Oct 16 (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
October 15, 2019.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------ ---------- ------ ------ ---------
SHORT TERM RATINGS:
-------------------
Honest Polymers Non-FB WC limits IND A4 85 Migrated to
non
cooperating
category
Jubilant Generics Ltd Non-FB WC limits IND A1+ 2500 Affirmed
Jubilant Generics Ltd ST debt/CP (CP) IND A1+ 1500 Affirmed
programme*
* The CP has been rated on standalone basis
Jubilant Life Sciences Ltd Non-FB WC limits IND A1+ 8400 Affirmed
Jubilant Life Sciences Ltd ST debt/CP programme* IND A1+ 4000 Affirmed
* CP has been rated on a standalone basis.
Macawber Beekay Pvt Ltd NFB WC limit IND A3 6440 Affirmed
Smita Steel Rolling Mills Pvt Non-FB WC limits IND A3 35 Downgraded
Ltd
Trinity India Forgetech Pvt Ltd Non-FB WC limits IND A4+ 55 Downgraded
LONG TERM RATINGS:
-------------------
Di-An-Are Exports FB limit IND BB-(ISSUER 100 Migrated to
NOT non
COOPERTAING)/IND A4+ cooperating
category
Falcon Receivable Trust Series A1 pass-through - 1431.7 Withdrawn
certificates (PTCs)
Flamingo Receivable Trust Series A1 pass-through - 1429.9 Withdrawn
certificates (PTCs)
India Glycols Ltd TL IND A-/Stable 4600 Affirmed
India Glycols Ltd FB limit IND 4150 Affirmed
A-/Stable/IND A2+
India Glycols Ltd Non- FBL IND 12500 Long-term
A-/Stable/IND A2+ rating
assigned
and
short-term
rating
affirmed
India Glycols Ltd Proposed TL* Provisional IND 1000 Assigned
A-/Stable
*The final rating will be assigned following the sanction and the receipt of the
final documentation, conforming with the information already received by Ind-Ra.
Isolux Corsan India Engineering FB Fac (LT/ST) IND D 665 Maintained in
& Construction Pvt Ltd non
Cooperating
category
Isolux Corsan India Engineering Non-FB Fac (LT/ST) IND D 6050 Maintained in
& Construction Pvt Ltd non
Cooperating
category
Isolux Corsan India Engineering Proposed WC Fac (LT/ST)Provisional IND D4285 Maintained in
& Construction Pvt Ltd non
Cooperating
category
Jubilant Generics Ltd FB WC limits IND 2500 Affirmed
AA/Stable/IND A1+
Jubilant Life Sciences Ltd Long-TL - - Withdrawn
(being paid in
full)
Jubilant Life Sciences Ltd NCDs (NCDs) IND AA/Stable 7450 Affirmed
Jubilant Life Sciences Ltd FB WC limits IND 5500 Affirmed
AA/Stable/IND A1+
Macawber Beekay Pvt Ltd FB WC limit IND 2790 Affirmed
BBB-/Stable/IND
A3
Madhav Engineers Pvt Ltd Non-FB Fac IND BB+/IND A4+ 300 Migrated to
non
Cooperating
category
MM Trust Jun 19 I Series A PTC (PTCs) IND 5919.8 Assigned
AAA(SO)/Stable
MM Trust June 19 II Series A PTC (PTCs) IND 6343.1 Assigned
AAA(SO)/Stable
Secure Industries Pvt Ltd TL IND BB+ 68.9 Migrated to
non
Cooperating
category
Secure Industries Pvt Ltd FB Fac IND BB+/IND A4+ 180 Migrated to
non
Cooperating
category
Secure Industries Pvt Ltd Proposed TL Provisional IND 50 Migrated to
BB+ non
Cooperating
category
Small Business Loan Trust Sept Pass-through Provisional IND 8180.9 Reassigned
2019 certificates AAA(SO)/Stable
(PTCs)-Series A*
*The final rating is contingent upon the receipt of the final documents conforming
to the information already received. The pool of loans to small businesses secured
by property mortgages to be assigned to the trust has been originated by Shriram
City Union Finance Limited (SCUF; originator or seller; ‘IND AA’/Stable).
Smita Steel Rolling Mills Pvt FB WC limits IND 150 Downgraded
Ltd BBB-/Negative
/IND A3
Trinity India Forgetech Pvt Ltd FB WC limits IND 145 Downgraded
BB+/Negative/
IND A4+
Trinity India Forgetech Pvt Ltd Proposed long-TL Provisional IND 35 Downgraded
BB+/Negative
-----------------------------------------------------------------------------------------------
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)
