April 1, 2019 / 8:36 AM / 3 months ago

India Ratings for Indian debt instruments – Apr 1

    Apr 1 (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 29, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Arjas Steel                     Non-FB limits          IND A2+          2000     Assigned
Carraro India                   Non-FB limits          IND A1           490      Affirmed
Cimmco                          Non-FB Fac             IND A2+          1100     -
(Downgraded and placed on RWN)
Compuage Infocom                Non-FB limits          IND A2+          4950     Affirmed
Elljay Textiles                 Non-FB WC limit        IND A4           40       Affirmed
Gujarat Gas                     CP**                   IND A1+          350      Affirmed
**to be carved out of existing working capital limits
Hpl Electric And Power          CP (CP)                IND A1           3200     Affirmed
Mercury Industries              Non-FB facility        IND A3           15.5     -
(Migrated to Non-Cooperating Category)
Mindtree                        FB WC limits           IND A1+          7900     -
(Placed on RWE)
Mindtree                        Non-FB limits          IND A1+          450      -
(Placed on RWE)
Ongc Petro                      CP (carved out of FB   IND A1+          5        Affirmed
Parasakti Cement                Non-FB limits          IND A2           465      Assigned
Rec                             ST borrowing programme IND A1+          120      Assigned
                                (including CP and BG)
Rec                             ST borrowing programme IND A1+          120      Affirmed
                                (including CP and BG)
(Off RWN)
S.K. Exports                    Non-FB WC limits       IND A4+          20       Assigned
Titagarh Wagons                 Non-FB Fac             IND A2+          6008     Downgraded
Vaighai Agro Products           NFB WC limit           IND A3           292      Affirmed
Vishvas Power Engineering       Non-FB limit           IND A4           10       Assigned
Wockhardt                       Non-FB limits          IND A3           3588     Downgraded
Wockhardt                       CP/ST debt programmes* IND A3           2000     Downgraded
*The CP will be carved out of fund-based working capital limits

Arjas Steel                     Long-TL                IND BBB+         2750     Assigned
Arjas Steel                     FB limits              IND BBB+         1000     Assigned
Blue Wheel National Health Care Bk loans               IND BB-          540      -
& Educational Trust
(Migrated to non-cooperating category)
Carraro India                   Long-TL                IND A            1007     Affirmed
Carraro India                   FB limits              IND A            1580     Affirmed
Chenani Nashri Tunnelway        Senior LT Bk loans*    IND C            29760    Downgraded
(off RWN)/ * including USD43 million external commercial borrowings 
Chenani Nashri Tunnelway        Subordinate LT Bk loansIND C            3720     Downgraded
(off RWN)
Cimmco                          TL                     IND A-/RWN       995      -
(Downgraded and placed on RWN)
Cimmco                          FB Fac                 IND A-/RWN/IND   350      -
                                                       A2+/ RWN
(Downgraded and placed on RWN)
Compuage Infocom                FB limits              IND A- / IND A2+ 2054     Affirmed
Electrosteel Castings           Long-TL                IND A-           3230     Assigned
Elljay Textiles                 TL                     IND B+           6.67     Affirmed
Elljay Textiles                 FB WC limit            IND B+ / IND A4  70       Affirmed
Gujarat Gas                     Bk loans*              IND AA / IND A1+ 32000    Affirmed
* Interchangeable with working capital limits
Hazaribagh Ranchi Expressway    Senior NCDs            IND C            5380     Downgraded
(off RWN)
Hazaribagh Ranchi Expressway    Subordinate NCDs       IND C            1770     Downgraded
(off RWN)
Heidelbergcement India          Bonds                  IND AA+          3700     Affirmed
Himachal Energy                 FB WC limits           IND A-/A1        350      Affirmed
Himachal Energy                 Non-FB WC limits       IND A-/A1        800      Affirmed
Hpl Electric And Power          FB WC limits           IND A- /IND A1   4610     Affirmed
Hpl Electric And Power          Non-FB WC limits       IND A- /IND A1   6650     Affirmed
Iot Engineering Projects        Non-FB WC  Fac         WD               20       Withdrawn
Jk Tyre & Industries            Long-TL                IND A            19811    Downgraded
Jk Tyre & Industries            FB and non-FB limits   IND A / IND A1   26810    Downgraded
Jk Tyre & Industries            Term deposit           IND tA+          600      Downgraded
Jk Tyre & Industries            CP                     WD               11000    Downgraded &
Mercury Industries              TL                     IND BBB-         7.5      -
(Migrated to Non-Cooperating Category)
Mercury Industries              FB facility            IND BBB-         120      -
(Migrated to Non-Cooperating Category)
Mytrah Advaith Power            TL                     IND BBB          1199.6*  Assigned
* The loan amount has reduced to INR1,199.6 million from the previous INR1,200 million.
Mytrah Akshaya Energy           TL                     IND BBB-         628.6    Assigned and
National Highways Authority Of  FY20 borrowing         IND AAA          750      Assigned
India                           programme (including
                                54EC bonds for FY20)
National Highways Authority Of  FY19 borrowing         IND AAA          620      Affirmed
India                           programme (including
                                54EC bonds for FY19)
National Highways Authority Of  FY18 borrowing         IND AAA          505.32   Affirmed
India                           programme (including
                                54EC bonds for FY18)
National Highways Authority Of  FY17 borrowing         IND AAA          331.18   Affirmed
India                           programme
National Highways Authority Of  Tax-free bonds (FY12   IND AAA          290      Affirmed
India                           and FY16)
National Highways Authority Of  54 EC bonds (FY16)     IND AAA          8.63     Affirmed
National Highways Authority Of  54 EC bonds (FY15)     WD               6.48     Withdrawal
Ongc Petro                      Bk facility            IND AA / IND A1+ 236.92   -
(Long-term rating upgraded; Short-term rating affirmed)
Ongc Petro                      Compulsory convertible IND AAA          21.63    Affirmed
                                debentures (CCDs)#
#The SO rating is driven by the unconditional and irrevocable mandatory put option on OPaLs
sponsor, Oil and Natural Gas Corporation Limited (ONGC), for the buyout of the CCDs at the end
of the 35th month from the deemed date of allotment, as well as the undertaking to fund the
coupon payment 
Parasakti Cement                TL                     IND BBB+         300      Assigned
Parasakti Cement                FB limits              IND BBB+         500      Assigned
Ranga Weaves                    FB WC limits*          WD               220      -
Maintained in the non-cooperating category and withdraw /*Maintained in IND BBB-(ISSUER NOT
Ranga Weaves                    Non-FB WC limits##     WD               22.6     -
Maintained in the non-cooperating category and withdraw/## Maintained in IND A3(ISSUER NOT
COOPERATING) before being withdrawn 
Ranga Weaves                    TL limits#             WD               201.7    -
Maintained in the non-cooperating category and withdraw/# Maintained in IND BBB-(ISSUER NOT
COOPERATING) before being withdrawn
Rec                             LT annual borrowing    IND AAA          780      Assigned
                                programme (FY20)
Rec                             GoI fully serviced bondIND AAA          190      Affirmed
(Off RWN)
Rec                             LT annual borrowing    IND AAA          730      Affirmed
                                programmes (FY19)*
(Off RWN)/* Includes term loans totalling INR292.23 billion from financial institutions and
National Social Security Fund 
Rec                             LT annual borrowing    IND AAA          1416.92  Affirmed
                                programmes (FY09-FY18)
(Off RWN)
Rswm                            TL                     IND A            1500     Assigned
S.K. Exports                    TL                     IND BB-          4        Assigned
S.K. Exports                    FB WC limits           IND BB-          160      Assigned
Sansar Trust Aug 2017           Second loss credit     IND A-           295.5    Affirmed
                                facility SLCF
Sansar Trust Aug 2017           Series A pass-through  IND AAA          3041.07  Affirmed
                                certificates (PTCs)
Sansar Trust Feb 2017           Series A pass-through  IND AAA          2219.7   Affirmed
                                certificates (PTCs)
Sansar Trust Feb 2017           Second loss credit     IND BBB          360.3    Affirmed
                                facility (SLCF)
Shrem Roadways                  Long-TL                IND BBB+         1600     Assigned
Titagarh Wagons                 FB Fac                 IND A- / IND A2+ 1400     Downgraded
Titagarh Wagons                 CP (CP)                WD               500      Withdrawal
(the company did not proceed with the instrument as envisagased)
Ubl Trust 4                     Series A pass-through  IND A+           36.96    Affirmed
                                certificates (PTCs)
Vaighai Agro Products           TL                     IND BBB-         38.12    Affirmed
Vaighai Agro Products           FB WC limit            IND BBB-/ IND A3 260      Affirmed
Vaighai Agro Products           Proposed NFB WC limit  WD               35       Withdrawal
(the company did not proceed with the instrument as envisaged) 
Vaighai Agro Products           Proposed TL            WD               41.3     Withdrawal
(the company did not proceed with the instrument as envisaged) 
Vishvas Power Engineering       Long-TL                IND B            13.89    Assigned
Vishvas Power Engineering       FB Limit               IND B/A4         10       Assigned
Vishvas Power Engineering       Long-TL                WD               4        Withdrawn
(repaid in full)
Wockhardt                       FB limits              IND BBB-         4000     Downgraded
Wockhardt                       TL                     IND BBB-         -        Downgraded
Wockhardt                       TL                     IND BBB-         4750     Downgraded
Wockhardt                       FB/ non-FB             IND BBB-/A3      1663     Downgraded
                                interchangeable limits
Wockhardt                       Proposed WC Fac        Provisional IND  5087.5   Downgraded
                                                       BBB- /
                                                       Provisional IND A3

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

$: 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

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
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