Company News

India Ratings for Indian debt instruments – Nov 8

    Nov 8 (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 7, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
------                          ----------             ------           ------   ---------
Gmw Engineers Pvt Ltd           Non- fund- based limitsIND A4+          105      Affirmed
Shree Datt Aquaculture Farms    Non- fund- based WC    IND A4+          43.5     Affirmed
Pvt Ltd                         limits

Avaada Solarise Energy Pvt Ltd  WC facility            IND BBB/ Stable  130      Assigned
Bhubaneshwar Power Pvt Ltd      TL                     IND AA/ Stable   6125.2   Affirmed
INR5,370.22 outstanding as of 30 September 2019
Bhubaneshwar Power Pvt Ltd      Fund- based and non-   IND AA/ Stable   1000     Assigned
                                fund- based WC Fac
Bhubaneshwar Power Pvt Ltd      WC Fac                 WD               460
Withdrawn (paid in full)
Bhubaneshwar Power Pvt Ltd      Non- fund- based Fac   WD               460
Withdrawn (paid in full)
Gansons Pvt Ltd                 Fund- based WC limits  IND BBB-/        100      Affirmed
Gansons Pvt Ltd                 Non- fund- based WC    IND BBB-/        140      Affirmed
                                limits                 Negative/ IND A3
Gmw Engineers Pvt Ltd           TL                     IND BB+/Negative 4
reduced from INR5.88 mln; Affirmed; Outlook revised to Negative from Stable
Gmw Engineers Pvt Ltd           Fund- based limits     IND BB+/         12
                                                       Negative/ IND A4+
Affirmed; Outlook revised to Negative from Stable
Jalandhar Amritsar Tollways Ltd Bk loans (Long- term)  IND D            1417     Affirmed
Northern Arc 2019 Mfi Gascoigne Series A1 pass-        Provisional IND  249.32   Assigned
(An Asset-Backed Security       through certificates   A(SO)/ Stable
Transaction)                    (PTCs)
Northern Arc 2019 Mfi Gascoigne Series A2 PTCs         Provisional IND  5.54     Assigned
(An Asset-Backed Security                              BBB+(SO)/ Stable
Shree Datt Aquaculture Farms    TL                     IND BB/ Stable   36.2     Downgraded
Pvt Ltd
reduced from INR41.4 mln
Shree Datt Aquaculture Farms    Fund- based WC limits  IND BB/ Stable/  415
Pvt Ltd                                                IND A4+
Long–term rating downgraded; Short-term rating affirmed
Ushdev Engitech Ltd             Rupee TL               IND BB           895.2
Migrated to non-cooperating category; Issuer Not Cooperating

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