October 23, 2019 / 7:31 AM / a month ago

India Ratings for Indian debt instruments – Oct 23

    Oct 23 (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 22, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
D. Manoharan                    Non-FB WC facility     IND A4           15       -
(Migrated to non-cooperating category)
D. Manoharan                    Proposed non-FB WC     Provisional IND  5        -
                                facility               A4
(Migrated to non-cooperating category)
Gale Solarfarms                 NCDs (NCDs)*           IND A1+          202.916  Affirmed and
                                                                                 Reassigned
*Ind-Ra has removed the suffix to ‘CE’ in ratings assigned to NCDs following a change in its
internal criteria application.
Heavy Engineering               Non-FBL                IND A4+          1880     -
(Migrated to non-cooperating category)
Hindustan Agencies              Non-FB WC limits       IND A3           4        Affirmed
Linkpoint Infrastructure        Non-FB WC limits       IND A4+          190      Assigned
Ramkrishna Agencies             Non-FB WC Limits       IND A3           60       Affirmed
Rankas Texfab                   Non FB WC limit^       IND A4           15       Downgraded and
                                                                                 reassigned
^ Reassigned ‘IND A4’ after being downgraded to ‘IND D’
The Palani Andavar Mills        Non-FB Fac             IND A4+          16       Affirmed
Tornado Solarfarms              NCDs (NCDs)*           IND A1+          123.1    Affirmed and
                                                                                 Reassigned
*Ind-Ra has removed the suffix to ‘CE’ in ratings assigned to NCDs following a change in its
internal criteria application.

LONG TERM RATINGS:
-------------------
A P Goyal Shimla University     TL (LT)                IND D            433.4    -
(Maintained in non-cooperating category)
A P Goyal Shimla University     Bk overdraft (LT)      IND D            50       -
(Maintained in non-cooperating category)
Acb (I)                         TL                     IND BBB+/RWN     13257    -
Downgraded; placed on RWN
Acb (I)                         NCDs (NCDs)            IND BBB+/RWN     600      -
Downgraded; placed on RWN
Acb (I)                         FB WC limits           IND BBB+/RWN/IND 3500     -
                                                       A2/RWN
Downgraded; placed on RWN
Acb (I)                         Non-FB WC limits       IND BBB+/RWN/IND 10855    -
                                                       A2/RWN
Downgraded; placed on RWN
Acb (I)                         CP (CP)**              WD               1500     Withdrawn
**Limit not utilised
D. Manoharan                    FB WC facility         IND B+ / A4      85       -
(Migrated to non-cooperating category)
D. Manoharan                    Proposed FB WC facilityProvisional IND  55       -
                                                       B+ / Provisional
                                                       IND A4
(Migrated to non-cooperating category)
Faridabad Steel Mongers         FB WC limit*           WD               500      -
(Migrates and Withdrawn) /* Migrated to ‘IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT
COOPERATING)’  before being withdrawn
Faridabad Steel Mongers         Proposed-FB WC limit** WD               50       -
(Migrates and Withdrawn)/ **Migrated to ‘Provisional IND BB(ISSUER NOT
COOPERATING)’/‘Provisional IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn
Gale Solarfarms                 Rupee financing        IND AA/Stable    2422     Assigned
                                facility
Gale Solarfarms                 Rupee TL (RTL)#        WD               2422     Assigned and
                                                                                 Withdrawn
(paid in full) / # Final rating of ‘IND AA’/Stable assigned before being withdrawn.
Gayatri Satya Infraworks        FB WC limit            IND BB/A4+       4        -
Migrated to non-cooperating category
Heavy Engineering               FB limits              IND BB           2000     -
(Migrated to non-cooperating category)
Hindustan Agencies              FB WC limits           IND BBB-/        296      -
                                                       Negative
(Rating affirmed; Outlook revised to Negative from Positive)
Hindustan Distributors          FB  WC limits          IND BBB-/        170      -
                                                       Negative
(Rating affirmed; Outlook revised to Negative from Positive)
Linkpoint Infrastructure        FB WC limits           IND BB+/Stable/  0.5      Assigned
                                                       A4+
Maharashtra Hybrid Seeds CompanyNon-FB limits          IND A2/RWE       60       -
Downgraded; placed on RWN
Maharashtra Hybrid Seeds CompanyStand-by LOC* (SBLC)   IND A2/RWE       -        -
Downgraded; placed on RWN / *Reassigned ‘IND A2’/RWE after being downgraded from ‘IND A1+(SO)’.
Mahyco Mauritius Pvt. Ltd, a subsidiary of Mahyco, avails terms loans from HDFC Bahrain using
the SBLC issued by HDFC Bank, India.
Maharashtra Hybrid Seeds CompanyTL                     IND BBB/RWE      132.8    -
Downgraded; placed on RWN
Maharashtra Hybrid Seeds CompanyFB limits              IND BBB/RWE      750      -
Downgraded; placed on RWN
Max International               FB WC limits           IND BBB-/        200      -
                                                       Negative
(Rating affirmed; Outlook revised to Negative from Positive)
Ramkrishna Agencies             FB WC Limits           IND BBB-/        430      -
                                                       Negative
(Rating affirmed; Outlook revised to Negative from Positive)
Rankas Texfab                   LT loan*               IND B+/Stable    46.17    Downgraded and
                                                                                 reassigned
* Reassigned ‘IND B+’/Stable after being downgraded to ‘IND D’
Rankas Texfab                   FB WC limit#           IND B+/Stable/A4 148      Downgraded and
                                                                                 reassigned
# Reassigned ‘IND B+’/Stable/‘IND A4’ after being downgraded to ‘IND D’
Rishanth Wholesale Trading      NCDs (NCDs)*           IND A/Stable     2000     Assigned
*The total size of NCDs has reduced from INR8,500 million
Rishanth Wholesale Trading      NCDs                   IND A/Stable     6000     Assigned
Sai Shakti Agencies             FB WC limits           IND BBB-         250      -
                                                       /Negative
(Rating affirmed; Outlook revised to Negative from Positive)
Shakti Agencies                 FB WC limits           IND BBB-/Negative645      -
(Rating affirmed; Outlook revised to Negative from Positive)
Spectrum Coal And Power         Long-TL                IND BBB+/RWN     7060     -
Downgraded; placed on RWN
Spectrum Coal And Power         FB WC limits           IND BBB+/RWN/IND 1250     -
                                                       A2/RWN
Downgraded; placed on RWN
Spectrum Coal And Power         Non-FB WC limits       IND BBB+/RWN/IND 2350     -
                                                       A2/RWN
Downgraded; placed on RWN
Spectrum Coal And Power         Proposed FB WC limits* Provisional IND  940      -
                                                       BBB+/RWN/Provisional
                                                       IND A2/RWN
Downgraded; placed on RWN
The Palani Andavar Mills        TL                     IND BB+/Stable   31.7     Assigned
The Palani Andavar Mills        TL                     IND BB+/Stable   22.84    Assigned
The Palani Andavar Mills        FB Fac                 IND BB+/Stable   55       Assigned
The Palani Andavar Mills        FB Fac                 IND              15       Assigned
                                                       BB+/Stable/A4+
Tornado Solarfarms              Rupee financing        IND AA/Stable    962.785  Assigned
                                facility
Tornado Solarfarms              Rupee TL (RTL)#        WD               963      Assigned and
                                                                                 Withdrawn
(paid in full) / # Final rating of ‘IND AA’/Stable assigned before being withdrawn.

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