October 10, 2016 / 6:26 AM / in 10 months

India Ratings for Indian debt instruments - Oct 10

16 Min Read

Oct 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
October 7, 2016.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
B.G. Transport Company          Non-FB WC limit        IND A4+          1        Assigned
Coramandel Infrastructure Pvt   Non-FB facility        IND A4+          1300     Withdrawn
Ltd                                                    (suspended)
Cosmo Films Ltd                 CP                     IND A1           100      Affirmed
(carved out from fund-based limits)
Cosmo Films Ltd                 Non-FB WC limits       IND A1+          1840     Affirmed
(increased from INR1790m)
Delhi International Airport Pvt CP                     Provisional IND  1000     Withdrawn
Ltd                                                    A1
G.C. Threads Pvt Ltd            Non-FB limits          IND A3           5.55     Upgraded from
                                                                                 IND A4+
Gopala Polyplast Ltd            Non-FB limits          IND A4+          18       Assigned
Gujarat Borosil Ltd             Non-FB limits          IND A3           70       Upgraded from
                                                                                 IND A3+
(increased from INR55m)
HPL Electric And Power Ltd      CP                     IND A1           2700     Rating Watch
                                                                                 Positive 
Karan Kothari Jewellers Pvt Ltd Non-FB limits          IND A4+          50       Migrated from
                                                       (suspended)               IND A4+
Nasense Labs Pvt Ltd            Non-FB WC limits       IND A4+          80       Withdrawn
                                                       (suspended)
Pure View Impex Pvt Ltd         Non-FB WC limits       IND A4           80       Withdrawn
                                                       (suspended) 
R.S.V. Constructions Pvt Ltd    Non-FB WC limits       IND A4+          150      Withdrawn
                                                       (suspended)
Rathna Packaging India Pvt Ltd  Non-FB limits          IND A3           70       Withdrawn
                                                       (suspended)

LONG TERM RATINGS:
-------------------
B.G. Transport Company          LT Issuer Rating       IND BB-                   Assigned
B.G. Transport Company          LT loan                IND BB-          59.87    Assigned
B.G. Transport Company          FB WC limit            IND BB-          13.5     Assigned
Bhagat Aromatics Ltd            LT Issuer Rating       IND BB                    Withdrawn
                                                       (suspended)
Bhagat Aromatics Ltd            FB WC limits           IND BB           205      Withdrawn
                                                       (suspended)/ IND
                                                       A4+ (suspended)
Bhagat Aromatics Ltd            Non-FB WC limits       IND BB           10       Withdrawn
                                                       (suspended)/ IND
                                                       A4+ (suspended)
Coramandel Infrastructure Pvt   FB WC limits           IND BB           330      Withdrawn
Ltd                                                    (suspended)/
                                                       IND A4+ (suspended)
Cosmo Films Ltd                 LT Issuer Rating       IND A+                    Upgraded from
                                                                                 IND A
Cosmo Films Ltd                 FB WC limits           IND A+           2650     Upgraded from
                                                                                 IND A /
                                                                                 Affirmed
(reduced from INR2,750m)
Cosmo Films Ltd                 LT Bk loans            IND A+           4758.4   Upgraded from
                                                                                 IND A
(increased from INR3,326.3m) *Limits are interchanged
Cosmo Films Ltd                 Proposed long-TL       Provisional IND  2550     Withdrawn
*Limits are interchanged                               A 
Cosmo Films Ltd                 Proposed long-TL       Provisional IND  1200     Assigned
                                                       A+
*Limits are interchanged 
Delhi International Airport Pvt Bk loans               IND AA-          29710    Upgraded from
Ltd                                                                              IND A+
(outstanding: INR29.46bn as 26 September 2016)
Delhi International Airport Pvt FB limits              IND AA-          2000     Upgraded from
Ltd                                                                              IND A+
Delhi International Airport Pvt FB limits*             IND AA-          2000     Upgraded from
Ltd                                                                              IND A+
* interchangeable limit between fund based and non-fund based limits
Delhi International Airport Pvt Non-FB limits          IND AA-          490      Upgraded from
Ltd                                                                              IND A+
Ehsaas Frozen Foods Pvt Ltd     LT Issuer Rating       IND B-                    Withdrawn
                                                       (suspended)
Ehsaas Frozen Foods Pvt Ltd     TL-1                   IND B-           40       Withdrawn
                                                       (suspended)
Ehsaas Frozen Foods Pvt Ltd     TL-2                   IND B-           27.5     Withdrawn
                                                       (suspended)
Ehsaas Frozen Foods Pvt Ltd     FB limits              IND B-           22.5     Withdrawn
                                                       (suspended)/ IND
                                                       A4 (suspended)
Essos CV IFMR Capital 2016      Series A1 PTC          IND A- (SO)      199.4    Assigned
Essos CV IFMR Capital 2016      Series A2 PTCs         IND BB (SO)      24       Assigned
G.C. Threads Pvt Ltd            LT Issuer Rating       IND BBB-                  Upgraded from
                                                                                 IND BB+
G.C. Threads Pvt Ltd            TL                     IND BBB-         177.24   Upgraded from
                                                                                 IND BB+
(reduced from INR250m)
G.C. Threads Pvt Ltd            FB limits              IND BBB-         129      Upgraded from
                                                                                 IND BB+ / IND
                                                                                 A4+
Gopala Polyplast Ltd            LT Issuer Rating       IND BB-                   Assigned
Gopala Polyplast Ltd            Secured TL             IND BB-          273.1    Assigned
Gopala Polyplast Ltd            CC facility            IND BB-          472      Assigned
Gujarat Borosil Ltd             LT Issuer Rating       IND BBB                   Upgraded from
                                                                                 IND BBB-
Gujarat Borosil Ltd             TL                     IND BBB          202.1    Upgraded from
                                                                                 IND BBB-
Gujarat Borosil Ltd             FB CC limits           IND BBB          30       Upgraded from
                                                                                 IND BBB-
Himachal Energy Pvt Ltd         LT Issuer Rating       IND A-                    Rating Watch
                                                                                 Positive 
Himachal Energy Pvt Ltd         FB WC Fac              IND A-/ IND A1   350      Rating Watch
                                                                                 Positive 
Himachal Energy Pvt Ltd         Non-FB limits          IND A-/ IND A1   800      Rating Watch
                                                                                 Positive 
HPL Electric And Power Ltd      LT Issuer Rating       IND A-                    Rating Watch
                                                                                 Positive 
HPL Electric And Power Ltd      long-TL                IND A-           1395.1   Rating Watch
                                                                                 Positive 
HPL Electric And Power Ltd      FB WC Fac              IND A-/ IND A1   3870     Rating Watch
                                                                                 Positive 
HPL Electric And Power Ltd      Non-FB limits          IND A-/ IND A1   5250     Rating Watch
                                                                                 Positive 
HPL Electric And Power Ltd      Proposed WC Fac        Provisional IND  1360     Rating Watch
                                                       A-/ Provisional           Positive 
                                                       IND A1
Jharkhand Road Project          project Bk loans       IND BBB+         3730     Affirmed
Implementation Co
Ltd-Chaibasa-Kandra-Chowka
(outstanding on 1 August 2016: INR3,479.5m)
Karan Kothari Jewellers Pvt Ltd LT Issuer Rating       IND BB-                   Migrated from
                                                       (suspended)               IND BB-
Karan Kothari Jewellers Pvt Ltd FB CC limits           IND BB-          580      Migrated from
                                                       (suspended)               IND BB-
Karan Kothari Jewellers Pvt Ltd TL                     IND BB-          9.5      Migrated from
                                                       (suspended)               IND BB-
L&T Vadodara Bharuch Tollway LtdNCDs                   IND A            3975     Assigned
L&T Vadodara Bharuch Tollway Ltdsenior Bk loan         IND A            384.2    Affirmed
(reduced from INR4,493.8m, including the substitution of INR3,975m of NCDs after factoring in
the repayments)
Mahindra & Mahindra Financial   NCDs                   IND AAA          15000    Assigned
Services Ltd
Nasense Labs Pvt Ltd            LT Issuer Rating       IND BB+                   Withdrawn
                                                       (suspended)
Nasense Labs Pvt Ltd            TL limits              IND BB+          16.5     Withdrawn
                                                       (suspended)
Nasense Labs Pvt Ltd            FB limits              IND BB+          60       Withdrawn
                                                       (suspended) /
                                                       IND A4+ (suspended)
Nikhil Automobiles Ltd          LT Issuer Rating       IND BB+                   Affirmed
Nikhil Automobiles Ltd          FB WC limits           IND BB+          160      Affirmed
(decreased from INR247.50m)
Nikhil Automobiles Ltd          long-TL                IND BB+          25.83    Affirmed
Pure View Impex Pvt Ltd         LT Issuer Rating       IND B (suspended)         Withdrawn
Quail CV IFMR Capital 2016      Series A1 PTC          IND A- (SO)      89.4     Assigned
Quail CV IFMR Capital 2016      Series A2 PTCs         IND A- (SO)      53.9     Assigned
Quail CV IFMR Capital 2016      Series A3 PTCs         IND B+ (SO)      17.5     Assigned
R.S.V. Constructions Pvt Ltd    LT Issuer Rating       IND BB+                   Withdrawn
                                                       (suspended)
R.S.V. Constructions Pvt Ltd    FB WC limits           IND BB+          75       Withdrawn
                                                       (suspended) /
                                                       IND A4+ (suspended)
Rathna Packaging India Pvt Ltd  LT Issuer Rating       IND BBB-                  Withdrawn
                                                       (suspended)
Rathna Packaging India Pvt Ltd  outstanding TL         IND BBB-         10.04    Withdrawn
                                                       (suspended)
Rathna Packaging India Pvt Ltd  FB WC limits           IND BBB-         320      Withdrawn
                                                       (suspended)
Swami Textiles Pvt Ltd          LT Issuer Rating       IND BB-                   Withdrawn
                                                       (suspended)
Swami Textiles Pvt Ltd          TL                     IND BB-          37.2     Withdrawn
                                                       (suspended)
Swami Textiles Pvt Ltd          FB limits              IND BB-          31.5     Withdrawn
                                                       (suspended) /
                                                       IND A4+ (suspended)
Swami Textiles Pvt Ltd          Non-FB limits          IND BB-          1.6      Withdrawn
                                                       (suspended) /
                                                       IND A4+ (suspended)
-----------------------------------------------------------------------------------------------
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