February 6, 2020 / 7:26 AM / 11 days ago

India Ratings for Indian debt instruments – Feb 6

    Feb 6 - 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 5, 2020.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Bajaj Finance Ltd               ST Bk loans            IND A1+          50000    Affirmed
Diamond Textile Mills Pvt Ltd   Non-FB WC limit        IND A3           50       -
(Migrated to non-cooperating category)(Issuer Not Cooperating)
K Bhupal Engineers And          Non-FB limits          IND A4+          200      Affirmed
Contractors Pvt Ltd
K Bhupal Engineers And          Proposed Non-FB WC     IND A4+          180      Assigned
Contractors Pvt Ltd             limits
Prism Johnson Ltd               Non-FB WC limits       IND A1           4000     Affirmed
Prism Johnson Ltd               Unsecured short-TL     IND A1           2050     Affirmed
Prism Johnson Ltd               CP programme           IND A1           2000     Affirmed
Sgr Exim Pvt Ltd                Non-FB limits          IND A4           86       Affirmed
(Issuer Not Cooperating)
Vpr Mining Infrastructure Pvt   Non-FB Fac             IND A2           2600     Affirmed
Ltd
Vpr Mining Infrastructure Pvt   Non-FB Fac #           IND A2           1000     Assigned
Ltd
# The final ratings have been assigned on the receipt of the executed sanction letter,
conforming to the informa
Vpr Mining Infrastructure Pvt   Proposed non-FB Fac *  IND A2           465      Assigned
Ltd
* The ratings are provisional and shall be confirmed upon the sanction and execution of the
loan/transaction documents for the above instruments to the satisfaction of Ind-Ra.

LONG TERM RATINGS:
-------------------
Bajaj Finance Ltd               NCDs (NCDs)            IND AAA/Stable   95349    Affirmed
(reduced from INR127,170)
Bajaj Finance Ltd               Unsecured subordinated IND AAA/Stable   20000    Affirmed
                                debt
Bajaj Finance Ltd               LT Bk loans            IND AAA/Stable   250000   Affirmed
Dembla Timber Company Pvt Ltd   FB WC limits (LT/ST)   IND D            30       Downgraded
(Issuer Not Cooperating)
Dembla Timber Company Pvt Ltd   Non-FB WC limits (ST)  IND D            216.1    Downgraded
(Issuer Not Cooperating)
Diamond Textile Mills Pvt Ltd   TL                     IND BBB-         60.2     -
(Migrated to non-cooperating category)(Issuer Not Cooperating)
Diamond Textile Mills Pvt Ltd   FB WC limit            IND BBB-         410      -
(Migrated to non-cooperating category)(Issuer Not Cooperating)
K Bhupal Engineers And          FB WC limits           IND BB+/Positive 80       Affirmed
Contractors Pvt Ltd
Outlook revised to Positive from Stable,(reduced from 120)
K Bhupal Engineers And          Proposed FB WC limits* IND BB+/Positive 40       Assigned
Contractors Pvt Ltd
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by K Bhupal to the satisfaction of Ind-Ra. 
Mathura Fibres & Cotton         FB WC limits           IND              300      Downgraded
Industries                                             B+/Stable/IND A4
(Issuer Not Cooperating)
Narayanadri Hospitals And       TL (LT)                IND D            104.1    -
Research Institute Pvt Ltd
(Migrated to non-cooperating category)(Issuer Not Cooperating)
Narayanadri Hospitals And       FB WC limits (LT/ST)   IND D            19.5     -
Research Institute Pvt Ltd
(Migrated to non-cooperating category)(Issuer Not Cooperating)
Northern Arc 2020 Sbl Munroe    Series A1 pass-through IND A(SO)/Stable 220.1    Assigned
                                certificates (PTCs)
Northern Arc 2020 Sbl Munroe    Series A2 PTCs         IND              5.1      Assigned
                                                       BBB+(SO)/Stable
Prism Johnson Ltd               LT Issuer Rating       IND A/Stable     -        Affirmed
Prism Johnson Ltd               NCDs                   IND A/Stable     6100     Affirmed
Prism Johnson Ltd               TL                     IND A/Stable     9450     Affirmed
Prism Johnson Ltd               FB limits              IND A/Stable     4500     Affirmed
Prism Johnson Ltd               NCDs (NCDs),#          IND A/Stable     840      Assigned
#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. 
Prism Johnson Ltd               Term deposit programme IND tA+/Stable   150      Affirmed
Rbr Garments Pvt Ltd            FB WC limits           IND BB+/ IND A4+ 430      -
(Migrated to non-cooperating category)(Issuer Not Cooperating)
Sgr Exim Pvt Ltd                FB limits              IND C            32       Downgraded
(Issuer Not Cooperating)
Vasai Virar Municipal           LT Issuer Rating       IND A-           -        -
Corporation
Vpr Mining Infrastructure Pvt   TL                     IND BBB /        500      Assigned
Ltd                                                    Negative
Vpr Mining Infrastructure Pvt   Proposed FB Fac *      IND BBB /        200      Assigned
Ltd                                                    Negative / IND A2
* The ratings are provisional and shall be confirmed upon the sanction and execution of the
loan/transaction documents for the above instruments to the satisfaction of Ind-Ra. 
Vpr Mining Infrastructure Pvt   FB Fac                 IND BBB /        635      Affirmed
Ltd                                                    Negative / IND A2
 (increased from INR 575),Outlook revised to Negative from Stable
Vpr Mining Infrastructure Pvt   Proposed WCTL          WD               400      Withdrawn
Ltd
(the company did not proceed with the instrument as envisaged)
-----------------------------------------------------------------------------------------------
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