September 20, 2019 / 9:50 AM / 3 months ago

India Ratings for Indian debt instruments – Sep 20

    Sep 20 (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 19, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Bhuptani Associates             Non-FB WC limit        IND A4+          70       -
(Migrated to non-cooperating category)
Bhuptani Associates             Proposed non-FB Fac    Provisional IND  100      -
(Migrated to non-cooperating category)
Kotak Mahindra                  Kotak Mahindra Liquid  IND A1+mfs       -        Assigned
Roots Cooling Systems           Non-FB WC facility     IND A4           110      Assigned

Adani Transmission Bikaner SikarRupee TL               IND A/Stable     1645     Affirmed
(Off RWE)
Bhuptani Associates             FB WC limit            IND BB-/IND A4+  30       -
(Migrated to non-cooperating category)
D.N. Homes                      TL                     IND BB+          75.6     -
(Downgraded and migrated to non-cooperating category)
D.N. Homes                      Proposed TL            Provisional IND  250      -
(Downgraded and migrated to non-cooperating category)
Dr. Rajendra Prasad Educational TL                     IND BBB-         50       -
(Maintained in non-cooperating category)
Dr. Rajendra Prasad Educational Bk overdraft facility  IND BBB-         40       -
(Maintained in non-cooperating category)
Ml Trust 3                      Series A1 pass-through Provisional IND  2568.9   Assigned
                                certificates (PTCs)    AA(SO)
Ms. Kayval Krupa Petroleum      FB WC  Fac (LT/ST)     IND D            40       Affirmed
Ms. Kayval Krupa Petroleum      FB WC demand           IND D            17.5     Affirmed
                                loan (LT/ST)
Ms. Kayval Krupa Petroleum      Proposed FB WC         Provisional IND D12.5     Affirmed
                                Fac (LT/ST)
Roots Cooling Systems           FB WC facility         IND              99       Assigned
                                                       B+/Stable/IND A4
Sansar Trust                    Series A pass-through  Provisional IND  4004.9   Assigned
                                certificates (PTCs)    AAA(SO)
Sansar Trust                    Second-loss credit     Provisional IND  250.1    Assigned
                                facility (SLCF)        A-(SO)
Sansar Trust                    Series A pass-through  Provisional IND  5001.8   Assigned
                                certificates (PTCs)    AAA(SO)
Warana Dairy And Agro           Bk loan (LT)           IND D            485.19   Affirmed
Warana Dairy And Agro           FB WC limit (LT)       IND D            80       Affirmed
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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