October 24, 2019 / 7:24 AM / 24 days ago

India Ratings for Indian debt instruments – Oct 24

    Oct 24 (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 23, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Bhoorathnom Construction        Non-FB WC limit        IND A4+          720
Company Pvt Ltd
(ISSUER NOT COOPERATING),Migrated to non-cooperating category
Cadchem Laboratories Ltd        Non-FB WC limit (ST)*  WD               32.5     Affirmed and
                                                                                 withdrawn
* Affirmed at ‘IND D’ before being withdrawn
Rungta Irrigation Ltd           Non-FB WC limits       IND A4           80       Affirmed
(ISSUER NOT COOPERATING)
Vayhan Coffee Ltd               Non-FB WC limits       IND A3           58.5     -
(ISSUER NOT COOPERATING),Migrated to non-cooperating category



LONG TERM RATINGS:
-------------------
Aurobindo Pharma Ltd            Non-FB WC limits       IND A1+/RWE      14940    Placed on RWE
Aurobindo Pharma Ltd            FB WC limits           IND AA+/RWE/IND  50000    Placed on RWE
                                                       A1+/RWE
Bhoorathnom Construction        FB WC limit            IND BB-/IND A4+  160      -
Company Pvt Ltd
(ISSUER NOT COOPERATING),Migrated to non-cooperating category
Cadchem Laboratories Ltd        FB WC limit (LT)*      WD               80       Affirmed and
                                                                                 withdrawn
* Affirmed at ‘IND D’ before being withdrawn
Cadchem Laboratories Ltd        TL (LT)*               WD               31.28    Affirmed and
                                                                                 withdrawn
* Affirmed at ‘IND D’ before being withdrawn
India Standard Loan Trust –     Liquidity facility (LF)IND              7.54     Affirmed
Xxxvi                                                  AAA(SO)/Stable
India Standard Loan Trust –     Series A2 pass-through IND              119.8    Affirmed
Xxxvi                           certificates (PTCs)    AAA(SO)/Stable
India Standard Loan Trust –     Second loss credit     IND              50.92    Affirmed
Xxxvi                           facility (SLCF)        BBB(SO)/Stable
Kineta Global Ltd               FB WC limit            IND BB-/IND A4+  500      -
(ISSUER NOT COOPERATING),Migrated to non-cooperating category
Kingswood Industries Pvt Ltd    FB Fac                 WD               300      Downgraded and
                                                                                 withdrawn
(reduced from 400)
Rainbow Devices Trust           PTCs                   IND              7041     Affirmed
                                                       AAA(SO)/Stable
Rungta Irrigation Ltd           FB WC limits           IND              140      Affirmed
                                                       B-/Negative/IND
                                                       A4
(ISSUER NOT COOPERATING)
Sai Ram Chemicals               TL                     IND B+/Stable    96.6     Assigned
Sai Ram Chemicals               FB WC limit            IND              50       Assigned
                                                       B+/Stable/IND A4
Sanchore Renewable Pvt Ltd      Rupee TL               IND A/Stable     2000     Assigned
Sanchore Renewable Pvt Ltd      WC facility            IND A/Stable     100      Assigned
Sustainable Agro-Commercial     Subordinated debt      IND B/Negative   700      Downgraded;
Finance Ltd                                                                      Off RWN
Sustainable Agro-Commercial     Bk loans               IND B/Negative   3265     Downgraded;
Finance Ltd                                                                      Off RWN
Vayhan Coffee Ltd               TL                     IND BBB-         5        -
(ISSUER NOT COOPERATING),Migrated to non-cooperating category
Vayhan Coffee Ltd               FB WC limits           IND BBB-/IND A3  354.3    -
(ISSUER NOT COOPERATING),Migrated to non-cooperating category


-----------------------------------------------------------------------------------------------
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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