August 14, 2019 / 6:46 AM / a month ago

India Ratings for Indian debt instruments – Aug 14

    Aug 14 (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
August 13, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Aanchal Collection Ltd          NFB WC limit (short-   IND D            15       Downgraded
Gramox Paper & Boards           Non-FB Fac             IND A4           12       -
(Migrated to non-cooperating category)
Mahindra & Mahindra             FB limits              IND A1+          8000     Affirmed

Aanchal Collection Ltd          FB WC limit (long-     IND D            150      Downgraded
Air India Assets Holding        Proposed GoI fully     Provisional IND  70000    Assigned
                                serviced bonds#        AAA
#The final rating will be assigned to the bonds following the closure of the issue and upon the
receipt of final documentation, conforming to the information already received by Ind-Ra.
Bhagwati Gems                   Proposed FB WC limits  -                10       Withdrawn
(the company did not proceed with the instrument as envisaged)
Bhagwati Gems                   TL                     IND BB-          15.7     Affirmed
Bhagwati Gems                   FB limits              IND BB-          340      Affirmed
Emaar Mgf Land                  TL*                    IND BBB-         18770    Assigned
*This facility has multiple term loans. The longest maturity term loan has a tenor of six years
from the date of first drawdown.
Emaar Mgf Land                  WC loan                IND BBB-/A3      210      Assigned
Emaar Mgf Land                  Non-fund–based limits  IND BBB-/A3      116      Assigned
Extramarks Education India      FB WC limit            IND A-/ IND A2+  50       Affirmed
Extramarks Education India      Non-FB WC limit        IND A-/ IND A2+  1124.2   Affirmed
Famous Stationery               FB WC limit (LT)       IND D            50       Downgraded
Fiat India Automobiles          CP*                    -                6250     Withdrawn
*carved out of the existing fund-based working capital banking lines
Gramox Paper & Boards           TL                     IND B            18.1     -
(Migrated to non-cooperating category)
Gramox Paper & Boards           FB Fac                 IND B/A4         70       -
(Migrated to non-cooperating category)
Gramox Paper & Boards           Proposed TL            Provisional      10       -
(Migrated to non-cooperating category)                 IND B
Mahindra & Mahindra             NCDs (NCDs)            IND AAA          4750     Affirmed
Mahindra & Mahindra             Non-FB limits          IND AAA/A1+      4025     Affirmed
Mahindra & Mahindra             FB/Non-FB              IND AAA/A1+      2500     Affirmed
S.C. Shettar & Sons             FB WC limits           IND BBB-/IND A3  495      Affirmed
The West Bengal Power           FB WC limits           IND BBB/IND A3+  19000    Affirmed
Development Corp
The West Bengal Power           Non-FB WC limit        IND BBB/IND A3+  2600     Affirmed
Development Corp

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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