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India Ratings for Indian debt instruments – Sep 5
September 5, 2017 / 5:21 AM / 3 months ago

India Ratings for Indian debt instruments – Sep 5

    Sep 5 (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 4, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
Alpex Exports Pvt Ltd           Non-FB WC limit        IND A3           250      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Alpex Exports Pvt Ltd           Proposed non-FB WC     Prov IND A3      150      Migrated to
                                limit                                            Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Aps Power Tech (I) Pvt Ltd      Non-FB WC limit        IND A4           60       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Aqua Plumbing Pvt Ltd           Non-FB WC limit        IND A3           150      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Aqua Plumbing Pvt Ltd           Forward contract  limitIND A3           4.8      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Jmp Industry Pvt Ltd            Non-FB WC limit        IND A3           9        Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Kumar Electricals               Non-FB limit           IND A4+          230      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Rydak Syndicate Ltd             Non-FB limits          IND A3           11       Affirmed
Sangar Overseas                 Non-FB WC limit        IND A4           72.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Swamiji Transmission Pvt Ltd    Proposed Non-FB limits Prov IND A4      20       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Tatwa Technologies Ltd          Non-FB WC limit        IND A4+          5        Assigned
    
LONG TERM RATINGS:
-------------------
Alpex Exports Pvt Ltd           FB WC limit            IND BBB- /IND A3 120      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Alpex Exports Pvt Ltd           Proposed FB WC limit   Prov IND BBB-    80       Migrated to
                                                       /Prov IND A3              Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Aps Power Tech (I) Pvt Ltd      FB WC limit            IND B+ /IND A4   49       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Aqua Plumbing Pvt Ltd           TL                     IND BBB-         85.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Aqua Plumbing Pvt Ltd           FB WC limit            IND BBB- /IND A3 300      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Aruna Finance Ltd               Bk loans               IND BB           250      Assigned
Asian Tea & Exports Ltd         FB limit               IND BBB- /IND A3 70       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Badri Ecofibres Pvt Ltd         FB WC limit            IND BB-          150      Assigned
Badri Ecofibres Pvt Ltd         Long-TL                IND BB-          131.17   Assigned
Daron Engineering Pvt Ltd       TL                     IND B-           42.5     Upgraded from
                                                                                 IND D
Daron Engineering Pvt Ltd       FB Fac                 IND B- /IND A4   20       Upgraded from
                                                                                 IND D
Dayana Polyplast Pvt Ltd        Long-TL                IND BB-          100      Upgraded from
                                                                                 IND B+
Dayana Polyplast Pvt Ltd        FB Fac                 IND BB- /IND A4+ 120      Upgraded from
                                                                                 IND B+/ IND A4
Greenhouse Agro Products        TL                     IND B+           130      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Gvns Tollway Pvt Ltd            Senior project Bk loansIND BB           360      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Jagannath Plastipacks Ltd       FB WC limit            IND B            50       Assigned
Jagannath Polymers Ltd          FB WC limit            IND B+           70       Assigned
Jammu & Kashmir Bank Ltd        Basel III compliant    IND AA           10000    Affirmed
                                Tier 2 bonds
Jammu & Kashmir Bank Ltd        Lower tier 2 bonds     IND AA           6000     Affirmed
Jmp Industry Pvt Ltd            TL                     IND BBB-         127      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Jmp Industry Pvt Ltd            FB WC limit            IND BBB- /IND A3 403      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Karnataka Neeravari Nigam Ltd   TL*                    IND AA-(SO)      5000     Assigned
* The assignment of final ratings is based on the receipt of the sanction letter, tripartite
agreement and government order. 
Karnataka Neeravari Nigam Ltd   Proposed TL^           Prov IND AA-(SO) 2650     Assigned
^ The rating is Prov and shall be confirmed upon the sanction and execution of loan facilities
by KNNL and issuance of government guarantee for these loans to the satisfaction of Ind-Ra. 
Kumar Electricals               FB limit               IND BB           20       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Kumar Electricals               Proposed FB limit      Prov IND BB      100      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Lalchand Jewellers Pvt Ltd      FB limit               IND BB+          350      Assigned
Nimp Healthcare Pvt Ltd         TL (LT)                IND D            44.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Nimp Healthcare Pvt Ltd         FB WC limit (long-/ST) IND D            22.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Raga Motors Pvt Ltd             FB WC limit            IND BB /IND A4+  190.9    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Rydak Syndicate Ltd             TL                     IND BBB-         5        Affirmed
(reduced from INR10crs)
Rydak Syndicate Ltd             FB limits              IND BBB-         158.2    Affirmed
Sangar Overseas                 TL                     IND B            4        Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Sangar Overseas                 FB WC limit            IND B /IND A4    100      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Shiv Shakti Exporters Pvt Ltd   FB limits (LT/ST)      IND D            343.5    Downgraded
                                                                                 from IND BB-
(reduced from INR350mln)
Srs Modern Sales Ltd            FB WC limits (long-/ST)IND D            750      Affirmed
Supertech Agrograins Pvt Ltd    TL                     IND BB-          72.7     Assigned
Supertech Agrograins Pvt Ltd    FB WC  Fac             IND BB- /IND A4+ 25       Assigned
Swamiji Transmission Pvt Ltd    Proposed FB limits     Prov IND B+      65       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Tatwa Technologies Ltd          TL                     IND BB-          85.76    Assigned
Tatwa Technologies Ltd          FB WC limit            IND BB-          70       Assigned
Ushdev Engitech Ltd             Rupee TL               IND BB+          895.2    Upgraded from
                                                                                 IND BBB-
-----------------------------------------------------------------------------------------------
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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