January 10, 2019 / 4:03 AM / 3 months ago

India Ratings for Indian debt instruments – Jan 10

    Jan 10 (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
January 9, 2019.

COMPANY                         INSTRUMENT             RATING         AMOUNT     MOVEMENT
------                          ----------             ------          ------    ---------
Dalmia Bharat Sugar And         CP programme*          IND A1+          7000     Affirmed
Industries Ltd
* The CP will be carved out of the fund-based working capital limits
Hi-Bond Cement (I) Pvt Ltd      Non-FB Bk Fac          IND A3+          20       Affirmed
Ultima Switchgears Ltd          Non-FB WC limit        IND A4+          90       Affirmed

Gama Infraprop Pvt Ltd          Senior project Bk loansIND B-           3016.42  Assigned
Gama Infraprop Pvt Ltd          CC facility            IND B-           299.8    Assigned
Gama Infraprop Pvt Ltd          LOC                    IND B-           651.8    Assigned
Gama Infraprop Pvt Ltd          BG                     IND B-           175.8    Assigned
Gama Infraprop Pvt Ltd          Performance BG         IND B-           40       Assigned
Hi-Bond Cement (I) Pvt Ltd      TL                     IND BBB          84.2     Assigned
Hi-Bond Cement (I) Pvt Ltd      FB WC limit            IND BBB          300      Affirmed
Jindal Polyweaves Pvt Ltd       FB WC  Fac             -                89       Withdrawn
Pnb Housing Finance Ltd         NCDs                   IND AA+          280      Downgraded;
                                                                                 off RWN
The Punjab State Cooperative    FB limits              IND BBB/IND A2   1400     -
Milk Producers’ Federation Ltd
Migrated to non-cooperating category
The Punjab State Cooperative    Non-FB limits          IND BBB/IND A2   200      -
Milk Producers’ Federation Ltd
Migrated to non-cooperating category
Ultima Switchgears Ltd          FB WC limit            IND              65       Affirmed
                                                       BB-/IND A4+
Ulundurpet Expressways Pvt Ltd  Secured, rated,        IND AA-          2647     Affirmed
                                unlisted, redeemable
                                NCDs (NCDs)
Ulundurpet Expressways Pvt Ltd  Rupee TL(RTLs)         IND AA-          1456.7   Affirmed
Ulundurpet Expressways Pvt Ltd  Subordinated rupee TL  IND AA-          380      Affirmed
Vikas Technoplast Pvt Ltd       FB limits (LT/ST)      IND D            55       Downgraded
Vikas Technoplast Pvt Ltd       TL (LT)                IND D            10.28    Downgraded
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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