September 18, 2019 / 7:16 AM / a month ago

India Ratings for Indian debt instruments – Sep 18

    Sep 18 (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 17, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Cranes Pvt Ltd                  Non-FB limit           IND A4+          50       -
Migrated to non-cooperating category; (Issuer Not Cooperating)
Innovative Tyres And Tubes Ltd  Non-FB Fac             IND A3           160      Affirmed
Migrated to non-cooperating category,Issuer did not cooperate; based on best available
information.
Omega Infraengineers Pvt Ltd    Non-FB WC facility     IND A4+          42.5     Assigned
Rajkamal Builders               Non-FB WC limits       IND A2+          1950     Assigned
Infrastructure Pvt Ltd
Rajkamal Builders               *Proposed NFB WC limitsProvisional IND  1300     Assigned
Infrastructure Pvt Ltd                                 A2+
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by RBIPL to the satisfaction of Ind-Ra. 
Subburaj Cotton Mills Pvt. Ltd. Non-FB limits          IND A3           5        Affirmed
Super Spintex Pvt Ltd           Non-FB limit           IND A4+          50       Assigned
Veebee Yarnntex Pvt Ltd         Non-FB limits          IND A3           30       Affirmed

LONG TERM RATINGS:
-------------------
Archid Poultry Products Pvt Ltd FB limit               IND B            11.3     -
Migrated to non-cooperating category; (Issuer Not Cooperating)
Archid Poultry Products Pvt Ltd TL                     IND B            52       -
Migrated to non-cooperating category; (Issuer Not Cooperating)
Cadchem Laboratories Ltd        FB WC limits LT        IND D            80       Downgraded
(increased from 72.5)
Cadchem Laboratories Ltd        TL (LT)                IND D            31.28    Downgraded
(increased from 25.57)
Cadchem Laboratories Ltd        Non-FB WC limits (ST)  IND D            32.5     Downgraded
Cranes Pvt Ltd                  FB WC limits           IND BB+          30       -
Migrated to non-cooperating category; (Issuer Not Cooperating)
Dbl Anandapuram Anakapalli      Rupee TL               IND A/Stable     7584     Assigned
Highways Pvt Ltd’S
Dbl Byrapura Challakere         Rupee TL               IND A/Stable     2571     Assigned
Highways Pvt Ltd
India Standard Loan Trust – L’S Series A pass-through  IND A (SO)/Stable469.7    Affirmed
(An Abs Transaction)            certificates (PTCs)
India Standard Loan Trust – L’S Liquidity facility (LF)IND              13.94    Affirmed
(An Abs Transaction)                                   AAA(SO)/Stable
India Standard Loan Trust – L’S Second loss credit     IND              50.16    Affirmed
(An Abs Transaction)            facility (SLCF)        BBB(SO)/Stable
India Standard Loan Trust –     Series A pass-through  IND AA(SO)/Stable323.4    Affirmed
Li’S (An Abs Transaction)       certificates (PTCs)
India Standard Loan Trust –     Liquidity facility (LF)IND              8.28     Affirmed
Li’S (An Abs Transaction)                              AAA(SO)/Stable
India Standard Loan Trust –     Second loss credit     IND              41.39    Affirmed
Li’S (An Abs Transaction)       facility (SLCF)        BBB(SO)/Stable
India Standard Loan Trust – Lii Series A pass-through  IND A (SO)/Stable582.5    Affirmed
(An Asset-Backed Securities     certificates (PTCs)
Transaction)
India Standard Loan Trust – Lii Liquidity facility (LF)IND              15.78    Affirmed
(An Asset-Backed Securities                            AAA(SO)/Stable
Transaction)
India Standard Loan Trust – Lii Second loss credit     IND              56.78    Affirmed
(An Asset-Backed Securities     facility (SLCF)        BBB(SO)/Stable
Transaction)
Indian Receivable Trust June19C Series A pass-through  IND              4314.1   Assigned
(An Abs Transaction)            certificates (PTCs)    AAA(SO)/Stable
Indian Receivable Trust June19C Second-loss credit     IND              359.5    Assigned
(An Abs Transaction)            facility (SLCF)        BBB(SO)/Stable
Innovative Tyres And Tubes Ltd  TL                     IND BBB-         80.6     Affirmed
Outlook revised to Negative from Stable and migrated to non-cooperating category,Issuer 
did not cooperate; based on best available information. 
Innovative Tyres And Tubes Ltd  FB Fac                 IND BBB- / IND A3160      Affirmed
Outlook revised to Negative from Stable and migrated to non-cooperating category,Issuer
 did not cooperate; based on best available information. 
Mfl Securitisation Trust Lviii  Series A1 pass-through IND AA(SO)/Stable885.3    Affirmed
(An Abs Transaction)            certificates (PTCs)
Mfl Securitisation Trust Lviii  Series A2 PTCs         IND AA(SO)/Stable46.6     Affirmed
(An Abs Transaction)
Mfl Securitisation Trust Lviii  Liquidity facility (LF)IND              49.4     Affirmed
(An Abs Transaction)                                   AAA(SO)/Stable
Mfl Securitisation Trust Lviii  Second loss credit     IND              231.5    Affirmed
(An Abs Transaction)            facility (SLCF)        BBB(SO)/Stable
Mm Trust Sep 17 Ii’S (An Abs    Series A PTCs          IND              88.27    Affirmed
Transaction)                                           AA+(SO)/Stable
Omega Infraengineers Pvt Ltd    TL                     IND BB+/Stable   45.22    Assigned
Omega Infraengineers Pvt Ltd    FB WC facility         IND              22.5     Assigned
                                                       BB+/Stable/IND
                                                       A4+
Parsvnath Hotels Ltd            TL (LT)                IND D            116.25   -
Migrated to non-cooperating category,Issuer did not cooperate.
Rajkamal Builders               FB WC limits(as a      IND BBB+/Positive230.8    Assigned
Infrastructure Pvt Ltd          sublimit of NFB WC
                                limits)
Rajkamal Builders               *Proposed FB WC limits Provisional IND  250      Assigned
Infrastructure Pvt Ltd          (sublimit of Non Fund  BBB+/Positive
                                Based WC Limits)
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by RBIPL to the satisfaction of Ind-Ra. 
Sansar Trust Sep 2017 V’S (An   Second loss credit     IND A-(SO)/Stable187.5    Affirmed
Abs Transaction)                facility (SLCF)
Sansar Trust Sep 2017 V’S (An   Series A pass-through  IND              1324.6   Affirmed
Abs Transaction)                certificates (PTCs)    AAA(SO)/Stable
Sree Krishna Automotives        FB WC limits           IND BBB-/        850      Affirmed
Hyderabad Pvt Ltd                                      Negative/IND A3
(Outlook revised to negative from stable),Issuer did not cooperate; based on best available
information.
Subburaj Cotton Mills Pvt. Ltd. TL                     IND BBB-/Stable  16.3     Affirmed
(reduced from INR53.0)
Subburaj Cotton Mills Pvt. Ltd. FB limits              IND              427.5    Affirmed
                                                       BBB-/Stable/IND
                                                       A3
Subburaj Cotton Mills Pvt. Ltd. Proposed TL*           Provisional IND  125      Affirmed
                                                       BBB-/Stable
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by SCMPL to the satisfaction of Ind-Ra.  
Super Spintex Pvt Ltd           TL                     IND BB           821.8    Assigned
Super Spintex Pvt Ltd           FB limit               IND BB/Stable/   220      Assigned
                                                       IND A4+
Veebee Yarnntex Pvt Ltd         TL                     IND BBB-/Stable  329.8    Affirmed
(reduced from INR509.5)
Veebee Yarnntex Pvt Ltd         FB limits              IND              485      Affirmed
                                                       BBB-/Stable/IND
                                                       A3
Veebee Yarnntex Pvt Ltd         Proposed TL *          Provisional IND  150      Affirmed
                                                       BBB-/Stable
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by VBYTPL to the satisfaction of Ind-Ra. 
-----------------------------------------------------------------------------------------------
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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