January 9, 2020 / 5:37 AM / 9 days ago

India Ratings for Indian debt instruments – Jan 9

    Jan 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
January 8, 2020.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Greenply Industries Ltd         Non-FB limits          IND A1+          2050
Affirmed; Off RWE; (reduced from INR1,255.3 mln)
Greenply Industries Ltd         CP programme^          IND A1+          150
Affirmed; Off RWE; (reduced from INR1,255.3 mln); ^Carved out of the existing fund-based working
capital banking lines
Greenply Industries Ltd         Proposed non-FB limits#Provisional IND  500
                                                       A1+
Affirmed; Off RWE; #The rating is provisional and shall be confirmed upon the execution of the
loan documents to the satisfaction of Ind-Ra.
Greenply Industries Ltd         Proposed short-TL#     Provisional IND  300
                                                       A1+
Affirmed; Off RWE; (reduced from INR1,255.3 mln); #The rating is provisional and shall be
confirmed upon the execution of the loan documents to the satisfaction of Ind-Ra.
Vardhman Textiles Ltd           CP programme^          IND A1+          10       Affirmed
^Carved out of the existing fund-based working capital banking lines

LONG TERM RATINGS:
-------------------
Axis Asset Management Company   Axis Treasury          IND AAAmfs       -        Assigned
                                Advantage Fund
Bhimseria Agro Pvt Ltd          TL                     IND BB           93.2
(Issuer Not Cooperating); Migrated to  non-cooperating category
Bhimseria Agro Pvt Ltd          FB WC limit            IND BB           34.5
(Issuer Not Cooperating); Migrated to  non-cooperating category
Greenply Industries Ltd         Long-TL                IND AA-/ Stable  380
Affirmed; Off RWE; (reduced from INR1,255.3 mln)
Greenply Industries Ltd         FB limits              IND AA-/ Stable  900
Affirmed; Off RWE; (reduced from INR1,255.3 mln)
Greenply Industries Ltd         Proposed long-TL       WD               800
Withdrawn; the company did not proceed with the instrument as envisaged
Janani Foodtek (I) Pvt Ltd      TL                     IND BB-          85
(Issuer Not Cooperating); Migrated to  non-cooperating category
Janani Foodtek (I) Pvt Ltd      FB limits              IND BB-          60
(Issuer Not Cooperating); Migrated to  non-cooperating category
Northern Arc 2019 Sbl Toledo    Series A1 pass-through IND A(SO)/Stable 156.47   Assigned
(An Abs Transaction)            certificates (PTCs)
Northern Arc 2019 Sbl Toledo    Series A2 PTCs         IND BBB+(SO)/    3.6      Assigned
(An Abs Transaction)                                   Stable
Sidy Datacom Pvt Ltd            FB WC limit (LT/ ST)   IND D            250      Downgraded
(Issuer Not Cooperating)
Small Business Loan Trust Sept  Pass-through           IND AAA(SO)/     8180.9   Assigned
2019 (An Abs Transaction)       certificates           Stable
                                (PTCs)-Series A
Snowman Logistics Ltd           TL                     IND A/ RWP       900
Placed on RWP
Snowman Logistics Ltd           FB limits              IND A/ RWP/ IND  80
                                                       A1/ RWP
Placed on RWP
Snowman Logistics Ltd           Non-FB-limits          IND A/ RWP/ IND  50
                                                       A1/ RWP
Placed on RWP
Techno Electromech Pvt Ltd      TL                     IND BBB/ Stable  128      Assigned
Techno Electromech Pvt Ltd      FB WC limits           IND BBB/ Stable/ 140      Assigned
                                                       IND A3+
Techno Electromech Pvt Ltd      Non-FB WC limits       IND BBB/ Stable/ 90       Assigned
                                                       IND A3+
-----------------------------------------------------------------------------------------------
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@refinitiv.com)
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