September 30, 2019 / 11:10 AM / 2 months ago

India Ratings for Indian debt instruments – Sep 30

    Sep 30 (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 27, 2019.

COMPANY                         INSTRUMENT            RATING          AMOUNT   MOVEMENT
                                                                     (RS.MLN)
------                          ----------            ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Asia (Chennai) Engineering      Non-FB WC limits       IND A3+          250      Affirmed
Company Pvt Ltd
Bipico Industries (Tools) Pvt.  Non-FB WC limits       IND A4+          1        Assigned
Ltd
Mangalam Drugs And Organics Ltd Non-FB WC limits       IND A3           95       Affirmed
Polycab India Ltd               Non-FB WC limit        IND A1+          21640    Affirmed
(increased from INR17400)
Polycab India Ltd               Proposed non-FB WC     Pro IND A1+      8360     Affirmed
                                limit
(increased from INR4,600)
Raj Construction                Non-FB limits          IND A4+          30       Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Scoda Tubes Ltd                 Non-FB limits          IND A4           32.5     Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
(Issuer Not Cooperating)



LONG TERM RATINGS:
-------------------
Bipico Industries (Tools) Pvt.  TL                     IND BB-/Stable   35.6     Assigned
Ltd
Bipico Industries (Tools) Pvt.  FB WC limits           IND              185      Assigned
Ltd                                                    BB-/Stable/IND
                                                       A4+
Goa Natural Gas Pvt Ltd         TL                     IND BBB+/Stable  830      Affirmed
Goa Natural Gas Pvt Ltd         Non-FB limits          IND              50       Affirmed
                                                       BBB+/Stable/IND
                                                       A2+
India Standard Loan Trust –     Series A pass-through  IND A(SO)/Stable 148.6    Affirmed
Xxxii                           certificates (PTCs)
India Standard Loan Trust –     Liquidity facility (LF)IND              12.57    Affirmed
XXXII                                                  AAA(SO)/Stable
India Standard Loan Trust –     Second loss credit     IND              44.64    Affirmed
XXXII                           facility (SLCF)        BBB(SO)/Stable
J.R. Agrotech Pvt. Ltd          FB limits (LT and ST)  IND D            2800     Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
 (Issuer Not Cooperating)
J.R. Agrotech Pvt. Ltd          TL (LT)                IND D            150      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
 (Issuer Not Cooperating)
Mangalam Drugs And Organics Ltd FB WC limits           IND BBB-/        500      Affirmed
                                                       Negative /IND A3
Mangalam Drugs And Organics Ltd LT loan                IND BBB-/Negative80.1     Affirmed
MM Trust Sep 19 III             Series A PTC (PTCs)    Pro IND AAA      10000    Assigned
                                                       (SO)/Stable
North Karnataka Expressway Ltd  NCD                    -                4636     Withdrawn
                                                                                 (Paid in full)
Northern Arc Pooled Bond        PBI                    Pro IND          400      Assigned
Issuance XX                                            BBB+(CE)/Stable
Polycab India Ltd               Proposed TL            -                5000     Withdrawn 
                                                                                 (the
                                                                                 company did
                                                                                 not proceed 
                                                                                 with the 
                                                                                 instrument 
                                                                                 as envisaged)
Polycab India Ltd               External commercial    IND AA/Stable    440      Affirmed
                                borrowings
(reduced from INR1,329)
Polycab India Ltd               TL                     IND AA/Stable    120      Affirmed
(reduced from INR2,740)
Polycab India Ltd               FB WC limit            IND              7060     Affirmed
                                                       AA/Stable/IND A1+
(reduced from INR8,000)
Polycab India Ltd               Proposed FB WC limit   Pro IND          1440     Affirmed
                                                       AA/Stable/Pro
                                                       IND A1+
(increased from INR500)
Progressive Homes               Proposed long-TL       Pro IND B        220      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
 (Issuer Not Cooperating)
Radhey Govind Steel & Alloys    FB WC limit            IND BB-          50       Migrated to
Pvt Ltd                                                                          non
                                                                                 cooperating 
                                                                                 category
 (Issuer Not Cooperating)
Raj Construction                FB limits              IND BB-          50       Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Raj Construction                TL                     IND BB-          8        Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Ram’S Assorted Cold Storage Ltd FB limits              IND BB+          350      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Ram’S Assorted Cold Storage Ltd Proposed FB limits     Pro IND BB+      150      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Sansar Trust September 2019     Series A pass-through  Pro IND          4004.9   Reassigned
                                certificates (PTCs)*   AAA(SO)/Stable
 *A change in the waterfall has led to the addition of a charge-off clause in the transaction
Sansar Trust September 2019 V   Second-loss credit     Pro IND          233.6    Assigned
                                facility (SLCF)        A-(SO)/Stable
Sansar Trust September 2019 V   Series A pass-through  Pro IND          5023.2   Assigned
                                certificates (PTCs)    AAA(SO)/Stable
Sbfc Hl Trust June 2019         Series A pass-through  IND A+(SO)/Stable14631.7  Assigned
                                certificates (PTCs)
Sbfc Lap Trust June 2019        Series A PTC (PTCs)    IND A+(SO)/Stable9024.4   Assigned
Scoda Tubes Ltd                 FB limits              IND B+           92.5     Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
 (Issuer Not Cooperating)
Sobha Projects And Trade Pvt LtdProposed FB Fac        -                50       Withdrawn
(the company did not proceed with the instrument as envisaged)
Sobha Projects And Trade Pvt LtdLong-TL                IND BBB-/Stable  62.5     Upgraded
Sobha Projects And Trade Pvt LtdFB Fac                 IND              350      Upgraded
                                                       BBB-/Stable/IND
                                                       A3
Sobha Projects And Trade Pvt LtdNon-FB Fac             IND              500      Upgraded
                                                       BBB-/Stable/IND
                                                       A3
Sobha Projects And Trade Pvt LtdNon-FB Fac*            IND              450      Assigned
                                                       BBB-/Stable/IND
                                                       A3
* The final rating has been assigned upon the sanction and execution of loan documents for the
above facilities by SPTPL to the satisfaction of Ind-Ra.
Suryataap Energies &            Senior project TL      IND BB+          259.2    Downgraded and
Infrastructure Pvt Ltd                                                           Migrated to
                                                                                 non 
                                                                                 cooperating 
                                                                                 category
 (Issuer Not Cooperating)
Ushdev International Ltd        TL (LT)                IND D            500      Affirmed
(Issuer Not Cooperating)
Ushdev International Ltd        FB limits (LT)         IND D            5000     Affirmed
(Issuer Not Cooperating)
Ushdev International Ltd        Non-FB limits (ST)     IND D            20000    Affirmed
(Issuer Not Cooperating)
Virinchi Ltd                    FB WC limit (LT/ST)    IND BB- /IND A4+ 130      Long-term
                                                                                 rating
                                                                                 downgraded, 
                                                                                 short-term
                                                                                 rating 
                                                                                 affirmed
                                                                                 and 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)
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