April 10, 2017 / 6:30 AM / 4 months ago

India Ratings for Indian debt instruments – Apr 10

10 Min Read

    Apr 10 (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
April 7, 2017.

COMPANY                         INSTRUMENT             RATING         AMOUNT    MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------         ------    ---------
SHORT TERM RATINGS:
-------------------
Alchemist Hospitals Ltd         Non-FB WC              IND A4+          10       Affirmed
Bla Coke Pvt Ltd                Non-FB limits          IND A2+          850      Affirmed
Bla Coke Pvt Ltd                Forward cover limit    IND A2+          32.4     Affirmed
Brand Advance Machine Pvt Ltd   Non-FB WC limit        IND A4+          100      Assigned
Chowdhry Rubber And Chemicals   Non-FB limits          IND A4           95       Assigned
Pvt Ltd
Donear Industries Ltd           Non-FB WC Fac          IND A3+          200      Assigned
G.S. Express Pvt Ltd            Non-FB limits          IND A4+          580      Assigned
G.S. Express Pvt Ltd            #Proposed non-FB limitsIND A4+          420      Assigned
#the ratings are provisional as GSEPL plans to increase its working capital
 facility in order to support its working capital requirement on the back 
 of growth in topline and the final rating will be assigned subject to 
execution of sanction letter for the above facilities. 

Haldia Steels Pvt Ltd           Non-FB WC limit        IND A4+          400      Assigned
Happiest Minds Technologies Pvt Non-FB WC limit        IND A3           80       Affirmed
Ltd
Kamlang Saw & Veneer Mills Pvt  Non-FB WC limit        IND A3           25       Assigned
Ltd 
Sonic Thermal Pvt Ltd           Non-FB WC limit        IND A4+          550      Assigned

LONG TERM RATINGS:
-------------------
Alchemist Hospitals Ltd         Long-TL                IND BB+          70.2     Affirmed
Alchemist Hospitals Ltd         FB WC                  IND BB+          100      Affirmed
Alchemist Hospitals Ltd         *Proposed long-TL      IND BB+          58.3     Assigned
* The rating is provisional and shall be confirmed upon the sanction and 
execution of loan documents for the above facilities 
by AHL to the satisfaction of Ind-Ra.
Ballarpur Industries Ltd        NCDs*                  IND D            5000     Downgraded
                                                                                 from IND C
*Outstanding amount is INR1,500 million
Bilt Graphic Paper Products Ltd NCDs*                  IND D            8500     Downgraded
                                                                                 from IND C
*Outstanding is INR2,692 million
Bilt Graphic Paper Products Ltd CP**                   IND D            3880     Downgraded
                                                                                 from IND C
** Outstanding is INR268 million
Bla Coke Pvt Ltd                FB limits              IND A-           100      Affirmed
Brand Advance Machine Pvt Ltd   FB WC limit            IND BB+          115      Assigned
Brand Advance Machine Pvt Ltd   Long-TL                IND BB+          235      Assigned
Chowdhry Rubber And Chemicals   FB Limits              IND B+/IND A4    175      Assigned
Pvt Ltd
Donear Industries Ltd           FB WC Fac              IND BBB          2400     Assigned
Donear Industries Ltd           TL                     IND BBB          190.3    Assigned
Field Motor Pvt Ltd             Fund based WC limit    IND BBB-         270      Assigned
G.S. Express Pvt Ltd            FB limits              IND BB-/IND A4+  400      Assigned
G.S. Express Pvt Ltd            #Proposed FB WC        Provisional IND  100      Assigned
                                                       BB-/Provisional
                                                       IND A4+
#the ratings are provisional as GSEPL plans to increase its working capital
 facility in order to support its working capital requirement on the back 
 of growth in topline and the final rating will be assigned subject to 
execution of sanction letter for the above facilities. 
Haldia Steels Pvt Ltd           FB WC limit            IND BB+          350      Assigned
Haldia Steels Pvt Ltd           LT loans               IND BB+          50       Assigned
Happiest Minds Technologies Pvt FB WC limit            IND BBB-/IND A3  445      Affirmed
Ltd
Happiest Minds Technologies Pvt Proposed FB WC limit*  Provisional IND  75       Assigned
Ltd                                                    BBB-/Provisional
                                                       IND A3
*The ratings are provisional and shall be confirmed upon the sanction and 
execution of loan documents for the above facilities 
by Happiest Minds to the satisfaction of Ind-Ra.
Kamlang Saw & Veneer Mills Pvt  FB WC limit            IND BBB-         85       Assigned
Ltd 
Mm Trust Dec 15                 Series A pass-through  IND AA+(SO)      1178.2   Affirmed
                                certificates (PTCs)
Nainital Motors Pvt Ltd         TL                     IND BB+          14       Assigned
Nainital Motors Pvt Ltd         FB WC                  IND BB+/IND A4+  180      Assigned
Platinum Trust December 2016    Series A pass-through  IND AAA(SO)      1429.9   Assigned
                                certificates (PTCs)
Platinum Trust December 2016    Second loss credit     IND BBB(SO)      83.6     Assigned
                                facility (SLCF)
Shri Balaji Institute Of        TL                     IND B+           73.5     Migrated to
Nursing Pvt Ltd                                                                  Non -
                                                                                 Cooperating
                                                                                 Category
Sonic Thermal Pvt Ltd           FB WC limit            IND BB+          180      Assigned
Sonic Thermal Pvt Ltd           Long-TL                IND BB+          120      Assigned
Trimurti Flour Mill Pvt Ltd     Long-TL                IND D            14.87    Assigned
Trimurti Flour Mill Pvt Ltd     FB limits              IND D            60       Assigned
Vasudha Agro Food Products Pvt  Proposed FB limits*    Provisional IND  35       Assigned
Ltd                                                    B+
* The above ratings are provisional and shall be confirmed upon the sanction and 
 execution of the loan documents for the above facilities
 by VAFPPL to the satisfaction of Ind-Ra.
Vasudha Agro Food Products Pvt  Proposed long-TL*      Provisional IND  46.5     Assigned
Ltd                                                    B+
* The above ratings are provisional and shall be confirmed upon the sanction and 
 execution of the loan documents for the above facilities
 by VAFPPL to the satisfaction of Ind-Ra.
Yavatmal Municipal Council       LT Issuer Rating      IND BB                    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)

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