December 6, 2018 / 9:44 AM / 8 months ago

India Ratings for Indian debt instruments – Dec 6

   Dec 6 (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 5, 2018.

COMPANY                         INSTRUMENT             RATING       AMOUNT   MOVEMENT
                                                                   (RS.MLN)
------                          ----------             ------       ------   ---------
SHORT TERM RATINGS:
-------------------
C.E. Testing Company Pvt. Ltd   Non-FB WC limit        IND A4+          70       -
Migrated to non-cooperating category
Sanmarg Projects Pvt Ltd        Non-FB limits          IND A4+          115      -
Migrated to non-cooperating category
Srinivas Infrastructure Pvt Ltd Non-FB Fac             IND A3           70       -
Migrated to non-cooperating category
Srinivas Infrastructure Pvt Ltd Proposed non-FB Fac    Provisional IND  40       -
                                                       A3
Migrated to non-cooperating category
Sure Safety Solutions Pvt Ltd   Non-FB WC limits#      IND A4           160      Downgraded and
                                                                                 reassigned
# Reassigned ‘IND A4’ after being downgraded to ‘IND D’
Tharun Construction & Co        Non-FB WC limits       IND A4           250      Assigned
Waves Hotels And Estates Pvt LtdProposed non-FB WC     Provisional IND  100      Affirmed
                                limits*                A3
* The rating is provisional and shall be confirmed upon the sanction and execution of 
loan documents for the above facilities by WHEPL to the satisfaction of Ind-Ra.
LONG TERM RATINGS:
-------------------
Avon Ispat & Power Ltd          TL                     IND BBB+         750      Assigned
Avon Ispat & Power Ltd          FB WC limits           IND BBB+/IND A2+ 520      Affirmed
Avon Ispat & Power Ltd          Non-FB WC limits       IND BBB+/IND A2+ 1180     Affirmed
(reduced from INR1,200)
Briseis Cv Ifmr Capital 2016    Series A2 PTCs         IND BBB+(SO)     166.7    Upgraded
C.E. Testing Company Pvt. Ltd   FB WC limit            IND BB           50       -
Migrated to non-cooperating category
Commercial Auto Products Pvt.   FB limits              IND B+/IND A4    100      Affirmed
Ltd
Dredging Corporation Of India   Rating Watch Negative  IND A+           -        Assigned
Ltd                             (RWN)
India Structured Asset          Series A19             IND AAA(SO)      -        Affirmed
Trust-Series XII                pass-through
                                certificates (PTCs)
India Structured Asset          Series A20 PTCs        IND AAA(SO)      -        Affirmed
Trust-Series XII
India Structured Asset          Series A21 PTCs        IND AAA(SO)      -        Affirmed
Trust-Series XII
India Structured Asset          Series A22 PTCs        IND AAA(SO)      -        Affirmed
Trust-Series XII
India Structured Asset          Series A23 PTCs        IND AAA(SO)      -        Affirmed
Trust-Series XII
India Structured Asset          Series A24 PTCs        IND AAA(SO)      -        Affirmed
Trust-Series XII
India Structured Asset          Series A25 PTCs        IND AAA(SO)      -        Affirmed
Trust-Series XII
Jammu & Kashmir Bank Ltd        Basel III compliant    IND AA           20000    Affirmed
                                Tier 2 bonds
Jammu & Kashmir Bank Ltd        Lower tier 2 bonds     IND AA           6000     Affirmed
Meraki Cv Ifmr Capital 2016     Series A2 PTCs         IND BB+(SO)      5.43     Affirmed
Nina Waterproofing Systems Pvt  FB limits (CC)         IND A-/RWP       230      Placed on RWP
Ltd
Nina Waterproofing Systems Pvt  Non-FB limits (BG /    IND A-/RWP/IND   770      Placed on RWP
Ltd                             LOC)                   A1/RWP
Nina Waterproofing Systems Pvt  Proposed WC limits*    Provisional IND  80       Assigned;
Ltd                                                    A-/RWP /                  Placed on RWP
                                                       Provisional IND A1 / RWP
* The ratings are provisional and shall be confirmed upon the sanction and execution
 of loan documents for the above facilities by NWSPL to the satisfaction of Ind-Ra
Novo X Trust - Locomotive       Series Q pass-through  IND AAA(SO)      236.45   Affirmed
                                certificates (PTCs)
Novo X Trust - Locomotive       Series R PTCs          IND AAA(SO)      236.45   Affirmed
Novo X Trust - Locomotive       Series S PTCs          IND AAA(SO)      236.45   Affirmed
Novo X Trust - Locomotive       Series T PTCs          IND AAA(SO)      236.45   Affirmed
Novo X Trust - Locomotive       Series U PTCs          IND AAA(SO)      236.45   Affirmed
Novo X Trust - Locomotive       Series V PTCs          IND AAA(SO)      236.45   Affirmed
Novo X Trust - Locomotive       Series W PTCs          IND AAA(SO)      161.1    Affirmed
Pragati Milk Products Pvt. Ltd  FB limit               IND BBB          50       Affirmed
Pragati Milk Products Pvt. Ltd  TL                     IND BBB          25.88    Affirmed
Pragati Milk Products Pvt. Ltd  TL                     IND BBB          209.5    Assigned
Sanmarg Projects Pvt Ltd        TL                     IND BB-          48.03    -
Migrated to non-cooperating category
Sanmarg Projects Pvt Ltd        FB limits              IND BB-/IND A4+  25       -
Migrated to non-cooperating category
Sanshu Green Corn Pvt Ltd       TL                     IND BB           4.7      -
Migrated to non-cooperating category
Sanshu Green Corn Pvt Ltd       FB WC limits           IND BB/IND A4+   172.5    -
Migrated to non-cooperating category
Shanti G.D. Ispat & Power Pvt   TL                     IND BBB-         195.6    -
Ltd
Migrated to non-cooperating category
Shanti G.D. Ispat & Power Pvt   FB WC limits           IND BBB-         240      -
Ltd
Migrated to non-cooperating category
Silver Oak Shops Offices Co.    TL                     IND BBB-         147.3    Upgraded
Op. Housing Society Ltd
Silver Oak Shops Offices Co.    Overdraft              IND BBB-         260      Upgraded
Op. Housing Society Ltd
Srinivas Infrastructure Pvt Ltd FB Fac                 IND BBB-         50       -
Migrated to non-cooperating category
Srinivas Infrastructure Pvt Ltd Proposed FB Fac        Provisional IND  40       -
                                                       BBB-
Migrated to non-cooperating category
Sure Safety Solutions Pvt Ltd   TL                     -                55       Withdrawn
                                                                                 (paid in full)
Sure Safety Solutions Pvt Ltd   FB WC limits*          IND B-           35       Downgraded and
                                                                                 reassigned
* Reassigned ‘IND B-’ after being downgraded to ‘IND D’
Tharun Construction & Co        FB WC limits           IND B+/ IND A4   250      Assigned
Thetis Cv Ifmr Capital 2017     Series A1 pass-through IND AA-(SO)      13.78    Upgraded
                                certificates (PTCs)
Thetis Cv Ifmr Capital 2017     Series A2 PTCs         IND BBB+(SO)     51.27    Upgraded
Waves Hotels And Estates Pvt LtdTL                     IND BBB-         900      Affirmed
Waves Hotels And Estates Pvt LtdTL#                    IND BBB-         2290     Assigned
#The final rating has been assigned following the receipt of loan documents 
for the above facilities by Ind-Ra. 
Waves Hotels And Estates Pvt LtdProposed FB WC limits* Provisional IND  10       Affirmed
                                                       BBB- /
                                                       Provisional IND A3
* The rating is provisional and shall be confirmed upon the sanction and 
execution of loan documents for the above facilities by WHEPL to the satisfaction of 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@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