Company News

India Ratings for Indian debt instruments – Sep 12

    Sep 12 (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
September 11, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Fine Wood Products              Non-FB Fac             IND A4+          250      -
(Migrated to non-cooperating category)
Jayantisuper Construction       Non-FB limit           IND A3           630      Affirmed
Jayantisuper Construction       Non-FB limit           IND A3           400      Assigned
Sangani Infrastructure India    Non-FB WC limit        IND A4+          250      -
(Migrated to non-cooperating category)

Fine Wood Products              FB Fac                 IND BB+          50       -
(Migrated to non-cooperating category)
Jayantisuper Construction       Fund -based limit      IND BBB-/Stable  40       Affirmed
Jayantisuper Construction       Non-FBL                IND              150      Affirmed
New Saravana Stores Bramandamai TL                     IND BBB-/Stable  1090     Affirmed
New Saravana Stores Bramandamai FB WC facility         IND              3270     Affirmed
New Saravana Stores Bramandamai Proposed FB WC         Provisional IND  600      Affirmed
                                facility*              BBB-/ Stable /
                                                       Provisional IND A3
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by NSSB to the satisfaction of Ind-Ra.
Pkp Feed Mills                  FB Fac (long-/ST)      IND D            57       Affirmed
(Issuer not cooperating) 
Pkp Feed Mills                  TL (LT)                IND D            112.9    Affirmed
(Issuer not cooperating)  
Progressive Packaging           FB limits*             -                25       Affirmed &
*Affirmed at ‘IND BB-’/Stable before being withdrawn
Progressive Packaging           TL*                    -                65.99    Affirmed &
*Affirmed at ‘IND BB-’/Stable before being withdrawn
Samarth Ad Protex               Long-TL                IND BB+/Stable   397.4    Affirmed
Samarth Ad Protex               FB limits              IND BB+/Stable   147      Affirmed
Sangani Infrastructure India    FB WC limit            IND BB           100      -
(Migrated to non-cooperating category)
Sangani Infrastructure India    Long-TL                IND BB           203.8    -
(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

$: 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