January 7, 2020 / 6:42 AM / 16 days ago

India Ratings for Indian debt instruments – Jan 7

    Jan 7 (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
January 6, 2020.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
A K Lumbers Ltd                 Non-FB limits          IND A4+(ISSUER   90.5     -
                                                       NOT COOPERATING)
(Migrated to non-cooperating category. Note: ISSUER NOT COOPERATING: The ratings were last
reviewed on 3 January 2019. Ind-Ra is unable to provide an update, as the agency does not have
adequate information to review the ratings.)
Jindal Wood Products Pvt Ltd    Non-FB limits          IND A4+(ISSUER   170      -
                                                       NOT COOPERATING)
(Migrated to non-cooperating category. Note: ISSUER NOT COOPERATING: The ratings were last
reviewed on 3 January 2019. Ind-Ra is unable to provide an update, as the agency does not have
adequate information to review the ratings.)
Punjab Metal Works Pvt Ltd      Non-FB limits          IND A4+(ISSUER   35       -
                                                       NOT COOPERATING)
(Migrated to non-cooperating category. Note: ISSUER NOT COOPERATING: The ratings were last
reviewed on 3 January 2019. Ind-Ra is unable to provide an update, as the agency does not have
adequate information to review the ratings.)
Saranya Spinning Mills Pvt Ltd  Non-FB Fac             IND A4+          5.4      Downgraded
LONG TERM RATINGS:
-------------------
A K Lumbers Ltd                 FB limits              IND BB-(ISSUER   45       -
                                                       NOT
                                                       COOPERATING)/IND A4+
                                                       (ISSUER NOT
                                                       COOPERATING)
(Migrated to non-cooperating category. Note: ISSUER NOT COOPERATING: The ratings were last
reviewed on 3 January 2019. Ind-Ra is unable to provide an update, as the agency does not have
adequate information to review the ratings.)
Jindal Wood Products Pvt Ltd    FB limits              IND BB-(ISSUER   40       -
                                                       NOT
                                                       COOPERATING)/IND A4+
                                                       (ISSUER NOT 
                                                       COOPERATING)
(Migrated to non-cooperating category. Note: ISSUER NOT COOPERATING: The ratings were last
reviewed on 3 January 2019. Ind-Ra is unable to provide an update, as the agency does not have
adequate information to review the ratings.)
Mfl Securitisation Trust Lxvii  Series A1 pass-through IND              835.7    Affirmed
                                certificates (PTCs)    AAA(SO)/Stable
Mfl Securitisation Trust Lxvii  Series A2 PTCs         IND              43.9     Affirmed
                                                       AAA(SO)/Stable
Mfl Securitisation Trust Lxvii  Second loss credit     IND              122.9    Affirmed
                                facility (SLCF)        BBB-(SO)/Stable
Prits Leather Art Pvt Ltd       FB limit               IND              135      Upgraded
                                                       B+/Stable/IND A4
Punjab Metal Works Pvt Ltd      FB limits              IND BB-(ISSUER   20       -
                                                       NOT
                                                       COOPERATING)/IND A4+
                                                       (ISSUER NOT 
                                                       COOPERATING)
(Migrated to non-cooperating category. Note: ISSUER NOT COOPERATING: The ratings were last
reviewed on 3 January 2019. Ind-Ra is unable to provide an update, as the agency does not have
adequate information to review the ratings.)
Saranya Spinning Mills Pvt Ltd  Long-TL                IND BB+/Stable   148.7    Downgraded
Saranya Spinning Mills Pvt Ltd  FB Fac                 IND              400      Downgraded
                                                       BB+/Stable/IND
                                                       A4+
The Punjab State Cooperative    FB limits*             -                1400     Affirmed and
Milk Producers’ Federation Ltd                                                   withdrawn
(*Maintained at ‘IND BBB(ISSUER NOT COOPERATING)’/‘IND A2(ISSUER NOT COOPERATING)’ before being
withdrawn)
The Punjab State Cooperative    Non-FB limits*         -                200      Affirmed and
Milk Producers’ Federation Ltd                                                   withdrawn
(*Maintained at ‘IND BBB(ISSUER NOT COOPERATING)’/‘IND A2(ISSUER NOT COOPERATING)’ before being
withdrawn)
Vigneswara Thermal Power Pvt LtdSenior project TL      IND BBB-/Negative400      Affirmed
(outstanding INR282.5 as on 31 October 2019)
Vigneswara Thermal Power Pvt LtdLoan equivalent to     IND              53       Affirmed
                                facility               BBB-/Negative
-----------------------------------------------------------------------------------------------
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)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below