July 25, 2019 / 7:18 AM / 2 months ago

India Ratings for Indian debt instruments – Jul 25

    Jul 25 (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
July 24, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Bhagaban Mohapatra              Non-FB limits          IND A4+          360      Migrated to
Constructions And Engineers Pvt                                                  non
Ltd                                                                              cooperating 
                                                                                 category
Ifb Automotive Pvt Ltd          Non-FB WC limit*       IND A3           150      Downgraded
*Sublimit of cash credit
Ifb Automotive Pvt Ltd          Non-FB WC limit        IND A3           70       Downgraded
Natural Agritech Pvt Ltd        Non-FB limits          IND A4           22.5     Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category
Propus Inc                      Non-FBL                IND A4+          10       Assigned
Shree Datt Aquaculture Farms    Non-FB Fac             IND A4+          43.5     Migrated to
Pvt Ltd                                                                          non
                                                                                 cooperating
                                                                                 category
Shubhshree Engineering And      Non-FB WC facility     IND A3           50       Upgraded
Constructions Pvt Ltd
Shubhshree Engineering And      Proposed non-FB WC     Provisional IND  150      Upgraded
Constructions Pvt Ltd           facility*              A3
*The ratings are provisional and shall be confirmed upon the sanction and execution 
of loan documents for the above facilities by SECPL to the satisfaction of Ind-Ra.
Vipul Organics Ltd              Non-FB WC limits       IND A4+          31.5     Assigned
Volkswagen Finance Pvt Ltd      ST Bk loans            IND A1+          15000    Affirmed
Volkswagen Finance Pvt Ltd      CP                     IND A1+          30000    Affirmed

LONG TERM RATINGS:
-------------------
Akansha Shipbreaking Pvt Ltd    Non-FB limits          IND B- / IND A4  350      Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category
Akhil Ship Breakers Pvt Ltd     Non-FB limits          IND B            300      Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category
Bhagaban Mohapatra              FB limits              IND BB+          30       Migrated to
Constructions And Engineers Pvt                                                  non
Ltd                                                                              cooperating 
                                                                                 category
Ifb Automotive Pvt Ltd          Long-TL                IND BBB-         181.4    Downgraded
Ifb Automotive Pvt Ltd          FB WC limit            IND BBB- /IND A3 350      Downgraded
Kdm Clothing Co.’S              TL                     IND BB-          4.08     Affirmed
Kdm Clothing Co.’S              FB WC limit            IND BB-/IND A4+  35       Affirmed
Magppie Exports Pvt Ltd         Fund -based WC limits* IND C /IND A4    195      Downgradedand
                                                                                 reassigned
*Reassigned IND C(ISSUER NOT COOPERATING)/IND A4(ISSUER NOT COOPERATING) after 
being downgraded to ‘IND D(ISSUER NOT COOPERATING)’
Mukti Projects Ltd              LT Issuer Rating       IND D            -        Affirmed
Natural Agritech Pvt Ltd        FB limits              IND B+           40       Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category
Natural Agritech Pvt Ltd        TL                     IND B+           46.6     Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category
Northern Arc 2019 Sbl Eqidu     Series A pass-through  IND AA-(SO)      750.2    Assigned
                                certificates (PTCs)
Offbeat Developers Pvt Ltd      Bk loan facility*      IND A-(SO)       7561.4   Affirmed
*Includes an overdraft facility of INR1,418.7 million, and bonds and guarantees, 
import letter of credit (secured) and import letter of credit (unsecured) of INR100 
million; each can be availed as a sublimit of the bank loan facility.
Prism Johnson Ltd               NCD                    IND A            1150     Assigned
Propus Inc                      TL                     IND BB-          15       Assigned
Propus Inc                      FB limits              IND BB-/IND A4+  80       Assigned
Shree Datt Aquaculture Farms    Long-TL                IND BB+          41.4     Migrated to
Pvt Ltd                                                                          non
                                                                                 cooperating
                                                                                 category
Shree Datt Aquaculture Farms    FB WC Fac              IND BB+/IND A4+  415      Migrated to
Pvt Ltd                                                                          non
                                                                                 cooperating
                                                                                 category
Shubhshree Engineering And      FB WC facility         IND BBB-/IND A3  60       Upgraded
Constructions Pvt Ltd
Shubhshree Engineering And      Proposed FB WC         Provisional IND  40       Assigned
Constructions Pvt Ltd           facility*              BBB-/Provisional
                                                       IND A3
*The ratings are provisional and shall be confirmed upon the sanction and execution 
of loan documents for the above facilities by SECPL to the satisfaction of Ind-Ra.
Vipul Organics Ltd              TL                     IND BB+          85       Assigned
Vipul Organics Ltd              FB WC limits           IND BB+/IND A4+  255      Assigned
Vodafone Idea Ltd               NCD                    -                25000    Withdrawn
Volkswagen Finance Pvt Ltd      LT Bk loans            IND AAA          32000    Affirmed
Volkswagen Finance Pvt Ltd      NCDs (NCDs)            IND AAA          25000    Affirmed
(increased from INR20,500)
-----------------------------------------------------------------------------------------------
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)
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