November 20, 2019 / 8:24 AM / 18 days ago

India Ratings for Indian debt instruments – Nov 20

   Nov 20 (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 19, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Crest Engineering Solutions     Non-FB WC facility     IND A4           210      Assigned
Ford Credit India Pvt Ltd       CP                     IND A1+          7500     Placed on RWN
Mahindra Rural Housing Finance  CP                     IND A1+          10000    Affirmed
Ltd


LONG TERM RATINGS:
-------------------
Crest Engineering Solutions     FB WC facility         IND              90       Assigned
                                                       B-/Stable/IND A4
Ford Credit India Pvt Ltd       Bk loans               IND AA+/RWN      17500    Downgraded;
                                                                                 placed on RWN
Human Care Medical Charitable   TL                     IND A            980      Assigned
Trust 
IOT Utkal Energy Services Ltd   Non-FB WC limits       IND              900      Affirmed
                                                       AA/Stable/IND A1+
Kashipur Sitarganj Highways Pvt Senior LT rupee loans  IND D            4220     Affirmed
Ltd                             (LT)
Mahindra Rural Housing Finance  Bk loan                IND AA+/Stable   55000    Affirmed
Ltd
Mahindra Rural Housing Finance  NCDs (NCDs)            IND AA+/Stable   28250    Affirmed
Ltd
Mahindra Rural Housing Finance  Subordinated debt      IND AA+/Stable   8000     Affirmed
Ltd
Nupur Finvest Pvt Ltd           LT Bk loans            IND A-(CE)/Stable2500     Affirmed
Nupur Finvest Pvt Ltd           Unsupported rating*    IND BB+/Stable   -        Assigned
*Ind-Ra has assigned the unsupported rating in compliance with the Securities 
Exchange Board of India’s circular dated 13 June 2019, which requires credit 
rating agencies to disclose unsupported ratings without factoring in the explicit 
credit enhancement (CE) and supported rating after factoring in the explicit CE. 
Paisalo Digital Ltd             LT Bk loans            IND A-/Stable    9900     Affirmed
Rockeira Engineering Llp        FB WC limits           -                120      Affirmed and
                                                                                 withdrawn
Rockeira Engineering Llp        Non-FB WC limits       -                305      Affirmed and
                                                                                 withdrawn
Sansar Trust July 2019 Ii       Second loss credit     IND A-(SO)/Stable217.8    Assigned
                                facility (SLCF)
Sansar Trust July 2019 Ii       Series A pass-through  IND              3820.5   Assigned
                                certificates (PTCs)    AAA(SO)/Stable
Sansar Trust November 2019      Second-loss credit     Provisional IND  348.6    Assigned
                                facility (SLCF)        A-(SO)/Stable
Sansar Trust November 2019      Series A pass-through  Provisional IND  6061.9   Assigned
                                certificates (PTCs)    AAA(SO)/Stable
Suryamitra Exim Pvt Ltd         Long-TL*               -                49.4     Downgraded and
                                                                                 withdrawn
* Downgraded to ‘IND BBB’/Stable before being withdrawn
Suryamitra Exim Pvt Ltd         FB WC limits^          -                1080     Downgraded and
                                                                                 withdrawn
^ Downgraded to ‘IND BBB’/Stable/‘IND A3+’ before being withdrawn
Suryamitra Exim Pvt Ltd         Non-FB WC limits^      -                385      Downgraded and
                                                                                 withdrawn
^ Downgraded to ‘IND BBB’/Stable/‘IND A3+’ before being withdrawn
Suryamitra Exim Pvt Ltd          long-TL#              -                100      Downgraded and
                                                                                 withdrawn
# Downgraded to ‘Provisional IND BBB’/Stable before being assigned final rating. 
The assignment of the final rating follows the receipt of sanction letters conforming
to the information already received by Ind-Ra.
Suryamitra Exim Pvt Ltd         FB WC limits**         -                90       Downgraded and
                                                                                 withdrawn
(reduced from INR350) 
** Downgraded to ‘Provisional IND BBB’/Stable/‘Provisional IND A3+’ before being 
assigned final rating. The assignment of the final rating follows the receipt of 
sanction letters conforming to the information already received by Ind-Ra.
Suryamitra Exim Pvt Ltd         non-FB WC limits**     -                75       Downgraded and
                                                                                 withdrawn
(reduced from INR80) 
** Downgraded to ‘Provisional IND BBB’/Stable/‘Provisional 
IND A3+’ before being assigned final rating. The assignment of the final rating 
follows the receipt of sanction letters conforming to the information
already received by Ind-Ra.
-----------------------------------------------------------------------------------------------
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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