September 17, 2018 / 5:39 AM / 7 months ago

India Ratings for Indian debt instruments – Sep 17

    Sep 17 (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 14, 2018.

COMPANY                         INSTRUMENT             RATING         AMOUNT     MOVEMENT
------                          ----------             ------         ------     ---------
Antelec Ltd                     Non-FB Bk limits       IND A3           230      Affirmed
Jonson Rubber Industries Ltd    Non-FB limits          IND A4+          380      Migrated to
Laxmi Diamond Pvt Ltd           Non-FB limits          IND A3+          934.7    Downgraded
Polixel Security Systems Pvt LtdNon-FBL                IND A4+          100      Affirmed

Antelec Ltd                     FB WC limits           IND BBB-         5.5      Affirmed
Indian Receivable Trust         Series A2 pass-through IND AAA(SO)      975.1    Affirmed
September 2016 – C              certificates (PTCs)
Indian Receivable Trust         Second loss credit     IND BBB(SO)      321.7    Affirmed
September 2016 – C              facility (SLCF)
Jonson Rubber Industries Ltd    TL                     IND BB           9.1      Migrated to
Jonson Rubber Industries Ltd    FB limits              IND BB /IND A4+  220      Migrated to
Laxmi Diamond Pvt Ltd           TL                     IND BBB          264.2    Downgraded
Laxmi Diamond Pvt Ltd           FB WC limits           IND BBB/IND A3+  8000     Downgraded
Parsvnath Hotels Ltd            TL (LT)                IND D            116.25   Affirmed
Polixel Security Systems Pvt LtdFB limit               IND BB+/IND A4+  25       Affirmed
Rolta India Ltd                 Stand-by LOC (ST)      IND D            8293     Affirmed
Rolta India Ltd                 FB WC limits (LT)      IND D            4000     Affirmed
Rolta India Ltd                 Non-FB WC limits (ST)  IND D            3000     Affirmed
Rolta India Ltd                 External commercial    IND D            12539    Affirmed
                                borrowings (LT)
Sustainable Agro-Commercial     NCDs                   -                400      Withdrawn (no
Finance Ltd                                                                      debt
Sustainable Agro-Commercial     Subordinated debt      IND A-           700      Upgraded
Finance Ltd
Sustainable Agro-Commercial     Bk loans               IND A-           1500     Upgraded
Finance Ltd
Sustainable Agro-Commercial     Bk loans               IND A-           1830     Assigned
Finance Ltd
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
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