June 11, 2019 / 7:24 AM / 4 months ago

India Ratings for Indian debt instruments – Jun 11

    Jun 11 (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
June 10, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------         ------     ---------
SHORT TERM RATINGS:
-------------------
Agarwalla Teak International    Non-FB WC limits       IND A4           570      Migrated to
Pvt Ltd                                                                          non
                                                                                 cooperating 
                                                                                 category
Baidyanath Renewables Pvt Ltd   Non-FB WC  Fac         IND A2/RWE       346.6    Placed on RWE
Canara Bank                     CDs                    IND A1+          300000   Assigned
Groma Infrastructure Ltd        Non-FB WC limits       IND A3+          380      Affirmed
Groma Infrastructure Ltd        Non-FB WC limits*      IND A3+          180      Assigned
(reduced from INR380). 
*The assignment of the final rating follows the receipt of the final documents 
conforming to the information already received by Ind-Ra.
Kashvi International Pvt Ltd    Non-FB WC limit        IND A4+          30       Assigned
Mahindra Susten Pvt Ltd         CP*                    IND A1+          3000     Assigned
*Yet to be issued; will be carved out of MSPL’s working capital facilities
Paracoat Products Ltd           Non-FB WC limits       IND A3+          145      Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category
R V Plastic Ltd                 Non-FB BG              IND A4+          70       Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category
Sarthi Construction’S (Sarthi)  Non-FB limits          IND A3           227.8    Affirmed
Vaibhavraj Enterprises          Proposed non-FB WC Fac Provisional IND  150      Migrated to
                                                       A4+                       non
                                                                                 cooperating
                                                                                 category
(ISSUER NOT COOPERATING)


LONG TERM RATINGS:
-------------------
Agarwalla Teak International    FB WC limits           IND B+/IND A4    40       Migrated to
Pvt Ltd                                                                          non
                                                                                 cooperating
                                                                                 category
Asian Institute Of              TL                     IND A            2000     Affirmed
Gastroenterology Pvt Ltd
Asian Institute Of              TL                     IND A            1000     Assigned
Gastroenterology Pvt Ltd
Asian Institute Of              FB Limits              IND A            200      Assigned
Gastroenterology Pvt Ltd
Baidyanath Renewables Pvt Ltd   TL                     IND BBB/RWE      53.1     Placed on RWE
Grainspan Nutrients Pvt Ltd     TL*                    -                561.6    Affirmed and
                                                                                 withdrawn
*Affirmed at ‘IND BBB-’/Stable before being withdrawn
Grainspan Nutrients Pvt Ltd     FB limits^             -                650      Affirmed and
                                                                                 withdrawn
^ Affirmed at ‘IND BBB-’/Stable/‘IND A3’ before being withdrawn
Grainspan Nutrients Pvt Ltd     Non-FBL#               -                53       Affirmed and
                                                                                 withdrawn
#Affirmed at ‘IND A3’ before being withdrawn
Groma Infrastructure Ltd        FB WC limits           IND BBB          120      Affirmed
Groma Infrastructure Ltd        FB WC limits*          IND BBB          70       Assigned
(reduced from INR120 million). 
*The assignment of the final rating follows the receipt of the final documents 
conforming to the information already received by Ind-Ra.
Hpcl Biofuels Ltd               TL                     IND AA-          2722.6   Affirmed
Hpcl Biofuels Ltd               FB limits              IND AA-/IND A1+  1250     Affirmed
J.J. House Pvt Ltd              FB WC limits           IND BBB          150      Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category
 (ISSUER NOT COOPERATING)
Jamalpur Municipal Council      LT Issuer Rating       IND BB-          -        Withdrawn
Jm Financial Credit Solutions   NCDs                   IND AA           15000    Assigned
Ltd
Kashvi International Pvt Ltd    TL                     IND BB+          150      Assigned
Kashvi International Pvt Ltd    FB WC limit            IND BB+          150      Assigned
Mahindra Susten Pvt Ltd         FB limits              IND A+/IND A1+   150      Assigned
Mahindra Susten Pvt Ltd         Non-FB limits          IND A+/IND A1+   40100    Upgraded
Mahindra Susten Pvt Ltd         Proposed non-FB limits#Provisional IND  6750     Upgraded
                                                       A+/Provisional
                                                       IND A1+
#The rating is provisional and shall be confirmed upon the sanction and execution
 of loan documents for the above facilities by MSPL to the satisfaction of Ind-Ra
Munger Municipal Corporation    LT Issuer Rating       IND BB-          -        Withdrawn
National Bank For Agriculture   Bonds                  IND AAA          100000   Assigned
And Rural Development
Paracoat Products Ltd           FB WC limit            IND BBB/ IND A3+ 130      Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category
Pommys Garments (I) Ltd         TL                     IND BB+          248      Affirmed
(increased from INR244.2)
Pommys Garments (I) Ltd         FB Fac                 IND BB+/IND A4+  490      Affirmed
Pommys Garments (I) Ltd         FB Fac*                IND BB+/IND A4+  105      Assigned
(reduced from INR120.75). 
*The final rating has been assigned following the receipt of sanction letter by Ind-Ra.
Preethi Hospitals Pvt Ltd       TL                     IND BB-          479      Assigned
Preethi Hospitals Pvt Ltd       FB facility            IND BB-/IND A4+  30       Assigned
R V Plastic Ltd                 FB limit               IND BB-/IND A4+  150      Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category
Ramkrishna Cotspin Pvt Ltd      Long-TL                -                610      Affirmed &
                                                                                 withdrawn
Ramkrishna Cotspin Pvt Ltd      FB Fac                 -                75       Affirmed &
                                                                                 withdrawn
Sarthi Construction’S (Sarthi)  FB limits              IND BBB-         15       Affirmed
Siwan Municipal Council         LT Issuer Rating       IND BB-          -        Withdrawn
Vaibhavraj Enterprises          FB WC  Fac             IND BB-/IND A4+  74       Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category
 (ISSUER NOT COOPERATING)
Vaibhavraj Enterprises          Proposed FB WC  Fac    Provisional IND  26       Migrated to
                                                       BB-/Provisional           non
                                                                                 cooperating
                                                                                 category
 (ISSUER NOT COOPERATING)
Vinit Fabrics Pvt Ltd           FB Limits              IND BB           37.5     Affirmed
Vinit Fabrics Pvt Ltd           TL                     IND BB           4.8      Affirmed
Vinit Fabrics Pvt Ltd           Proposed TL*           Provisional IND  99       Assigned
                                                       BB
* The ratings are provisional and shall be confirmed upon the sanction and execution 
of the loan documents for the above facility by VIPL to the satisfaction of Ind-Ra.
-----------------------------------------------------------------------------------------------
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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