December 20, 2019 / 9:42 AM / 2 months ago

India Ratings for Indian debt instruments – Dec 20

    Dec 20 (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 19, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Grn Constructions Pvt Ltd       Non-FB WC limits       IND A2           500      Assigned
Gujarat Construction Co.        Non-FB limits          IND A4+          76.6     Assigned
K.D. Liquor And Fertilizer Pvt  Non-FB limits          IND A4+(ISSUER   80       -
Ltd                                                    NOT COOPERATING)
(Migrated to non-cooperating category. ISSUER NOT COOPERATING: The ratings were last reviewed on
26 December 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate
information to review the ratings.) 
New Laxmi Steel & Power Pvt Ltd Non-FB limits          IND A4+ (ISSUER  50       -
                                                       NOT COOPERATING)
(Migrated to non-cooperating category. ISSUER NOT COOPERATING: The ratings were last reviewed on
26 December 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate
information to review the ratings.) 
Rydak Syndicate Ltd             Non-FB limits          IND A4+          20       Downgraded
The Nainital Bank’S (Tnbl)      ST Issuer Rating       IND A1           -        Revised
LONG TERM RATINGS:
-------------------
Allweld Engineers Pvt Ltd       FB WC limit (LT)       IND D(ISSUER NOT 45       Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information)
Allweld Engineers Pvt Ltd       Non-FB WC limit (ST)   IND D(ISSUER NOT 10       Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information)
Allweld Engineers Pvt Ltd       Proposed FB WC limit   IND D(ISSUER NOT 16       Downgraded
                                (LT)                   COOPERATING)
(ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information)
Allweld Engineers Pvt Ltd       Proposed non-FB WC     IND D(ISSUER NOT 12.5     Downgraded
                                limit (ST)             COOPERATING)
(ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information)
Bansal Rice Mills               Fund based WC limit    IND D(ISSUER NOT 120      Downgraded
                                (LT/ ST)               COOPERATING)
(ISSUER NOT COOPERATING: Based on the best-available information)
Bansal Rice Mills               TL (LT)                IND D(ISSUER NOT 24.4     Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: Based on the best-available information)
Dabra Agro Pvt Ltd              FB WC limit (LT)       IND D(ISSUER NOT 112.5    Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information)
Dabra Agro Pvt Ltd              TL (LT)                IND D(ISSUER NOT 31.36    Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information)
Delco Infrastructure Projects   FB WC limits (LT/ST)   IND D(ISSUER NOT 50       Downgraded
Ltd                                                    COOPERATING)
(ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best-available information)
Delco Infrastructure Projects   Non-FB WC limits (ST)  IND D(ISSUER NOT 130      Downgraded
Ltd                                                    COOPERATING)
(ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best-available information)
Extol Infracon India Pvt Ltd    FB WC limit (LT/ST)    IND D(ISSUER NOT 30       Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information)
Extol Infracon India Pvt Ltd    Non-FB WC limit (ST)   IND D(ISSUER NOT 35.5     Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information)
Extol Infracon India Pvt Ltd    TL (LT)                IND D(ISSUER NOT 106.9    Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information)
Globarena Technologies Pvt Ltd  FB WC limits (LT/ST)   IND D(ISSUER NOT 70       Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information)
Grn Constructions Pvt Ltd       FB WC limits           IND              200      Assigned
                                                       BBB+/Stable/IND
                                                       A2
Gujarat Construction Co.        FB limits              IND BB-/Stable   40       Assigned
Insta Sme Trust Dec 2019        Series A1 pass-through Pro IND          771.1    Assigned
                                certificates (PTCs)    AAA(SO)/Stable
Jaya Poultry Farm               Long-TL (LT)           IND D(ISSUER NOT 85.1     Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best-available information)
Jaya Poultry Farm               FB WC limits (LT/ ST)  IND D(ISSUER NOT 40       Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best-available information)
K.D. Liquor And Fertilizer Pvt  FB limits              IND BB(ISSUER    110      -
Ltd                                                    NOT COOPERATING)
(Migrated to non-cooperating category. ISSUER NOT COOPERATING: The ratings were last reviewed on
26 December 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate
information to review the ratings.) 
K.D. Liquor And Fertilizer Pvt  Proposed FB limits     Pro IND          5        -
Ltd                                                    BB(ISSUER NOT
                                                       COOPERATING)
(Migrated to non-cooperating category. ISSUER NOT COOPERATING: The ratings were last reviewed on
26 December 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate
information to review the ratings.) 
M/S. Mittal Fibers              FB WC limits           IND B+(ISSUER    100      -
                                                       NOT COOPERATING)
(Migrated to non-cooperating category. ISSUER NOT COOPERATING: The ratings were last reviewed on
3 January 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate
information to review the ratings.)
M/S. Mittal Fibers              Long-TL                IND B+(ISSUER    0.845    -
                                                       NOT COOPERATING)
(Migrated to non-cooperating category. ISSUER NOT COOPERATING: The ratings were last reviewed on
3 January 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate
information to review the ratings)
Mobil Trust Series – 06         Series A1b PTCs        Pro IND AAA(SO)  493      Assigned
                                                       / Stable
Mobil Trust Series – 06         Series A1c PTCs        Pro IND AAA(SO)  105.1    Assigned
                                                       / Stable
Mobil Trust Series – 06         Series A1a PTC (PTCs)  Pro IND AAA(SO)  1151     Assigned
                                                       /Stable
New Laxmi Steel & Power Pvt Ltd FB limits              IND BB+(ISSUER   400      -
                                                       NOT COOPERATING)
(Migrated to non-cooperating category. ISSUER NOT COOPERATING: The ratings were last reviewed on
26 December 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate
information to review the ratings.)
Rydak Syndicate Ltd             TL                     -                5        Withdrawn
                                                                                 (paid in full)
Rydak Syndicate Ltd             FB WC limits           IND BB+/Stable   200      Downgraded
Saaras Oil Mill                 TL                     IND BB(ISSUER    29.44    -
                                                       NOT COOPERATING)
(Migrated to non-cooperating category. ISSUER NOT COOPERATING: The ratings were last reviewed on
26 December 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate
information to review the ratings.)
Saaras Oil Mill                 FB WC limit            IND BB(ISSUER    50       -
                                                       NOT COOPERATING)
(Migrated to non-cooperating category. Note: ISSUER NOT COOPERATING: The ratings were last
reviewed on 21 December 2018. Ind-Ra is unable to provide an update, as the agency does not have
adequate information to review the ratings.)
Shiv Shakti Cold Storage        FB WC limits           IND B            -        -
(Migrated to non-cooperating category)
The Nainital Bank’S (Tnbl)      LT Issuer Rating       IND A            -        Revised
West Coast Opticable Ltd        Long-TL                IND BBB+/Stable  55       Assigned
West Coast Opticable Ltd        FB limit               IND              25       Assigned
                                                       BBB+/Stable/IND
                                                       A2+
West Coast Opticable Ltd        Non-FBL                IND              50       Assigned
                                                       BBB+/Stable/IND
                                                       A2+
-----------------------------------------------------------------------------------------------
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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