October 16, 2019 / 9:37 AM / 2 months ago

India Ratings for Indian debt instruments – Oct 16

    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Falcon Receivable Trust         Series A1 pass-through -                1431.7   Withdrawn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Flamingo Receivable Trust       Series A1 pass-through -                1429.9   Withdrawn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)
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