April 25, 2017 / 8:36 AM / 3 months ago

India Ratings for Indian debt instruments – Apr 25

8 Min Read

    Apr 25 (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 24, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
E-Shoppe                        Non-FB WC loan         IND A4           50       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Gujarat Cooperative Milk        CP                     IND A1+          5000     Assigned
Marketing Federation
Ion Healthcare                  Non-FB limit           IND A4+          20       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Ongc Petro                      WC - LOC and BG        IND A1+          4000     Affirmed
Rajkumar                        Non-FB WC Fac          IND A2+          27.5     Assigned

LONG TERM RATINGS:
-------------------
Asian Footwears                 TL                     IND BB-          102.5    Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Asian Footwears                 FB limit               IND BB-          47.5     Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
E-Shoppe                        FB WC limit            IND B+           1        Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Gmc International               FB limit (LT)          IND D            95       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Ion Healthcare                  TL                     IND BB-          32       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Ion Healthcare                  FB limit               IND BB-          90       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Ongc Petro                      Long-TL                IND A+           157180   Affirmed
Ongc Petro                      WC borrowing           IND A+           9000     Affirmed
Ongc Petro                      WC - BG for debt       IND A+/ IND A1+  12500    Assigned
                                service reserve account
Ongc Petro                      Proposed WC limits     Provisional 
                                                       IND A+/          12110    Assigned
                                                       Provisional IND A1+
Ongc Petro                      Proposed compulsorily  Provisional IND  16710    Affirmed
                                convertible debentures AAA
                                (CCDs)
Ongc Petro                      Medium-TL              WD               21400    Withdrawn
Rajkumar                        FB WC Fac              IND A-           50       Assigned
Rajkumar                        Post shipment demand   IND A-           50       Assigned
                                loan
Rajkumar                        TL                     IND A-           22.5     Assigned
Sudeep Exim                     FB limit               IND B+           85       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
-----------------------------------------------------------------------------------------------
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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