November 13, 2019 / 5:00 AM / a month ago

India Ratings for Indian debt instruments – Nov 13

    Nov 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
November 12, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Nirman Construction             Non-FB Fac (ST)        IND D            45       Assigned
Northern Arc 2019 Sbl Gemini    Series A1 pass-through IND A3+(SO)      114.9    Assigned
                                certificates (PTCs)
Pioneer Syntex                  Non-FB WC limits(ST)   IND D            42.5     Downgraded
Priya                           FB post-shipment       IND D            210      -
                                export finance credit
                                facility (ST)
(Affirmed and migrated to non-cooperating category)
Priya                           Non-FB limits (ST)     IND D            210      -
(Affirmed and migrated to non-cooperating category)
Religare Broking                ST Issuer Rating       -                -        Withdrawn
Regent Beers & Wines            Non-FB limits          IND A4+          6        -
(Migrated to non-cooperating category)
Shri Krishna Steelage           Non-FB limits          IND A4+          40       Affirmed
Super Drilling                  Non-FB limit           IND A4+          60       -
(Migrated to non-cooperating category)
Superior Films                  Non-FB WC              IND A3           11.3     Affirmed


LONG TERM RATINGS:
-------------------
Aditya Birla Fashion And Retail Proposed NCDs*         Provisional IND  5000     Assigned
                                                       AA/Stable
*The final rating will be assigned following the final issuance and the receipt of the final
documentation, conforming with the information already received by Ind-Ra.
Emami Cement                    TL                     IND A-/RWE       28704    Placed on RWE
Emami Cement                    FB limits              IND A-/RWE       2350     Placed on RWE
Emami Cement                    Non-FB limits          IND A2+/RWE      150      Placed on RWE
Emami Cement                    Short-TL               IND A2+/RWE      300      Assigned;
                                                                                 placed on RWE
Emami Cement                    Proposed FB limits*    Provisional IND  1800     Placed on RWE
                                                       A-/RWE
*The final rating will be assigned following the final issuance and the receipt of the final
documentation, conforming with the information already received by Ind-Ra.
Emami Cement                    Proposed non-FB limits*Provisional IND  1150     Assigned;
                                                       A2+/RWE                   placed on RWE
*The final rating will be assigned following the final issuance and the receipt of the final
documentation, conforming with the information already received by Ind-Ra.
Kanika Investment               LT Bk loan             -                1000     Withdrawn
National Trust Housing Finance  LT Bk loans            IND BBB/Stable   2500     Affirmed
Nirman Construction             FB Fac (Long/ST)       IND D            60       Assigned 
Oscar Investments               NCD (NCDs)*            IND C            1500     -
(Maintained in non-cooperating category)/ * Unutilised
Oscar Investments               LT Bk loan             IND C            5000     -
(Maintained in non-cooperating category)
Ostro Mahawind Power            TL                     IND BBB/RWN      4450     Placed on RWN
Pioneer Syntex                  FB WC limits(LT/ ST)   IND D            180      Downgraded
Pioneer Syntex                  TL(LT)                 IND D            915.56   Downgraded
Pioneer Syntex                  Proposed TL limits(LT) Provisional IND D105      Downgraded
Pioneer Syntex                  Proposed FB WC         Provisional IND D150      Downgraded
                                limits(LT/ ST)
Rajkumar Forge                  TL                     IND A-/Stable    50       Assigned
Regent Beers & Wines            Long-TL                IND BB+          15.21    -
(Migrated to non-cooperating category)
Regent Beers & Wines            FB limits              IND BB+          110      -
(Migrated to non-cooperating category)
Rhc Holding                     Secured LT NCDs (NCDs; IND D            2000     -
                                LT)
(Maintained in non-cooperating category)
Rhc Holding                     Secured LT Bk loans    IND D            750      -
                                (LT)
(Maintained in non-cooperating category)
Shri Krishna Steelage           FB limits              IND              130      Affirmed
                                                       BB/Stable/IND A4+
Standard Loan Trust – Xxxvii     Second loss credit    IND A-(SO)/Stable34.71    Upgraded
                                facility (SLCF)
Standard Loan Trust – Xxxvii    Series A PTC  (PTCs)   IND              132.1    Upgraded
                                                       AA-(SO)/Stable
Standard Loan Trust – Xxxvii    Liquidity facility (LF)IND              9.92     Affirmed
                                                       AAA(SO)/Stable
Super Drilling                  FB WC limit            IND BB-/A4+      20       -
(Migrated to non-cooperating category)
Superior Films                  TL                     IND BBB-/Stable  622.2    Affirmed

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