July 26, 2019 / 6:20 AM / a year ago

India Ratings for Indian debt instruments – Jul 26

    Jul 26 (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
July 25, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Gsr Ventures                    Non-FB WC limits       IND A4+          450      Affirmed
Kuna Impex                      NFB WC limits          IND A4+          45       -
(Migrated To non-cooperating category)
Manman Manufacturing            Non-FBL                IND A4           2        Assigned
Nirvana Fashion Clothing        Non-FB WC limit        IND A4+          30       Affirmed
Tata Sponge Iron                CP (CP)                IND A1+          40000    Affirmed
Yung Hsin                       SBLC                   IND A1+          -        Affirmed

Anantnath Silk Mills            TL                     IND BB+          12.23    Affirmed
Anantnath Silk Mills            FB limit               IND BB+/IND A4+  241.5    Affirmed
Gsr Ventures                    FB WC limits           IND BB/IND A4+   40       Affirmed
Kuna Impex                      FB WC limits           IND BB           67.5     -
(Migrated To non-cooperating category)
Kuna Impex                      Long-TL                IND BB           3.48     -
(Migrated To non-cooperating category)
Mahindra World City (Jaipur)    NCDs                   -                -        Withdrawn
Manman Manufacturing            FB limits              IND B+           30       Assigned
Manman Manufacturing            TL                     IND B+           20.88    Assigned
Monad Edukasional Society       TL                     IND BB           74.43    -
(Maintained in non-cooperating category)
Monad Edukasional Society       FB WC facility         IND BB           110      -
(Maintained in non-cooperating category)
Nirvana Fashion Clothing        FB WC limit            IND BB-          90       Affirmed
Spectrum Coal And Power         Long-TL                IND A            7060     Downgraded
Spectrum Coal And Power         FB WC limits           IND A / IND A1   1250     -
(Long-term rating downgraded; Short-term rating Affirmed)
Spectrum Coal And Power         Non-FB WC limits       IND A / IND A1   2350     -
(Long-term rating downgraded; Short-term rating affirmed)
Spectrum Coal And Power         Proposed FB WC limits* Provisional IND  940      Assigned
                                                       A / Provisional
                                                       IND A1
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by SCPL to the satisfaction of Ind-Ra.
Tata Sponge Iron                TL                     IND AA           29000    Assigned
Tata Sponge Iron                Proposed long-TL*      Provisional IND  1000     Assigned
* The ratings are provisional and shall be confirmed upon the execution of the loan documents
for the above facility by TSIL to the satisfaction of Ind-Ra.
Tata Sponge Iron                Proposed WC limits*#   Provisional IND  20000    Assigned
                                                       AA / Provisional
                                                       IND A1+
* The ratings are provisional and shall be confirmed upon the execution of the loan documents
for the above facility by TSIL to the satisfaction of Ind-Ra. / # Interchangeable between
fund-based and non-fund based limits.
Vadalia Foods                   TL                     IND B-           127.06   Downgraded
Vadalia Foods                   FB WC limits           IND B- / IND A4  50       -
(Long term rating downgraded; Short-term rating Affirmed)

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
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