November 22, 2019 / 5:57 AM / 5 months ago

India Ratings for Indian debt instruments – Nov 22

    Nov 22 (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
November 21, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Jonson Rubber Industries Ltd’S  Non-FB limits          IND A4+          300      -
(Issuer Not Cooperating)/Migrated to non-cooperating category
Suryalata Spinning Mills        Non-FB WC Fac          IND A3+          12.5     Affirmed
Suryalata Spinning Mills        Forward cover facility IND A3+          5.2      Affirmed
Cashpor Micro Credit’S          Bk loans*              WD               12.5     Affirmed and
(reduced from INR557.7),*Affirmed at ‘IND BBB’/Stable before being withdrawn
Gale Solarfarms Ltd’S           NCD                    WD               202.916  Withdrawn
Insta Sme Trust May 2019        Series A1 pass-through IND              1104.5   Assigned

Abs Transaction)                certificates (PTCs)    AAA(SO)/Stable
Jonson Rubber Industries Ltd’S  FB limits              IND BB / IND A4+ 320      -
(Issuer Not Cooperating)/Migrated to non-cooperating category
Maharaja Resources Pvt Ltd      FB WC limit            IND BB-          80       -
(Issuer Not Cooperating)/Migrated to non-cooperating category
Maharaja Resources Pvt Ltd      TL                     IND BB-          49       -
(Issuer Not Cooperating)/Migrated to non-cooperating category
Privilege Trust Series 16       PTCs Series A          IND AAA (SO) /   2291.4   Assigned
Stfcl Da Nov 2019               Assignee Payouts       Provisional IND  10010.4  Assigned
Sunshine Vegetables Pvt Ltd     TL                     IND BB           43.4     -
(Issuer Not Cooperating)/Migrated to non-cooperating category
Sunshine Vegetables Pvt Ltd     FB WC limit            IND BB / IND A4+ 22.5     -
(Issuer Not Cooperating)/Migrated to non-cooperating category
Suryalata Spinning Mills        TL                     IND BBB/Stable   742      Affirmed
Suryalata Spinning Mills        FB WC  Fac             IND              493.5    Affirmed
Suryalata Spinning Mills        Proposed TL            WD               125.17   Withdrawn
the company did not proceed with the instrument as envisaged
Tornado Solarfarms Ltd’S        NCDs                   WD               123.1    Withdrawn
Vector Green Surya Urja Pvt Ltd NCD                    IND A/Stable     1222     Affirmed
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

$: 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

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
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