Company News

India Ratings for Indian debt instruments – Dec 4

    Dec 4 (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
December 3, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Glenmark Life Sciences          Proposed non-FB limits Provisional IND  1000     Assigned
Scs Constructions India         Non-FB limit           IND A4+          35       -
(Migrated to Non-Cooperating Category)

Akshara Operating Lease         TL                     INR BBB-/RWE     374.2    Placed on RWE
Amar Ujala                      TL                     IND A+/RWE       2230     Placed on RWE
Amar Ujala                      Fund based and non-FB  IND A+/RWE/IND   1900     Placed on RWE
                                WC limits              A1+/RWE
Amar Ujala                      CP                     IND A1+/RWE      700      Placed on RWE
Epari’S Jewellers               FB limits              IND B            64       -
(Migrated to Non-Cooperating Category)
Ganesh Sponge                   FB limit (LT)          IND D            260      -
(Migrated to Non-Cooperating Category)
Ganesh Sponge                   TL (LT)                IND D            55.63    -
(Migrated to Non-Cooperating Category)
Geetanjali Vastralaya           FB WC limits           IND B+           100      -
(Migrated to Non-Cooperating Category)
Glenmark Life Sciences          Proposed FBL           Provisional IND  4000     Assigned
Rswm                            TL                     IND A-/Negative  6858.4   Downgraded
Rswm                            FB limits              IND              8200     -
(Long-term rating downgraded; short-term rating affirmed)
Rswm                            Non-FB limits          IND              1485     -
(Long-term rating downgraded; short-term rating affirmed)
Scs Constructions India         TL                     IND BB+          19.17    -
(Migrated to Non-Cooperating Category)
Scs Constructions India         FB limit               IND BB+          50       -
(Migrated to Non-Cooperating Category)
Silver Oak Shops Offices        TL                     IND BBB-         147.3    -
(Migrated to Non-Cooperating Category)
Silver Oak Shops Offices        Overdraft              IND BBB-         260      -
(Migrated to Non-Cooperating Category)
State Bank Of India             Basel III Tier II BondsIND AAA/Stable   100000   Affirmed
Ubl Trust 8                     Series A1 pass-through Provisional IND  948.9    Assigned
                                certificates (PTCs)    AA(SO)/Stable
Vivriti Asgard 11               Series A2 PTCs         Provisional IND  35.1     Assigned
Vivriti Asgard 11               Series A1 pass-through Provisional IND  180.2    Assigned
                                certificates (PTCs)    AA-(SO)/Stable

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