December 24, 2019 / 8:27 AM / a month ago

India Ratings for Indian debt instruments – Dec 24

    Dec 24 (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 23, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
Avtec Ltd                       Non-FB WC limits       IND A2           422      Downgraded
Cimmco Ltd                      Non-FB limits          IND A2+          1100     Affirmed;
                                                                                 Off RWN
Clifton Export Pvt Ltd          FB WC limits           IND A4+          620      Affirmed
(increased from INR520)
Clifton Export Pvt Ltd          Non-FB WC limits       IND A4+          41.5     Affirmed
(increased from INR36.5)
Hdfc Asset Management Company   HDFC Overnight Fund    IND A1+mfs       -        Assigned
L&T Finance Holdings Ltd        CP                     IND A1+          5000     Assigned
L&T Finance Holdings Ltd        CP                     IND A1+          15000    Assigned
Nalanda Engicon Pvt Ltd         Non-FB WC limits       IND A4+          470      Assigned
Nalanda Engicon Pvt Ltd         Proposed NFB WC limit* Provisional IND  430      Assigned
                                                       A4+
* The above rating is provisional and final rating shall be confirmed upon the sanction and
execution of the loan documents for the above facilities by NALANDA to the satisfaction of
Ind-Ra. 
Shanti Gold International Ltd   Non-FB Fac             IND A3           400      Affirmed
Titagarh Wagons Ltd             Non-FB Fac             IND A2+          6008     Affirmed: Off
                                                                                 RWN
LONG TERM RATINGS:
-------------------
Avtec Ltd                       Long-TL                IND BBB+/Negative 2556    Downgraded
Avtec Ltd                       FB WC limits           IND              2180     -
                                                       BBB+/Negative
                                                       /IND A2
Avtec Ltd                       Proposed long-TL *     Provisional IND  500      Downgraded
                                                       BBB+/Negative
(increased from INR242). 
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by AVTEC to the satisfaction of Ind-Ra. 
B.V.L Exports Pvt Ltd           FB WC limit (LT/ST)    IND D(ISSUER NOT 1250     Downgraded and
                                                       COOPERATING)              migrated to
                                                                                 non-cooperating
                                                                                 category
(ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best-available information)
Cimmco Ltd                      TL                     IND BBB+/Stable  995      Downgraded; 
                                                                                 Off RWN
Cimmco Ltd                      FB WC limits           IND              350      Long-term
                                                       BBB+/Stable/IND           rating
                                                       A2+                       downgraded; 
                                                                                 Short-term
                                                                                 rating 
                                                                                 affirmed;
                                                                                 Off RWN  
Clifton Export Pvt Ltd          Long-TL                IND BB+/Stable   31.1     Affirmed
(reduced from INR136.1)
Imperial Tubes Pvt Ltd          FB limits (LT)         IND D(ISSUER NOT 400      Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: based on the best available information )
Imperial Tubes Pvt Ltd          Non-FB limits (ST)     IND D(ISSUER NOT 50       Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: based on the best available information )
Jai Hari Industries Pvt Ltd     FB limits (LT)         IND D(ISSUER NOT 20       Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: based on the best available information )
Jai Hari Industries Pvt Ltd     Long-TL(LT)            IND D(ISSUER NOT 27.5     Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: based on the best available information )
Jai Hari Industries Pvt Ltd     Non-FB limits (ST)     IND D(ISSUER NOT 20       Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: based on the best available information )
Jainex Metaliks Ltd             FB limits (LT)         IND D(ISSUER NOT 62.5     Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: based on the best available information )
Jainex Metaliks Ltd             NFBL (ST)              IND D(ISSUER NOT 8        Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: based on the best available information )
Jindal Infrastructure           FB limit (LT)          IND D(ISSUER NOT 50       Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: based on the best available information )
Jindal Infrastructure           Non FB limit (ST)      IND D(ISSUER NOT 40       Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: based on the best available information )
Jindal Rice & Gen. Mills        Fund based WC limit    IND D(ISSUER NOT 210      Downgraded
                                (LT/ST)                COOPERATING)
(ISSUER NOT COOPERATING: based on the best available information )
Jindal Rice & Gen. Mills        TL (LT)                IND D(ISSUER NOT 36.55    Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: based on the best available information )
Jsb Entrade Pvt Ltd             FB WC limit (LT)       IND D(ISSUER NOT 50       Downgraded
                                                       COOPERATING)
L&T Finance Holdings Ltd        NCDs (NCDs)*           IND AAA/Stable   5000     Assigned
(*Yet to be issued)
Mintech Global Pvt Ltd          FB WC limits (LT/ST)   IND D(ISSUER NOT 25       Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information)
Mintech Global Pvt Ltd          TL (LT)                IND D(ISSUER NOT 220      Downgraded
                                                       COOPERATING)
(ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information)
Mm Trust Sep 19 Ii              Series A PTC (PTCs)    IND              6568.7   Assigned
                                                       AAA(SO)/Stable
Nalanda Engicon Pvt Ltd         FB WC limits           IND BB/Stable    180      Assigned
Nalanda Engicon Pvt Ltd         Proposed FB WC limit*  Provisional IND  170      Assigned
                                                       BB/Stable
* The above rating is provisional and final rating shall be confirmed upon the sanction and
execution of the loan documents for the above facilities by NALANDA to the satisfaction of
Ind-Ra. 
Nuclear Power Corporation Of    NCD (NCD) programme*   IND AAA/Stable   25000    Assigned
India Ltd
(*Yet to be issued)
Praveen Aroma Pvt Ltd           FB WC limits           IND BB+(ISSUER   150      -
                                                       NOT
                                                       COOPERATING)/
                                                       IND A4+
                                                       (ISSUER NOT
                                                       COOPERATING)
(Migrated to non-cooperating category. ISSUER NOT COOPERATING: The ratings were last reviewed on
14 December 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate
information to review the ratings.) 
Rathinam Arumugam Research And  Bk loans               IND BBB-(ISSUER  163      -
Educational                                            NOT COOPERATING)
(Maintained in non-cooperating category. ISSUER NOT COOPERATING: The rating was last reviewed on
29 December 2017. Ind-Ra is unable to provide an update as the agency does not have adequate
information to review the rating.) 
Rathinam Arumugam Research And  FB WC limits           IND BBB-(ISSUER  20       -
Educational                                            NOT COOPERATING)
(Maintained in non-cooperating category. ISSUER NOT COOPERATING: The rating was last reviewed on
29 December 2017. Ind-Ra is unable to provide an update as the agency does not have adequate
information to review the rating.) 
Sansar Trust August 2019 II     Second-loss credit     IND A-(SO)/Stable306.2    Assigned
                                facility (SLCF)
Sansar Trust August 2019 II     Series A pass-through  IND              4223     Assigned
                                certificates (PTCs)    AAA(SO)/Stable
Sansar Trust December 2019      Series A2 pass-through Provisional IND  132.4    Assigned
                                certificates (PTCs)    A(SO)/Stable
Sansar Trust December 2019      Second-loss credit     Provisional IND  79.4     Affirmed
                                facility (SLCF)        A-(SO)/Stable
Sansar Trust December 2019      Series A1 PTCs         Provisional IND  2515.5   Affirmed
                                                       AAA(SO)/Stable
Shanti Gold International Ltd   FB Fac                 IND BBB-/IND A3  345      Affirmed
(increased from INR225)
Shanti Gold International Ltd   Long-TL                IND BBB-/Negative125      Affirmed
(reduced from INR215.464)
Smartchem Technologies Ltd      Non-FBL*               -                1000     Downgraded
                                                                                 and
                                                                                 withdrawn
(* Downgraded to ‘IND A1’ from ‘IND A1+ before being withdrawn)
Titagarh Wagons Ltd             FB Fac                 IND              1400     Downgraded;
                                                       BBB+/Stable/IND           Off RWN
                                                       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)
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