Reuters logo
India Ratings for Indian debt instruments – Sep 21
September 21, 2017 / 7:03 AM / 3 months ago

India Ratings for Indian debt instruments – Sep 21

   Sep 21 (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 20, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Clifton Export Pvt Ltd          FB limits              IND A3           420      Affirmed
Clifton Export Pvt Ltd          Non-FB limits          IND A3           11.5     Affirmed
Kaar Technologies India Pvt Ltd Non-FB Fac             IND A3           55       Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
Rpl Industries Ltd              NFB WC limit           IND A4+          10       Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
Secunderabad Hotels Pvt. Ltd    Non-FB WC limit        IND A4+          11.5     Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
Shankara Building Products Ltd  Non-FB WC limits       IND A1           20       Upgraded from
                                                                                  IND BBB+
Taurus Value Steel & Pipes Pvt  Non-FB WC limits       IND A1(SO)       830      Upgraded
Ltd
Tridev Resins Pvt Ltd           Non-FB LOC             IND A4+          20       Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
Tridev Resins Pvt Ltd           Non-FB BG              IND A4+          2        Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
Tridev Resins Pvt Ltd           Non-FB forward         IND A4+          1        Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category

LONG TERM RATINGS:
-------------------
Aavishkaar Sep 2016 Trust       Series A1 pass-through IND A-(SO)       77.11    Affirmed
                                certificates (PTCs)
Aavishkaar Sep 2016 Trust       SLCF                   IND BB(SO)       21       Affirmed
Clifton Export Pvt Ltd          Long-TL                IND BBB-         134      Affirmed
Devdhar Rice Mill               FB WC limit            IND B- /IND A4   87       Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
Indian Renewable Energy         FY18 borrowing         IND AAA          32650    Assigned
Development Agency Ltd          programme
Indian Renewable Energy         Bonds                  IND AAA          7000     Upgraded
Development Agency Ltd
Indian Renewable Energy         Tax-free bonds         IND AAA          20000    Upgraded
Development Agency Ltd
Indian Renewable Energy         GoI fully serviced     IND AAA          16400    Affirmed
Development Agency Ltd          bonds
Indian Renewable Energy         GoI fully serviced     IND AAA          23600    Affirmed
Development Agency Ltd          bonds
Kaar Technologies India Pvt Ltd TL                     IND BBB-         4.7      Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
Kaar Technologies India Pvt Ltd FB Fac                 IND BBB- /IND A3 232.5    Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
Mytrah Ujjval Power Pvt Ltd     NCD                    IND BBB(SO)      8200     Assigned
Nrss Xxxi (B) Transmission Ltd  Unsecured NCDs^        Provisional IND  6800     Assigned
                                                       AAA(SO)
^The final rating is contingent upon the receipt of the final documents 
conforming to the information already received by Ind-Ra. The agency would 
look into all final documents, including debenture trust deed, debenture 
trustee agreement, other security documents, and no dues certificate from
all banks/non-banking financial institutions before assigning the final rating.
Nrss Xxxi (B) Transmission Ltd  NCDs^, #                                6800     Withdrawn
^The final rating is contingent upon the receipt of the final documents 
conforming to the information already received by Ind-Ra. The agency would 
look into all final documents, including debenture trust deed, debenture 
trustee agreement, other security documents, and no dues certificate from
all banks/non-banking financial institutions before assigning the final rating.
# The rating on the instrument has been withdrawn, as the company 
did not proceed with the instrument as envisaged.
Rpl Industries Ltd              FB WC limit            IND BB-/IND A4+  70       Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
Samrat Wires Pvt Ltd            TL                     IND B-           54       Affirmed
Samrat Wires Pvt Ltd            FB limits              IND B- /IND A4   50       Affirmed
Samrat Wires Pvt Ltd            Non-FB limits          IND B- /IND A4   30       Affirmed
Secunderabad Hotels Pvt. Ltd    Long-TL                IND BB+          226.4    Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
Secunderabad Hotels Pvt. Ltd    Fund based WC limit    IND BB+          107.5    Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
Sepc Power Pvt Ltd              LT senior project Bk   IND BBB-         24491.6  Affirmed
                                loan
Shankara Building Products Ltd  Long-TL                IND A            82.4     Upgraded from
                                                                                 IND BBB+
Shankara Building Products Ltd  FB WC limits           IND A /IND A1    2600     Upgraded from
                                                                                  IND BBB+
Sixth Energy Technologies Pvt   FB WC limits           IND BB+          60       Affirmed
Ltd
Sixth Energy Technologies Pvt   Packing credit         IND BB+          39       Affirmed
Ltd
Star Health And Allied          Subordinated debt      IND A            0.5      Assigned
Insurance Co. Ltd
Taurus Value Steel & Pipes Pvt  FB WC limits           IND A(SO) /IND   400      Upgraded
Ltd                                                    A1(SO)
Tridev Resins Pvt Ltd           FB foreign bill        IND BB           45       Migrated to
                                discounting                                      Non -
                                                                                 Cooperating
                                                                                 Category
Tridev Resins Pvt Ltd           CC limits              IND BB           20       Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
-----------------------------------------------------------------------------------------------
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