India Ratings for Indian debt instruments – Mar 19

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 March 16 & 18, 2019. COMPANY

INSTRUMENT

RATING

AMOUNT MOVEMENT

(RS.MLN) ——

———-

——

—— ——— SHORT TERM RATINGS: ——————- Arya Tradex Pvt Ltd

Non-FB Fac

IND A4

100

– Note: The ratings were last reviewed on 7 March 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings.(Issuer Not Cooperating); Migrated to non-cooperating category B.N. Industries

Non-FBL

IND A4

30

Affirmed Kandui Industries Pvt Ltd

Non-FB WC limits

IND A3

210

Affirmed (increased from INR120) Preca Solutions India Pvt Ltd Non-FB WC limits

IND A3

172.7

Affirmed (increased from INR80) S.K. Translines Pvt Ltd

Non-FB limits

IND A4+

35

– Note: The ratings were last reviewed on 13 March 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. (Issuer Not Cooperating); Migrated to non-cooperating category Shreeji Infrastructure India

NFBL

IND A2

1850

Affirmed Pvt Ltd Shreeji Infrastructure India

Proposed non-FB limits*Provisional IND 2000

Assigned Pvt Ltd

A2 *The rating is provisional and shall be confirmed upon the sanction and execution of loan documents for the above facilities by Shreeji to the satisfaction of Ind-Ra. LONG TERM RATINGS: ——————- B.N. Industries

FB limits

IND B / IND A4 65

Long term

rating

downgraded; Short-term rating affirmed Citron Ecopower Pvt Ltd

TL

IND BB

2750

Downgraded

from IND BBB- Citron Ecopower Pvt Ltd

Overdraft

IND BB

250

Downgraded

from IND BBB- Clover Energy Pvt Ltd

Rupee TL

IND BB

939.4

Downgraded

from IND BBB+ East North Interconnection Co. NCDs

IND AAA(SO)/RWN 7900

Placed on RWN Ltd (reduced from INR8,175) East North Interconnection Co. TL

IND AAA(SO)/RWN 400

Placed on RWN Ltd Gateway Distriparks Ltd

Proposed NCDs (NCDs)* Provisional IND 5.5

Assigned

AA- *The final rating will be assigned following the final issuance and the receipt of the final documentation, conforming to the information already received by Ind-Ra. Gateway Distriparks Ltd

Proposed TL

WD

6.25

Withdrawn (GDL did not proceed with the instrument as envisaged) Hotel Miramar

TL

IND BB-

75

– Note: The ratings were last reviewed on 22 May 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings.(Issuer Not Cooperating); Migrated to non-cooperating category Intime Properties Ltd

Bk loan facility

IND A+/ (SO)

3000

Assigned K. Raheja It Park (Hyderabad) Bk loan

IND A+/ (SO)

5000

Assigned Ltd Kandui Industries Pvt Ltd

FB WC limits

IND BBB-

250

Affirmed (increased from INR190) Kandui Industries Pvt Ltd

TL

IND BBB-

190

Affirmed (reduced from INR233.10) Maple Renewable Power Pvt Ltd Rupee TL

IND BB

850

Downgraded

from IND BBB+ Mda Mineral Dhatu (Ap) Pvt Ltd FB limits

IND BB- / IND A4+50

– Note: The ratings were last reviewed on 16 March 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. (Issuer Not Cooperating); Migrated to non-cooperating category Nhpc Ltd’S Government Of India GoI fully serviced

IND AAA

20.17

Assigned

bonds*

* Yet to be issued Preca Solutions India Pvt Ltd FB WC limits

IND BBB-/IND A3 200

Affirmed (increased from INR110) Preca Solutions India Pvt Ltd TL

IND BBB-/Stable 120

Affirmed (reduced from INR128.6) Preca Solutions India Pvt Ltd Proposed FB WC limits WD

90

Withdrawn (the company did not proceed with the instrument as envisaged) Preca Solutions India Pvt Ltd Proposed non-FB WC

WD

80

Withdrawn

limits (the company did not proceed with the instrument as envisaged) Preca Solutions India Pvt Ltd

Proposed TL

WD

60

Withdrawn (the company did not proceed with the instrument as envisaged) Richline Finance Ltd

Bk loan*

WD

60

Affirmed &

Withdrawn

* Affirmed at IND B- before being withdrawn S.K. Translines Pvt Ltd

Long-TL

IND BB-

3.3

– Note: The ratings were last reviewed on 13 March 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. (Issuer Not Cooperating); Migrated to non-cooperating category S.K. Translines Pvt Ltd

FB limits

IND BB- / IND A4+65

– Note: The ratings were last reviewed on 13 March 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. (Issuer Not Cooperating); Migrated to non-cooperating category Shreeji Infrastructure India

FBL

IND BBB+

140

Affirmed Pvt Ltd Sidhhartha Corporation Pvt Ltd FB limits

IND BBB+

1150

– Note: The ratings were last reviewed on 15 January 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings.(Issuer Not Cooperating); 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.

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