April 17, 2019 / 4:18 AM / 3 months ago

India Ratings for Indian debt instruments – Apr 17

    Apr 17 (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
April 16, 2019.

COMPANY                         INSTRUMENT             RATING         AMOUNT   MOVEMENT
------                          ----------             ------         ------   ---------
Aym Syntex Ltd                  Non-FB WC limits       IND A1           1100     Affirmed
Sri Vaishnavi Spintex (I) Pvt   Non-FB WC facility     IND A4+          10
Migrated to non-cooperating category; (Issuer Not Cooperating)
The West India Power Equipments Non-FB WC limits       IND A3           5        Affirmed
Pvt Ltd

Aym Syntex Ltd                  TL                     IND A            2131     Affirmed
Aym Syntex Ltd                  FB WC limits           IND A            650      Affirmed
Fine Jewellery Manufacturing LtdNon FB WC limit*       WD               78
* Maintained in ‘IND A4+(ISSUER NOT COOPERATING) ’ before being withdrawn
Fine Jewellery Manufacturing LtdFB WC limit#           WD               563
Raichur Power Corporation Ltd   Proposed WC loans*     Provisional IND  17120    Downgraded
* The final rating for the proposed working capital loans will be assigned following the closure
of the loan iss
Sri Vaishnavi Spintex (I) Pvt   FB WC facility         IND BB- /IND A4+ 130
Migrated to non-cooperating category; (Issuer Not Cooperating)
The West India Power Equipments TL                     IND BBB-         114.12   Affirmed
Pvt Ltd
The West India Power Equipments FB WC limits           IND BBB- /IND A3 305      Affirmed
Pvt Ltd
Torque Commercial Vehicles Pvt. FB WC limits           IND B+           150
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 The withdrawn criteria are now available on India Ratings' website at

$: 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wd -Rating Stands Withdrawn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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