March 13, 2019 / 7:29 AM / in a month

India Ratings for Indian debt instruments – Mar 13

    Mar 13 (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
March 12, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Ace Commercial Co. Pvt Ltd      Non-FB WC limits       IND A4+          12       -
(Issuer Not Cooperating); Migrated to non-cooperating category,Note: The ratings were last
reviewed on 14 March 2018. Ind-Ra is unable to provide an update, as the agency does not have
adequate information to review the ratings.
Anindita Steels Ltd             Non-FB limits          IND A4+          33.2     -
(Issuer Not Cooperating); Migrated to non-cooperating category,Note: The ratings were last
reviewed on 9 April 2018. Ind-Ra is unable to provide an update, as the agency does not have
adequate information to review the ratings.
Capfloat Financial Services Pvt CP                     IND A3+          500      Affirmed
Ltd
Ganges Gardens Realtors Pvt Ltd NFBL                   IND A4+          50       -
(Issuer Not Cooperating); Migrated to non-cooperating category,Note: The ratings were last
reviewed on 13 March 2018. Ind-Ra is unable to provide an update, as the agency does not have
adequate information to review the ratings.
Hdpl Infrastructures Ltd        Non-FB WC limit        IND A2           1500     Affirmed
(reduced from INR1,600)
Kashvi Power And Steel Pvt Ltd  Non-FB WC limit        IND A4+          65       Assigned
Oasys Cybernetics Pvt Ltd       Non-FB Fac             IND A3+          729      Affirmed
(reduced from INR1,000)
Oasys Cybernetics Pvt Ltd       Proposed non-FB Fac*   Provisional IND  180      Assigned
                                                       A3+
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by Oasys to the satisfaction of Ind-Ra.
Rkd Construction Pvt Ltd        Non-FB WC limits       IND A2           1925     Affirmed
Rkd Construction Pvt Ltd        Proposed non-FB WC     Provisional IND  1390     Affirmed
                                limits*                A2
(reduced from INR1,450),* The ratings are provisional and shall be confirmed upon the sanction
and execution of loan documents for the above facilities by RKD to the satisfaction of Ind-Ra.

LONG TERM RATINGS:
-------------------
Ace Commercial Co. Pvt Ltd      FB WC limits           IND BB+          90       -
(Issuer Not Cooperating); Migrated to non-cooperating category,Note: The ratings were last
reviewed on 14 March 2018. Ind-Ra is unable to provide an update, as the agency does not have
adequate information to review the ratings.
Ace Commercial Co. Pvt Ltd      TL                     IND BB+          302.6    -
(Issuer Not Cooperating); Migrated to non-cooperating category,Note: The ratings were last
reviewed on 14 March 2018. Ind-Ra is unable to provide an update, as the agency does not have
adequate information to review the ratings.
Aditya Birla Finance Ltd        NCDs^ (public issue)*  IND AAA          50000    Assigned
^The rated limit is interchangeable with unsecured subordinated redeemable NCDs,* limit stands
unutilised
As Hotels And Enterprises Ltd   LT                     IND BBB+         -        Affirmed
(Issuer Not Cooperating)
Aster Pvt Ltd                   FB limits (long-/ST)   IND D            2250     -
(Issuer Not Cooperating) Maintained in non-cooperating category,Note: The ratings were last
reviewed on 2 September 2014. Ind-Ra is unable to provide an update, as the agency does not have
adequate information to review the ratings.
Aster Pvt Ltd                   Non-FB limits (long-   IND D            11039.5  -
                                /ST)
(Issuer Not Cooperating) Maintained in non-cooperating category,Note: The ratings were last
reviewed on 2 September 2014. Ind-Ra is unable to provide an update, as the agency does not have
adequate information to review the ratings.
Bhairavnath Sugar Works Ltd     Long-TL                IND BB           1460     Assigned
Bhairavnath Sugar Works Ltd     FB limits              IND BB           3540     Assigned
Capfloat Financial Services Pvt Bk loans               IND BBB          5000     Affirmed
Ltd
Capfloat Financial Services Pvt (NCDs)*                IND BBB          500      Affirmed
Ltd
Ford Credit India Pvt Ltd       Bk loans*              IND AAA          2500     Assigned
* Yet to be issued
G.G. Exports                    FB WC  Fac             IND BB+ / IND A4+1000     -
(Issuer Not Cooperating); Migrated to non-cooperating category,Note: The ratings were last
reviewed on 20 March 2018. Ind-Ra is unable to provide an update, as the agency does not have
adequate information to review the ratings.
Ganges Gardens Realtors Pvt Ltd FBL                    IND BB-          75       -
(Issuer Not Cooperating); Migrated to non-cooperating category,Note: The ratings were last
reviewed on 13 March 2018. Ind-Ra is unable to provide an update, as the agency does not have
adequate information to review the ratings.
Hdpl Infrastructures Ltd        FB WC limit            IND BBB+ / IND A2220      Affirmed
(reduced from INR250)
Jsw Steel Ltd                   (NCDs)*                IND AA           53510.4  Upgraded
Kashvi Power And Steel Pvt Ltd  FB WC limit            IND BB+          449      Assigned
M P Entertainment And           TL                     IND BBB          800      Assigned
Developers Pvt Ltd
M.M. Detergents Company Pvt Ltd FBL                    IND BB / IND A4+ 450      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Megha Engineering &             Non-FBL*               IND AA- / IND A1+2000     Assigned
Infrastructures Ltd
*The final rating has been assigned following the receipt of the executed financing documents by
Ind-Ra.
Oasys Cybernetics Pvt Ltd       FB WC Fac              IND BBB          891      Affirmed
(reduced from INR1,000)
Pasighat Municipal Council      LT                     IND BBB-         -        -
(Issuer Not Cooperating)
Rkd Construction Pvt Ltd        TL                     IND BBB+         108.84   Affirmed
Outlook revised to Negative from Stable,(reduced from INR142.29)
Rkd Construction Pvt Ltd        FB WC limits           IND BBB+         975      Affirmed
Outlook revised to Negative from Stable
Rkd Construction Pvt Ltd        Proposed FB WC limits* Provisional IND  60       Assigned
                                                       BBB+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by RKD to the satisfaction of Ind-Ra.
Skylark Realtors Pvt. Ltd.      Proposed long-TL*      Provisional IND  800      Assigned
                                                       BBB-
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by SRPL to the satisfaction of Ind-Ra
Vakrangee Foundation            TL                     IND B+           35.5     -
(Issuer Not Cooperating) Maintained in non-cooperating category
-----------------------------------------------------------------------------------------------
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)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below