June 25, 2019 / 5:15 AM / 3 months ago

India Ratings for Indian debt instruments – Jun 25

    Jun 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
June 24, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
------                          ----------             ------           ------   ---------
Heg Ltd                         CP                     IND A1+          1000     Affirmed
India Factoring And Financial   ST Bk loans            IND A1           6000     Assigned
Solutions Pvt Ltd
L&T Hydrocarbon Engineering Ltd CP*                    IND A1+          12       Assigned
*Yet to be issued
Welcome Footwears               Non-FB WC limits       IND A4+          70
Migrated to non-cooperating category; (Issuer Not Cooperating)

Aegis Gas (Lpg) Pvt Ltd         TL                     IND AA           150
Affirmed and Reassigned
Aegis Gas (Lpg) Pvt Ltd         Non-FB WC Fac          IND AA/IND A1+   240
Affirmed and Reassigned
Aegis Logistics Ltd             TL                     IND AA           767.4    Affirmed
increased form INR143.9 mln
Aegis Logistics Ltd             NCDs (NCDs)            IND AA           167      Affirmed
reduced from INRINR250.0 mln
Aegis Logistics Ltd             FB WC Fac              IND AA           98.2     Affirmed
Aegis Logistics Ltd             Non-FB Fac             IND AA/IND A1+   4969.8   Affirmed
increased from INR4,719.8 mln
Aegis Logistics Ltd             Proposed TL*           Provisional IND  2500     Affirmed
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by AELL to the satisfaction of Ind-Ra.
Heg Ltd                         FB limits              IND AA/IND A1+   12000    Affirmed
increased from INR5,690 mln
Heg Ltd                         Non-FB limits          IND AA/IND A1+   9200     Affirmed
increased from INR2,133 mln
Northern Arc 2019 Sbl           Series A1 pass-through IND A(SO)        200.26   Assigned
Interlaken (An Abs Transaction) certificates (PTCs)
Northern Arc 2019 Sbl           Series A2 PTCs         IND BBB+(SO)     4.6      Assigned
Interlaken (An Abs Transaction)
Pune Municipal Corporation      NCDs (NCDs)*           IND AA+          2000     Affirmed
* The frequency of interest payment is semi-annual (20 June and 20 December each year) and the
NCDs have a bullet repayment structure.
Shri Jagadguru Co-Operative     TL                     IND BB           65
Hospital Society Ltd
Maintained in non-cooperating category; (Issuer Not Cooperating)
Swastik Coal Corporation Pvt LtdFB WC Fac (long-/ST)   IND D            425      Affirmed
Swastik Coal Corporation Pvt LtdNon-FB WC Fac          IND D            3035     Affirmed
Swastik Coal Corporation Pvt LtdProposed Bk Fac        Provisional IND D290      Affirmed
Welcome Footwears               TL                     IND BB+          43
Migrated to non-cooperating category; (Issuer Not Cooperating)
Welcome Footwears               FB WC limits           IND BB+/IND A4+  60
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

$: 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

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
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