September 4, 2019 / 5:38 AM / 12 days ago

India Ratings for Indian debt instruments – Sep 4

    Sep 4 (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 3, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Altico Capital India Ltd        CP                     IND A1           8500     Downgraded
D.R. Shah Construction Co.’S    Non-FB limits          IND A4           60       Affirmed
(Drs)                                                                  (increased
                                                                        from INR30)
Tejas Constructions &           Non-FB limits          IND A3 (ISSUER   700      Migrated to
Infrastructure Pvt Ltd                                 NOT COOPERATING)          non
                                                                                 Cooperating
                                                                                 category

LONG TERM RATINGS:
-------------------
Aakash Developers               Long-TL                IND B+ (ISSUER   150      Downgraded;
                                                       NOT COOPERATING)          off RWN;
                                                                                 migrated 
                                                                                 to non- 
                                                                                 cooperating 
                                                                                 category
Altico Capital India Ltd        NCDs*                  IND A+/Negative  30500    Downgraded
*The suffix emr denotes the exclusion of the embedded market risk from the rating. 
The rating of market-linked debentures is based on an ordinal assessment of the 
underlying credit risk of the instrument and does not factor in the market risk 
that investors in such instruments will assume. This market risk stems from the 
fact that the coupon payment on these instruments will be based on the performance 
of a reference index or equity share (detailed in the information memorandum of the issue).
Altico Capital India Ltd        Bk loans               IND A+/Negative  44000    Downgraded
Altico Capital India Ltd        Principal protected    IND PP-MLD       1000     Downgraded
                                market-linked          A+emr/Negative
                                debenture*
*The suffix emr denotes the exclusion of the embedded market risk from the rating. 
The rating of market-linked debentures is based on an ordinal assessment of the 
underlying credit risk of the instrument and does not factor in the market risk 
that investors in such instruments will assume. This market risk stems from the 
fact that the coupon payment on these instruments will be based on the performance 
of a reference index or equity share (detailed in the information memorandum of the issue).
Astra Solren Pvt Ltd            Project TL-II          -                400      Withdrawn
                                                                                (paid in full)
Astra Solren Pvt Ltd            Project TL-I           IND A+/Positive  3330*    Affirmed
                                                                                 Outlook
                                                                                 revised 
                                                                                 to Positive 
                                                                                 from Stable.
*includes INR3,000 million (outstanding INR2,057.0 million) 
letter of undertaking facility as sub-limit
Astra Solren Pvt Ltd            BG                     IND A+/Positive  59.2     Affirmed
                                                                                 Outlook
                                                                                 revised 
                                                                                 to Positive 
                                                                                 from Stable.
Bloom Dekor Ltd                 FB WC limit (Long-     IND D(ISSUER NOT 180      Downgraded
                                term/ Short- term)     COOPERATING)
Bloom Dekor Ltd                 NFB WC limit (Short-   IND D(ISSUER NOT 145      Downgraded
                                term)                  COOPERATING)
D.R. Shah Construction Co.’S    FB limits              IND B+/Stable    30       Affirmed
(Drs)
Laurus Labs Ltd                 CP*#                   -                1000     Affirmed and
                                                                                 withdrawn
* Affirmed at ‘IND A1+ before being withdrawn.
#Carved out of fund-based working capital limits
Manipal Hospitals (Dwarka) Pvt  TL                     IND A/Negative   2860     Assigned
Ltd
Manipal Hospitals (Dwarka) Pvt  Proposed TL*           Provisional IND  500      Assigned
Ltd                                                    A/Negative
* The rating is provisional and shall be confirmed upon the sanction and 
execution of loan documents for the above facility by MHDPL to the satisfaction of Ind-Ra.
Sahil Polyplast Pvt Ltd         FB WC limits (LT/ST)   IND D(ISSUER NOT 90       Downgraded
                                                       COOPERATING)
Sahil Polyplast Pvt Ltd         Non-FB WC limit (ST)   IND D(ISSUER NOT 15       Downgraded
                                                       COOPERATING)
Sahil Polyplast Pvt Ltd         Proposed FB WC limit   Provisional IND  35       Downgraded
                                (LT/ST)                D(ISSUER NOT
                                                       COOPERATING)
Sahil Polyplast Pvt Ltd         Proposed non-FB WC     Provisional IND  10       Downgraded
                                limit (ST)             D(ISSUER NOT
                                                       COOPERATING)
Tejas Constructions &           FB limits              IND BBB-(ISSUER  330      Migrated to
Infrastructure Pvt Ltd                                 NOT                       non
                                                       COOPERATING)/IND A3(ISSUER cooperating 
                                                       NOT 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)
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