March 16, 2017 / 5:51 AM / 5 months ago

India Ratings for Indian debt instruments – Mar 16

    Mar 16 (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
March 15, 2017.

COMPANY                         INSTRUMENT             RATING         AMOUNT    MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------         ------    ---------
SHORT TERM RATINGS:
-------------------
Balaji Action Wooddecor Pvt Ltd Non-FB WC              IND A3           80       Affirmed
Brmsco Garments Pvt Ltd         Non-FB Fac             IND A4           30       Assigned
Dutch Tech Tools Pvt Ltd        FB limits              IND A4+          72.5     Assigned
Dutch Tech Tools Pvt Ltd        Non FB limits          IND A4+          27       Assigned
Glenmark Pharmaceuticals Ltd    Non-FB limits          IND A1+          1100     Assigned
M.Venkata Rao Infra Projects    NFB WC facility        IND A2+          2280     Affirmed
Pvt Ltd
M.Venkata Rao Infra Projects    *Proposed non-FB WC    Provisional IND  400      Affirmed
Pvt Ltd                         facility               A2+
*The ratings are provisional and shall be confirmed upon the sanction and 
execution of loan documents for the above facilities by MVR to the 
satisfaction of Ind-Ra.
National Bank For Agriculture   CP                     IND A1+          230      Affirmed
And Rural Development
National Bank For Agriculture   Term money borrowings  IND A1+          10       Affirmed
And Rural Development
National Bank For Agriculture   ST deposits            IND A1+          700      Affirmed
And Rural Development

LONG TERM RATINGS:
-------------------
Balaji Action Wooddecor Pvt Ltd FB WC                  IND BBB-/ IND A3 10       Affirmed
Brmsco Garments Pvt Ltd         TL                     IND B+           91.5     Assigned
Brmsco Garments Pvt Ltd         FB WC                  IND B+/IND A4    100      Assigned
Devashish Polymers Pvt Ltd      FB limit               IND B+           12.5     Assigned
Devashish Polymers Pvt Ltd      TL                     IND B+           37.5     Assigned
Gail Gas Ltd                    Bk Fac*                IND AA/IND A1+   3193.5   Affirmed
(increased from INR1,773.5) 
* Includes long-term loans, short-term loans and cash credit
Gail Gas Ltd                    Bk Fac*#               IND AA/IND A1+   726.5    Assigned
* Includes long-term loans, short-term loans and cash credit
 # The final ratings have been assigned based on the sanction
  and execution of loan documents for the above facilities 
  by GGL to the satisfaction of Ind-Ra.
Gail Gas Ltd                    Non-FB limits          IND AAA (SO) /   67490    Affirmed
                                                       IND A1+(SO)
(reduced from INR70,000)
Glenmark Pharmaceuticals Ltd    FB CC limits           IND AA-          3500     Assigned
Glenmark Pharmaceuticals Ltd    FB WC demand loans     IND AA-          3500     Assigned
Glenmark Pharmaceuticals Ltd    Proposed FB limits*    Provisional IND  9400     Assigned
                                                       AA-
*The rating is provisional and shall be confirmed upon the sanction and 
 execution of loan documents for the above facilities by Glenmark
 to the satisfaction of Ind-Ra.
Glenmark Pharmaceuticals Ltd    Proposed TL*           Provisional IND  1000     Assigned
                                                       AA-
*The rating is provisional and shall be confirmed upon the sanction and 
 execution of loan documents for the above facilities by Glenmark
 to the satisfaction of Ind-Ra.
Indusind Bank Ltd               Proposed AT1 perpetual IND AA           10       Assigned
                                debt
Jaquar & Company Pvt Ltd        Non-FB WC              IND AA- /IND A1+ 1,750    Affirmed
Jaquar & Company Pvt Ltd        FB WC                  IND AA-/IND A1+  987.5    Affirmed
M.Venkata Rao Infra Projects    FB WC facility         IND BBB+/        775      Affirmed
Pvt Ltd                                                /IND A2+
Maya Saha                       FB limits              IND BB+          100      Assigned
National Bank For Agriculture   Bonds                  IND AAA          576.42   Affirmed
And Rural Development
National Bank For Agriculture   GoI fully serviced     IND AAA          20       Assigned
And Rural Development           bonds#
#The previously assigned ‘IND AAA(SO)’ rating, with a Stable Outlook,
 on government of India (GOI) fully serviced bonds has been withdrawn,
 as it was based on the sovereign financial support of the GoI. Consequently,
 the rating to GOI fully serviced bonds has been assigned on the basis of its
 standalone business and financial profile.
National Bank For Agriculture   LT deposits            IND AAA          1287.58  Affirmed
And Rural Development
National Bank For Agriculture   CDs                    IND AAA/INDA1+   100      Assigned
And Rural Development
National Bank For Agriculture   GoI fully serviced                      20       Withdrawn 
And Rural Development           bonds#
#The previously assigned ‘IND AAA(SO)’ rating, with a Stable Outlook,
 on government of India (GOI) fully serviced bonds has been withdrawn,
 as it was based on the sovereign financial support of the GoI. Consequently,
 the rating to GOI fully serviced bonds has been assigned on the basis of its
 standalone business and financial profile.
Shiv Shakti Cold Storage        FB limits              IND B            52       Assigned
Shri Sagar Woven Pvt Ltd        FB limits              IND BB-          35       Assigned
Shri Sagar Woven Pvt Ltd        TL                     IND BB-          23.62    Assigned
The Hi-Tech Gears Ltd           TL                     IND A+/RWE       37.8     Placed on
                                                                                 Rating Watch
                                                                                 Evolving
The Hi-Tech Gears Ltd           FB and non-FB WC limits IND A+/RWE/IND  485      Placed on
                                                       A1/RWE                    Rating Watch
                                                                                 Evolving
-----------------------------------------------------------------------------------------------
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)

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