India Ratings for Indian debt instruments – Dec 18
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
December 15, 2017.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
—— ———- —— —— ———
SHORT TERM RATINGS:
——————-
Allied Blenders And Distillers Non-FB limits IND A2+ 200 Affirmed
Pvt. Ltd.
Bpl Ltd Non-FB limits IND A4+ 280 Assigned
Globe Forex & Travels Ltd Non-FB limits IND A2+ 70 Affirmed
Quality Care India Ltd CP program* IND A1+ 250 Affirmed
* The CP will be carved out of QCIL’s fund-based working capital limits.
Ramnik Power And Alloys Pvt Ltd Non-FB limits IND A4 10 Assigned
Skm Infraventure Pvt Ltd Non-FB limit IND A4+ 10 Assigned
Welspun Global Brands Ltd Non-FB limits IND A1+ 435.4 Affirmed
Welspun India Ltd Non-FB limits IND A1+ 3.9 Affirmed
Welspun India Ltd CP IND A1+ 3 Affirmed
LONG TERM RATINGS:
——————-
Aizant Drug Research Solutions Long-TL IND BBB- 234.7 Assigned
Pvt Ltd
Aizant Drug Research Solutions FB WC limits IND BBB-/ IND A3 115 Assigned
Pvt Ltd
Allied Blenders And Distillers TL IND A- 4979.1 Affirmed
Pvt. Ltd.
increased from 4,347.0 mln
Allied Blenders And Distillers WC Fac IND A- 5103.6 Affirmed
Pvt. Ltd.
reduced from 5,150.0 mln
Allied Blenders And Distillers Bill discounting Fac IND A- 2000 Affirmed
Pvt. Ltd.
Allied Blenders And Distillers Bill discounting Fac# IND A- 1000 Assigned
Pvt. Ltd.
# The final rating has been assigned following the receipt of the sanction letter.
Allied Blenders And Distillers Proposed WC Fac* Provisional IND 200 Affirmed
Pvt. Ltd. A-
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by ABDPL to
Anand Teknow Aids Engineering TL (LT) IND D 350 Downgraded
India Ltd
(ISSUER NOT COOPERATING)
Anand Teknow Aids Engineering FB limit (LT) IND D 710 Downgraded
India Ltd
(ISSUER NOT COOPERATING)
Anand Teknow Aids Engineering Non-FB limit (ST) IND D 970 Downgraded
India Ltd
(ISSUER NOT COOPERATING)
Anand Teknow Aids Engineering NCDs (NCDs) (LT)* IND D 250 Rating
India Ltd downgraded;
final rating
assigned
* Ind-Ra has not received final documentation for the NCDs.; (ISSUER NOT COOPERATING)
Anand Teknow Aids Engineering Proposed non-FB limit Provisional IND D 80 Downgraded
India Ltd (LT/ST)#
# The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by ATAEIL to the satisfaction of Ind-Ra.; (ISSUER NOT
COOPERATING)
Ashok Leyland Defence Systems FB WC limits IND BBB+/ IND A2 150 Assigned
Ltd
Bpl Ltd FB limits IND BB- 100 Assigned
Can Fin Homes Ltd CP IND A1+/ RWN 45 Placed on RWN
Can Fin Homes Ltd Subordinated debt IND AAA/ RWN 3 Placed on RWN
Can Fin Homes Ltd NCDs (NCDs)* IND AAA/ RWN 80 Placed on RWN
Globe Forex & Travels Ltd FB limits IND A- 230 Rating
affirmed;
Outlook revised
to Positive from Negative
Godhra Expressways Pvt Ltd Secured, rated, IND AA-(SO) 3500 Assigned
unlisted, redeemable
NCDs (NCDs)
Godhra Expressways Pvt Ltd LT term project Bk loanIND AA-(SO) 1100 Assigned
Godhra Expressways Pvt Ltd Proposed secured, WD 3500 Withdrawn*
rated, unlisted,
redeemable NCDs
*The provisional ratings are withdrawn as the issuer did not proceed with the instrument as
envisaged.
Godhra Expressways Pvt Ltd Proposed LT term WD 1100 Withdrawn*
project Bk loan
*The provisional ratings are withdrawn as the issuer did not proceed with the instrument as
envisaged.
Iiert September 2017 (An Abs Series A pass-through IND AA(SO) 1516.2 Assigned
Transaction) certificates (PTCs)
Jammu & Kashmir Bank Ltd Basel III compliant IND AA 10000 Assigned
Tier 2 bonds*
*yet to be issued
Merlin Ifmr Capital 2017 (An Series A1 pass-through IND A-(SO) 218.4 Assigned
Abs Transaction) certificates (PTCs)
Merlin Ifmr Capital 2017 (An Series A2 PTCs IND BBB-(SO) 5.1 Assigned
Abs Transaction)
Mfl Securitisation Trust – Series A1 pass-through IND AA(SO) 2681.54 Assigned
Lviii (An Abs Transaction) certificates (PTCs)
Mfl Securitisation Trust – Series A2 PTCs IND AA(SO) 141.1 Assigned
Lviii (An Abs Transaction)
Mfl Securitisation Trust – Liquidity facility (LF)IND AAA(SO) 49.4 Assigned
Lviii (An Abs Transaction)
Mfl Securitisation Trust – Second loss credit IND BBB(SO) 231.5 Assigned
Lviii (An Abs Transaction) facility (SLCF)
Prayatna Developers Pvt Ltd Senior Bk loans IND A- 9517.9 Upgraded
Prayatna Developers Pvt Ltd Proposed WC loan* Provisional IND 376.5 Upgraded
A-
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by PDPL to
Ramnik Power And Alloys Pvt Ltd FB limit IND B+ 30 Assigned
Ramnik Power And Alloys Pvt Ltd TL IND B+ 16.78 Assigned
Sahibzada Timber & Ply Pvt Ltd FB WC limit WD 200 Withdrawn
Skm Infraventure Pvt Ltd FB limit IND BB 50 Assigned
Skm Infraventure Pvt Ltd Proposed FB limit* Provisional IND 80 Assigned
BB
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by SKMIVPL to the satisfaction of Ind-Ra.
Waaneep Solar Pvt Ltd Senior project TL WD 3000 Withdrawn
2,267.40 outstanding on 30 November 2017
Welspun Global Brands Ltd FB WC limits IND AA- 4126.5 Affirmed
Welspun India Ltd TL IND AA- 22.5 Affirmed
Welspun India Ltd FB WC limits IND AA- 8.5 Affirmed
Welspun India Ltd Proposed NCDs WD 2 Withdrawn
(issuer is no longer proceeding with the instrument as envisaged)
———————————————————————————————–
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.
Source: Reuters
