December 27, 2019 / 7:14 AM / 2 months ago

India Ratings for Indian debt instruments – Dec 27

    Dec 27 (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 26, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
GTPL Hathway Ltd                BG                     IND A1           2260     Affirmed
Off RWP:(increased from INR200)
GTPL Kolkata Cable And          Non-FB limits          IND A1           9        Affirmed
Broadband Pariseva Ltd
Off RWP:(reduced from INR146.1)
Gujarat State                   ST debt programme      IND A1+          8000     Affirmed
Fertilizers & Chemicals Ltd
Gujarat State                   CP                     IND A1+          10000    Affirmed
Fertilizers & Chemicals Ltd
Sharma Pharmaceutical Pvt Ltd   Non-FB limits          IND A4           40       -
Migrated to non-cooperating category(ISSUER NOT COOPERATING)
Skoda Auto Volkswagen India Pvt CP                     IND A1+          3000     Assigned
Ltd
Skoda Auto Volkswagen India Pvt CP                     IND A1+          2000     Affirmed
Ltd
Aquarelle India Pvt Ltd         TL                     IND BBB/Positive 300      Assigned
Aquarelle India Pvt Ltd         FB WC limits           IND              780      Assigned
                                                       BBB/Positive/IND
                                                       A3+
Bambino Pasta Food Industries   TL*                    WD               500      Affirmed and
Pvt Ltd                                                                          Withdrawn
* Affirmed at ‘IND BB+’/Stable before being withdrawn
Bambino Pasta Food Industries   FB WC limit^           WD               200      Affirmed and
Pvt Ltd                                                                          Withdrawn
^ Affirmed at ‘IND BB+’/Stable/‘IND A4+’ before being withdrawn
Bambino Pasta Food Industries   Non-FB WC limit^^      WD               30       Affirmed and
Pvt Ltd                                                                          Withdrawn
^^Affirmed at ‘IND A4+’ before being withdrawn
Bambino Pasta Food Industries   Proposed FB WC limit#  WD               30       Affirmed and
Pvt Ltd                                                                          Withdrawn
#Affirmed at Provisional IND BB+/stable/Provisional IND A4+
Chandigarh Educational Society  TL (LT)*               -                308.7    WD
Maintained in non-cooperating and withdrawn
*Maintained at ‘IND BBB+(ISSUER NOT COOPERATING)’ before withdrawn
LONG TERM RATINGS:
-------------------
Dharamraj Contracts India Pvt   FB-limits (LT & ST)    IND D            210      -
Ltd
Downgraded & migration to non-cooperating category:(ISSUER NOT COOPERATING)
Dharamraj Contracts India Pvt   Non-FB limits (ST)     IND D            700      -
Ltd
Downgraded & migration to non-cooperating category:(ISSUER NOT COOPERATING)
Dharamraj Contracts India Pvt   Proposed non-FBL (ST)  Provisional IND D390      -
Ltd
Downgraded & migration to non-cooperating category:(ISSUER NOT COOPERATING)
GTPL Broadband Pvt Ltd          TL                     IND A/Positive   309.4    -
Upgraded; Off RWP:(reduced from INR400)
GTPL Broadband Pvt Ltd          WC Fac                 IND              30       -
                                                       A/Positive/IND A1
Long-Term rating upgraded; Short-term rating affirmed; Off RWP
GTPL Broadband Pvt Ltd          Proposed TL            Provisional      660.6    -
                                                       IND A/Positive
Upgraded; Off RWP:(increased from INR525)
GTPL Broadband Pvt Ltd          BG                     WD               45       Withdrawn
(instrument has been repaid in full)
GTPL Hathway Ltd                TL                     IND A/Positive   1042.7   Upgraded
Off RWP:(reduced from INR1724.1)
GTPL Hathway Ltd                WC Fac                 IND              760      -
                                                       A/Positive/IND A1
Long term rating Upgraded; Short term rating affirmed; Off RWP:(increased from INR560)
GTPL Hathway Ltd                Proposed TL*           Provisional      937.3    Upgraded
                                                       IND A/Positive
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the proposed term loan by GHL to the satisfaction of Ind-Ra.
GTPL Kolkata Cable And          TL                     IND A/Positive   158      Upgraded
Broadband Pariseva Ltd
Off RWP:(reduced from INR200)
GTPL Kolkata Cable And          WC Fac                 IND              30       -
Broadband Pariseva Ltd                                 A/Positive/IND A1
Long term rating upgraded; Short term rating affirmed; Off RWP:(reduced from INR60)
GTPL Kolkata Cable And          Proposed TL            Provisional      253      Upgraded
Broadband Pariseva Ltd                                 IND A/Positive
Off RWP:(increased from INR43.9)
Gujarat State                   FB WC limits           IND              4630     Affirmed
Fertilizers & Chemicals Ltd                            AA+/Negative/IND
                                                       A1+
Outlook revised to Negative from Stable
Gujarat State                   Non-FB WC limits       IND              9972.8   Affirmed
Fertilizers & Chemicals Ltd                            AA+/Negative/IND
                                                       A1+
Outlook revised to Negative from Stable
Gujarat State                   FB WC limits*          IND              20       Assigned
Fertilizers & Chemicals Ltd                            AA+/Negative/IND
                                                       A1+
*The final ratings have been assigned following the receipt of executed financing documents by
Ind-Ra.
Gujarat State                   Non-FB WC limits*      IND              27.2     Assigned
Fertilizers & Chemicals Ltd                            AA+/Negative/IND
                                                       A1+
*The final ratings have been assigned following the receipt of executed financing documents by
Ind-Ra.
Maharashtra Patbandhare Vittiya Series IV bond         IND A(CE)/Stable 505      Affirmed
Co. Ltd                         programme
Maharashtra Patbandhare Vittiya Unsupported rating$    IND BBB+/Stable           Assigned
Co. Ltd
$Ind-Ra has assigned unsupported rating in compliance with the Securities Exchange Board of
India’s circular dated 13 June, 2019, which requires credit rating agencies to disclose
unsupported ratings without factoring in the explicit credit enhancement (CE) and supported
rating after factoring in the explicit CE. 
Mahindra Renewables Pvt Ltd     Senior project TL      IND A-/Stable    9277.5   Affirmed
(reduced from INR9,500)
Mqg Commodities (I) Pvt Ltd     Non-FB limits          IND              1000     Affirmed
                                                       AAA/Stable/IND
                                                       A1+
Polyplex Corporation Ltd        Long-TL                IND A+/Stable    1500     Assigned
Polyplex Corporation Ltd        FB WC limits           IND              2070     Assigned
                                                       A+/Stable/IND A1+
Polyplex Corporation Ltd        Non-FB WC limits       IND              480      Assigned
                                                       A+/Stable/IND A1+
Prakash Shellac Factory         FB WC limit (LT)       IND D            50       Downgraded
(ISSUER NOT COOPERATING)
Puneet Laboratories Pvt Ltd     FB WC limit(LT)        IND D            60.96    Downgraded
(ISSUER NOT COOPERATING)
Puneet Laboratories Pvt Ltd     Non-FB WC limit(LT/ST) IND D            50       Downgraded
(ISSUER NOT COOPERATING)
Raj Regency                     TL                     IND D            60       Downgraded
(ISSUER NOT COOPERATING)
Rohit’S Heritage Jewellers Pvt  FB limits (LT/ ST)     IND D            110      Downgraded
Ltd
(ISSUER NOT COOPERATING)
Satnam Industries               FB WC limit (LT)       IND D            50       Downgraded
(ISSUER NOT COOPERATING)
Satnam Industries               TL (LT)                IND D            19.6     Downgraded
(ISSUER NOT COOPERATING)
Satnam Industries               Non-FB limit (ST)      IND D            20       Downgraded
(ISSUER NOT COOPERATING)
Savita Construction Pvt Ltd     TL (LT)                IND D            3.9      Downgraded
(ISSUER NOT COOPERATING)
Savita Construction Pvt Ltd     FB limit (LT/ST)       IND D            60       Downgraded
(ISSUER NOT COOPERATING)
Savita Construction Pvt Ltd     Non-FB limit (ST)      IND D            100      Downgraded
(ISSUER NOT COOPERATING)
Sharma Pharmaceutical Pvt Ltd   FB limits              IND B+/IND A4    50       -
Migrated to non-cooperating category(ISSUER NOT COOPERATING)
Shetron Ltd                     FB Fac                 IND BB/ Stable   287.5    -
                                                       /IND A4+
Affirmed and migrated to non-cooperating category
Shetron Ltd                     Non-FB Fac             IND BB/ Stable   390      -
                                                       /IND A4+
Affirmed and migrated to non-cooperating category
Shetron Ltd                     Long-TL                IND BB/Stable    320.1    -
Affirmed and migrated to non-cooperating category
Shri Guru Ram Dass Educational  TL                     IND A/Stable     198.9    Affirmed
Society
(reduced from INR400)
Stfcl Da                        Assignee Payout        Provisional IND  10010.4  Withdrawn*
                                                       AA(SO)/Stable
*The size of the pool was changed
Stfcl Da                        Assignee Payouts       Provisional IND  10004.5  Assigned
                                                       AA(SO)/Stable
Vena Energy Kn Wind Power Pvt   TL                     IND A/Stable     2313.2   Upgraded
Ltd
Vishesh Diagnostics Pvt Ltd     TL                     IND BB-/Negative 1518     Downgraded
(reduced from INR1,630)
Vishesh Diagnostics Pvt Ltd     TL                     IND BBB-/Stable  1630     Assigned
Vishesh Diagnostics Pvt Ltd     Proposed FB limit      Provisional IND  120      Assigned
                                                       BBB-/Stable
-----------------------------------------------------------------------------------------------
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)
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