September 6, 2019 / 5:41 AM / 13 days ago

India Ratings for Indian debt instruments – Sep 6

    Sep 6 (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 5, 2019.

COMPANY                         INSTRUMENT             RATING         AMOUNT   MOVEMENT
------                          ----------             ------         ------   ---------
Mobil Trust Series – 02         Series A1a PTC (PTCs)  Provisional      426.7    Assigned
                                                       IND A1+(SO)
Mobil Trust Series – 02         Series A1b PTCs        Provisional      810.5    Assigned
                                                       IND A1+(SO)
Gujarat Borosil Ltd’S           TL                     IND BBB+/RWE     1000
Maintained on RWE/(increased from INR850 mlns)
Gujarat Borosil Ltd’S           Non-FB limits          IND A2/RWE       80
Maintained on RWE
Gujarat Borosil Ltd’S           Buyer’s credit         IND A2/RWE       60
Maintained on RWE(reduced from INR150 mlns)

Gujarat Borosil Ltd’S           FB limits              IND BBB+/RWE     500
Maintained on RWE/(increased from INR380 million)
Hardcastle Petrofer Pvt Ltd     FB WC limits           IND              275      Assigned
Itm Infra’S                     Long-TL                IND BB-/Stable   1000     Downgraded
(reduced from INR1,200 mlns)
Mobil Trust Series – 02         Series A1c PTCs        Provisional      445.8    Assigned
                                                       IND AAA(SO)
Mobil Trust Series – 02         Series A1d PTCs        Provisional      116.9    Assigned
                                                       IND AAA(SO)
Paramount Textile Mills Pvt Ltd FB WC limits^          -                190      Affirmed &
^Affirmed at ‘IND BB+/Stable/IND A4+’ before being withdrawn
Paramount Textile Mills Pvt Ltd Non-FB WC limits^^     -                75       Affirmed &
^^ Affirmed at ‘IND A4+’ before being withdrawn
Paramount Textile Mills Pvt Ltd TL*                    -                80.4     Affirmed &
* Affirmed at ‘IND BB+/Stable’ before being withdrawn
Paramount Textile Mills Pvt Ltd Proposed FB limits@    -                20       Affirmed &
@ Affirmed at ‘Provisional IND BB+/Stable/Provisional IND A4+’ being withdrawn
Secl Industries Pvt Ltd         FB WC limit (LT)       IND D            149.9    Affirmed
Issuer Not Cooperating
Secl Industries Pvt Ltd         FB WC limit (LT)       IND D            190      Downgraded
Issuer Not Cooperating
Secl Industries Pvt Ltd         Non-FB WC limit (LT)   IND D            317      Downgraded
Issuer Not Cooperating
Secl Industries Pvt Ltd         TL (LT)                IND D            663.8    Downgraded
Issuer Not Cooperating
Suvas Holdings Ltd’S            TL                     -                250      Withdrawn
                                                                                 (paid in full)
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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