May 6, 2019 / 7:09 AM / 2 months ago

India Ratings for Indian debt instruments – May 6

    May 6 (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
May 3, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Asia (Chennai) Engineering      Non-FB WC limit        IND A3+          250      -
Company Pvt Ltd’S
Migrated to non-cooperating category; (Issuer Not Cooperating)
Calstar Sponge Ltd              Non-FB limits          IND A3           170      -
Migrated to non-cooperating category; (Issuer Not Cooperating),The ratings were last reviewed on
2 May 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate
information to review the ratings.
Mm Castings Pvt Ltd             NFB WC limits          IND A3+          80       -
Migrated to non-cooperating category; (Issuer Not Cooperating),The ratings were last reviewed on
28 May 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate
information to review the ratings.
Ngrt Systems Pvt Ltd            Non-FB Fac             IND A4+          10       Assigned
Prakash Parcel Services Ltd     Non-FB WC facility     IND A3           30       Affirmed

LONG TERM RATINGS:
-------------------
A.P. Greig Foundation Trust     Bk loans               IND BBB+         139.68   -
Ad Hydro Power Ltd              TL                     IND A            3890     Upgraded
(reduced from INR5,197)
Ad Hydro Power Ltd              Non-FB WC              IND A / IND A1   75       Upgraded
Ad Hydro Power Ltd              NCDs (NCDs)*           WD               1244.3   Withdrawn
Ajl Edu-Solutions Llp           Bk loans*              WD               234.52   -
Migrated to non-cooperating category; (Issuer Not Cooperating),The rating was last reviewed on 7
May 2018. Ind-Ra is unable to provide an update as the agency does not have adequate information
to review the rating.* Migrated to ‘IND BBB+ before withdrawn.
Bombay Education Trust          Proposed Bk loans*     WD               500      -
Migrated to non-cooperating category; (Issuer Not Cooperating),The rating was last reviewed on 7
May 2018. Ind-Ra is unable to provide an update as the agency does not have adequate information
to review the rating.,*Migrated to ‘Provisional IND BBB+
Calstar Sponge Ltd              FB limits              IND BBB-         80       -
Migrated to non-cooperating category; (Issuer Not Cooperating),The ratings were last reviewed on
2 May 2018. Ind
Capacite Infraprojects Ltd      FB WC limits#          IND A / IND A1   250      Assigned
#The assignment of the final rating follows the receipt of the final documents conforming to the
information already received by Ind-Ra.
Capacite Infraprojects Ltd      Non-FB WC limits#      IND A / IND A1   2370     Assigned
#The assignment of the final rating follows the receipt of the final documents conforming to the
information already received by Ind-Ra.
Capacite Infraprojects Ltd      Proposed TL*           Provisional IND A172      Assigned
*The final rating will be assigned following the final issuance and the receipt of final
documentation, conforming to the information already received by Ind-Ra
Chhattisgarh State Power        TL                     IND A            1.0072   Assigned
Transmission Co. Ltd
Fincare Small Finance Bank Ltd’SBk loans               WD               3000     Withdrawn
Fincare Small Finance Bank Ltd’STL                     WD               4500     Withdrawn
Ganpati Agri Business Pvt Ltd   FB WC limits           IND BB+          170      Upgraded
(increased from INR120)
Ganpati Agri Business Pvt Ltd   TL                     IND BB+          37.82    Upgraded
General Computer Services       Bk loans               IND BBB+         253.99   -
International
Migrated to non-cooperating category; (Issuer Not Cooperating)
General Computer Services       FB WC Fac              IND BBB+         32.4     -
International
Migrated to non-cooperating category; (Issuer Not Cooperating)
Jnd Edu-Reality Pvt Ltd’S       Bk loans*              WD               442.04   -
Migrated to non-cooperating category; (Issuer Not Cooperating)
M/S Suresh Kumar And Brothers   FB WC limit (long-and  IND D            130      Downgraded
                                ST)
Issuer did not cooperate; based on the best available information.
M/S Suresh Kumar And Brothers   TL (LT)                IND D            13.4     Downgraded
Issuer did not cooperate; based on the best available information.
M/S Suresh Kumar And Brothers   Proposed FB            IND D            56.6     Downgraded
                                limit(long-and ST)
Issuer did not cooperate; based on the best available information.
Maharashtra Samaj Ghatkopar     Bk loans*              WD               331.23   -
Migrated to non-cooperating category; (Issuer Not Cooperating),The rating was last reviewed on 7
May 2018. Ind-Ra is unable to provide an update as the agency does not have adequate information
to review the rating.
Malana Power Co. Ltd            TL                     IND A            1509.6   Affirmed
(reduced from INR1,853)
Mfl Securitisation Trust Lxxv   Series A1 pass-through IND A(SO)        493.8    Assigned
(An Abs Transaction)            certificates (PTCs)
Mfl Securitisation Trust Lxxv   Series A2 PTCs         IND BBB-(SO)     37.2     Assigned
(An Abs Transaction)
Mm Castings Pvt Ltd             TL                     IND BBB          30       -
Migrated to non-cooperating category; (Issuer Not Cooperating),The ratings were last reviewed on
28 May 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate
information to review the ratings.
Mm Castings Pvt Ltd             FB WC  limits          IND BBB / IND A3+270      -
Migrated to non-cooperating category; (Issuer Not Cooperating),The ratings were last reviewed on
28 May 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate
information to review the ratings.
National Education Society      Bk loans               IND BBB+         571.47   -
Migrated to non-cooperating category; (Issuer Not Cooperating),The rating was last reviewed on 7
May 2018. Ind-Ra is unable to provide an update as the agency does not have adequate information
to review the rating.
Neelkanth Steel And Alloys      FB WC  limits          IND BB-/IND A4+  225      -
Migrated to non-cooperating category; (Issuer Not Cooperating),The ratings were last reviewed on
3 May 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate
information to review the ratings.
Ngrt Systems Pvt Ltd            FB Fac                 IND BB+ / IND A4+100      Assigned
Prakash Parcel Services Ltd     TL                     IND BBB-         4.5      Affirmed
(reduced from INR9.8)
Prakash Parcel Services Ltd     FB WC facility         IND BBB- / IND A3290      Affirmed
Primus Trust’S Bank Loans       Bk loans*              WD               850      -
Migrated to non-cooperating category; (Issuer Not Cooperating),The rating was last reviewed on 7
May 2018. Ind-Ra is unable to provide an update as the agency does not have adequate information
to review the rating.* Migrated to ‘IND BBB+ before withdrawn
Rajyalakshmi Healthcare Pvt     TL                     IND BB+          500      -
Ltd’S
Migrated to non-cooperating category; (Issuer Not Cooperating),The ratings were last reviewed on
9 May 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate
information to review the ratings.
Saa Edu-Infra Services Llp      Bk loans*              WD               350      -
Migrated to non-cooperating category; (Issuer Not Cooperating),The rating was last reviewed on 8
May 2018. Ind-R
Sml Edu-Infra Pvt Ltd           Bk loans*              WD               589.21   -
Migrated to non-cooperating category; (Issuer Not Cooperating),The rating was last reviewed on 7
May 2018. Ind-Ra is unable to provide an update as the agency does not have adequate information
to review the rating.* Migrated to ‘IND BBB+ before withdrawn
Sml Properties Pvt Ltd          Bk loans               IND BBB+         103.13   -
Issuer did not cooperate; based on the best available information.The rating was last reviewed
on 7 May 2018. Ind-Ra is unable to provide an update as the agency does not have adequate
information to review the rating.
Super Value Properties Pvt Ltd  Bk loans*              WD               325.69   -
Migrated to non-cooperating category; (Issuer Not Cooperating),The rating was last reviewed on 7
May 2018. Ind-Ra is unable to provide an update as the agency does not have adequate information
to review the rating.,*Migrated to ‘IND BBB+before being withdrawn
The Dhamra Port Co. Ltd’S       Bk loan                IND AA           5000     Affirmed
(INR3,997.0 outstanding as of 31 March 2019)
Universal Edu Infra Services    FB WC Fac *            WD               70       -
Pvt Ltd’S
Migrated to non-cooperating category; (Issuer Not Cooperating)
Vanta Bioscience Ltd            TL                     IND BB-          131.8    Upgraded
(reduced from INR140)
Vanta Bioscience Ltd            FB WC limits           IND BB-          20       Upgraded
Vanta Bioscience Ltd            Proposed FB Fac*       IND BB-          90       Upgraded
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by VBL to the satisfaction of Ind-Ra.
Vidya Vikas Education Trust     Bk loans*              WD               397.05   -
Migrated to non-cooperating category; (Issuer Not Cooperating),The rating was last reviewed on 7
May 2018. Ind-Ra is unable to provide an update as the agency does not have adequate information
to review the rating.
-----------------------------------------------------------------------------------------------
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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