November 29, 2019 / 6:59 AM / 14 days ago

India Ratings for Indian debt instruments – Nov 29

    Nov 29 (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 28, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
------                          ----------             ------          ------   ---------
Gemus Engineering Ltd           Non-FB limits          IND A4+          40       Affirmed
GVG Exim                        Non-FB WC limits       IND A4           35       Assigned

Chandigarh Educational Trust    TL                     IND A+/Stable    4285.7   Affirmed
(increased from INR4,220.8)
Chandigarh Educational Trust    FB WC facility         IND A+/Stable    50       Affirmed
Fortune Multitech Pvt Ltd       TL                     IND BB-          350      Migrated to
Gemus Engineering Ltd           FB WC limit            IND BB-/Stable   50       Assigned
Gemus Engineering Ltd           FB WC limits           IND BB-/Stable   85       Affirmed
Gemus Engineering Ltd           LT loans               IND BB-/Stable   18.09    Affirmed
Gvg Exim                        FB WC limits           IND              40       Assigned
                                                       B+/Stable/IND A4
Insta Sme Trust June 2019       Series A1 pass-through IND              1374     Assigned
                                certificates (PTCs)    AAA(SO)/Stable
Macrotech Developers Ltd        Bk loans               IND BB/RWN       1500     Downgraded;
                                                                                 maintained on
Macrotech Developers Ltd        NCDs                   IND BB/RWN       4950     Downgraded;
                                                                                 maintained on
Platinum Trust June 2016        Series A pass-through  IND              858.6    Affirmed
Tranche II                      certificates (PTCs)    AAA(SO)/Stable
Sanatan Merchants Pvt Ltd       FB limits              IND              90       Affirmed
                                                       BB/Stable/IND A4+
Trichy Tollway Pvt Ltd          TL                     IND AA-/Positive 2808     Affirmed
Trichy Tollway Pvt Ltd          NCDs (NCDs)            IND AA-/Positive 1750     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
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