March 30, 2018 / 6:00 AM / a month ago

India Ratings for Indian debt instruments – Mar 30

    Mar 30 (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 29, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Adhunik Corporation Ltd         Non- FB WC limit       IND A4+          220      Affirmed; off
                                                                                 RWN
Anil Construction Company       Non- FB limits         IND A4+          70       Affirmed
Haryana State Warehousing       Short- TL              IND A1           28500    Affirmed
Corporation
increased from 11,500 mln
Kiran Impex Pvt Ltd             Non- FB WC limit       IND A3           160      Affirmed
reduced from 170 mln
Ncl Alltek & Seccolor Ltd       Non- FB WC limit       IND A3+          80       Affirmed
increased from 50 mln
Tata Projects Ltd               CP (CP)                IND A1+          2000     Affirmed
Tata Projects Ltd               Unsecured CP           IND A1+          6000     Affirmed
increased from 4,000 mln
Wockhardt Ltd                   Non- FB limits         IND A1           3588     Downgraded
reduced from 5,713.0 mln
Wockhardt Ltd                   CP/ST debt programmes* IND A1           2000     Downgraded
*The CP will be carved out of fund based working capital limits.

MEDIUM TERM RATINGS:
-------------------
Ncl Alltek & Seccolor Ltd       Fixed deposit programmeIND tA-          20.4     Affirmed
reduced from 87.2 mln

LONG TERM RATINGS:
-------------------
Adhunik Corporation Ltd         FB WC limits           IND BB           550      Downgraded;
                                                                                 off RWN
Anil Construction Company       FB limits              IND BB           50       Upgraded
increased from 30 mln
Anil Construction Company       Proposed FB limits*    Provisional IND  20       Assigned
                                                       BB
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the abov
Barshi Municipal Council        Issuer rating          WD                        Withdrawn
Beed Municipal Council          Issuer rating          WD                        Withdrawn
Dhule Municipal Corporation     Issuer rating          WD                        Withdrawn
Haryana State Warehousing       FB WC facility         IND A            500      Affirmed
Corporation
reduced from 17,500 mln
Haryana State Warehousing       TL                     IND A+(SO)       793.6    Affirmed
Corporation
reduced from 940.3 mln
Heidelbergcement India Ltd      Bonds                  IND AA+          3700     Affirmed
India Standard Loan Trust –     Series A pass- through IND A(SO)        207.5    Affirmed
Xxiii                           certificates (PTCs)
India Standard Loan Trust –     Liquidity facility (LF)IND AAA(SO)      8.1      Affirmed
Xxiii
India Standard Loan Trust –     Second loss credit     IND BBB(SO)      30.9     Affirmed
Xxiii                           facility (SLCF)
Indotech Transformers Ltd       Non- FB WC limits      WD               470      Withdrawn
Indusind Bank Ltd               AT1 perpetual debt     IND AA           20       Affirmed
Indusind Bank Ltd               Senior unsecured       IND AA+          20       Affirmed
                                redeemable bonds 
Indusind Bank Ltd               Subordinated upper     WD               3.08     Withdrawn
                                tier 2 bonds                                     (paid in full)
Ivr Hotels And Resorts Ltd      TL (LT)                IND D            450
Affirmed and migrated to non-cooperating category
Ivrcl Ltd                       Consortium FB limits   IND D            16800
                                (LT)
Affirmed and migrated to non-cooperating category
Ivrcl Ltd                       Long- TL (LT)          IND D            19460
Affirmed and migrated to non-cooperating category
Ivrcl Ltd                       NCDs* (LT)             IND D            2000
Affirmed and migrated to non-cooperating category
Ivrcl Ltd                       Consortium NFBL(LT/ST) IND D            48500
Affirmed and migrated to non-cooperating category
Kiran Impex Pvt Ltd             FB WC limit            IND BBB-/ IND A3 90       Affirmed
increased from 70 mln
L&T Metro Rail (Hyderabad) Ltd  Unsecured NCDs (NCDs)  IND AAA(SO)      2500     Affirmed
L&T Metro Rail (Hyderabad) Ltd  Unsecured NCDs         IND AAA(SO)      2500     Affirmed
L&T Metro Rail (Hyderabad) Ltd  Unsecured NCDs         IND AAA(SO)      2500     Affirmed
L&T Metro Rail (Hyderabad) Ltd  Bk loans               IND BBB+         1,14,780
Rating affirmed; Outlook revised to Stable from Negative
L&T Metro Rail (Hyderabad) Ltd  BG                     IND BBB+         3600
Rating affirmed; Outlook revised to Stable from Negative
L&T Metro Rail (Hyderabad) Ltd  Derivative facility    IND BBB+         6200
Rating affirmed; Outlook revised to Stable from Negative
Mfl Securitisation Trust Xlviii Series A1 pass-        IND AA(SO)       1838.3   Affirmed
                                through certificates
                                (PTCs)
Mfl Securitisation Trust Xlviii Series A2 PTCs         IND AA(SO)       76.6     Affirmed
Mfl Securitisation Trust Xlviii Liquidity facility (LF)IND AAA(SO)      52.2     Affirmed
Mfl Securitisation Trust Xlviii Second loss credit     IND BBB(SO)      253.5    Affirmed
                                facility (SLCF)
National Highways Authority Of  FY19 borrowing         IND AAA          620      Assigned
India                           programme (including
                                54EC bonds for FY19)
National Highways Authority Of  FY18 borrowing         IND AAA          590      Affirmed
India                           programme (including
                                54EC bonds for FY18)
National Highways Authority Of  FY17 borrowing         IND AAA          331.18   Affirmed
India                           programme
National Highways Authority Of  Tax- free bonds (FY12  IND AAA          290      Affirmed
India                           and FY16)
National Highways Authority Of  54 EC bonds (FY16)     IND AAA          42.81    Affirmed
India
National Highways Authority Of  54 EC bonds (FY15)     IND AAA          6.48     Affirmed
India
reduced from 33.43
Ncl Alltek & Seccolor Ltd       Long- TL               IND BBB          260.8    Assigned
Ncl Alltek & Seccolor Ltd       FB WC limit            IND BBB/ IND A3+ 330      Affirmed
increased from 280 mln
Ncl Alltek & Seccolor Ltd       Long- TL               WD               230
Withdrawn (paid in full)
Ncl Alltek & Seccolor Ltd       Proposed FB WC limit   WD               70
Withdrawn (company did not proceed with the instrument as envisaged)
Ncl Alltek & Seccolor Ltd       Proposed long- TL      WD               100
Withdrawn (company did not proceed with the instrument as envisaged)
Pes Engineers Pvt Ltd           TL*                    IND A-           14.5     Assigned
*The assignment of the final rating follows the receipt of sanction letters conforming to the
information already received by Ind-Ra.; reduced from 15 million 
Pes Engineers Pvt Ltd           Non- FBL               IND A-/ IND A1   2780     Assigned
Sansar Trust Jan 2016           Second loss credit     IND A-(SO)       269.9    Affirmed
                                facility SLCF
Sansar Trust Jan 2016           Series A pass- through IND AAA(SO)      741.37   Affirmed
                                certificates (PTCs)
Sansar Trust March 2017 Iii (An Series A pass- through IND AAA(SO)      1743.9   Affirmed
Abs Transaction)                certificates (PTCs)
Sansar Trust March 2017 Iii (An Second loss credit     IND BBB(SO)      187.3    Affirmed
Abs Transaction)                facility (SLCF)
Sansar Trust March 2017 Viii    Series A pass- through IND AA+(SO)      206.37   Affirmed
                                certificates (PTCs)
Sansar Trust March 2017 Viii    Second loss credit     IND BBB(SO)      23.2     Affirmed
                                facility (SLCF)
Sree Vidyanikethan Educational  Bk loans               IND BBB-         300      Assigned
Trust
Sree Vidyanikethan Educational  FB WC limits           IND BBB-         100      Assigned
Trust
Sundaram Finance Ltd            Lower Tier 2 bonds     IND AA+          1500     Affirmed
                                programme
Sundaram Finance Ltd            LT Bk loans*           WD               10000    Withdrawn
*The rating has been withdrawn on receipt of no objection certificates from the bankers. This is
consistent with the Securities and Exchange Board of India’s circular dated 31 March 2017 for
credit rating agencies 
Sundaram Finance Ltd            ST Bk loans*           WD               6000     Withdrawn
*The rating has been withdrawn on receipt of no objection certificates from the bankers. This is
consistent with the Securities and Exchange Board of India’s circular dated 31 March 2017 for
credit rating agencies 
Tata Projects Ltd               FB WC limits           IND AA           8000     Upgraded
increased from 6,000 mln
Tata Projects Ltd               Non- FB limits         IND AA/ IND A1+  106860
Long-term rating upgraded; Short-term rating affirmed; increased from 100,460 mln
Tata Projects Ltd               Short- TL              IND AA/ IND A1+  300
Long-term rating upgraded; Short-term rating affirmed
Tata Projects Ltd               Bill discounting limitsIND AA/ IND A1+  300
Long-term rating upgraded; Short-term rating affirmed
Tata Projects Ltd               Project- specific non- IND AA/ IND A1+  14012.5
                                FB WC limits
Long-term rating assigned; Short-term ratings affirmed
Wockhardt Ltd                   FB limits              IND A            4000     Downgraded
increased from 3,250 mln
Wockhardt Ltd                   TL                     IND A            USD380   Downgraded
reduced from USD400 mln
Wockhardt Ltd                   TL                     IND A            2725     Downgraded
reduced from 5,000 mln
Wockhardt Ltd                   FB/ non- FB            IND A/ IND A1    1663     Downgraded
                                interchangeable limits
reduced from 4,662.5 mln
Wockhardt Ltd                   Proposed WC Fac        Provisional IND  5087.5   Assigned
                                                       A/ Provisional
                                                       IND A1
Yavatmal Municipal Council      Issuer rating          WD                        Withdrawn

-----------------------------------------------------------------------------------------------
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