcel Pharma Pvt Ltd         TL                     IND BB-          140      Assigned
Delexcel Pharma Pvt Ltd         FB WC limit            IND BB-/ IND A4+ 10       Assigned
Enn Enn Corp Ltd                TL limits              IND BBB          1825     Upgraded
reduced from 2,037.5
Gbr Hatcheries Pvt Ltd          TL                     IND BB+          11.1     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Gbr Hatcheries Pvt Ltd          FB WC limits           IND BB+/ IND A4+ 60       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Green Infra Wind Energy Ltd     TL                     IND A+           2272     Assigned
Ica Pidilite Pvt Ltd            FB WC  Fac             IND BBB+/ IND A2+170      Assigned
Kafila Forge Ltd                FB WC limit            IND BBB-/ IND A3 335      Assigned
Kross Ltd                       TL                     IND BBB+         64.8     Upgraded
reduced from 69.0
Kross Ltd                       FB limits              IND BBB+         40       Upgraded
Kross Ltd                       FB limits              IND BBB+/ IND A2 356.5    Upgraded
Kross Ltd                       Proposed TL*           Provisional IND  27       Assigned
                                                       BBB+
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by KL to the satisfaction of Ind-Ra.
Kundan Care Products Ltd        FB and Non-FB limit    IND BB+/ IND A4+ 850      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Kundan International Pvt Ltd    FB limit               IND BB+/ IND A4+ 450      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Kundan International Pvt Ltd    Non-FB limit           IND BB+/ IND A4+ 1250     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Kundan Rice Mills Ltd           FB limit               IND BB+/ IND A4+ 450      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Kundan Rice Mills Ltd           Non-FB limit           IND BB+/ IND A4+ 500      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Phorotech Surfin (I) Pvt Ltd    TL Fac                 IND BB+          52.3     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Phorotech Surfin (I) Pvt Ltd    FB Fac                 IND BB+/ IND A4+ 30       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Phorotech Surfin (I) Pvt Ltd    Proposed long-TL Fac   Provisional IND  24.7     Migrated to
                                                       BB+                       Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Pkp Feed Mills Pvt Ltd          FB Fac (LT/ST)         IND D            57       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Pkp Feed Mills Pvt Ltd          TL (LT)                IND D            112.9    Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Raghuveer Metal Industries Ltd  FB WC limit            IND BB/ IND A4+  90       Affirmed
Ramgarh Sponge Iron Pvt Ltd     FB limit               IND B+/ IND A4   50       Assigned
Samanvay Park                   TL                     IND BB-          80       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Sanatan Logistics Pvt Ltd       TL                     IND BB+          9.03     Assigned
Sanatan Logistics Pvt Ltd       FB limit               IND BB+/ IND A4+ 255      Assigned
Shriram Housing Finance Ltd     Bk loans               IND AA/ RWE      15       Maintained on
                                                                                 RWE
Shriram Housing Finance Ltd     NCDs                   IND AA/ RWE      7        Maintained on
                                                                                 RWE
Tp Buildtech Pvt Ltd            FB limits              IND B+/ IND A4   40       Affirmed
Tprs Enterprises Pvt Ltd        TL                     IND BBB-         52.5     Upgraded
Tprs Enterprises Pvt Ltd        FB Fac                 IND BBB-/ IND A3 67.5     Upgraded
increased from 57.5
Tprs Enterprises Pvt Ltd        Non-FB Fac             WD               10       Withdrawn
                                                                                 (repaid in
                                                                                 full)
U R Agrofresh Pvt Ltd           Long-TL                IND B+           75       Upgraded
U R Agrofresh Pvt Ltd           FB Fac                 IND B+/ IND A4   45       Assigned
Usher Agro Ltd                  NCDs (LT)              IND D            550      Affirmed and
                                                                                 Migrated to
                                                                                 Non-
Cooperating Category
(ISSUER NOT COOPERATING)
Volvo Financial Services (I)    Bk loans               IND AAA          14500    Assigned
Pvt Ltd
Volvo Group India Pvt Ltd       WC Bk Fac              IND AAA/ IND A1+ 9500     Assigned
-----------------------------------------------------------------------------------------------
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)

Our Standards:The Thomson Reuters Trust Principles.
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