July 8, 2019 / 6:08 AM / 2 months ago

India Ratings for Indian debt instruments – Jul 8

    Jul 8 (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 5, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Affil Vitrified Pvt Ltd         Non-FB limits          IND A4+          40       Affirmed
Anil Buildcon India Pvt Ltd     Non-FB limits          IND A4+          280      Downgraded
Ascent Networks Pvt Ltd         Non-FB WC Fac          IND A4           42       Affirmed
Bank Of Baroda                  ST debt programme      IND A1+          --       Affirmed
Bank Of Baroda                  CDs                    IND A1+          400      Affirmed
Beil Infrastructure Ltd         Non-FB WC limits       IND A2+          255      Affirmed
Gridco Ltd                      Non-FB WC limit        IND A2           2.25     Affirmed
Housing And Urban Development   CPs                    IND A1+          100      Affirmed
Corporation Ltd
Housing And Urban Development   ST Bk loans            IND A1+          47.0244  Affirmed
Corporation Ltd
(reduced from INR48.975 MLN)
M/S Trans Conduct India         Non-FB limits          IND A4           40
Migrated to non-cooperating category
Ratnesh Infra                   Non-FB Fac             IND A4+          30       Assigned
Relishah Exports                FB post shipment       IND A4+          240      Upgraded
                                demand loan/usance
                                foreign bill purchased/foreign bill purchased
Relishah Exports                FB packing             IND A4+          260      Upgraded
                                credit/packing credit
                                in foreign currency*
* Includes standby limit of INR80 million
Relishah Exports                Non-FB inland BGs      IND A4+          2        Upgraded
Sai Electrocasting Pvt Ltd      Non-FB WC limit        IND A3           150      Affirmed
Shriram Pistons And Rings Ltd   Non-FB WC limit        IND A1+          1350     Affirmed
Shriram Pistons And Rings Ltd   CP* (CP)               IND A1+          100      Affirmed
*Yet to be issued
Vista Pharmaceuticals Ltd       Non-FB WC Fac          IND A4+          30       Upgraded

MEDIUM TERM RATINGS:
-------------------
Bank Of Baroda                  Fixed deposit          IND tAAA         -        Affirmed
Housing And Urban Development   Domestic term deposit  IND tAAA         20       Affirmed
Corporation Ltd
Shriram Pistons And Rings Ltd   Term deposits          IND tAA+         700      Affirmed

LONG TERM RATINGS:
-------------------
Affil Vitrified Pvt Ltd         FB limits              IND BB           180      Downgraded
Anil Buildcon India Pvt Ltd     FB limits              IND BB+          5        Downgraded
Aruna Alloy Steels Pvt Ltd      TL                     IND BBB-         333      Affirmed
(reduced from INR405.0 MLN)
Aruna Alloy Steels Pvt Ltd      FB Fac                 IND BBB-/IND A3  285      Affirmed
Ascent Networks Pvt Ltd         FB WC Fac              IND B+/IND A4    35       Affirmed
Axis Wind Farms Anantapur Pvt   Senior Bk  loan        IND A-           5573     Upgraded
Ltd
(reduced from 5,910 MLN)
Axis Wind Farms Anantapur Pvt   WC facility            IND A-           500      Upgraded
Ltd
Bajaj Housing Finance Ltd       LT Bk loans            IND AAA          50       Assigned
Bank Of Baroda                  Basel III AT1 bonds    IND AA+          65       Affirmed
Bank Of Baroda                  Basel III Tier 2       IND AAA          25       Affirmed
                                instrument
Beil Infrastructure Ltd         BEIL Infrastructure    IND BBB+         309.5    Affirmed
                                Limited
(reduced from INR331.1 MLN)
Blue Dart Express Ltd           NCDs (NCDs)            IND AA           711.8    Affirmed
(reduced from INR1,661)
Dineshchandra Tanot Infra Pvt   TL                     IND A-           5403.5   Assigned
Ltd
Gridco Ltd                      Bond                   IND A-(SO)       1.26     Affirmed
Gridco Ltd                      FB WC limit            IND BBB+         6.25     Affirmed
H D Motors                      LT loan                IND B-           30
Migrated to non-cooperating category; (issuer not cooperating)
H D Motors                      FB Fac                 IND B-/IND A4    50
Migrated to non-cooperating category; (issuer not cooperating)/(issuer not cooperating)
Hamir Real Estate Pvt Ltd       LRD rupee loan facilityIND BBB-(SO)     2,946*   Affirmed
* Includes an INR200 million overdraft facility that can be availed as a sublimit of the LRD
rupee loan facility
Housing And Urban Development   Bonds                  IND AAA          584.9847 Affirmed
Corporation Ltd
(reduced from INR594.1847 MLN)
Housing And Urban Development   GoI Fully Serviced     IND AAA          200      Affirmed
Corporation Ltd                 bonds
Housing And Urban Development   LT Bk loans            IND AAA          112.98257Affirmed
Corporation Ltd
(reduced from INR114.03593 MLN)
Housing And Urban Development   Proposed Bk loans*     Provisional IND  89.99303 Affirmed
Corporation Ltd                                        AAA/Provisional
                                                       IND A1+
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by HUDCO to the satisfaction of Ind-Ra; (increased from
INR86.98907 MLN)
M/S Trans Conduct India         FB limits              IND B/IND A4     65
Migrated to non-cooperating category; (issuer not cooperating)/(issuer not cooperating)
Northern Arc 2019 Mfi Glyph     Series A1 pass-through IND A-(SO)       591.58   Assigned
                                certificates(PTCs)
Northern Arc 2019 Mfi Valtteri  Series A pass-through  IND A+(SO)       599.96   Assigned
                                certificates (PTCs)
Premier Seafoods Exim Pvt Ltd   LT loan*               IND B+           73.88
* Reassigned ‘IND B+’/Stable after being downgraded to ‘IND D’; (reduced  from INR83.85 MLN);
Downgraded and reassigned
Premier Seafoods Exim Pvt Ltd   FB WC limit#           IND B+/IND A4    111.97
#  Reassigned ‘IND B+’/Stable/‘IND A4’ after being downgraded to ‘IND D’; (increased from INR102
MLN); Downgraded and reassigned
Ratnesh Infra                   FB Fac                 IND BB-/IND A4+  30       Assigned
Sai Electrocasting Pvt Ltd      FB WC limit            IND BBB-         500
Rating affirmed; Outlook revised to Negative from Stable
Satin Creditcare Network Ltd    NCDs*                  IND A-           500
*Unutilised; Affirmed; Outlook revised to Positive from Stable
Shahi Exports Pvt Ltd           Non-FB limits          IND AA-/IND A1+  3.5      Assigned
Shree Radha Govind Agro         FB WC Fac              IND B+/IND A4    90       Affirmed
Industries
(increased from INR75.2 MLN)
Shree Radha Govind Agro         TL                     WD               6.4
Industries
Withdrawn (paid in full)
Shriram Pistons And Rings Ltd   FB WC limit            IND AA           750      Affirmed
Subir Diamond Pvt Ltd           FB WC limits           IND B            90       Downgraded
Vista Pharmaceuticals Ltd       TL                     IND BB-          60       Upgraded
Vista Pharmaceuticals Ltd       FB WC Fac              IND BB-/IND A4+  10       Upgraded
-----------------------------------------------------------------------------------------------
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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