February 13, 2019 / 3:39 AM / 4 months ago

India Ratings for Indian debt instruments – Feb 13

    Feb 13 (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
February 12, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
------                          ----------             ------           ------   ---------
Shilpa Steel & Power Ltd        Non-FB WC limit        IND A1           1400     Affirmed
increased from INR1,250 mln
Shilpa Steel & Power Ltd        Non-FB WC limit*       IND A1           150      Assigned
* The final rating has been assigned following the receipt of sanction letter by Ind-Ra.
Capital Small Finance Bank Ltd  Additional tier I      IND BBB          400      Assigned
* Yet to be issued

GRT Hotels And Resorts Pvt Ltd  FB WC limits           IND A-           50       Upgraded
GRT Hotels And Resorts Pvt Ltd  Long-TL                IND A-           454      Upgraded
reduced from INR634.10 mln
Imcola Crane Company Pvt Ltd    TL                     IND BBB          192.6    Affirmed
reduced from INR243.3 mln
Imcola Crane Company Pvt Ltd    TL (buyer’s credit)    IND BBB          268.5    Affirmed
reduced from INR316 mln
Imcola Crane Company Pvt Ltd    BG                     IND BBB          146.1    Affirmed
India Grid Trust                NCDs*                  IND AAA          2.5      Affirmed
*The provisional rating has been assigned based on a signed term sheet. The assignment of the
final rating is subject to the signing of a debenture trustee deed, sponsor undertakings, the
supplement to the trust and retention agreement and others, in line with the term sheet
considered for the provisional rating.
India Grid Trust                Bk loan                IND AAA          10       Affirmed
India Grid Trust                Proposed NCDs (NCDs)   Provisional IND  4.35     Assigned
Shilpa Steel & Power Ltd        Long-TL                IND A            140      Affirmed
reduced from INR150 mln
Shilpa Steel & Power Ltd        FB WC limit            IND A            1450     Affirmed
increased from INR1,400 mln
Shilpa Steel & Power Ltd        FB WC limit*           IND A            200      Assigned
* The final rating has been assigned following the receipt of sanction letter by Ind-Ra.
Steel Strips Wheels Ltd         TL                     IND A-           734.59   Assigned
Steel Strips Wheels Ltd         FB WC limits           IND A-/ IND A2+  450      Assigned
Steel Strips Wheels Ltd         Non-FB WC limits       IND A-/ IND A2+  1300     Assigned
Texmaco Rail & Engineering Ltd  TL                     IND AA-          1150     Assigned
Texmaco Rail & Engineering Ltd  FB limits              IND AA-/ IND A1+ 2490     Assigned
Texmaco Rail & Engineering Ltd  Non-FBL                IND AA-/ IND A1+ 16670    Assigned
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

$: 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

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
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