October 12, 2018 / 9:23 AM / a year ago

India Ratings for Indian debt instruments – Oct 12

    Oct 12 (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
October 11, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Ajit Kumar Swain                Non-FB WC limits       IND A3           150      Upgraded
Axles India                     Non-FB WC limits       IND A1           45       Affirmed
G.S. Roadlines                  Non-FB WC limits       IND A4+          1        -
(Maintained in Non-Cooperating Category)
G.S. Roadways                   Non-FB WC limits       IND A4+          1        -
(Maintained in Non-Cooperating Category)
Kumaragiri Spinnerss            Non-FB WC limit        IND A3           4.7      -
(Migrated to non-cooperating category)
Lal Baba Seamless Tubes         Non-FB limits          IND A4+          25.9     -
(Migrated to non-cooperating category)
Mayur Construction              Non- FB WC limits      IND A4           70       -
(Maintained in Non-Cooperating Category)
Neelgiri Electricals            Non-FB limit           IND A3           10       -
(Migrated to non-cooperating category)
Rameswar Udyog                  Non-FB WC limit        IND A3           55       Assigned
Rangotsav Sarees                Non-FB WC              IND  A4+         10       -
                                limits(Standby line of
                                credit)
(Maintained in Non-Cooperating Category)
Rangotsav Sarees                Non-FB WC limits       IND  A4+         7.5      -
(Maintained in Non-Cooperating Category)
Steel And Metal Tubes (I)       Non-FB limit           IND A4+          180      Affirmed
The Palani Andavar Mills        Non-FB Fac             IND A4+          16       Affirmed


LONG TERM RATINGS:
-------------------
Ajit Kumar Swain                FB WC limits           IND BBB-         110      Upgraded
Axles India                     Long-TL                IND A            23.4     Affirmed
Axles India                     FB WC limits           IND A/ IND A1    600      Affirmed
Bagori Polymers                 FB WC limits           IND  BB-         40       -
(Migrated to non-cooperating category)
Bagori Polymers                 Long-TL                IND  BB-         49.7     -
(Migrated to non-cooperating category)
Chanakya Cotton                 TL                     IND B-           19       -
(Maintained in Non-Cooperating Category)
Chanakya Cotton                 FB WC limits           IND B-/A4        80       -
(Maintained in Non-Cooperating Category)
G.S. Roadlines                  TL                     IND BB-          45.43    -
(Maintained in Non-Cooperating Category)
G.S. Roadlines                  FB WC limits           IND BB-          15.3     -
(Maintained in Non-Cooperating Category)
G.S. Roadways                   TL                     IND BB-          33.69    -
(Maintained in Non-Cooperating Category)
G.S. Roadways                   FB WC limits           IND BB-          13.4     -
(Maintained in Non-Cooperating Category)
General Polytex                 TL                     -                561.7    Withdrawn
General Polytex                 FB limit               -                180      Withdrawn
General Polytex                 Non-FB limit           -                23       Withdrawn
Kumaragiri Spinnerss            TL                     IND BBB-         354.4    -
(Migrated to non-cooperating category)
Kumaragiri Spinnerss            FB WC limits           IND BBB-/A3      300      -
(Migrated to non-cooperating category)
L.S. Mills                      FB WC limits           -                1230     Affirmed
                                                                                 &Withdrawn*
*Affirmed at ‘IND BBB+’/Stable/‘IND A2’ before being withdrawn
L.S. Mills                      Non-FB limits          -                320      Affirmed
                                                                                 &Withdrawn#
# Affirmed at ‘IND A2’ before being withdrawn
L.S. Mills                      TL                     -                410.5    Affirmed
                                                                                 &Withdrawn^
^ Affirmed at ‘IND BBB+’/Stable before being withdrawn
Lal Baba Seamless Tubes         FB limits              IND BB-          155      -
(Migrated to non-cooperating category)
Mayur Construction              FB WC limits           IND B+/A4        70       -
(Maintained in Non-Cooperating Category)
Neelgiri Electricals            FB limits              IND BBB-         60       -
(Migrated to non-cooperating category)
Neelgiri Electricals            TL                     IND BBB-         132.23   -
(Migrated to non-cooperating category)
Northern Arc 2018 Mfi Prithvi   Series A1 pass-through IND A            2210.3   Assigned
                                certificates (PTCs)
Rainbow Devices Trust           PTCs*                  IND AAA          15000    Assigned
* The final rating has been assigned on the receipt of the final documents conforming to the
information already
Rameswar Udyog                  TL                     IND BBB-         487.8    Assigned
Rameswar Udyog                  FB WC limit            IND BBB-/ IND A3 270      Assigned
Rangotsav Sarees                FB WC limits           IND  BB-         140      -
(Maintained in Non-Cooperating Category)
Standard Loan Trust – Lii       Series A pass-through  IND A            1094.42  Affirmed
                                certificates (PTCs)
Standard Loan Trust – Lii       Liquidity facility (LF)IND AAA          15.78    Affirmed
Standard Loan Trust – Lii       Second loss credit     IND BBB          56.78    Affirmed
                                facility (SLCF)
Standard Loan Trust – Xix       Series A pass-through  IND A            93.8     Affirmed
                                certificates (PTCs)
Standard Loan Trust – Xix       Liquidity facility (LF)IND AAA          11.2     Affirmed
Standard Loan Trust – Xix       Second loss credit     IND BBB          28.2     Affirmed
                                facility (SLCF)
Steel And Metal Tubes (I)       FB WC limit            IND BB+/ IND A4+ 110      Affirmed
Svs Constructions               FB Fac                 IND B+/A4        35       -
(Maintained in non-cooperating category)
The Palani Andavar Mills        TL                     IND BB+          31.7     Affirmed
The Palani Andavar Mills        FB Fac                 IND BB+/A4+      55       Affirmed
Ubl Trust 2                     Series A pass-through  IND A+           49.5     Affirmed
                                certificates (PTCs)

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