November 26, 2019 / 6:20 AM / 18 days ago

India Ratings for Indian debt instruments – Nov 26

    Nov 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
November 25, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Falcon Marine Exports Ltd       FB limits              IND A1           1330     -
(Issuer Not Cooperating)/Maintained in non-cooperating category
Falcon Marine Exports Ltd       Non-FB limits          IND A1           305      -
(Issuer Not Cooperating)/Maintained in non-cooperating category
Falcon Marine Exports Ltd       Proposed FB limits     IND A1           65       -
(Issuer Not Cooperating)/Maintained in non-cooperating category
Jhajjar Power Ltd               CPs (CPs)              IND A1+          8000     Affirmed
Vaswani Industries Ltd          Non-FB limits          IND A4           320      Downgraded
Issuer did not cooperate; based on the best available information

LONG TERM RATINGS:
-------------------
Jhajjar Power Ltd               Rupee TL               IND AA-/Stable   16970    Upgraded
(INR4845.5 outstanding on 30 September 2019)
Jhajjar Power Ltd               Foreign currency loan  IND AA-/Stable   -        Upgraded
Jhajjar Power Ltd               WC facility            IND AA-/Stable   12500    Upgraded
Jhajjar Power Ltd               Unsupported rating     IND AA-/Stable   -        Assigned
Jhajjar Power Ltd               NCDs                   IND AA-/Stable   4930     Upgraded
Jhajjar Power Ltd               NCDs (NCDs)            IND              4760     Affirmed
                                                       AA+(CE)/Stable
Komarla Hatcheries              TL                     IND BB           114.4    -
(Issuer Not Cooperating)/Migrated to non-cooperating category
Komarla Hatcheries              FB WC limits           IND BB / IND A4+ 95       -
(Issuer Not Cooperating)/Migrated to non-cooperating category
Pearl Polymers Ltd’S            FB WC limit            IND              188      Long-term
                                                       BB-/Negative/IND          rating
                                                       A4+                       downgraded;
short-term rating affirmed
Pearl Polymers Ltd’S            Non-FB WC limit        IND              97       Long term
                                                       BB-/Negative/IND          rating
                                                       A4+                       downgraded;
short term rating affirmed
Rr Cottons                      TL                     IND BB-/Stable   21.7     Upgraded
(reduced from INR27.2)
Rr Cottons                      FB limits              IND              150      Upgraded
                                                       BB-/Stable/IND
                                                       A4+
Sterling And Wilson Pvt Ltd     FB limits              IND A/RWN/IND    2252     Downgraded and
                                                       A1/RWN                    Placed on RWN
(reduced from INR3.0)
Sterling And Wilson Pvt Ltd     Non-FBL                IND A/RWN/IND    21848    Downgraded and
                                                       A1/RWN                    Placed on RWN
(reduced from INR79.750)
Sterling And Wilson Pvt Ltd     Proposed FB limits     IND A/RWN/IND    7348     Downgraded and
                                                       A1/RWN                    Placed on RWN
(increased from INR0.01)
Sterling And Wilson Pvt Ltd     Proposed non-FBL       IND A/RWN/IND    10652    Downgraded and
                                                       A1/RWN                    Placed on RWN
(reduced from INR16.24)
Sterling And Wilson Pvt Ltd     CP (CP)#               IND A1/RWN       4        Downgraded and
                                                                                 Placed on RWN
#CPs (carved out of the fund-based limits) are yet to be issued. Tenor is likely to be up to 365
days. 
Sterling And Wilson Solar Ltd   Proposed FB limits**   IND AA-/RWN/     1080     Placed on RWN
                                                       IND A1+/RWN
** The ratings are  and shall be confirmed upon the sanction and execution of the loan documents
for the above facilities by SWSL to the satisfaction of Ind-Ra
Sterling And Wilson Solar Ltd   Proposed non-FBL**     IND AA-/RWN/     24560    Placed on RWN
                                                       IND A1+/RWN
** The ratings are  and shall be confirmed upon the sanction and execution of the loan documents
for the above facilities by SWSL to the satisfaction of Ind-Ra
Sterling And Wilson Solar Ltd   CP (CP)#               IND A1+/RWN      3000     Placed on RWN
#The CP will be carved out of the existing working capital limits
Sterling And Wilson Solar Ltd   NCDs (NCDs)            IND AA-/RWN      1000     Placed on RWN
Sterling And Wilson Solar Ltd   FB limits              IND AA-/RWN/IND  1920     Placed on RWN
                                                       A1+/RWN
Sterling And Wilson Solar Ltd   Non-FBL                IND AA-/RWN/IND  72440    Placed on RWN
                                                       A1+/RWN
Vaswani Industries Ltd          FB WC limit            IND B+           400      Downgraded
Issuer did not cooperate; based on the best available information
-----------------------------------------------------------------------------------------------
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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