January 24, 2020 / 6:32 AM / a month ago

India Ratings for Indian debt instruments – Jan 24

    Jan 24 - 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 23, 2020.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Annu Infra Construct India Pvt  Non-FB WC limits       IND A3           230      -
Ltd’S
(Maintained in non-cooperating category)(Issuer Not Cooperating)
Annu Infra Construct India Pvt  Proposed non-FB WC     IND A3           30       -
Ltd’S                           limit
(Maintained in non-cooperating category)(Issuer Not Cooperating)
Pafetech Enterprises Pvt Ltd    Non-FB Fac             IND A4+          200      -
(Migrated to non-cooperating category)(Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
Annu Infra Construct India Pvt  FB limit               IND BBB-/IND A3  40       -
Ltd’S
(Maintained in non-cooperating category)(Issuer Not Cooperating)
Bambino Pasta Food Industries   TL*                    WD               500      Affirmed and
Pvt Ltd                                                                          Withdrawn
* Affirmed at ‘IND BB+’/Stable before being withdrawn
Bambino Pasta Food Industries   FB WC limit^           WD               200      Affirmed and
Pvt Ltd                                                                          Withdrawn
^ Affirmed at ‘IND BB+’/Stable/‘IND A4+’ before being withdrawn
Bambino Pasta Food Industries   Non-FB WC limit^^      WD               30       Affirmed and
Pvt Ltd                                                                          Withdrawn
^^Affirmed at ‘IND A4+’ before being withdrawn
Bambino Pasta Food Industries   Proposed FB WC limit#  WD               30       Affirmed and
Pvt Ltd                                                                          Withdrawn
#Affirmed at Provisional IND BB+/Provisional IND A4+
Destiny Retail Mall Developers  TL*                    IND BBB+/Positive5250     Affirmed
Pvt Ltd
Outlook revised to Positive,*The overdraft facility of INR1,500 million is a sub-limit of the
term loan with a letter of credit of INR500 million and bank guarantee of INR250 million being a
sub-limit of the overdraft facility.
Dheepti Exports And Imports     FB limits              IND B+ / IND A4  54       -
(Migrated to non-cooperating category)(Issuer Not Cooperating)
Him Urja Pvt Ltd                TL                     IND BBB-/Stable  847.6    Affirmed
(reduced from INR1,010.90)
India Infrastructure Finance    Unsecured redeemable   IND              2000     Affirmed
Co. Ltd                         non-convertible        AAA(CE)/Stable
                                taxable rupee bonds (Series I 2007-08)*
India Infrastructure Finance    Unsecured redeemable   IND              4000     Affirmed
Co. Ltd                         non-convertible        AAA(CE)/Stable
                                taxable rupee bonds 
                                (Series I and II 2008-09)
India Infrastructure Finance    Domestic LT bonds      IND AAA/Stable   154000   Affirmed
Co. Ltd
India Infrastructure Finance    Sub-debt               IND AAA/Stable   12000    Affirmed
Co. Ltd
Pafetech Enterprises Pvt Ltd    FB Fac                 IND BB-          50       -
(Migrated to non-cooperating category)(Issuer Not Cooperating)
Platinum Trust December 2016    Series A pass-through  IND              653.6    Affirmed
                                certificates (PTCs)    AAA(SO)/Stable
Platinum Trust December 2016    Second loss credit     IND              83.6     Affirmed
                                facility (SLCF)        BBB(SO)/Stable
Sree Gurudeva Charitable And    Bk loans (LT)          IND D            161.24   -
Educational Trust’S Bank
(Maintained in non-cooperating category)(Issuer Not Cooperating)
Sree Gurudeva Charitable And    FB WC Fac (LT)         IND D            70       -
Educational Trust’S Bank
(Maintained in non-cooperating category)(Issuer Not Cooperating)
Sreenidhi Raja Packing          FB limit               IND BB-/Stable   45       Assigned
Solutions Pvt Ltd
Sreenidhi Raja Packing          Long-TL                IND BB-/Stable   18.02    Assigned
Solutions Pvt Ltd
Veolia India Pvt Ltd            TL                     IND BBB+/Stable  2048     Assigned
Veolia India Pvt Ltd            FB limits              IND BBB+/Stable  675      Assigned
                                                       IND A2+
Veolia India Pvt Ltd            Non-FB limits          IND BBB+/Stable  519      Assigned
                                                       IND A2+
-----------------------------------------------------------------------------------------------
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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