December 13, 2017 / 4:08 AM / 4 months ago

India Ratings for Indian debt instruments – Dec 13

    Dec 13 (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
December 12, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Barclays Bank Plc - India       Certificates of        IND A1+          50000    Affirmed
Branch’S (Barclays India)       deposit*
*No active issuances post last surveillance
Ica Edu Skills Pvt. Ltd         Non-FB limits          IND A4+          165      Assigned
Padmaja Power Pvt Ltd           Non-FB WC limits       IND A4           150      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Ranasaria Poly Pack Pvt Ltd     *Non-FB Fac            IND A4+          50       Assigned
*There is 100% interchangeability between fund-based and non-fund-based working capital
Vibfast Pigment Pvt Ltd         Non-FB WC Fac          IND A4+          11       Affirmed

LONG TERM RATINGS:
-------------------
Bhubaneshwar Power Pvt Ltd      WC Fac                 IND A-/ RWP      460      Placed on RWP
Bhubaneshwar Power Pvt Ltd      Non-FB Fac             IND A-/ RWP      460      Placed on RWP
Bhubaneshwar Power Pvt Ltd      TL*                    Provisional IND  6763.6   Placed on RWP
                                                       A-/ RWP
*The final rating is contingent upon the receipt of final documents conforming to the
information already received by Ind-Ra.
Binayak Hi-Tech Engineering Pvt LT loan*               IND BB-          57.63    Assigned
Ltd
* The assignment of the final rating follows receipt of the sanction letter, conforming to the
information already received by Ind-Ra; (reduced from 65 mln) 
Binayak Hi-Tech Engineering Pvt FB WC limit            IND BB-/ IND A4+ 140      Long- term
Ltd                                                                              rating
                                                                                 downgraded;
Short- term rating affirmed
M/S Vibfast Pigments            FB WC limit            IND BB-/ IND A4+ 98.2     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Padmaja Power Pvt Ltd           FB WC limit            IND B/ IND A4    150      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Padmaja Power Pvt Ltd           Proposed FB WC limit   Provisional IND  200      Migrated to
                                                       B/ IND A4                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Ranasaria Poly Pack Pvt Ltd     *FB Fac                IND BB+/ IND A4+ 200      Assigned
*There is 100% interchangeability between fund-based and non-fund-based working capital
Satin Creditcare Network Ltd    NCDs                   IND BBB+         270      Affirmed;
                                                                                 Outlook Stable
Shriram City Union Finance Ltd  Bk loan                IND AA           150      Rating
                                                                                 affirmed; Off
                                                                                 RWE; Outlook
Stable
Shriram City Union Finance Ltd  LT debt programme      IND AA           0.3      Rating
                                                                                 affirmed; Off
                                                                                 RWE; Outlook
Stable
Shriram City Union Finance Ltd  Fixed deposit programmeIND tAA          -        Rating
                                                                                 affirmed; Off
                                                                                 RWE; Outlook
Stable
Shriram Housing Finance Ltd     Bk loan                IND AA           15       Rating
                                                                                 affirmed; Off
                                                                                 RWE; Outlook
Stable
Shriram Housing Finance Ltd     NCDs (NCDs)*           IND AA           6.5      Rating
                                                                                 affirmed; Off
                                                                                 RWE; Outlook
Stable
The Palani Andavar Mills Ltd    Long-TL                IND BB+          39.813   Assigned
The Palani Andavar Mills Ltd    FB Fac                 IND BB+/ IND A4+ 55       Assigned
Ulundurpet Expressways Pvt Ltd  Secured, rated,        IND AA-          2647     Upgraded
                                unlisted, redeemable
                                NCDs (NCDs)*
Ulundurpet Expressways Pvt Ltd  Rupee TL               IND AA-          1456.7   Assigned
Ulundurpet Expressways Pvt Ltd  Subordinated rupee TL  IND AA-          380      Assigned
Ulundurpet Expressways Pvt Ltd  LT project Bk loan     WD               1636.813 Withdrawn
                                                                                 (paid in full)
Ulundurpet Expressways Pvt Ltd  Additional TL          WD               416      Withdrawn
                                                                                 (paid in full)
Vibfast Pigment Pvt Ltd         FB WC limit            IND BB-/ IND A4+ 93.5     Affirmed
Visvesvaraya Jala Nigam Ltd     TL*                    IND AA-(SO)      3000     Assigned
* The final rating is based on the receipt of the sanction letter, tripartite agreement and
government order by Ind-Ra.

-----------------------------------------------------------------------------------------------
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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