September 11, 2018 / 5:03 AM / 2 months ago

India Ratings for Indian debt instruments – Sep 11

    Sep 11 (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
September 10, 2018.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Allied Medical Ltd              Non-FB limits          IND A4+          50       Affirmed
Asset Reconstruction Company    ST debt/CP# (CP)       IND A1+          2000     Affirmed
(I) Ltd
#The short-term debt has been carved out of the overall debt limit of INR7,500 million; no
amount is outstanding
Falcon Marine Exports Ltd       FB limits              IND A1           1330
(Maintained in Non-Cooperating Category,Issuer not cooperating)
Falcon Marine Exports Ltd       Non-FB limits          IND A1           305
(Maintained in Non-Cooperating Category,Issuer not cooperating)
Falcon Marine Exports Ltd       Proposed FB limits     Provisional IND  65
                                                       A1
(Maintained in Non-Cooperating Category,Issuer not cooperating)
Gsn Ferro Alloys Pvt Ltd        Non-FB Fac (ST)        IND D            57.5     Downgraded
Nipko Tradelinks Pvt. Ltd       Proposed non fund      Provisional IND  160
                                based WC limits        A3
(Migrated to non-cooperating category,Issuer not cooperating)
Northern Arc 2018               Series A1 pass-through IND A3+(SO)      140      Assigned
                                certificates (PTCs)
Uttamenergy Ltd                 Non-FB WC limits       IND A2           630
(Migrated to non-cooperating category,Issuer not cooperating)
 
LONG TERM RATINGS:
-------------------
Allied Medical Ltd              FB limits              IND BB /IND A4+  100      Affirmed
Amritvarsha Industries Ltd      FB WC limit            IND BB+ /IND A4+ 185      Affirmed
(reduced from INR200mlns)
Amritvarsha Industries Ltd      Non-FB WC limit        IND BB+ /IND A4+ 45       Affirmed
Archid Poultry Products Pvt Ltd FB limit               IND B            11.3     Assigned
Archid Poultry Products Pvt Ltd TL                     IND B            52       Assigned
Asset Reconstruction Company    LT Bk loans*           IND A+           7500     Affirmed
(I) Ltd
*Unutilised
Dayana Polyplast Pvt Ltd        Long-TL                IND BB-          100
(Migrated to non-cooperating category,Issuer not cooperating)
Dayana Polyplast Pvt Ltd        FB Fac                 IND BB-/IND A4+ 120
(Migrated to non-cooperating category,Issuer not cooperating)
Gsn Ferro Alloys Pvt Ltd        TL (LT)                IND D            668.7    Downgraded
Gsn Ferro Alloys Pvt Ltd        FB Fac (long- and ST)  IND D            222.5    Downgraded
Iiert March, 2016               Series A pass-through  IND AA(SO)       185.1    Affirmed
                                certificates (PTCs)
Nipko Tradelinks Pvt. Ltd       Proposed FB Fac        Provisional IND  140
                                                       BBB-
                                                       /Provisional IND A3
(Migrated to non-cooperating category,Issuer not cooperating)
Owens-Corning (I) Pvt Ltd       WC Fac                 IND AA /IND A1+  500      Affirmed
(reduced from INR745.5mlns)
Raghunandan Jewellers (Delhi)   FB Fac                 IND B+ /IND A4   90
Pvt Ltd
(Migrated to non-cooperating category,Issuer not cooperating)
Sarathy Cars Pvt Ltd            TL                      IND BB-         19
(Migrated to non-cooperating category,Issuer not cooperating)
Sarathy Cars Pvt Ltd            Fund–based WC limits   IND BB-/IND A4+ 80
(Migrated to non-cooperating category,Issuer not cooperating)
Tamil Nadu Road Development Co. Bk loans               IND BBB+         1918.3   Affirmed
Ltd
(reduced from INR2,160 million)
Tasec Ltd                       FB WC limits           IND AA-/IND A1+  50       Assigned
Uttamenergy Ltd                 Long-TL                IND BBB          90
(Migrated to non-cooperating category,Issuer not cooperating)
Uttamenergy Ltd                 FB WC facility         IND BBB /IND A2  200
(Migrated to non-cooperating category,Issuer not cooperating)
Virinchi Healthcare’S           TL                     IND B            640.21   Upgraded
(reduced from INR679.5 mln)
Virinchi Ltd                    FB WC limit            IND BB/IND A4+   130      Affirmed
Vishvas Power Engineering       Long-TL (LT)           IND D            4
Services Pvt Ltd
(Downgraded & migrated to non-cooperating category)
Vishvas Power Engineering       FB WC (LT/ST)          IND D            75
Services Pvt Ltd
(Downgraded & migrated to non-cooperating category)
Vishvas Power Engineering       Non-FB WC (LT)         IND D            120
Services Pvt Ltd
(Downgraded & migrated to non-cooperating category)
Vishvas Power Engineering       Proposed long-TL* (LT) Provisional      15
Services Pvt Ltd                                       IND D
(Downgraded & migrated to non-cooperating category)/*The rating is provisional and shall be
confirmed upon the sanction and execution of loan documents for the above facility by VPESPL to
the satisfaction of Ind-Ra.
Volvo Group India Pvt Ltd       WC Bk Fac              IND AAA /IND A1+ 7500     Affirmed
(reduced from INR9,500 mln)
Yes Bank Ltd                    Basel III Tier 2 Bonds IND AA+          40000    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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