July 17, 2020 / 4:27 AM / 21 days ago

India Ratings for Indian debt instruments – Jul 17

    Jul 17 - 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
July 16, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
------                          ----------             ------          ------   ---------
Farukhnagar Logistics Parks Llp BG                     IND A2           300      Assigned
Surya Carpet Pvt Ltd            Fund Based WC Limit    IND A4+          432      Downgraded
(Issuer Not Cooperating)
Surya Carpet Pvt Ltd            NFB WC Limit           IND A4+          12       Downgraded
(Issuer Not Cooperating)

Ahp Garments Pvt Ltd            TL                     IND AA-/Stable   659.1    Affirmed
(reduced from INR900 mlns)
Farukhnagar Logistics Parks Llp TL                     IND BBB+/Stable  5300     Assigned
Farukhnagar Logistics Parks Llp TL                     WD               5700     Withdrawn
                                                                                 (paid in full)
Indian Receivable Trust Jan 19 ASeries A pass-through  IND              2156.9   Affirmed
                                certificates (PTCs)    AAA(SO)/Stable
Indian Receivable Trust Jan 19 ASecond loss credit     IND              278      Affirmed
                                facility (SLCF)        BBB(SO)/Stable
Nufuture Digital (I) Ltd        FB WC Fac              IND              175      Downgraded
(reduced from INR250 mlns)
Sansar Trust March 2019 Iii     Second loss credit     IND A-(SO)/Stable228.9    Affirmed
                                facility (SLCF)
Sansar Trust March 2019 Iii     Series A pass-through  IND              2,372.9  Affirmed
                                certificates (PTCs)    AAA(SO)/Stable
Shahi Exports Pvt Ltd           Non-FB limits          IND              3500     Affirmed
(Outlook revised to Stable)
Shahi Exports Pvt Ltd           TL                     IND AA-/Stable   3820     Affirmed
(Outlook revised to Stable)
Shahi Exports Pvt Ltd           FB WC limits           IND              12700    Affirmed
(Outlook revised to Stable)
Shri Dakshinershwari Maa        Proposed long-TL       WD               670      Withdrawn
Polyfabs Ltd
Shri Dakshinershwari Maa        Proposed FB WC limit   WD               200      Withdrawn
Polyfabs Ltd
Tusha Textiles (Mumbai) Pvt Ltd FB limits              IND              150      Downgraded
                                                       B+/Stable/IND A4
Vanta Bioscience Ltd.           FB WC limits (LT)      IND D            23       Downgraded
(increased from INR20 mlns)
Vanta Bioscience Ltd.           TL (LT)                IND D            187.1    Downgraded
(increased from INR131.8 mlns)
Vanta Bioscience Ltd.           Proposed FB Fac        WD               90       -
Withdrawn (issuer did not proceed with the instrument as envisaged)
Vena Energy Solar India Power   TL                     IND A-/Stable    4699.8   Affirmed
Resources Pvt Ltd
off RWN/(reduced from INR4,731 mlns)
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 rru.data@refinitiv.com)
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