November 15, 2019 / 6:49 AM / 24 days ago

India Ratings for Indian debt instruments – Nov 15

    Nov 15 (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
November 14, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
Chandra Prabhu International LtdNon-FB WC limits       IND A4           100      Affirmed
Crompton Greaves Consumer       WC Fac                 IND A1+          6100     Affirmed
Electricals Ltd
Crompton Greaves Consumer       WC Fac*                IND A1+          400      Assigned
Electricals Ltd
(increased from INR4,400)/* The final ratings have been assigned on the receipt of the executed
sanction letter, conforming to the information already received by Ind-Ra.
Go Airlines (I) Ltd             Non-FB WC facility     IND A2+          15150    Affirmed
(increased from INR10,150)
Go Airlines (I) Ltd             Proposed non-FB WC     Prov IND A2+     2000     Affirmed
                                facility*
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the proposed facilities by Go Air to the satisfaction of Ind-Ra. 
Sri Vishnu Granites Ltd         Non-FB limits          IND A4           6        Affirmed
Steel Authority Of India Ltd    Non-FB WC limits       IND A1+          50000    Affirmed
(increased from INR20,000)
Steel Authority Of India Ltd    CP                     IND A1+          80000    Affirmed

LONG TERM RATINGS:
-------------------
Berg And Schmidt (I) Pvt Ltd    FB WC Fac*             IND BBB-/        100      Assigned
                                                       Positive /IND A3
*The final ratings have been assigned following the receipt of executed financing documents by
Ind-Ra./ Outlook revised to Positive from Stable
Chandra Prabhu International LtdFB WC limits           IND B+ /IND A4   10       Affirmed
Go Airlines (I) Ltd             FB WC facility         IND              9650     Affirmed
                                                       A-/Stable/IND A2+
(increased from INR9,400)
Go Airlines (I) Ltd             Proposed WC limit*#    Prov IND         3550     Affirmed
                                                       A-/Stable /Prov
                                                       IND A2+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the proposed facilities by Go Air to the satisfaction of Ind-Ra. /# The working
capital limit can be used inter-changeably between fund-based and non-fund-based facilities.
/(reduced from INR8,758.3)
Go Airlines (I) Ltd             TL                     WD               41.7    
Withdrawn (paid in full)
Ostro Renewables Pvt Ltd        TL                     IND BBB/RWN      1300
(Downgraded; placed on Rating Watch Negative (RWN))
Psk Textiles India Pvt Ltd      TL                     IND BB+          50
(Issuer Not Cooperating)/Migrated to non-cooperating category
Psk Textiles India Pvt Ltd      FB Fac                 IND BB+ /IND A4+ 50
(Issuer Not Cooperating)/Migrated to non-cooperating category
Sansar Trust June 2019 Ii       Second loss credit     IND A-(SO)/Stable197.8    Assigned
                                facility (SLCF)
Sansar Trust June 2019 Ii       Series A pass-through  IND              3956.5   Assigned
                                certificates (PTCs)    AAA(SO)/Stable
Sri Vishnu Granites Ltd         FB limits              IND B+/Stable    47.5     Upgraded
Star Health And Allied          Subordinated debt      IND A+/Stable    2500     Upgraded
Insurance Co. Ltd 
Steel Authority Of India Ltd    Bonds                  IND AA-/Negative 95070    Affirmed
(reduced from INR114,430)/Outlook Revised to Negative from Stable
Steel Authority Of India Ltd    Bk loan                IND AA-/Negative 20000    Affirmed
(Outlook Revised to Negative from Stable)
Steel Authority Of India Ltd    Non-FB limits          IND AA-/Negative 50000    Affirmed
Outlook Revised to Negative from Stable/(reduced from INR70,000)
Steel Authority Of India Ltd    FB WC based limits     IND AA-/Negative 85000#   Affirmed
                                                       /IND A1+
# Consortium Lead Bank sanctioned limits INR100,000 million as on date./(increased from
INR45,000)/ Outlook Revised to Negative from Stable
Steel Authority Of India Ltd    Public deposits        IND tAA/Negative 10000    Affirmed
(Outlook Revised to Negative from Stable)
The Hi-Tech Gears Ltd           FB WC limits           IND              605      Downgraded
                                                       A-/Negative/IND
                                                       A2+
The Hi-Tech Gears Ltd           Non-FB WC limits       IND              50       Downgraded
                                                       A-/Negative/IND
                                                       A2+
-----------------------------------------------------------------------------------------------
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)
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