November 11, 2019 / 8:50 AM / a month ago

India Ratings for Indian debt instruments – Nov 11

   Nov 11 (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
November 8, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Moonhouse Projects Ltd          Non-FB limit           IND A4+          80       Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category
(ISSUER NOT COOPERATING) The ratings were last reviewed on 6 November 2018. 
Ind-Ra is unable to provide an update, as the agency does not have adequate 
information to review the ratings.
Moonhouse Projects Ltd          Proposed non-FB limits Provisional IND  70       Migrated to
                                                        A4+                      non
                                                                                 cooperating
                                                                                 category
 (ISSUER NOT COOPERATING) The ratings were last reviewed on 6 November 2018. 
Ind-Ra is unable to provide an update, as the agency does not have adequate 
information to review the ratings.
Shriram Transport Finance Co.   ST debt/CP (CP)        IND A1+          75000    Affirmed
Ltd                             programme
Stove Kraft Ltd                 Non-FB WC limits#      IND A3           350      Affirmed
#Fungible with fund-based limits
T V Sundram Iyengar & Sons Pvt  CP*                    IND A1+          6600     Affirmed
Ltd
*CP limits are not carved out of fund-based working capital limits
Trimurti Fabricators Pvt Ltd    Non-FB Fac             IND A4+          75       Affirmed
 (reduced from INR 80)


LONG TERM RATINGS:
-------------------
Adani Cma Mundra Terminal Pvt   Foreign currency loan  IND A+/Stable    -        Affirmed
Ltd
Adani Cma Mundra Terminal Pvt   TL                     IND A+/Stable    2540     Affirmed
Ltd
Adani Cma Mundra Terminal Pvt   TL                     IND A+/Stable    2460     Assigned
Ltd
Adani Cma Mundra Terminal Pvt   TL                     IND A+/Stable    2000     Assigned
Ltd
Ballyfabs International Ltd     FB WC limit            IND              50       Assigned
                                                       BBB-/Stable/IND
                                                       A3
Imperial Auto Industries Ltd    CP*                    Commercial Paper*500      Assigned
*Carved out of fund-based working capital limits 
Imperial Auto Industries Ltd    FB WC limits           Fund-based       1920     Affirmed
                                                       working capital
                                                       limits
Imperial Auto Industries Ltd    Non-FB WC limits       Non-fund-based   85       Affirmed
                                                       working capital
                                                       limits
Imperial Auto Industries Ltd    Proposed TL            Proposed term    250      Assigned
                                                       loans
Imperial Auto Industries Ltd    TL                     Term loan        904.4    Affirmed
Meenakshi Energy Ltd            Senior Bk loan phase I IND D            10570    Affirmed
                                (LT)
(ISSUER NOT COOPERATING)Issuer did not cooperate; based on the best available information.
Meenakshi Energy Ltd            Senior Bk loan phase   IND D            23311.7  Affirmed
                                II (LT)
(ISSUER NOT COOPERATING)Issuer did not cooperate; based on the best available information.
Meenakshi Energy Ltd            Additional TL (LT)     IND D            11310    Affirmed
(ISSUER NOT COOPERATING)Issuer did not cooperate; based on the best available information.
Moonhouse Projects Ltd          FB limit               IND BB+          35       Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category
 (ISSUER NOT COOPERATING) The ratings were last reviewed on 6 November 2018. 
Ind-Ra is unable to provide an update, as the agency does not have adequate 
information to review the ratings.
Moonhouse Projects Ltd          Proposed FB limit      Provisional IND  15       Migrated to
                                                       BB+                       non
                                                                                 cooperating
                                                                                 category
 (ISSUER NOT COOPERATING) The ratings were last reviewed on 6 November 2018. 
Ind-Ra is unable to provide an update, as the agency does not have adequate 
information to review the ratings.
NHPC  Ltd                        TL programme (Bk Fac)  IND AAA/Stable   20000    Affirmed
NHPC  Ltd                        Bonds                  IND AAA/Stable   131750   Affirmed
NHPC  Ltd                        Government of India    IND AAA/Stable   20170    Affirmed
                                (GoI) fully serviced
                                bonds
NHPC  Ltd                        WC programme*         IND              25000    Affirmed
                                                       AAA/Stable/IND
                                                       A1+
* Includes cash credit/bill discounting/working capital demand loan/short-term 
loan/bank guarantee/ letter of credit 
Ongc Mangalore Petrochemicals   Foreign currency TL    IND AAA/Stable   -        Assigned
Ltd
P. Perichi Gounder Memorial     Bk loans (LT)          IND D            66.42    Assigned
Charitable Trust’S
P. Perichi Gounder Memorial     FB WC facility (LT)    IND D            65       Assigned
Charitable Trust’S
Pegasus Asset Reconstruction    Bk loans               IND A-/Stable    500      Assigned
Pvt Ltd
Shriram Transport Finance Co.   NCDs (NCDs)            IND AA+/Stable   345000   Affirmed
Ltd
Shriram Transport Finance Co.   Subordinated debt      IND AA+/Stable   66200    Affirmed
Ltd
Shriram Transport Finance Co.   Bk loans               IND              130000   Affirmed
Ltd                                                    AA+/Stable/IND
                                                       A1+
Shriram Transport Finance Co.   Term deposit           IND tAA+/Stable  -        Affirmed
Ltd
Srikalahasthi Pipes Ltd         Proposed NCDs#         Provisional IND  2000     Assigned
                                                       AA-/Stable
# The final rating will be assigned following the final issuance and the receipt of the final
documentation, conforming to the information already received by Ind-Ra.
Stove Kraft Ltd                 TL                     IND BBB-/Stable  97.9     Affirmed
Stove Kraft Ltd                 TL*                    IND BBB-/Stable  222.2    Assigned
*The assignment of the final rating follows the receipt of sanction letters
 conforming to the information already received by Ind-Ra. 
Stove Kraft Ltd                 FB WC limits           IND BBB-/Stable/ 725      Affirmed
                                                       IND A3
Stove Kraft Ltd                 FB WC limits*          IND BBB-/Stable/ 175      Assigned
                                                       IND A3
*The assignment of the final rating follows the receipt of sanction letters
 conforming to the information already received by Ind-Ra. 
Trimurti Fabricators Pvt Ltd    FB Fac                 IND              10       Affirmed
                                                       BB+/Stable/IND
-----------------------------------------------------------------------------------------------
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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