December 19, 2018 / 6:28 AM / 9 months ago

India Ratings for Indian debt instruments – Dec 19

    Dec 19 (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 18, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Absolute Projects (I) Ltd       Non-FB WC limit        IND A3           270      Affirmed
Outlook revised to Negative from Stable
Absolute Projects (I) Ltd       Non-FB WC limit*       IND A3           130      Assigned
*The final ratings have been assigned following the receipt of executed financing documents by
Ind-Ra.
Energy Efficiency Services Ltd  CP*                    IND A1+          4000     Assigned
*yet to be issued
Ksa Powerinfra Pvt Ltd          Non-FB Fac             IND A2           700      Affirmed
(increased from INR390)
Ksa Powerinfra Pvt Ltd          Proposed non-FB Fac*   Provisional IND  550      Affirmed
                                                       A2
(reduced from INR710),* The ratings are provisional and shall be confirmed upon the sanction and
execution of lo
Motilal Oswal Finvest Ltd       CP                     IND A1+          2500     Assigned
S.S.V. Fab Industries Pvt Ltd   Non-FB limits          IND A4+          150      Assigned

LONG TERM RATINGS:
-------------------
Absolute Projects (I) Ltd       FB WC limit            IND BBB-/IND A3  80       Affirmed
Outlook revised to Negative from Stable
Absolute Projects (I) Ltd       FB WC limit*           IND BBB-/IND A3  20       Assigned
*The final ratings have been assigned following the receipt of executed financing documents by
Ind-Ra.
Dbl Hassan Periyapatna Tollways TL                     IND A-           1296.7   Assigned
Ltd
Dbl Hassan Periyapatna Tollways Performance BG         IND A-           129.3    Assigned
Ltd
Gautam International Pratisthan Bk loans               IND BBB-         74.04    -
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Gautam International Pratisthan FB WC (overdraft)      IND BBB-         55.27    -
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Gelcaps Industries              LT loans               IND BBB-         420      Affirmed
(increased from INR398.3)
Gelcaps Industries              FB WC limits           IND BBB- / IND A375       Affirmed
Gelcaps Industries              Non-FB WC limits       IND BBB- / IND A375       Affirmed
Godhra Expressways Pvt Ltd      Secured, rated,        IND AA-          3500     Affirmed
                                unlisted, redeemable
                                NCDs (NCDs)*
*NCDs and bank loan outstanding as on 30 November 2018 was INR3,491.3 million and INR860.8
million, respectively
Godhra Expressways Pvt Ltd      LT project Bk loan*    IND AA-          1100     Affirmed
*NCDs and bank loan outstanding as on 30 November 2018 was INR3,491.3 million and INR860.8
million, respectively
Him Urja Pvt Ltd                TL                     IND BBB-         1010.9   Assigned
Ksa Powerinfra Pvt Ltd          FB Fac                 IND BBB          180      Affirmed
(reduced from INR190)
Ksa Powerinfra Pvt Ltd          Proposed FB Fac*       Provisional IND  170      Affirmed
                                                       BBB
(reduced from INR310),* The ratings are provisional and shall be confirmed upon the sanction and
execution of lo
Mms Steel & Power Pvt Ltd       WC facility* (LT)      WD               170      Downgraded &
                                                                                 Withdrawn
*Downgraded to ‘IND D’ from ‘IND BB’/Stable before being withdrawn
Mms Steel & Power Pvt Ltd       LOC* (LT)              WD               40       Downgraded &
                                                                                 Withdrawn
*Downgraded to ‘IND D’ from ‘IND BB’/Stable before being withdrawn
S.S.V. Fab Industries Pvt Ltd   TL                     IND BB+          11.57    Assigned
S.S.V. Fab Industries Pvt Ltd   FB WC limits           IND BB+ / IND A4+100      Assigned
Sree Vidyanikethan Educational  Bk loans               IND BBB-         864.63   Assigned
Trust
-----------------------------------------------------------------------------------------------
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)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below