October 25, 2019 / 6:23 AM / 2 months ago

India Ratings for Indian debt instruments – Oct 25

    Oct 25 (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 24, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
20 Microns Ltd                  Non-FB limits          IND A3           290      Affirmed
Outlook revised to Positive from Stable
Anil Kumar & Company            Non-FB WC limit        IND A4+          409.8    Assigned
Clavecon (I) Pvt Ltd            Non-FB WC limits       IND A4           5        Downgraded
(reduced from INR10)
Laxmi Diamond Pvt Ltd’S         Non-FB limits          IND A3+          588.4    Affirmed
(reduced form INR937.4 million)
Ramnik Power And Alloys Pvt Ltd Non-FB limits          IND A4+          10       -
Migrated to non-cooperating category; (Issuer Not Cooperating)
20 Microns Ltd                  FBL                    IND BBB-/Positive660      Affirmed
Outlook revised to Positive from Stable
20 Microns Ltd                  TL                     IND BBB-/Positive375.19   Affirmed
Outlook revised to Positive from Stable,(reduced from INR484.00)
20 Microns Nano Minerals Ltd    FBL                    IND BBB-/Positive45       Affirmed
Outlook revised to Positive from Stable
20 Microns Nano Minerals Ltd    TL                     IND BBB-/Positive2.54     Affirmed
Outlook revised to Positive from Stable

LONG TERM RATINGS:
-------------------
Anil Kumar & Company            FB WC limit            IND BB/Stable    50       Assigned
Aruna Enterprise                TL                     IND BB-          93.7     -
Migrated to non-cooperating category; (Issuer Not Cooperating)
Aryan Ispat And Power Pvt Ltd   TL                     IND BBB-/Negative1066     Downgraded
Aryan Ispat And Power Pvt Ltd   Proposed FB WC         Provisional IND  250      Downgraded
                                facility*              BBB-/ Negative
                                                       /Provisional IND A3
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the abov
Aryan Ispat And Power Pvt Ltd   Proposed TL*           Provisional IND  934      Downgraded
                                                       BBB-/Negative
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above
Clavecon (I) Pvt Ltd            TL                     IND B+/Stable    44.47    Downgraded
(reduced from INR79.57)
Clavecon (I) Pvt Ltd            FB WC limits           IND              35       Downgraded
                                                       B+/Stable/IND A4
Hindustan Petroleum Corporation NCDs*                  IND AAA/Stable   30       Assigned
Ltd
*The final rating has been assigned after the receipt of the final documents, including the term
sheet and debenture trustee agreement, by the agency. The final terms and conditions are in line
with the information already received by Ind-Ra, based on which the provisional rating was
assigned.
Horizon 10 2019                 Series A1 pass-through Provisional IND  390      Assigned
                                certificates (PTCs)    AA(SO)/Stable
Laxmi Diamond Pvt Ltd’S         TL                     IND BBB/ Negative105      Affirmed
Outlook revised to Negative,(reduced form INR264.2 million)
Laxmi Diamond Pvt Ltd’S         FB WC limits           IND BBB/         5784.4   Affirmed
                                                       Negative/ IND A3+
Outlook revised to Negative,(reduced form INR8,000 million)
Ramnik Power And Alloys Pvt Ltd FB limits              IND BB           65       -
Migrated to non-cooperating category; (Issuer Not Cooperating)
Ramnik Power And Alloys Pvt Ltd TL                     IND BB           62.7     -
Migrated to non-cooperating category; (Issuer Not Cooperating)
Royale Manor Hotels And         FB WC limit            IND              80       Affirmed
Industries Ltd                                         BB+/Stable/IND
                                                       A4+
(increased from INR74.38 )
Royale Manor Hotels And         TL                     WD               1.94     Withdrawn
Industries Ltd
(paid in full)
Secure Sme Trust October 2019   Series A1 pass-through Provisional IND  1000     Assigned
                                certificates (PTCs)    AA(SO)/Stable
Ubl Trust 2                     Series A pass-through  IND A+(SO)/Stable12.12    Affirmed
                                certificates (PTCs)
Vivriti Pieters 06 2018         Series A1 pass-through IND A+           11.62    Affirmed
                                certificates (PTCs)    (SO)/Stable
Vivriti Pieters 06 2018         Series A2 PTCs         IND BBB-         25.77    Affirmed
                                                       (SO)/Stable
-----------------------------------------------------------------------------------------------
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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