April 11, 2017 / 4:56 AM / 3 months ago

India Ratings for Indian debt instruments – Apr 11

9 Min Read

    Apr 11 (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 10, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
General Polytex Pvt Ltd         Non -FB limit          IND A4+          23       Assigned
Golkunda Diamond & Jewellery LtdNon -FB WC limit       IND A4+          20
Migrated to Non -Cooperating Category
(ISSUER NOT COOPERATING)
Hariom Projects Pvt Ltd         Non -FB limit          IND A4+          110      Assigned
Ken Enterprises Pvt Ltd         Non -FB Fac            IND A3           150      Assigned
M/S Advance Coolers             Non -FB Fac            IND A4           17.5     Assigned
M/S Advance Coolers             Proposed non -FB Fac   IND A4           12.5     Assigned
Provisional
Shinde Developers Pvt Ltd       Non -FB limit          IND A4+          360      Assigned
Texaco Synthetics Pvt Ltd       Non -FB limit          IND A4+          15.5     Assigned

LONG TERM RATINGS:
-------------------
Altico Capital India Pvt Ltd    Principal Protected    IND PP- MLD AA-  1        Assigned
                                Market Linked Debentureemr
Bangalore Airport Hotel Ltd     TL                     IND A-           3050     Assigned
Gail (I) Ltd                    Bonds                  IND AAA          5        Affirmed
Gail (I) Ltd                    Proposed bonds         IND AAA          5        Affirmed
Provisional
Gail (I) Ltd                    FB/non -FB Bk facility IND AAA/ IND A1+ 15       Affirmed
General Polytex Pvt Ltd         TL                     IND BB-          561.7    Assigned
General Polytex Pvt Ltd         FB limit               IND BB-          180      Assigned
Golkunda Diamond & Jewellery LtdFB WC limit            IND BB+ /A4+     350
Migrated to Non -Cooperating Category
(ISSUER NOT COOPERATING)
Hariom Projects Pvt Ltd         FB limit               IND BB           90       Assigned
Hindustan Prefab Ltd            Non -FB WC             IND BBB/ IND A2  400      Assigned
Ishan International             FB limit               IND B+/ IND A4   347.5
Migrated to Non -Cooperating Category
(ISSUER NOT COOPERATING)
Ken Enterprises Pvt Ltd         Long -TL               IND BBB-         26       Assigned
Ken Enterprises Pvt Ltd         FB Fac                 IND BBB- / IND A3250      Assigned
M/S Advance Coolers             Proposed long -TL      IND B            20       Assigned
Provisional
M/S Advance Coolers             FB Fac -  CC           IND B/ IND A4    60       Assigned
M/S Advance Coolers             Proposed FB Fac        IND B/ IND A4    20       Assigned
Provisional
National Highways Authority Of  FY18 borrowing         IND AAA          590      Assigned
India                           programme (including
                                54EC bonds for FY18)
National Highways Authority Of  Tax -free bonds (FY12  IND AAA          290      Affirmed
India                           and FY16) 
National Highways Authority Of  LT bonds (FY15 and     IND AAA          76.24    Affirmed
India                           FY16)
National Highways Authority Of  FY17 borrowing         IND AAA          331.18   Affirmed
India                           programme
(reduced from 550)
National Highways Authority Of  LT bonds (FY14)        WD               29.42    Withdrawn
India
Ncc Ltd                         TL                     IND A-           350      Upgraded
(reduced from 1,480)
Ncc Ltd                         FB WC limits           IND A- / IND A2+ 20580    Upgraded
(increased from 19,580)
Ncc Ltd                         Non -FB limits         IND A- / IND A2+ 82760    Upgraded
Ncc Ltd                         Proposed FB WC limits  IND A- / IND A2+ 1760     Upgraded
Provisional
P.K. Foods                      FB limit               IND B+/ IND A4   100
Migrated to Non -Cooperating Category
(ISSUER NOT COOPERATING)
Platinum Trust March 2017       Pass -through          IND AAA (SO)     3090.8   Assigned
                                certificates (PTCs) -
                                Series A
Provisional
Platinum Trust March 2017       Second loss credit     IND BBB (SO)     162.3    Assigned
                                facility (SLCF)
Provisional
Sansar Trust Jan 2016           Second loss credit     IND A- (SO)      269.9    Affirmed
                                facility (SLCF)
Sansar Trust Jan 2016           Series A pass -through IND AAA (SO)     2103.5   Affirmed
                                certificates (PTCs)
Shemaroo Entertainment Ltd      FB limit               IND A            1250     Affirmed
(increased from 1,000)
Shemaroo Entertainment Ltd      TL                     IND A            225      Affirmed
(reduced from 450)
Shinde Developers Pvt Ltd       FB WC limit            IND BB/ IND A4+  170      Assigned
Shiva Cotton Industries         FB WC limit            IND B+           60
Migrated to Non -Cooperating Category
(ISSUER NOT COOPERATING)
Shiva Cotton Industries         Long -TL               IND B+           35
Migrated to Non -Cooperating Category
(ISSUER NOT COOPERATING)
Shree Badri Kedar Udyog Pvt Ltd FB limits              IND BB-          150      Assigned
Smart Motors Pvt Ltd            FB WC limit            IND B            100      Migrated to
                                                                                 Non
                                                                                 -Cooperating
Category
(ISSUER NOT COOPERATING)
Suryoday Micro Finance Ltd      Issuer rating          IND BBB+                  Withdrawn
Tamra Dhatu Udyog Pvt Ltd       Long -TL               IND BBB          468.6    Assigned
Tamra Dhatu Udyog Pvt Ltd       FB WC                  IND BBB/ IND A3+ 1490     Assigned
Tamra Dhatu Udyog Pvt Ltd       Non -FB WC             IND BBB/ IND A3+ 2240     Assigned
Texaco Synthetics Pvt Ltd       TL                     IND BB           72.96    Assigned
Texaco Synthetics Pvt Ltd       FB limit               IND BB/ IND A4+  93       Assigned
West Gujarat Expressway Ltd     NCDs                   IND AA- (SO)     1412.6   Affirmed;
Outlook revised to Negative
(1,336.2 million as on 31 March 2017)

-----------------------------------------------------------------------------------------------
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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