December 3, 2019 / 4:47 AM / 3 days ago

India Ratings for Indian debt instruments – Dec 3

    Dec 3 (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 2, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Auro Impex & Chemicals Pvt. Ltd Non-FB limits          IND A4+          40
(Issuer Not Cooperating)/Migrated to non-cooperating category
Citi India                      Certificates of        IND A1+          50000    Affirmed
                                deposit*
*No active issuances post last surveillance 
Citi India                      Bk loan (ST)           IND A1+          19500    Affirmed
Emirates Nbd Bank (P.J.S.C)     CD programme           IND A1+          3000     Affirmed
India
Gpr Infra’S                     Non-FB WC limit        IND A4+          300
(Issuer Not Cooperating)/Migrated to non-cooperating category
P & R Infraprojects Ltd         Non-FB WC limit        IND A4+          850
(Issuer Not Cooperating)/Migrated to non-cooperating category
S.S.V. Fab Industries Pvt Ltd   Non-FB limits          IND A4+          150
(Issuer Not Cooperating)/Migrated to non-cooperating category
Sreekara Organics’S             Non-FB limit           IND A4+          20
(Issuer Not Cooperating)/Migrated to non-cooperating category
Tashkent Oil Company Pvt Ltd    Non-FB limit           IND A4+          20
(Issuer Not Cooperating)/Migrated to non-cooperating category

LONG TERM RATINGS:
-------------------
Advantage Overseas Pvt Ltd      FB WC limits (LT)      IND D            285      Downgraded
Advantage Overseas Pvt Ltd      Non-FB WC limits (ST)  IND D            70000    Downgraded
Ajara Health Care And Research  TL                     IND B            293
Centre Pvt Ltd’
(Issuer Not Cooperating)/Migrated to non-cooperating category
Auro Impex & Chemicals Pvt. Ltd FB limits              IND BB-          120
(Issuer Not Cooperating)/Migrated to non-cooperating category
Geetanjali Spices               FB WC limits           IND B+           100
(Issuer Not Cooperating)/Migrated to non-cooperating category
Geetashree Pulses               FB WC limits           IND B+           100
(Issuer Not Cooperating)/Migrated to non-cooperating category
Gpr Infra’S                     FB WC limit            IND BB- /IND A4+ 90
(Issuer Not Cooperating)/Migrated to non-cooperating category
Haldia Petrochemicals Ltd       Long-TL                IND AA/RWN       29330
Placed on RWN/(reduced from INR32.50 bln)
Haldia Petrochemicals Ltd       FB limits              IND AA/RWN/IND   5000
                                                       A1+/RWN
Placed on RWN/(increased from INR3.50bln)
Haldia Petrochemicals Ltd       Non-FB limits          IND AA/RWN/IND   20000
                                                       A1+/RWN
Placed on RWN/(increased from INR14.50bln)
Haldia Petrochemicals Ltd       Proposed long-TL*      Provisional IND  5670
                                                       AA/RWN
Placed on RWN/* The rating is provisional and shall be confirmed upon the sanction and execution
of loan documents for the above facilities by HPL to the satisfaction of Ind-Ra.
Haldia Petrochemicals Ltd       Proposed NCDs*         Provisional IND  10000
                                                       AA/RWN
Placed on RWN/* The rating is provisional and shall be confirmed upon the sanction and execution
of loan documents for the above facilities by HPL to the satisfaction of Ind-Ra.
Mfl Bom Da Nov’19               Assignee payout*       Provisional IND  2999.9   Assigned
                                                       AA(SO)/Stable
*The assignment of final ratings is contingent upon the receipt of final documents conforming to
the information already received.
Northern Arc 2019 Ubl Scorpio   Series A1 pass-through Provisional IND  125      Assigned
                                certificates (PTCs)    BBB+(SO)/Stable
P & R Infraprojects Ltd         FB WC limit            IND BB+ / IND A4+200
(Issuer Not Cooperating)/Migrated to non-cooperating category
S V Creditline Ltd              Bk loans               IND BBB-/Stable  1000     Affirmed
S.S.V. Fab Industries Pvt Ltd   TL                     IND BB+          11.57
(Issuer Not Cooperating)/Migrated to non-cooperating category
S.S.V. Fab Industries Pvt Ltd   FB WC limits           IND BB+ /IND A4+ 100
(Issuer Not Cooperating)/Migrated to non-cooperating category
Small Business Loan - Pcg -     Assignee payout*       Provisional IND  5000     Assigned
Series 01                                              AA(SO)/Stable
*The final rating is contingent upon the receipt of the final documents conforming to the
information already received. The pool of loans to small businesses secured by property
mortgages to be assigned to the trust has been originated by Shriram City Union Finance Limited
(SCUF; originator or seller; ‘IND AA’/Stable). 
Sreekara Organics’S             FB WC limit            IND BB / IND A4+ 65
(Issuer Not Cooperating)/Migrated to non-cooperating category
Tashkent Oil Company Pvt Ltd    FB WC limit            IND BB+ / IND A4+70
(Issuer Not Cooperating)/Migrated to non-cooperating category
Ummed Educational Foundation’S  TL                      IND B           96
(Issuer Not Cooperating)/Migrated to non-cooperating category
Volvo Group India Pvt Ltd       WC Bk Fac              IND              10000    Affirmed
                                                       AAA/Stable/IND
                                                       A1+
(increased from INR7,500mlns)
-----------------------------------------------------------------------------------------------
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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