September 26, 2019 / 6:51 AM / a month ago

India Ratings for Indian debt instruments – Sep 26

    Sep 26 (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 25, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Abhinandan Exports              Non-FB limits          IND A4           30       -
(Migrated to non-cooperating category)
Abhiraj Engicon                 Non-FB limits          IND A4+          25       -
(Migrated to non-cooperating category)
Dev Shree Cotsyn                Non-FB limits          IND A4+          10       -
(Migrated to non-cooperating category)
Dsp Investment Managers Pvt.    DSP Overnight Fund     IND A1+mfs       -        Assigned
Ltd. (Dsp Amc)
Gangamai Industries And         Non-FB Fac             IND A3           250      -
(Migrated to non-cooperating category)
Gtc Oilfield Services           Non-FB limits          IND A4+          146      Reassigned and
Northern Arc 2019 Csl Taurus    Series A1 pass-through IND A3+(SO)      132      Assigned
                                certificates (PTCs)
Sambandam Siva Textiles         Non FB Fac             IND A4+          55       Assigned
The Seksaria Biswan Sugar       Non-FB limits          IND A2+          250      Downgraded

Abhinandan Exports              FB limits              IND B            75       -
(Migrated to non-cooperating category)
Abhiraj Engicon                 FB limits              IND BB- / IND A4+67.5     -
(Migrated to non-cooperating category)
Air India Assets Holding Ltd’S  Unsupported rating$    IND AA/Stable    -        Assigned
$Ind-Ra has assigned unsupported rating in compliance with the Securities Exchange Board of
India’s circular dated 13 June, 2019, which requires credit rating agencies to disclose
unsupported ratings without factoring in the explicit credit enhancement (CE) and supported
rating after factoring in the explicit CE.
Air India Assets Holding Ltd’S  Government of India    IND AAA/Stable   70000    Assigned
(Aiahl)                         (GoI) fully serviced
*The final rating has been assigned after the execution of the deed of authorisation and
debenture trust deed and the receipt of final documents by the agency. The payment mechanism
conforms to the information already received by Ind-Ra based on which the provisional rating was
assigned. Therefore, the final rating is the same as the provisional rating assigned on 13
August 2019. The principal redemption will be through a bullet repayment at the end of the
Air India Assets Holding Ltd’S  Proposed NCDs (NCDs)#  Provisional IND  150640   Assigned
(Aiahl)                                                AAA(CE)/Stable
#The final rating will be assigned to the NCDs following the closure of the issue and upon the
receipt of final documentation, conforming to the information already received by Ind-Ra. 
Dev Shree Cotsyn                TL                     IND BB-          200      -
(Migrated to non-cooperating category)
Dev Shree Cotsyn                FB limits              IND BB-/A4+      80       -
(Migrated to non-cooperating category)
Gangamai Industries And         TL                     IND BBB-         126.6    -
(Migrated to non-cooperating category)
Gangamai Industries And         FB Fac                 IND BBB-/A3      2240     -
(Migrated to non-cooperating category)
Gtc Oilfield Services           LT issuer rating       IND BB           -        Affirmed
Gtc Oilfield Services           TL                     IND BB           243.1    Reassigned and
Gtc Oilfield Services           TL                     IND BB           269.7    Affirmed
Gtc Oilfield Services           FB CC facility         IND BB           70       Reassigned and
Indian Metals & Ferro Alloys    FB limits              IND A/Stable/IND 500      Assigned
J.K. Fenner                     FB WC limits*          -                800      Affirmed &
*Affirmed at ‘IND A+’/Positive/‘IND A1+’ before being withdrawn
J.K. Fenner                     Non-FB WC limits**     -                444      Affirmed &
**Affirmed at ‘IND A1+’ before being withdrawn
J.K. Fenner                     TL***                  -                922.3    Affirmed &
***Affirmed at ‘IND A+’/Positive before being withdrawn 
J.K. Fenner                     CP#**                  -                600      Affirmed &
# carved out of existing cash credit facilities / **Affirmed at ‘IND A1+’ before being withdrawn
Mm Trust Sep 19 I               Series A PTC (PTCs)    Provisional IND  9267     Assigned
Sambandam Siva Textiles         TL                     IND BB/Stable    16.4     Assigned
Sambandam Siva Textiles         FB WC Fac              IND              185      Assigned
                                                       BB/Stable/IND A4+
Synergy Steels                  TL                     IND BBB+/Stable  463.7    Affirmed
Synergy Steels                  FB WC limits           IND              800      Affirmed
Synergy Steels                  Non-FB WC limits       IND              550      Affirmed
Tgs Investment & Trade          CP                     -                10500    Withdrawn
Thdc India’S                    NCDs (NCDs)            IND AA+/Stable   15000    Assigned
The Seksaria Biswan Sugar       TL                     IND A-/Stable    2027     Downgraded
The Seksaria Biswan Sugar       CC limits              IND A-/Stable    1000     Downgraded
The Seksaria Biswan Sugar       TL*                    IND A-/Stable    350      Downgraded and
Factory                                                                          Assigned
* Downgraded to ‘Provisional IND A-/ Stable’ and assigned final rating following the receipt of
executed financing documents by Ind-Ra.
Trapti Trading & Investment     CP                     -                17500    Withdrawn
United Brothers Multiplast      FB limits              IND BB+          620      -
(Migrated to non-cooperating category)
United Brothers Multiplast      Non-FB limits          IND BB+/A4+      100      -
(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
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