September 20, 2017 / 4:58 AM / 3 months ago

India Ratings for Indian debt instruments – Sep 20

    Sep 20 (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 19, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
Bihar Bottlers And Blenders     TL                     IND A4           59.49    Migrated to
Pvt. Ltd                                                                         Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Chalet Hotels Pvt Ltd           Non-FB WC limits       IND A3+          1000     Affirmed
Genext Hardware & Parks Pvt Ltd Short-TL               IND A2+          410      Placed on RWE
Rating Watch Evolving
Mittal Hospitals Ltd            Non-FB WC limits       IND A4+          50       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Pec Ltd                         Non-FB WC Fac          IND A3           4.57*    Downgraded
                                                                                 from IND A3+
*fund-based and non-fund based limits are interchangeable in nature. 
Pink Rose Lingerie Pvt Ltd      Non-FB WC limit        IND A4           120      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
    
LONG TERM RATINGS:
-------------------
Bihar Bottlers And Blenders     FB WC limit            IND B            15.5     Migrated to
Pvt. Ltd                                                                         Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Chalet Hotels Pvt Ltd           TL                     IND BBB          11206    Affirmed
(reduced from INR11,270mln)
Chalet Hotels Pvt Ltd           FB WC limits           IND BBB          1050     Affirmed
(increased from INR850mln)
Entally Astha                   TL                     IND BB-          100      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Genext Hardware & Parks Pvt Ltd TL from Bks            IND BBB+         2014     Placed on RWE
Rating Watch Evolving
Iiert September 2017            Series A pass-through  Provisional IND  1516.2   Assigned
                                certificates (PTCs)    AA(SO)
Jeevandeep Prakashan Pvt. Ltd.  FB CC limits           IND BB           200      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Jeevandeep Prakashan Pvt. Ltd.  FB standby line of     IND BB           80       Migrated to
                                credit limits                                    Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Jeevandeep Prakashan Pvt. Ltd.  FB overdraft against   IND BB           70       Migrated to
                                property limits                                  Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Jeevandeep Prakashan Pvt. Ltd.  TL                     IND BB           43.8     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Mahindra Homes Pvt Ltd          TL                     IND AA-          1850     Upgraded from
                                                                                 IND A+
Mahindra Homes Pvt Ltd          CC                     IND AA-          150      Upgraded from
                                                                                 IND A+
Mahindra Homes Pvt Ltd          CC#                    IND AA-          150      Upgraded from
                                                                                 IND A+
# The assignment of the final rating follows the receipt of a sanction letter conforming to the
information already received by Ind-Ra. 
Mahindra Homes Pvt Ltd          Proposed CC*           Provisional IND  350      Upgraded
                                                       AA-
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by MHPL to the satisfaction of Ind-Ra. 
Millennium Boards Pvt Ltd       FB WC limits           WD               150      Withdrawn
Millennium Boards Pvt Ltd       TL                     WD               274.4    Withdrawn
Mittal Hospitals Ltd            TL                     IND BB-          184.6    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Mittal Hospitals Ltd            CC limits              IND BB-          35       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Nrss Xxix Transmission Ltd      Rupee TL (phase I)*    IND BBB          2325     Assigned
*The assignment of the final ratings follows the receipt of the financing documents conforming
to the information already received by Ind-Ra. The final ratings are, therefore, the same as the
provisional ratings assigned in June 2017. 
Nrss Xxix Transmission Ltd      Rupee TL (phase II)*   IND BBB          20175    Assigned
*The assignment of the final ratings follows the receipt of the financing documents conforming
to the information already received by Ind-Ra. The final ratings are, therefore, the same as the
provisional ratings assigned in June 2017. 
Nrss Xxix Transmission Ltd      Rupee TL I             WD               2325     Withdrawn
Nrss Xxix Transmission Ltd      Rupee TL II            WD               20175    Withdrawn
Pec Ltd                         FB WC Fac              IND BBB- /IND A3 29.75*   Downgraded
                                                                                 from IND BBB
                                                                                 /IND A3+
*fund-based and non-fund based limits are interchangeable in nature. 
Pink Rose Lingerie Pvt Ltd      TL                     IND B+           8.68     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Pink Rose Lingerie Pvt Ltd      FB WC limit            IND B+           85       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Porbandar Solar Power Ltd       NCDs                   WD               1105.5*  Withdrawn
*Outstanding on 21 March 2017
Rd Cleantech Pvt Ltd            TL                     IND BB           75       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Renew Akshay Urja Pvt Ltd       Proposed NCDs          Provisional IND  7600     Assigned
                                (standalone)^          A-
^The final rating is contingent upon the receipt of the final documents conforming to the
information already received. Ind-Ra would look into all the final documents, including
guarantee documents from both guarantors, debenture trust deed, debenture trustee agreement,
other security documents, independent third-party certificate/assessment on the quality of the
panel from a reputed technical agency, subject to satisfactory outcome of Ind-Ra’s discussion
with the solar panel supplier and issue of debentures and no dues certificate from all
banks/non-banking financial institutions before assigning the final rating. 
Renew Akshay Urja Pvt Ltd       Proposed NCDs with     Provisional IND  7600     Assigned
                                partial credit         AA+(SO)
                                guarantee^
^The final rating is contingent upon the receipt of the final documents conforming to the
information already received. Ind-Ra would look into all the final documents, including
guarantee documents from both guarantors, debenture trust deed, debenture trustee agreement,
other security documents, independent third-party certificate/assessment on the quality of the
panel from a reputed technical agency, subject to satisfactory outcome of Ind-Ra’s discussion
with the solar panel supplier and issue of debentures and no dues certificate from all
banks/non-banking financial institutions before assigning the final rating. 
Rubber O Malabar Products Pvt   TL (LT)                IND D            45.8     Migrated to
Ltd                                                                              Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Rubber O Malabar Products Pvt   FB Fac (LT/ST)         IND D            14.2     Migrated to
Ltd                                                                              Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Sansar Trust Sep 2016 Iv        Second loss credit     IND A-(SO)       264.3    Affirmed
                                facility SLCF
Sansar Trust Sep 2016 Iv        Series A pass-through  IND AAA(SO)      2934.6   Affirmed
                                certificates (PTCs)
Shah Group Builders Ltd         TL                     IND BB           1350     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Swaaa Corporation Pvt Ltd       FB WC limits (LT/ST)   IND D            42.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Swaaa Corporation Pvt Ltd       TL (LT)                IND D            36.6     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
-----------------------------------------------------------------------------------------------
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