April 3, 2018 / 6:38 AM / 6 months ago

India Ratings for Indian debt instruments – Apr 3

    Apr 3 (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 2, 2018.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
Adhunik Industries Ltd          Non-FB WC limit        IND A4           546.5    Upgraded
 (reduced from INR560mln)
Biomedix Optotechnik & Devices  Non-FB limit           IND A4+          55       Assigned
Pvt Ltd 
Grainspan Nutrients Pvt Ltd     Non-FBL                IND A3           53       Downgraded
Hindustan Aeronautics Ltd       Non-FB WC limit        IND A1+          20500    Affirmed
Hpcl Mittal Pipelines Ltd       CP (CP)                IND A1+          3000     Assigned
Hpcl Mittal Pipelines Ltd       Short-TL               IND A1+          2000     Assigned
Lalwani Industries Ltd          Non-FB limits          IND A4+          91       Affirmed
Manipal Health Enterprises Pvt  Non-FB WC limits       IND A1           500      Placed on RWE
Ltd
Rating Watch Evolving (RWE)
Mega Vitrified Pvt Ltd          Non-FB WC limits       IND A4+          36.2     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
S.V. Ispat Pvt Ltd              Non-FB WC              IND A4+          22       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Sct Pvt Ltd                     NFB WC limits          IND A4+          80       Affirmed
Triveni Engicons Pvt Ltd        Non-FB limits          IND A2           1850     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING/(increased from INR1,110mln)
LONG TERM RATINGS:
-------------------
Adhunik Industries Ltd          FB WC limit            IND B-           893      Upgraded from
                                                                                 IND D
(reduced from INR905.5mln)
Adhunik Industries Ltd          Long-TL                WD               59.4     Withdrawn
Biomedix Optotechnik & Devices  FB limit               IND BB/IND A4+   3        Assigned
Pvt Ltd 
Cachet Pharmaceuticals Pvt Ltd  Proposed TL            Provisional IND  200      Migrated to
                                                       BBB                       Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Dishman Pharma Solutions        TL                     IND A(SO)        1140     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Grainspan Nutrients Pvt Ltd     TL                     IND BBB-         561.6    Downgraded
                                                                                 from IND BBB
Grainspan Nutrients Pvt Ltd     FB limits              IND BBB-         650      Downgraded
                                                                                 from IND BBB
Hindustan Aeronautics Ltd       FB WC limit            IND AAA          4500     Affirmed
Hpcl Mittal Pipelines Ltd       TL                     IND AA           15750    Affirmed
Hpcl Mittal Pipelines Ltd       NCDs (NCDs)            IND AA           8190     Affirmed
(reduced from INR 8.51bln)
Kalyan-Dombivli Municipal       Proposed Bk loan       Provisional IND  3000     Affirmed
Corporation                                            A+
Lalwani Ferro Alloys Ltd        FBL                    WD               676      Withdrawn
Lalwani Ferro Alloys Ltd        Non-FB limits          WD               1025     Withdrawn
Lalwani Ferro Alloys Ltd        WC limits*             WD               75       Withdrawn
*Can be either used as fund-based or non-fund-based limits
Lalwani Industries Ltd          FB limits              IND BB           14       Upgraded from
                                                                                 IND BB-
Leaseplan India Pvt Ltd         TL*                    IND AAA(SO)      10300    Affirmed
* Revolving facility. The facility can be repaid and redrawn again until the arrangement
expires.
Manipal Health Enterprises Pvt  TL                     IND A            14570    Placed on RWE
Ltd
Rating Watch Evolving (RWE)
Manipal Health Enterprises Pvt  FB WC limits           IND A /IND A1    450      Placed on RWE
Ltd
Rating Watch Evolving (RWE)
Mega Vitrified Pvt Ltd          TL                     IND BB-          22.2     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Mega Vitrified Pvt Ltd          FB CC                  IND BB- /IND A4+ 70       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Rishab Apparel Pvt Ltd          FB WC limits           IND BBB- /IND A3 225      Affirmed
S.V. Ispat Pvt Ltd              TL                     IND BB           7.5      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
S.V. Ispat Pvt Ltd              FB WC                  IND BB /IND A4+  50       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Sansar Trust March 2017 IV      Series A pass-through  IND AAA(SO)      931.25   Affirmed
                                certificates (PTCs)
Sansar Trust March 2017 IV      Second loss credit     IND BBB(SO)      95.1     Affirmed
                                facility SLCF
Sansar Trust March 2017 VII     Series A pass-through  IND AA+(SO)      940.9    Affirmed
                                certificates (PTCs)
Sansar Trust March 2017 VII     Second loss credit     IND BBB(SO)      100.2    Affirmed
                                facility (SLCF)
Sct Pvt Ltd                     FB WC limits           IND BB- /IND A4+ 70       Affirmed
Triveni Engicons Pvt Ltd        FB limits              IND BBB+         150      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING/ (increased from INR100mln)
Vinit Fabrics Pvt Ltd           FB limits              IND BB           45       Affirmed
Vinit Fabrics Pvt Ltd           TL                     IND BB           14.61    Affirmed
(reduced from INR28.52mln)
-----------------------------------------------------------------------------------------------
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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