January 10, 2020 / 7:12 AM / 11 days 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, 2020.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Kumar Spintex Pvt Ltd           Non-FB Fac             IND A4+          28       -
Migrated to non-cooperating category. (Issuer Not Cooperating)
Shree Ganesh Metaliks Ltd       Non-FB limits          IND A4           165      -
Migrated to non-cooperating category. (Issuer Not Cooperating)
Uflex Ltd                       Non-FB WC limits       IND A1           3750     -
Uflex Ltd                       LOC limits for capital IND A1           600      -
                                gooptionally
                                convertible debentures
Vishal Spintex                  Non-FB Fac             IND A4+          36.7     -
Migrated to non-cooperating category. (Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
Irb Kolhapur Integrated Road    Senior project Bk loansIND A+(CE)/RWP   2378.4*  Placed on RWP
Development Company Pvt Ltd
*outstanding INR 459.8 million on 1 January 2020
Irb Kolhapur Integrated Road    Unsupported rating^    IND BBB-/Stable  -        Assigned
Development Company Pvt Ltd
^Ind-Ra has assigned an unsupported rating in compliance with the Securities Exchange Board of
India’s circular dated 13 June 2019, which requires credit rating agencies to disclose
unsupported ratings without factoring in the explicit credit enhancement (CE) and supported
rating after factoring in the explicit CE. However, given that the concession agreement itself
has been terminated and IRBK does not generate any cash flows on its own (except for receiving
the termination payment), this unsupported rating has limited relevance.
Khushiya Industries Pvt Ltd     FB limit (LT)          IND D            215      Downgraded
Issuer did not cooperate; based on the best available information
Khushiya Industries Pvt Ltd     TL 1  (LT)             IND D            27.5     Downgraded
Issuer did not cooperate; based on the best available information
Khushiya Industries Pvt Ltd     TL 2  (LT)             IND D            37.6     Downgraded
Issuer did not cooperate; based on the best available information
Kumar Spintex Pvt Ltd           Long-TL                IND BB-          188      -
Migrated to non-cooperating category. (Issuer Not Cooperating)
Kumar Spintex Pvt Ltd           FB Fac                 IND BB- / IND A4+140      -
Migrated to non-cooperating category. (Issuer Not Cooperating)
Metalfab Hightech Pvt Ltd       FB Fac#                WD               310      -
#Maintained at ‘IND BB+(ISSUER NOT COOPERATING)’ before being withdrawn 
Metalfab Hightech Pvt Ltd       Non-FB Fac*            WD               525      -
*Maintained at ‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn
Metalfab Hightech Pvt Ltd       Long-TL#               WD               150      -
#Maintained at ‘IND BB+(ISSUER NOT COOPERATING)’ before being withdrawn 
N. N. Saha & Sons Agro Pvt Ltd  FB WC limit            IND BB-/Stable   240      Affirmed
N. N. Saha & Sons Agro Pvt Ltd  Proposed FB WC limit*  Provisional IND  20       Assigned
                                                       BB-/Stable
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by NNSPL to the satisfaction of Ind-Ra.
Shree Ganesh Metaliks Ltd       TL                     IND B            1953.88  -
Migrated to non-cooperating category. (Issuer Not Cooperating)
Shree Ganesh Metaliks Ltd       FB limits              IND B            350      -
Migrated to non-cooperating category. (Issuer Not Cooperating)
Small Business Loan - Pcg -     Assignee payout*       Provisional IND  4791.2   Reassigned
Series 01                                              AA(SO)/Stable
*The final rating is contingent upon the receipt of the final documents conforming to the
information already received. The pool of loans to small businesses secured by property
mortgages to be assigned to the trust has been originated by Shriram City Union Finance Limited
(SCUF; originator or seller; ‘IND AA’/Stable). 
Small Business Loan - Pcg -     Assignee payout*       Provisional IND  2000.5   Assigned
Series 02                                              AA(SO)/Stable
*The final rating is contingent upon the receipt of the final documents conforming to the
information already received. The pool of loans to small businesses secured by property
mortgages to be assigned to the trust has been originated by Shriram City Union Finance Limited
(SCUF; originator or seller; ‘IND AA’/Stable). 
Uflex Ltd                       Long-TL                IND A/Stable     7810     -
(reduced from INR11,063)
Uflex Ltd                       FB WC limits           IND A/Stable/IND 4000     -
                                                       A1
Uflex Ltd                       Proposed LT debt       Provisional IND  4000     -
                                (including NCDs)*      A/Stable
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the term loans by Uflex to the satisfaction of Ind-Ra and the closure of the issue
upon the receipt of final documentation, conforming to the information already received by the
agency
Uttam Industrial Engineering    Long-TL (LT)           IND D            11.3     Downgraded
Pvt Ltd
Issuer did not cooperate; based on the best available information
Uttam Industrial Engineering    FB limits (LT)         IND D            5        Downgraded
Pvt Ltd
Issuer did not cooperate; based on the best available information
Uttam Industrial Engineering    Non-FB limits (ST)     IND D            328.7    Downgraded
Pvt Ltd
Issuer did not cooperate; based on the best available information
Vishal Spintex                  Long-TL                IND BB           468.8    -
Migrated to non-cooperating category. (Issuer Not Cooperating)
Vishal Spintex                  FB Fac                 IND BB / IND A4+ 160      -
Migrated to non-cooperating category. (Issuer Not Cooperating)
-----------------------------------------------------------------------------------------------
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