May 12, 2020 / 5:14 AM / 21 days ago

India Ratings for Indian debt instruments – May 12

    May 12 - 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
May 11, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
------                          ----------             ------          ------   ---------
Frost & Sullivan India Pvt Ltd  FB WC limits           IND A2           120      Affirmed
Jcbl Ltd                        Non-FB WC limit        IND A4           270      Downgraded
(increased from INR230 mlns)
Avaada Sustainable Energy Pvt   Proposed TL*           Provisional IND  1231.7   assigned
Ltd                                                    A-/Stable
*The final rating is contingent upon the receipt of executed financing documents in line with
the information received by Ind-Ra.
Grt Hotels And Resorts Pvt Ltd  FB WC limits           IND A-/RWN       250      Placed on RWN
(increased from INR50 mlns)
Grt Hotels And Resorts Pvt Ltd  Long-TL                IND A-/RWN       183.33   Placed on RWN
(reduced from INR454 mlns)
Indian School Finance Company   *NCDs (NCDs)           WD               244.5    Withdrawn
Pvt Ltd
* Unutilised NCDs
Indian School Finance Company   Bk loans               WD               200      Withdrawn
Pvt Ltd
Jcbl Ltd                        TL                     IND B/Stable     100      Downgraded
(reduced from INR165 mlns)
Jcbl Ltd                        FB WC limit            IND B/Stable/IND 340      Downgraded
Model Tanners (I) Pvt Ltd       Fund based WC limit*   WD               600      Affirmed and
*Affirmed at ‘IND BB/Stable/IND A4+’ before being withdrawn
Model Tanners (I) Pvt Ltd       Non FB WC limit**      WD               100      Affirmed and
**Affirmed at ‘IND A4+’ before being withdrawn
Momentum Techsys Pvt Ltd        Non-FBL *              WD               125      Maintained in
                                                                                 cooperating and
*Maintained at ‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn.
Momentum Techsys Pvt Ltd        Proposed non-FBL**     WD               75       Maintained in
                                                                                 cooperating and
** Maintained at Provisional ‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn
Rico Auto Industries Ltd        TL                     IND A-/RWN       2652.3   Placed on RWN
Rico Auto Industries Ltd        TL/LOC                 IND A-/RWN       677.7    Placed on RWN
Rico Auto Industries Ltd        Fund based WC limits   IND A-/RWN/IND   2050     Placed on RWN
                                                       A2+/ RWN
Rico Auto Industries Ltd        NFB WC credit limits   IND A-/RWN/IND   400      Placed on RWN
Suchi Fasteners Pvt Ltd         FBL*                   WD               67.5     Migrated to
                                                                                 cooperating and
Suchi Fasteners Pvt Ltd         WC demand loan**       WD               1.027    Migrated to
                                                                                 cooperating and
**Migrated to ‘IND B(ISSUER NOT COOPERATING)’ before being withdrawn.
Suchi Fasteners Pvt Ltd         Non-FBL***             WD               86.5     Migrated to
                                                                                 cooperating and
***Migrated to ‘IND A4(ISSUER NOT COOPERATING)’ before being withdrawn.
Vastu Housing Finance           Bk loan                IND A/Stable     600      Affirmed
Corporation Ltd
Vena Energy Patan Power Pvt Ltd TL                     IND A+/Stable    1682.4   Affirmed
(reduced from INR1,790 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
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