June 5, 2020 / 9:42 AM / 2 months ago

India Ratings for Indian debt instruments – Jun 5

   Jun 5 - 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
June 4, 2020.

COMPANY                        INSTRUMENT             RATING           AMOUNT  MOVEMENT
                                                                      (RS.MLN)
------                         ----------             ------           ------  ---------
SHORT TERM RATINGS:
-------------------
Arcl Organics Ltd              Non-FB limits          IND A4+(ISSUER   103.5   -
                                                      NOT COOPERATING)
(Migrated to non-cooperating category. 
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 27 May 2019. Ind-Ra is unable to
provide an update, as the agency does not have adequate information to review the ratings.)
Bla Coke Pvt Ltd               Non-FB WC limits       IND A2           1300    Downgraded
(reduced from INR1,600)
Bla Coke Pvt Ltd               Forward contract       IND A2           32.4    Downgraded
Kp Polyolefin Sacks Pvt Ltd    Non-FB limits          IND A4+          30      Affirmed
Madurai Krishna Network Pvt Ltd Non-FB limits         IND A4(ISSUER    4       -
                                                      NOT COOPERATING)
(Migrated to non-cooperating category.  
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 24 May 2019. Ind-Ra is unable to
provide an update, as the agency does not have adequate information to review the ratings.) 
Qube Cinema Technologies Pvt Ltd NFBL                 IND A2+          50      -
(Downgraded; Off RWE)


LONG TERM RATINGS:
-------------------
Ajanta Manufacturing Pvt Ltd   Non-FB WC limits(LT/ST)IND BBB+(ISSUER  190     -
                                                      NOT
                                                      COOPERATING)/IND A2+
                                                      (ISSUER NOT COOPERATING)
(Maintained in non-cooperating category. 
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 15 June 2017. Ind-Ra is unable
to provide an update, as the agency does not have adequate information to review the ratings.) 
Anvitha Life Care Pvt Ltd      TL-1                   IND B(ISSUER NOT 60      -
                                                      COOPERATING)
(Migrating to non-cooperating category.  
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 30 May 2019. Ind-Ra is unable to
provide an update, as the agency does not have adequate information to review the ratings.) 
Anvitha Life Care Pvt Ltd      Proposed TL            Provisional IND  60      -
                                                      B(ISSUER NOT
                                                      COOPERATING)
(Migrating to non-cooperating category.  
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 30 May 2019. Ind-Ra is unable to
provide an update, as the agency does not have adequate information to review the ratings.) 
Arcl Organics Ltd              FB limits              IND BB-(ISSUER   60      -
                                                      NOT COOPERATING)
(Migrated to non-cooperating category. 
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 27 May 2019. Ind-Ra is unable to
provide an update, as the agency does not have adequate information to review the ratings.)
Arcl Organics Ltd              Proposed FB limits     Provisional IND  20      -
                                                      BB-(ISSUER NOT
                                                      COOPERATING)
(Migrated to non-cooperating category. 
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 27 May 2019. Ind-Ra is unable to
provide an update, as the agency does not have adequate information to review the ratings.)
Bla Coke Pvt Ltd               FB WC limits           IND BBB/Stable   100     Downgraded
Blue Dart Express Ltd          NCDs (NCDs) (Series    -                711.8   Withdrawn
                               III)
Clean Wind Power (Piploda) Pvt Rupee TL               IND BBB/Stable   1950    Affirmed
Ltd
Kp Polyolefin Sacks Pvt Ltd    TL                     -                23.21   Withdrawn
                                                                               (paid in full)
Kp Polyolefin Sacks Pvt Ltd    FB limits              IND              110     Affirmed
                                                      BB+/Stable/IND
                                                      A4+
Laxmi Cotspin Ltd              Proposed TL            Provisional IND  140     Downgraded
                                                      BB+ (ISSUER NOT
                                                      COOPERATING)
(Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best-available
information)
Laxmi Cotspin Ltd              Proposed FBL           Provisional IND  10      Downgraded
                                                      BB+(ISSUER NOT
                                                      COOPERATING)
(Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best-available
information)
Madurai Krishna Network Pvt Ltd FB limits             IND B(ISSUER NOT 30      -
                                                      COOPERATING)
(Migrated to non-cooperating category.  
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 24 May 2019. Ind-Ra is unable to
provide an update, as the agency does not have adequate information to review the ratings.)
Madurai Krishna Network Pvt Ltd TL                    IND B(ISSUER NOT 30      -
                                                      COOPERATING)
(Migrated to non-cooperating category.  
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 24 May 2019. Ind-Ra is unable to
provide an update, as the agency does not have adequate information to review the ratings.)
Qube Cinema Technologies Pvt Ltd FB WC limits         IND BBB+/IND A2+ 450     -
(Downgraded; Off RWE)
Qube Cinema Technologies Pvt Ltd TL                   IND BBB+/Negative 373.08 -
(Downgraded; Off RWE, (reduced from INR437.4))
Western Up Tollway Ltd         NCDs                   IND A-/Stable    942.9   Affirmed
(reduced from INR1,193.77)
Western Up Tollway Ltd         TL^                    IND A-/Stable    1512.1  Affirmed
((reduced from INR1,598.95), ^Includes subordinated loan)
Zen Shipping & Ports India Pvt TL                     IND BB /Stable   253     Upgraded
Ltd
Zen Shipping & Ports India Pvt FB WC limits           IND BB/ Stable / 100     Upgraded
Ltd                                                   IND A4+
-----------------------------------------------------------------------------------------------
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@refinitiv.com)
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