December 23, 2019 / 4:58 AM / 2 months ago

India Ratings for Indian debt instruments – Dec 23

    Dec 23 (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 20, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------  ---------
SHORT TERM RATINGS:
-------------------
Hindustan Concretes             Non-FB limits          IND A4           4
(Issuer Not Cooperating); Migrated to non-cooperating category
Shri Jayasheel N Shetty         Non FB limits          IND A4+          95       Affirmed
(increased from INR50 mln)
Shri Jayasheel N Shetty         Proposed non-FBL       Provisional IND  50       Assigned
                                                       A4+

LONG TERM RATINGS:
-------------------
Avaada Solar Energy Pvt Ltd     TL                     IND BBB+/ Stable 5190     Upgraded
Avaada Solar Energy Pvt Ltd     Non-FB facility (BG)   IND BBB+/ Stable 225      Upgraded
Avaada Solar Energy Pvt Ltd     WC facility            IND BBB+/ Stable 130      Upgraded
Bluejay Nuts Pvt Ltd            Proposed long-TL       Provisional IND  32.5
                                                       B+
(Issuer Not Cooperating); Migrated to non-cooperating category
Bluejay Nuts Pvt Ltd            Proposed FB limit      Provisional IND  167.5
                                                       B+/ Provisional
                                                       IND A4
(Issuer Not Cooperating); Migrated to non-cooperating category
Dbl Bellary Byrapura Highways   Rupee TL               IND A-/ Stable   4,719.0* Assigned
Pvt Ltd
*Non-fund based sub-limit of rupee term loan is INR1,445.3 million in the form of Letter of
Comfort/Counter Guarantee to be issued to other third-party lender for issuance of bank
guarantee against mobilisation advance. Total disbursed amount outstanding, as on 27 November
2019 was nil.
Fair N Flair Garments           FB limits (LT)         IND D            430      Downgraded
(Issuer Not Cooperating)
Fair N Flair Garments           TL (LT)                IND D            20.1     Downgraded
(Issuer Not Cooperating)
Hansraj Agrofresh Pvt Ltd       TL (LT)                IND D            92.98    Downgraded
(Issuer Not Cooperating)
Hansraj Agrofresh Pvt Ltd       Fund based WC limit    IND D            150      Downgraded
                                (LT/ST)
(Issuer Not Cooperating)
Hansraj Agrofresh Pvt Ltd       Non-FB WC limits (ST)  IND D            2.97     Downgraded
(Issuer Not Cooperating)
Hindustan Concretes             FB limits              IND B+           75
(Issuer Not Cooperating); Migrated to non-cooperating category
Idt Clothing Pvt. Ltd           FB WC (LT)             IND D            125      Downgraded
(Issuer Not Cooperating)
Idt Clothing Pvt. Ltd           Non-FB WC (ST)         IND D            7.5      Downgraded
(Issuer Not Cooperating)
India Standard Loan Trust -Xl   Series A pass-through  IND A (SO)/      178.3    Affirmed
(An Asset-Backed Security       certificates (PTCs)    Stable
Transaction)
India Standard Loan Trust -Xl   Liquidity facility (LF)IND AAA(SO)/     15.7     Affirmed
(An Asset-Backed Security                              Stable
Transaction)
India Standard Loan Trust -Xl   Second loss credit     IND BBB(SO)/     53.26    Affirmed
(An Asset-Backed Security       facility (SLCF)        Stable
Transaction)
Knr Chidambaram Infra Pvt Ltd   TL                     WD               1820     Withdrawn
Knr Tirumala Infra Pvt Ltd      TL                     IND A/ Stable    5730     Affirmed
Knr Walayar Tollways Pvt Ltd    Senior project Bk loansIND A+/ Stable   2000     Affirmed
(outstanding INR1,430.9 million as on 30 September 2019)
Mata Rani Trust                 TL (LT)                IND D            291
(Issuer Not Cooperating); Maintained in non-cooperating category
Sansar Trust December 2019 Ii   Second-loss credit     Provisional IND  661.5    Assigned
(An Asset Backed Securities     facility (SLCF)        A-(SO)/ Stable
Transaction)
Sansar Trust December 2019 II   Series A pass-through  Provisional IND  11505    Assigned
(An Asset Backed Securities     certificates (PTCs)    AAA(SO)/ Stable
Transaction)
Shree Venkatesh Developers      FB WC Fac              IND BBB/         170      Assigned
                                                       Positive/ IND A2
Shree Venkatesh Realty          FB WC Fac              IND BBB/         75       Assigned
                                                       Positive/ IND A2
Shri Jayasheel N Shetty         FB WC limits           IND BB/ Stable/  150
                                                       IND A4+
Long-term rating: Upgrade; Short-term rating: Affirmed; (increased from INR45 mln)
Shri Jayasheel N Shetty         Proposed FB WC limits  Provisional IND  50       Assigned
                                                       BB/ Stable/ IND
                                                       A4+
Tranche 1 Of Knowledge Square   Bk loan facility       IND BBB-/ Stable 288.0*   Assigned
Parks & Incubators Pvt Ltd      tranche 1
*Amount drawn as on 30 September 2019 is INR245.1 million
Universal Educational Society   TL                     IND BB+          335.53
(Issuer Not Cooperating); Maintained in non-cooperating category
Universal Educational Society   Overdraft              IND BB+          35
(Issuer Not Cooperating); Maintained in non-cooperating category
Vivimed Life Sciences Pvt Ltd   FB limits/non FB limitsIND A/           220      Assigned
                                                       Positive/ IND A1
Vivimed Life Sciences Pvt Ltd   TL                     IND A/ Positive  100      Assigned
Vivimed Life Sciences Pvt Ltd   Proposed FB /non-FB    Provisional IND  280      Assigned
                                limits*                A/ Positive/ /
                                                       Provisional IND A1
*The final ratings will be contingent upon the receipt of the final documents conforming to the
information already received 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@refinitiv.com)
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