February 3, 2020 / 9:13 AM / 25 days ago

India Ratings for Indian debt instruments – Feb 3

    Feb 3 - 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
January 31, 2020.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Automark Industries (I) Ltd     Non-FB WC Fac          IND A4+(ISSUER   40       Downgraded and
                                                       NOT COOPERATING)          migrated to
                                                                                 Non
                                                                                 cooperating 
                                                                                 category
(Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best-available
information.)
Automark Technologies (I) Pvt   Non-FB WC Fac          IND A4+(ISSUER   150      Downgraded and
Ltd                                                    NOT COOPERATING)          migrated to
                                                                                 Non
                                                                                 cooperating 
                                                                                 category
 (Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available
information.)
BMSS Steel Industries Pvt. Ltd  Non FB Fac             IND A4           80       Downgraded
BMSS Steel Industries Pvt. Ltd  Proposed non-FB Fac*   Provisional IND A4       40      
Downgraded
(* The ratings are provisional and shall be confirmed upon the sanction and execution of the
loan documents for the above facilities by BSIPL to the satisfaction of Ind-Ra)
Hindustan Petroleum Corporation CP                     IND A1+          150      Affirmed
Ltd
Model Tanners                   Non-FB WC limit        IND A4+          80       Affirmed
Model Tanners                   Non FB WC limit        IND A4+          100      Downgraded
S.S. Infrazone Pvt Ltd          Non-FB limits          IND A4+          495      Affirmed
The Rajaratna Mills Pvt Ltd     Non-FB limits          IND A4+          50       Affirmed
(reduced from INR86.5)


LONG TERM RATINGS:
-------------------
Automark Industries (I) Ltd     FB WC Fac              IND BB+(ISSUER   140      Downgraded and
                                                       NOT COOPERATING)          migrated to
                                                                                 Non
                                                                                 cooperating 
                                                                                 category
 (Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best-available
information.)
Automark Technologies (I) Pvt   TL                     IND BB+(ISSUER   23.67    Downgraded and
Ltd                                                    NOT COOPERATING)          migrated to
                                                                                 Non
                                                                                 cooperating 
                                                                                 category
 (Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available
information.)
Automark Technologies (I) Pvt   FB WC Fac              IND BB+(ISSUER   60       Downgraded and
Ltd                                                    NOT                       migrated to
                                                       COOPERATING)/IND A4+      non 
                                                                                 cooperating 
                                                                                 category
 (Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available
information.)
Bmss Steel Industries Pvt. Ltd  FB Fac                 IND              45       Downgraded
                                                       B+/Stable/IND A4
Bmss Steel Industries Pvt. Ltd  Proposed FB Fac*       Provisional IND  35       Downgraded
                                                       B+/Stable/Provisional
                                                       IND A4
(* The ratings are provisional and shall be confirmed upon the sanction and execution of the
loan documents for the above facilities by BSIPL to the satisfaction of Ind-Ra. )
Chennai Water Desalination Ltd  Senior project Bk loan IND D(ISSUER NOT 3780     Migrated to
                                (LT)                   COOPERATING)              non
                                                                                 cooperating 
                                                                                 category
(Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 6 February 2019. Ind-Ra is
unable to provide an update, as the agency does not have adequate information to review the
ratings)
Chennai Water Desalination Ltd  Performance guarantee  IND D(ISSUER NOT 50       Migrated to
                                (executed in the form  COOPERATING)              non
                                of BG) (LT)                                      cooperating 
                                                                                 category
(Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 6 February 2019. Ind-Ra is
unable to provide an update, as the agency does not have adequate information to review the
ratings)
Continental Hospitals Pvt Ltd   TL                     IND BBB-/Stable  1649.3   Affirmed
Continental Hospitals Pvt Ltd   FB limits              IND              170.7    Affirmed
                                                       BBB-/Stable/IND
                                                       A3
Embassy Office Parks Pvt Ltd    Proposed TL#   Provisional IND AA/Stable4471     Assigned
(# The final rating will be assigned upon the receipt of the final loan documents, conforming to
the information already received by Ind-Ra.) 
Euro Shoe Components Ltd        FB limits              -                50       Withdrawn
(The ratings have been withdrawn as ESCL has ceased to exist as a legal entity post its merger
with Calsea Footwear Pvt Ltd Limited. Ind-Ra will no longer provide analytical and rating
coverage for ESCL.) 
Euro Shoe Components Ltd        Non-FB limits          -                132.5    Withdrawn
(The ratings have been withdrawn as ESCL has ceased to exist as a legal entity post its merger
with Calsea Footwear Pvt Ltd Limited. Ind-Ra will no longer provide analytical and rating
coverage for ESCL.) 
Hindustan Petroleum Corporation LT Issuer Rating       IND AAA/Stable   -        Affirmed
Ltd
Hindustan Petroleum Corporation NCD#                   IND AAA/Stable   6        Assigned
Ltd
(#The final rating has been assigned after the receipt of the final documents, including the
term sheet and debenture trustee agreement, by the agency. The final terms and conditions are in
line with the information already received by Ind-Ra, based on which the provisional rating was
assigned.) 
Hindustan Petroleum Corporation NCDs                   IND AAA/Stable   55       Affirmed
Ltd
Hindustan Petroleum Corporation WC limits              IND              450      Affirmed
Ltd                                                    AAA/Stable/IND
                                                       A1+
Hindustan Petroleum Corporation Proposed NCDs          Provisional IND  9        Affirmed
Ltd                                                    AAA/Stable
Ivrcl Indore Gujarat Tollways’  LT senior project Bk   IND D(ISSUER NOT 1785.65  Migrated to
Ltd                             loan (LT)              COOPERATING)              non
                                                                                 cooperating 
                                                                                 category
(Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 06 Feb 2019. Ind-Ra is unable
to provide an update, as the agency does not have adequate information to review the ratings )
Ivrcl Indore Gujarat Tollways’  BG (LT)                IND D(ISSUER NOT 70       Migrated to
Ltd                                                    COOPERATING)              non
                                                                                 cooperating 
                                                                                 category
(Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 06 Feb 2019. Ind-Ra is unable
to provide an update, as the agency does not have adequate information to review the ratings )
Kumarapalayam Tollways Ltd      LT senior project Bk   IND D            2304.98  Affirmed
                                loan (LT)
Kumarapalayam Tollways Ltd      Subordinated loan (LT) IND D            154.95   Affirmed
Loocust Incorp Apparel Export   TL (LT)*               -                150      Affirmed and
Pvt Ltd                                                                          withdrawn
(*Affirmed at ‘IND D’ before being withdrawn)
Loocust Incorp Apparel Export   FB Fac (ST)*           -                980      Affirmed and
Pvt Ltd                                                                          withdrawn
(*Affirmed at ‘IND D’ before being withdrawn)
Loocust Incorp Apparel Export   Non-FB Fac (ST)*       -                420      Affirmed and
Pvt Ltd                                                                          withdrawn
(*Affirmed at ‘IND D’ before being withdrawn)
Metro Transit Pvt Ltd           TL                     IND BBB(ISSUER   420      Affirmed
                                                       NOT COOPERATING)
(Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available
information)
Model Tanners                   Fund based WC limit    IND              600      Downgraded
                                                       BB/Stable/IND A4+
Model Tanners                   FB WC limit            IND              260      Long-term
                                                       BB-/Stable/IND            rating
                                                       A4+                       downgraded;
                                                                                 ST 
                                                                                 rating 
                                                                                 affirmed
Next Radio Ltd                  Non-FBL                IND A3/RWE       146      Placed on RWE
Next Radio Ltd                  Long-TL                IND BBB-/RWE     525.8    Placed on RWE
Next Radio Ltd                  FB limit               IND BBB-/RWE/IND 150      Placed on RWE
                                                       A3/RWE
Pitti Castings Pvt Ltd          FB WC limit            -                200      Withdrawn
                                                                                 (repaid in
                                                                                 full)
Pitti Castings Pvt Ltd          TL limit               -                845.5    Withdrawn
                                                                                 (repaid in
                                                                                 full)
Pitti Castings Pvt Ltd          Non-FB WC limit        -                100      Withdrawn
                                                                                 (repaid in
                                                                                 full)
Pitti Castings Pvt Ltd          Proposed FB WC limits* Provisional      300      Assigned
                                                       IND B-/ 
                                                       Stable/Provisional
                                                       IND A4
(*The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by PCPL to the satisfaction of Ind-Ra.) 
Plastene India Ltd              Non-FB WC limits       IND A3+/RWN      260      Placed on RWN
Plastene India Ltd              Forward contract limitsIND A3+/RWN      18.2     Placed on RWN
Plastene India Ltd              Long-TL                IND BBB/RWN      354.3    Placed on RWN
Plastene India Ltd              FB WC limits           IND BBB/RWN      1610     Placed on RWN
Plastene India Ltd              Corporate loans        IND BBB/RWN      350      Placed on RWN
S.S. Infrazone Pvt Ltd          FB limits              IND              5        Affirmed
                                                       BB/Stable/IND A4+
Salem Tollways Ltd              LT senior project Bk   IND D            667.03   Affirmed
                                loan (LT)
(reduced from INR1,083)
Salem Tollways Ltd              Subordinated loan (LT) IND D            99.83    Affirmed
(reduced from INR131.7)
Sandhar Han Sung Technologies   Proposed long-TL#      -                55       Withdrawn
Pvt Ltd
(#The issuer is no longer proceeding with the instrument as previously envisaged)
Sandhar Han Sung Technologies   Long-TL                IND A-/Stable    83.89    Affirmed
Pvt Ltd
 (reduced from INR95)
Sandhar Han Sung Technologies   Fund based WC limit    IND A-/Stable    40       Assigned
Pvt Ltd
The Krishna Sahakari Sakkare    FB WC facility         IND B/Stable     500      Assigned
Karkhane Niyamit
The Rajaratna Mills Pvt Ltd     TL                     IND BB/Stable    97.6     Affirmed
(reduced from INR119.8)
The Rajaratna Mills Pvt Ltd     FB limits              IND              308.7    Affirmed
                                                       BB/Stable/IND A4+
(increased from INR250)
Trif Real Estate And            TL                     -                2000     Withdrawn
Development Ltd
(Ind-Ra is no longer required to maintain the ratings, as the agency has received a confirmation
from the lenders that the loan facility has been paid in full.) 
Ulundurpet Expressways Pvt Ltd  Secured, rated,        IND AA-/RWE      2647     Placed on RWE
                                unlisted, redeemable
                                NCDs (NCDs)
Ulundurpet Expressways Pvt Ltd  Rupee TL               IND AA-/RWE      1456.7   Placed on RWE
Ulundurpet Expressways Pvt Ltd  Subordinated rupee TL  IND AA-/RWE      380      Placed on RWE
Vishwaraj Sugar Industries Ltd  TL                     -                35.6     Withdrawn
                                                                                 (paid in full)
Vishwaraj Sugar Industries Ltd  FB WC limit            IND BB/Negative  2150     Downgraded
                                                       A4
-----------------------------------------------------------------------------------------------
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)
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