November 18, 2019 / 8:30 AM / 3 months ago

India Ratings for Indian debt instruments – Nov 18

    Nov 18 (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 15, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
D.S. Ductofab Systems           Non FB limits          IND A4+          24.9     Assigned
Extol Infracon                  Non-FB WC limit        IND A4           35.5     -
(Migrated to non-cooperating category)
Kross                           Non-FB limits          IND A3+          130      Downgraded
Ramee Hotels                    Non-FB limits          IND A4+          25       Assigned
Vision Motors                   Non- FB WC limits      IND A4+          3        Assigned
Zenith Apex                     Non-FB WC limit        IND A4+          25       -
(Migrated to non-cooperating category)


LONG TERM RATINGS:
-------------------
D.S. Ductofab Systems           FB limit               IND BB/Stable    230      Assigned
D.S. Ductofab Systems           TL                     IND BB/Stable    65.1     Assigned
Extol Infracon                  TL                     IND B+           10.69    -
(Migrated to non-cooperating category)
Extol Infracon                  FB WC limit            IND B+/A4        30       -
(Migrated to non-cooperating category)
Kross                           TL                     IND BBB/ Negative95.45    Downgraded
Kross                           FB-limits              IND BBB/ Negative140      Downgraded
Kross                           TL*                    IND BBB/ Negative36.74    Downgraded &
                                                                                 Assigned
* The final rating has been assigned following the receipt of executed financing documents by
Ind-Ra.
Kross                           FB-limits              IND BBB/         325      Downgraded
                                                       Negative/A3+
L&T Finance                     NCDs /Bk borrowings /  -                90000    Withdrawn
                                subordinated debt ^
^ The company did not proceed with the instrument as envisaged. Out of INR90 billion limits
shared by LTFL, L&T Infrastructure Finance Company (LTIF; ‘IND AAA’/Stable) and L&T Housing
Finance Limited (LTHF; ‘IND AAA’/Stable), NCDs worth INR40 billion have been allocated to LTIF
and the remaining INR50 billion have been allocated to LTFL.
L&T Finance                     NCDs (public           IND AAA/Stable   110000   Affirmed
                                issue/private issue)
                                /Bk borrowings / subordinated debt
L&T Finance                     NCDs (public issue) #  IND AAA/Stable   50000    Assigned
# Yet to be issued
L&T Housing Finance             NCDs/Bk borrowings     -                90000    Withdrawn
                                /subordinated debt ^
^ Out of INR90 billion limits shared by LTHF, L&T Finance Limited (LTFL; ‘IND AAA’/Stable) and
L&T Infrastructure Finance Company Limited (LTIF;‘IND AAA’/Stable), NCDs worth INR40 billion and
INR50 billion have been allocated to LTIF and LTFL, respectively.
L&T Housing Finance             NCDs (public           IND AAA/Stable   30000    Affirmed
                                issue/private issue)
                                /Bk borrowings / subordinated debt
L&T Infrastructure Finance      NCDs /Bk borrowings /  -                90000    Withdrawn
Company                         subordinated debt^
^ The company did not proceed with the instrument as envisaged. Out of INR90 billion limits
shared by LTIF, L&T Housing Finance Limited (LTHF; ‘IND AAA’/Stable) and L&T Finance Limited
(LTFL;‘IND AAA’/Stable), NCDs worth INR40 billion have been allocated to LTIF and the remaining
have been allocated to LTFL.
L&T Infrastructure Finance      NCDs (public           IND AAA/Stable   10000    Affirmed
Company                         issue/private issue)/
                                Bk borrowings/ subordinated debt
L&T Infrastructure Finance      NCDs (public issue) #  IND AAA/Stable   50000    Assigned
Company
# Yet to be issued
Ramee Hotels                    FB limits              IND BB-/Stable   100      Assigned
Ramee Hotels                    TL                     IND BB-/Stable   448.66   Assigned
Shivam Protein                  TL                     IND D            17.2     -
Downgraded and migrated to non-cooperating category
Shivam Protein                  FB limits              IND D            90       -
Downgraded and migrated to non-cooperating category
Unique Mercantile India         Proposed TL            Provisional IND  1500     -
                                                       BB+
Migrated to  non-cooperating category
Vision Motors                   TL                     IND BB+/Stable   92       Assigned
Vision Motors                   FB WC limits           IND BB+/Stable/  751      Assigned
                                                       A4+
Zenith Apex                     FB WC limit            IND BB/A4+       200      -
(Migrated to non-cooperating category)

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