April 30, 2019 / 5:06 AM / 3 months ago

India Ratings for Indian debt instruments – Apr 30

    Apr 30 (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 26 and April 29, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------         ------     ---------
SHORT TERM RATINGS:
-------------------
Bank Of Baroda                  CDs *                  IND A1+          200000   Assigned
*Yet to be issued
Grey Exim Pvt Ltd               Non-FB limit (ST)      IND D            55       Downgraded
Haryana State Warehousing       Short-TL               IND A1           7500     Affirmed
Corporation
(reduced from INR28,500 mlns)
Kashi Kanchan Pvt Ltd           Non-FB limits          IND A4+          40
Migrated to non-cooperating category; (Issuer Not Cooperating)
Poddar Car World Pvt Ltd        Non-FB limits          IND A4+          2.5
Migrated to non-cooperating category; (Issuer Not Cooperating)
Raj Rayon Industries Ltd        Non-FB limits (ST)     IND D            42.5     Affirmed
Sarla Holdings Pvt Ltd          Non-FB WC limits       IND A2+          25       Assigned
Vijaya Polymers India Pvt Ltd   Non-FB limits          IND A4+          230      Assigned

LONG TERM RATINGS:
-------------------
Grey Exim Pvt Ltd               Long-TL (long- term    IND D            4.5      Downgraded
Grey Exim Pvt Ltd               FB limit (long-/ST)    IND D            242.5    Downgraded
Grey Exim Pvt Ltd               Proposed FB            Provisional IND D48       Downgraded
                                limit (long-/ST)
Haryana State Warehousing       FB WC facility         IND A            21000    Affirmed
Corporation
 (increased from INR500 mlns)
Haryana State Warehousing       TL                     IND A+           778.8    Affirmed and
Corporation                                                                      Reassisgned
(reduced from INR793.6 mlns)
Hkr Roadways Ltd                Bk loans (LT)          IND D            15250    Affirmed
Kashi Kanchan Pvt Ltd           FB limits              IND BB-          150
Migrated to non-cooperating category; (Issuer Not Cooperating)
National Bank For Agriculture   Bonds                  IND AAA          100000   Assigned
And Rural Development
Poddar Car World Pvt Ltd        Long-TL                IND BB+          18.22
Migrated to non-cooperating category; (Issuer Not Cooperating)
Poddar Car World Pvt Ltd        FB limits              IND BB+ /IND A4+ 403
Migrated to non-cooperating category; (Issuer Not Cooperating)
Raj Rayon Industries Ltd        TL (LT)                IND D            2538.5   Affirmed
Raj Rayon Industries Ltd        WC TL (LT)             IND D            2571.8   Affirmed
Raj Rayon Industries Ltd        FB WC limits (LT/ST)   IND D            1023.8   Affirmed
Raj Rayon Industries Ltd        Funded interest TL (LT)IND D            1063.4   Affirmed
Ratnakar Ispat India Pvt Ltd    TL                     IND BB-          73.8
Migrated to non-cooperating category; (Issuer Not Cooperating)
Ratnakar Ispat India Pvt Ltd    FB WC limits           IND BB-          100
Migrated to non-cooperating category; (Issuer Not Cooperating)
Sai Silk (Kalamandir) Ltd       TL                     IND A-           513.4    Assigned
Sai Silk (Kalamandir) Ltd       FB WC limits           IND A- /IND A2+  1160     Assigned
Sarla Holdings Pvt Ltd          TL                     IND A-           2570     Assigned
Sarla Holdings Pvt Ltd          FB WC limits           IND A- /INDA2+   500      Assigned
Shivashakti Sugars Ltd          FB limits              IND BB+          250      Assigned
Solapur Tollways Pvt Ltd        Senior project TL      IND B+/RWN       5884.2   Downgraded;
                                                                                 maintained on
                                                                                 RWN
Vijaya Polymers India Pvt Ltd   TL                     IND BB+          25.83    Assigned
Vijaya Polymers India Pvt Ltd   FB limits              IND BB+/IND A4+  100      Assigned
-----------------------------------------------------------------------------------------------
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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