March 15, 2018 / 3:42 AM / 9 months ago

India Ratings for Indian debt instruments – Mar 15

    Mar 15 (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 14, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Ace Commercial Co. Pvt Ltd      Non- fund- based WC    IND A4+          12       Affirmed
                                limit
Au Small Finance Bank Ltd       CDs                    IND A1+          10       Assigned
Dhara Petrochemicals Pvt Ltd    Non- fund- based WC    IND A4           65       Migrated to
                                limits                                           Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Elljay Textiles Pvt Ltd         Non- fund- based WC    IND A4           40       Assigned
                                limit
Hra Sales Pvt Ltd               Proposed non- fund-    Provisional IND  25       Migrated to
                                based WC limits        A4                        Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Malnady Tea Estate Pvt Ltd      Non- fund- based WC    IND A4+          90       Affirmed
                                limits
reduced from 100 mln
Manik Commercial Pvt. Ltd       Non- fund- based limitsIND A4           2.46     Assigned
Mehsana District Co-Operative   CP*                    IND A1+          3500     Assigned
Milk Producers’ Union Ltd
*Will be carved out of working capital facility; yet to be issued
Nomura Capital (I) Pvt Ltd      Short- term debt (CP)* IND A1+          5000     Affirmed
*Yet to be issued
Nomura Fixed Income Securities  Short- term debt (CP   IND A1+          5000     Affirmed
Pvt Ltd                         (CP)) *
*Yet to be issued
Nuvoco Vistas Corporation Ltd   Overdraft facility*    IND A1+          250      Assigned
* Interchangeable with non-fund based limits
Nuvoco Vistas Corporation Ltd   Overdraft facility     IND A1+          350      Assigned
Nuvoco Vistas Corporation Ltd   Non- fund- based limitsIND A1+          2110.5   Affirmed
Oasys Cybernetics Pvt Ltd       Non- fund- based Fac   IND A3+          815      Affirmed
Ptc Industries Ltd              Non- fund- based limit IND A2           100      Rating affirmed
increased from 60 mln
Saatveeka Trading Company       Non- fund- based limitsIND A4+          20       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Star Builders And Developers    Non- fund- based WC    IND A3           830      Migrated to
                                limit                                            Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Star Builders And Developers    Proposed non- fund-    Provisional IND  720      Migrated to
                                based WC limit         A3                        Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
T C Communication Pvt Ltd       Non- fund- based limit IND A4           30       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)

LONG TERM RATINGS:
-------------------
Ace Commercial Co. Pvt Ltd      Fund- based WC limit   IND BB+          90       Affirmed
Ace Commercial Co. Pvt Ltd      TL                     IND BB+          302.6    Affirmed
reduced from 350 mln
Capital Cables India Pvt Ltd    Fund- based WC limits  IND BB-/ IND A4+ 100      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Century 21 Town Planners Pvt LtdTL                     WD               1950     Withdrawn
Dhara Petrochemicals Pvt Ltd    Fund- based WC limits  IND B+/ IND A4   50       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
E.S. Knit Wear (Eskw)           Long- TL (Long- term)  IND D            7.83     Assigned
E.S. Knit Wear (Eskw)           Fund- based facility   IND D            41.5     Assigned
                                (Long- term)
E.S. Knit Wear (Eskw)           Non- fund- based       IND D            1.5      Assigned
                                facility (Short- term)
Elljay Textiles Pvt Ltd         TL                     IND B+           14.83    Assigned
Elljay Textiles Pvt Ltd         Fund- based WC limit   IND B+/ IND A4   70       Assigned
Gayatri Agro Oil & Food ProductsTL                     IND BB           75.09    Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Gayatri Agro Oil & Food ProductsFund- based- WC limits IND BB           70       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Hra Sales Pvt Ltd               Fund- based WC limits  IND B-/ IND A4   20       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Hra Sales Pvt Ltd               Proposed fund- based   Provisional IND  30       Migrated to
                                WC limits              B-/ Provisional           Non-
                                                       IND A4                    Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
India Grid Trust                Bk loan                IND AAA          10000    Assigned
Malnady Tea Estate Pvt Ltd      TL                     IND BB+          1.65     Affirmed
reduced from 2.51 mln
Malnady Tea Estate Pvt Ltd      Fund- based WC limits  IND BB+          15       Affirmed
increased from 5 mln
Manik Commercial Pvt. Ltd       Fund- based limits     IND B            30       Assigned
Manik Commercial Pvt. Ltd       TL                     IND B            49       Assigned
Mehsana District Co-Operative   Bk loan                IND AA+          3180.5   Assigned
Milk Producers’ Union Ltd
Mehsana District Co-Operative   Fund- based WC limit   IND AA+          15700    Assigned
Milk Producers’ Union Ltd
Mehsana District Co-Operative   Proposed Bk loan       Provisional IND  869.5    Assigned
Milk Producers’ Union Ltd                              AA+
Nizamabad Municipal Corporation Issuer rating          IND BBB-                  Withdrawn
Nomura Capital (I) Pvt Ltd      Principal protected    IND PP- MLDAAA   3500     Affirmed
                                equity- linked         emr
                                debentures*
*Yet to be issued
Nomura Capital (I) Pvt Ltd      Principal protected    WD               30.5     Withdrawn
                                equity- linked notes                             (repaid in
                                                                                 full)
Nomura Capital (I) Pvt Ltd      Principal protected    WD               60.5     Withdrawn
                                equity- linked notes                             (repaid in
                                                                                 full)
Nuvoco Vistas Corporation Ltd   Fund- based limits     IND AA           1325     Downgraded;
                                                                                 off RWE
reduced from 1,925 mln
Nuvoco Vistas Corporation Ltd   TL                     WD               3000     Withdrawn
                                                                                 (paid in full)
Oasys Cybernetics Pvt Ltd       Fund- based WC Fac     IND BBB          920      Affirmed
Oasys Cybernetics Pvt Ltd       TL                     WD               107      Withdrawn
                                                                                 (fully repaid)
Precise Seamless Apparels Pvt   Fund- based WC limits  WD               150      Withdrawn
Ltd
Precise Seamless Apparels Pvt   Non- fund- based WC    WD               80       Withdrawn
Ltd                             limits
Precise Seamless Apparels Pvt   TL                     WD               170.19   Withdrawn
Ltd
Price & Buckland (I) Pvt Ltd    TL                     IND B+           15       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Price & Buckland (I) Pvt Ltd    Fund- based WC limits  IND B+/ IND A4   48       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Price & Buckland (I) Pvt Ltd    Proposed fund- based   Provisional IND  7        Migrated to
                                WC limits              B+/ Provisional           Non-
                                                       IND A4                    Cooperating
Category
(ISSUER NOT COOPERATING)
Ptc Industries Ltd              TL                     IND BBB+         849.9    Rating
                                                                                 affirmed;
                                                                                 Outlook revised
increased from 709.9 mln
Ptc Industries Ltd              Fund- based limit      IND BBB+/ IND A2 570      Rating
                                                                                 affirmed;
                                                                                 Outlook revised
increased from 470 mln
Ramagundam Municipal CorporationIssuer rating          IND BBB-                  Withdrawn
Rapid Punching Solutions Pvt LtdFund- based WC limits  WD               30       Withdrawn
Rapid Punching Solutions Pvt LtdProposed fund- based   WD               2.9      Withdrawn
                                WC limits
Rapid Punching Solutions Pvt LtdTL                     WD               32.1     Withdrawn
Saatveeka Trading Company       Fund- based limits     IND BB           100      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Sethu Educational Trust         TL                     IND BB           270.06   Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Shahi Exports Pvt Ltd           TL                     IND AA-          10960    Rating
                                                                                 affirmed;
                                                                                 Outlook revised
increased from 3,450 mln
Shahi Exports Pvt Ltd           Fund- based WC limits  IND AA-/ IND A1+ 6000     Rating
                                                                                 affirmed;
                                                                                 Outlook revised
increased from 4,500 mln
Shiv Shakti Industries Pvt Ltd  Fund- based WC limits  IND BB+          101.7    Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Shiv Shakti Industries Pvt Ltd  Long- TL               IND BB+          15.5     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Sree Aksya Trading Company      Fund- based WC limits  IND B+/ IND A4   49       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Sree Krishna Automotives        Fund- based WC limits  IND BB-/ IND A4+ 850      Migrated to
Hyderabad Pvt Ltd                                                                Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Sri Vasavi Educational Society  TL                     IND BB           32.09    Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Sri Vasavi Educational Society  Fund- based WC         IND BB           25       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Star Builders And Developers    Fund- based WC limit   IND BBB-         80       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Star Builders And Developers    Proposed fund- based   Provisional IND  120      Migrated to
                                WC limit               BBB-                      Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
T C Communication Pvt Ltd       Fund- based limit      IND B+/ IND A4   120      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
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