August 9, 2019 / 5:38 AM / 2 months ago

India Ratings for Indian debt instruments – Aug 9

    Aug 9 (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 8, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Ctm Textile Mills               Non-FB limit           IND A3           30       -
Migrated to non-cooperating category,Issuer Not Cooperating
German International Pvt Ltd    Non-FB WC limits       IND A4+          200      Affirmed
Sanghi Industries Ltd           Non-FB limits          IND A1           150      Affirmed
Shoppers Stop Ltd               CP (CP)                IND A1+          250      Affirmed
(reduced from INR500)
Shoppers Stop Ltd               ST debt/CP             IND A1+          250      Affirm
(reduced from INR1,000)

LONG TERM RATINGS:
-------------------
Azafran Innovacion Ltd          TL                     IND B-           33.6     Affirmed
(reduced from 37.78 million)
Azafran Innovacion Ltd          FB limits              IND B-/ INDA4    20       Affirmed
Clean Solar Power (Chitradurga) Bk  loan               IND BBB/RWN      2200     Placed on RWN
Pvt Ltd
Clean Solar Power (Chitradurga) WC facility            IND BBB/RWN      100      Placed on RWN
Pvt Ltd
Ctm Textile Mills               FB limit               IND BBB-         135      -
Migrated to non-cooperating category,Issuer Not Cooperating
Ctm Textile Mills               TL                     IND BBB-         248.7    -
Migrated to non-cooperating category,Issuer Not Cooperating
Ctm Textile Mills               Proposed TL            Provisional IND  27       -
                                                       BBB-
Migrated to non-cooperating category,Issuer Not Cooperating
German International Pvt Ltd    FB WC limits           IND BB- / IND A4+150      Affirmed
Outlook revised to Stable from Negative
Gvr Ajmer Nagaur Tollway Pvt LtdBk loan (LT)           IND D            3187.5   -
Migrated to non-cooperating category,Issuer Not Cooperating
Indian Overseas Bank            Basel III Tier 2 bonds*IND AA-          8        Assigned
*Yet to be issued
Mfl Securitisation Trust – Lxvi Series A1 pass-through IND AA(SO)       832.9    Affirmed
                                certificates (PTCs)
Mfl Securitisation Trust – Lxvi Series A2 PTCs         IND AA(SO)       42       Affirmed
Mfl Securitisation Trust – Lxvi Liquidity facility (LF)IND AAA(SO)      21.8     Affirmed
Mfl Securitisation Trust – Lxvi Second loss credit     IND BBB(SO)      107.8    Affirmed
                                facility (SLCF)
Mining Associates Pvt Ltd       FB WC limit            IND BB+/IND A4+  100      -
Migrated to non-cooperating category,Issuer Not Cooperating
Mining Associates Pvt Ltd       Non-FB WC limit        IND BB+/IND A4+  180      -
Migrated to non-cooperating category,Issuer Not Cooperating
Prathijna Sustainable Solutions Senior secured rupee TLIND BBB-         1,000*   Assigned
Pvt Ltd
*The current outstanding of the secured rupee term loan is INR994 million as on 31 July 2019
Sanghi Industries Ltd           TL                     IND A            8400     Affirmed
Sanghi Industries Ltd           FB limits              IND A/Stable     1850     Affirmed
Tvs Srichakra Ltd               TL                     IND AA-          750      Assigned
Tvs Srichakra Ltd               FB WC limits           IND AA-/IND A1+  3700     Affirmed
(increased from INR3,200)
Tvs Srichakra Ltd               Non-FB WC limits       IND AA-/IND A1+  1140     Affirmed
Tvs Srichakra Ltd               Proposed TL*           Provisional IND  1500     Assigned
                                                       AA-
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above
Tvs Srichakra Ltd               TL                     WD               2760     Withdrawn
(paid in full)
Western Transmission (Gujarat)  TL                     IND AA+(SO)      1350     Affirmed
Ltd
Western Transmission (Gujarat)  NCDs (NCDs)            IND AA+(SO)      1650     Affirmed
Ltd
Western Transmission (Gujarat)  WC facility            IND AA+(SO)      100      Affirmed
Ltd
Zee Knits & Weavers Pvt Ltd     FB WC limits (LT/ST)   IND D            150      Downgraded
Issuer did not cooperate; based on the best available information.
Zee Knits & Weavers Pvt Ltd     TL (LT)                IND D            4        Downgraded
Issuer did not cooperate; based on the best available information.
-----------------------------------------------------------------------------------------------
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.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222, E-mail at
rru.data@thomsonreuters.com)
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