December 26, 2019 / 5:17 AM / 25 days ago

India Ratings for Indian debt instruments – Dec 26

    Dec 26 (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 24, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Bob Financial Solutions Ltd     CP*                    IND A1+          5000     Assigned
* Unutilised
Jayalakshmi Textiles Pvt Ltd    Non-FB limits          IND A3           30       Affirmed

LONG TERM RATINGS:
-------------------
Brilliant Estates Ltd           FB facility            IND BBB/Negative 280      Assigned
Brilliant Estates Ltd           TL                     IND BBB/Negative 1691.2   Downgraded
(reduced from INR1720.5)
Brilliant Estates Ltd           Proposed TL*           Provisional IND  200      Downgraded
                                                       BBB/Negative
* The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by BEL to the satisfaction of Ind-Ra.
Brilliant Hotels Pvt Ltd        Proposed FB limit*     IND BBB /Stable/ 100      Assigned
                                                       IND A3+
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by BHPL to the satisfaction of Ind-Ra.
Brilliant Hotels Pvt Ltd        TL                     IND BBB/Stable   532.5    Downgraded
(reduced from INR550 million)
Brilliant Hotels Pvt Ltd        FB limit               IND BBB/Stable   100      Downgraded
Brilliant Spaces Ltd            FB facility            IND BBB/Negative 50       Assigned
Brilliant Spaces Ltd            TL                     IND BBB/Negative 1174.9   Downgraded
Brilliant Spaces Ltd            Proposed TL*           Provisional IND  223.6    Downgraded
                                                       BBB/Negative
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by BSL to the satisfaction of Ind-Ra.
Choudhary Builders Pvt. Ltd     FB limit               IND BB+/Stable   175      Downgraded
Drn Infrastructure Pvt Ltd      FB limits              IND              0.1      Assigned
                                                       BBB+/Stable/IND
                                                       A2
Drn Infrastructure Pvt Ltd      Non-FB limits          IND              0.4      Assigned
                                                       BBB+/Stable/IND
                                                       A2
First Business Receivables      PTCs                   Provisional IND  156      Assigned
Trust’S 48                                             AAA(SO)/Stable
Gupta Builders And Promoters    TL                     IND BBB-/Stable  733      Affirmed
Pvt Ltd
(reduced from INR952.8)
Gupta Builders And Promoters    Proposed TL            WD               650      WD
Pvt Ltd
Indo German International Pvt   FB limits*             WD               150      Affirmed &
Ltd                                                                              withdrawn
*Affirmed at ‘IND BB-/Stable/IND A4+’ before being withdrawn
Indo German International Pvt   Non-FBL**              WD               200      Affirmed &
Ltd                                                                              withdrawn
** Affirmed at ‘IND A4+’ before being withdrawn
Jayalakshmi Textiles Pvt Ltd    TL                     IND BBB-         27.89    Affirmed
                                                       /Negative
Outlook revised to Negative from Stable,(decreased from INR50 million)
Jayalakshmi Textiles Pvt Ltd    TL                     IND BBB-         144.6    Affirmed
                                                       /Negative
Jayalakshmi Textiles Pvt Ltd    FB limits              IND BBB-         150      Affirmed
                                                       /Negative /IND A3
Outlook revised to Negative from Stable
Lts Plastics (I) Pvt Ltd        FB WC limit (LT)       IND D            120      Downgraded
Issuer did not cooperate; based on the best-available information
Lts Plastics (I) Pvt Ltd        Non-FB limit (ST)      IND D            61       Downgraded
Issuer did not cooperate; based on the best-available information
Manik Commercial Pvt. Ltd       FB limits (LT)         IND D            30       Downgraded
Issuer Not Cooperating
Manik Commercial Pvt. Ltd       TL (LT)                IND D            49       Downgraded
Issuer Not Cooperating
Manik Commercial Pvt. Ltd       Non-FB limit (ST)      IND D            2.46     Downgraded
Issuer Not Cooperating
Mgi India Pvt Ltd               TL (LT)                IND D            3.54     Downgraded
Issuer not cooperate; based on the best-available information
Mgi India Pvt Ltd               FB WC limits (LT)      IND D            40       Downgraded
Issuer not cooperate; based on the best-available information
Mgi India Pvt Ltd               Non-FB WC limits (ST)  IND D            50       Downgraded
Issuer not cooperate; based on the best-available information
Nirma Ltd                       Perpetual NCDs (NCDs)  IND AA-/Stable   15000    Affirmed
Pr Pvt Ltd                      FB WC limit (LT)       IND D            80       Downgraded
Issuer did not cooperate; based on the best-available information
Vikram Hospital (Bengaluru) Pvt FB limit               IND BBB-/        50       Assigned
Ltd                                                    Stable/IND A3
Vikram Hospital (Bengaluru) Pvt TL                     IND BBB-/Stable  133.93   Assigned
Ltd
-----------------------------------------------------------------------------------------------
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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