October 9, 2018 / 4:42 AM / 3 months ago

India Ratings for Indian debt instruments – Oct 9

    Oct 9 (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 8, 2018.

COMPANY                         INSTRUMENT             RATING         AMOUNT     MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------         ------     ---------
SHORT TERM RATINGS:
-------------------
Birmi International Pvt Ltd     Non-FB WC limit        IND A4+          13
Maintained in non-cooperating category'(Issuer Not Cooperating)
Kamal Textile Industries        Non-FB WC              IND A4           4
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Kaursain Exports                NFB WC limit           IND A4+          80
Maintained in non-cooperating category'(Issuer Not Cooperating)
Kaursain Exports                Proposed non-FB WC     Provisional IND  16.15
                                limit                  A4+
Maintained in non-cooperating category'(Issuer Not Cooperating)
Mk’S Bank Loan                  FB WC limits           IND A4           80
Maintained in non-cooperating category'(Issuer Not Cooperating)
Prakash Constrowell Ltd         Non-FB WC limit        IND A3+          550
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Secunderabad Hotels Pvt Ltd     NFB WC limit           IND A4+          11.5     Withdrawn
Shriram Transport Finance Co.   ST debt/CP programme   IND A1+          75000    Affirmed
Ltd
Small Industries Development    CP                     IND A1+          216000   Affirmed
Bank Of India
LONG TERM RATINGS:
-------------------
Aarvee Cold Chain Logistics Pvt TL                     IND BB           90       Downgraded
Ltd
Aarvee Cold Chain Logistics Pvt Proposed TL*           Provisional IND  80       Assigned
Ltd                                                    BB
* The rating is provisional and shall be confirmed upon the sanction and execution of
loan/transaction documents for the above instrument to the satisfaction of Ind-Ra.
Bajaj Housing Finance Ltd       LT Bk loans            IND AAA          20000    Assigned
Birmi International Pvt Ltd     TL                     IND BB+          94
Maintained in non-cooperating category'(Issuer Not Cooperating)
Birmi International Pvt Ltd     FB WC limit            IND BB+ /IND A4+ 110
Maintained in non-cooperating category'(Issuer Not Cooperating)
Haldia Petrochemicals Ltd       Long-TL                IND AA           32500    Upgraded
Haldia Petrochemicals Ltd       FB limits              IND AA /IND A1+  3500     Upgraded
                                                                                 /Affirmed
Haldia Petrochemicals Ltd       Non-FB limits          IND AA /IND A1+  14500    Upgraded
                                                                                 /Affirmed
Haldia Petrochemicals Ltd       Proposed long-TL*      Provisional IND  9500     Upgraded
                                                       AA
*The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by HPL to the satisfaction of Ind-Ra. 
Indo Sponge Power And Steel Ltd FB WC limit            IND B-           80
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Indo Sponge Power And Steel Ltd Long-TL                IND B-           50
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Jindal Rice & Gen. Mills        TL                     IND B            36.55
Maintained in non-cooperating category'(Issuer Not Cooperating)
Jindal Rice & Gen. Mills        FB WC limit            IND B / IND A4   210
Maintained in non-cooperating category'(Issuer Not Cooperating)
Kamal Textile Industries        TL                     IND B            56.92
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Kamal Textile Industries        FB WC                  IND B/ IND A4    20
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Kaursain Exports                TL                     IND BB+          28.85
Maintained in non-cooperating category'(Issuer Not Cooperating)
Kedia Pipes                     FB limits              IND BB /IND A4+  210
Maintained in non-cooperating category'(Issuer Not Cooperating)
Knack Packaging Pvt Ltd         Long-TL                IND BBB-         94.8
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Knack Packaging Pvt Ltd         FB Fac                 IND BBB-         150
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Northern Arc 2018 Mfi Foreman   Series A1a             Provisional IND  200      Assigned
                                pass-through           A(SO)
                                certificates (PTCs)
Northern Arc 2018 Mfi Foreman   Series A1b             Provisional IND  189.3    Assigned
                                pass-through           A(SO)
                                certificates (PTCs)
Northern Arc 2018 Mfi Foreman   Series A2 PTCs         Provisional IND  15.4     Assigned
                                                       BBB+(SO)
Prakash Constrowell Ltd         FB WC limits           IND BBB /IND A3+ 350
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Rugby Renergy Pvt Ltd           Long-TL                WD               225      Affirmed &
                                                                                 withdrawn
 (INR144.5 outstanding as on 1 October 2018)
Rugby Renergy Pvt Ltd           Bk loans               WD               240      Affirmed &
                                                                                 withdrawn
 (INR192.8 outstanding as on 1 October 2018)
Secunderabad Hotels Pvt Ltd     TL                     IND BB+          226.4    Withdrawn
Secunderabad Hotels Pvt Ltd     FB WC limit            IND BB+          107.5    Withdrawn
Shriram Transport Finance Co.   NCDs (NCDs)            IND AA+          225000   Affirmed
Ltd
Shriram Transport Finance Co.   Subordinated debt      IND AA+          46200    Affirmed
Ltd
Shriram Transport Finance Co.   Bk loans               IND AA+ /IND A1+ 130000   Affirmed
Ltd
Shriram Transport Finance Co.   Term deposit           IND tAA+         -        Affirmed
Ltd
Suvarna Shilpi Jewellers Pvt LtdFB Fac                 IND BBB- /IND A3 240
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Vishwas Tubes India Ltd         FB WC limits           IND B / IND A4   220
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Vivriti Pieters 06 2018         Series A1 pass-through IND A+(SO)       173.98   Assigned
                                certificates (PTCs)
Vivriti Pieters 06 2018         Series A2 PTCs         IND BBB-(SO)     25.77    Assigned
Vivriti Redmond 06 2018         Series A1 pass-through IND A(SO)        752.5    Assigned
                                certificates (PTCs)
Vivriti Redmond 06 2018         Series A2 PTCs         IND BBB(SO)      33.8     Assigned
Vivriti Shawcross 005 2018      Series A1 pass-through IND A-(SO)       951.54   Assigned
                                certificates (PTCs)
Vivriti Shawcross 005 2018      Series A2 PTCs         IND BBB+(SO)     21.63    Assigned
-----------------------------------------------------------------------------------------------
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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