April 3, 2017 / 9:10 AM / 4 months ago

India Ratings for Indian debt instruments – Apr 3

14 Min Read

    Apr 3 (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 31, 2017.

COMPANY                         INSTRUMENT             RATING         AMOUNT     MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------         ------     ---------
SHORT TERM RATINGS:
-------------------
Aaditya Finechem Pvt Ltd        Non-FB WC loan         IND A4+          40       Migrated to
                                                                                 Non-Cooperating
                                                                                 Category
Ansal Housing & Construction LtdNon-FB limits          IND A4+          716.3    Downgraded and
                                                                                 Migrated to
                                                                                 Non-Cooperating
                                                                                 Category
Apollo Computing Laboratories   Non-FB facility        IND A4+          220      Upgraded from
Pvt Ltd                                                                          IND D
Avtec Ltd                       Non-FB WC limits       IND A1           422      Assigned
Bloom Dekor Ltd                 Non-FB limit           IND A4+          145      Assigned
Deepak Agrawals                 Non-FB limits          IND A4           70       Downgraded
                                                                                 from IND A4+
Ford Credit India Pvt Ltd       CP (CP)                IND A1+          10000    Affirmed
Metrochem Api Pvt Ltd           Non-FB WC limits       IND A2           850      Assigned
Omkar Infracon Pvt Ltd          Non-FB limits          IND A4+          6        Affirmed
Ratnagiri Ceramics Pvt Ltd      Non-FB WC limits       IND A4           26.2     Assigned
Regal Trading Pvt Ltd           Non-fund -based Fac    IND A4+          275      Assigned
Regal Trading Pvt Ltd           *Proposed non fund     Provisional IND  45       Assigned
                                -based Fac             A4+
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by RTPL to the satisfaction of Ind-Ra.
Savi Leathers                   FB WC limits           IND A4+          150      Affirmed
 (increased from INR120)
Savi Leathers                   Non-FB limit           IND A4+          40       Affirmed
Savi Leathers                   Non-FBL**              IND A4+          40       Assigned
**The assignment of final ratings follows the receipt of transaction documents conforming to the
information already received by Ind-Ra. The final ratings are, therefore, the same as the
provisional ratings assigned in March 2016./(reduced from INR100)
    
LONG TERM RATINGS:
-------------------
Aaditya Finechem Pvt Ltd        FB WC limit            IND BB+          20       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Ansal Housing & Construction LtdSecured overdraft      IND BB           750      Downgraded and
                                limits                                           Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Ansal Housing & Construction LtdTerm deposit programme IND tB           1400     Downgraded and
                                                                                 Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Apollo Computing Laboratories   TL                     IND BB-          11.9     Upgraded from
Pvt Ltd                                                                          IND D
Apollo Computing Laboratories   FB facility            IND BB-          100      Upgraded from
Pvt Ltd                                                                          IND D
Avtec Ltd                       Long-TL                IND A-           1856.4   Assigned
Avtec Ltd                       FB WC limits           IND A-           1630     Assigned
Bloom Dekor Ltd                 FB limit               IND BB-/IND A4+  180      Assigned
Carol Info Services Ltd         TL                     IND A-           2500     Assigned
Cbsi India Pvt Ltd              FB WC                  IND BB+/IND A4+  75       Assigned
Crystal Cars Pvt Ltd            TL                     IND B+           40       Assigned
Crystal Cars Pvt Ltd            FB WC                  IND B+/IND A4    73       Assigned
Deepak Agrawals                 FB limits              IND C            20       Downgraded
                                                                                 from IND BB-
Ford Credit India Pvt Ltd       LT Issuer Rating       IND AAA          -        Assigned
Ford Credit India Pvt Ltd       Bk loans               IND AAA          12000    Assigned
Iiert March 2017                Series A pass-through  Provisional IND  1845.8   Assigned
                                certificates (PTCs)    AA(SO)
India Standard Loan Trust XlV   Series A pass-through  Provisional IND  2347.9   Assigned
                                certificates (PTCs)    A(SO)
India Standard Loan Trust XlV   Liquidity facility     Provisional IND  23.48    Assigned
                                (LF)                   AAA(SO)
India Standard Loan Trust XlV   Second loss credit     Provisional IND  90.4     Assigned
                                facility (SLCF)        BBB(SO)
Indian Pulp & Paper Pvt. Ltd.   Long-TL                IND D            455.5    Affirmed
 (decreased from INR 522.4)
Indian Pulp & Paper Pvt. Ltd.   FB limits              IND D            159.3    Affirmed
Indian Pulp & Paper Pvt. Ltd.   Non-FB limits          IND D            85.4     Affirmed
Indusind Bank Ltd               Proposed AT1 perpetual IND AA           10000    Assigned
                                debt
Kailash Educational &           TL                     IND BB-          90       Migrated to
Charitable Society                                                               Non Cooperating
                                                                                 Category
Metrochem Api Pvt Ltd           FB WC limits           IND BBB+ /IND A2 1000     Assigned
Metrochem Api Pvt Ltd           TL                     IND BBB+         292.7    Assigned
Metrochem Api Pvt Ltd           TL                     IND BBB+         188.4    Assigned
Metrochem Api Pvt Ltd           TL                     IND BBB+         150      Assigned
Omkar Infracon Pvt Ltd          FB limits              IND BB           35       Upgraded from
                                                                                 IND BB-
Omkar Infracon Pvt Ltd          TL                     IND BB           20.81    Upgraded from
                                                                                 IND BB-
 (reduced from INR39.36)
Pawan Shree Food International  FB limit               IND B-           55       Migrated to
Pvt Ltd                                                                          Non Cooperating
                                                                                 Category
Punjab Infrastructure           TL                     IND BBB(SO)      13362.9  Affirmed
Development Board
Punjab Infrastructure           TL                     IND BBB(SO)      26000    Assigned
Development Board
Ratnagiri Ceramics Pvt Ltd      FB WC limits           IND B+ /IND A4   72.2     Assigned
Ratnagiri Ceramics Pvt Ltd      *Proposed FB WC limits Provisional IND  11.6     Assigned
                                                       B+ /Provisional
                                                       IND A4
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by RCPL to the satisfaction of Ind-Ra.
Regal Trading Pvt Ltd           FB Fac                 IND BB+ /IND A4+ 25       Assigned
Regal Trading Pvt Ltd           *Proposed FB Fac       Provisional IND  5        Assigned
                                                       BB+/Provisional
                                                       IND A4+
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by RTPL to the satisfaction of Ind-Ra.
Rwl Healthworld Ltd             Long-TL                IND D            1287.5   Downgraded
                                                                                 from IND A (SO)
Rwl Healthworld Ltd             WC demand loans        IND D            250      Downgraded
                                                                                 from IND A (SO)
Savi Leathers                   FB WC limits           IND BB           150      Upgraded from
                                                                                 IND BB-
(increased from INR120)
Savi Leathers                   Proposed TL*           Provisional IND  55       Assigned
                                                       BB
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by SAVI to the satisfaction of Ind-Ra.
Shri Balaji Institute Of        TL                     IND BBB-         87.64    Migrated to
Medical Sciences Pvt Ltd                                                         Non Cooperating
                                                                                 Category
Shri Balaji Institute Of        FB limit               IND BBB-         600      Migrated to
Medical Sciences Pvt Ltd                                                         Non Cooperating
                                                                                 Category
Shriram Transport Finance Co.   NCDs                   IND AA+          10000    Assigned
Ltd
Stark CV Ifmr Capital 2016      Series A1 Pass-through IND A-(SO)       393.38   Assigned
                                certificates (PTCs)
Stark CV Ifmr Capital 2016      Series A2 PTCs         IND BB(SO)       28.44    Assigned
Thetis CV Ifmr Capital 2017     Series A1 pass-through IND A-(SO)       425.6    Assigned
                                certificates (PTCs)
Thetis CV Ifmr Capital 2017     Series A2 PTCs         IND BB(SO)       51.3     Assigned
Venkateshwara Sponge & Iron     FB limits              IND B+           130      Assigned
Company Pvt Ltd
-----------------------------------------------------------------------------------------------
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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