April 27, 2020 / 7:31 AM / a month ago

India Ratings for Indian debt instruments – Apr 27

    Apr 27 - 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
April 24, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Biomedix Optotechnik & Devices  Non-FB limit           IND A4+          86.1     Affirmed
Pvt Ltd
(increased from INR55 mlns)
Biomedix Optotechnik & Devices  Proposed non-FB limit* Provisional IND  20       Assigned
Pvt Ltd                                                A4+
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by BODPL to the satisfaction of Ind-Ra. 
National Fertilizers Ltd        Non-FB WC              IND A1+          20000    Affirmed
National Fertilizers Ltd        CP (CP)*               IND A1+          60000    Affirmed
* Within the fund-based working capital limits, CP and fund-based working capital limits are
interchangeable with total borrowing capped at lower of the drawing power or the sanctioned
fund-based limits
National Fertilizers Ltd        CP*                    IND A1+          10000    Assigned
* Within the fund-based working capital limits, CP and fund-based working capital limits are
interchangeable with total borrowing capped at lower of the drawing power or the sanctioned
fund-based limits
Tata Power Trading Co. Ltd      CP (CP)#               IND A1+(CE)      1500     Affirmed
# Ind-Ra has changed the suffix to ‘CE’ from ‘SO’ to comply with the The Securities Exchange
Board of India circular dated 13 June 2019. The change in suffix does not result in any change
in CP rating.
The Hongkong And Shanghai       CDs*                   IND A1+          50000    Affirmed
Banking Corporation Ltd
*No active issuances
 

LONG TERM RATINGS:
-------------------
Biomedix Optotechnik & Devices  FB limit               IND              3        Affirmed
Pvt Ltd                                                BB/Stable/IND A4+
Dml Exim Pvt Ltd                FB WC Fac              IND BB+ /IND A4+ 1300     Downgraded
Issuer Not Cooperating
Dml World Trade Pvt Ltd         FB WC Fac              IND BB+ /IND A4+ 200      Downgraded
Issuer Not Cooperating
Drb Commodities (I) Pvt Ltd     FB WC Fac              IND BB+ /IND A4+ 500      Downgraded
Issuer Not Cooperating
Emaar Mgf Land Ltd              LT Issuer Rating       IND BBB-/Stable  -        Affirmed
Emaar Mgf Land Ltd              TL                     IND BBB-/Stable  26272    Affirmed
Emaar Mgf Land Ltd              TL                     IND BBB-/Stable  6400     Assigned
Emaar Mgf Land Ltd              Overdraft              IND              3000     Affirmed
                                                       BBB-/Stable/IND
                                                       A3
Emaar Mgf Land Ltd              WC limits              IND              2450     Affirmed
                                                       BBB-/Stable/IND
                                                       A3
Emaar Mgf Land Ltd              Non-FB limits          IND              2616     Affirmed
                                                       BBB-/Stable/IND
                                                       A3
Kotak Mahindra Bank Ltd’S       Upper tier 2           IND AA+/Stable   1.5      Affirmed
                                subordinated bonds#
# Unutilised
Kotak Mahindra Bank Ltd’S       Senior LT debt#        IND AAA/Stable   3        Affirmed
# Unutilised
Kotak Mahindra Bank Ltd’S       Lower tier 2           IND AAA/Stable   1.9      Affirmed
                                subordinated debt#
# Unutilised
Kotak Mahindra Bank Ltd’S       Lower tier II          IND AAA/Stable   3.892    Affirmed
                                subordinated debt
Kotak Mahindra Bank Ltd’S       LT infra bonds         IND AAA/Stable   1.5      Affirmed
National Fertilizers Ltd        Long-TL - External     IND AA-/Stable   570      Downgraded
                                Commercial Borrowings
                                (ECB)
National Fertilizers Ltd        FB WC                  IND              60000    -
                                                       AA-/Stable/IND
                                                       A1+
Long-term rating downgraded and Short-term rating affirmed
National Fertilizers Ltd        Proposed FB WC**       Provisional IND  2140     -
                                                       AA- /Stable/
                                                       Provisional IND A1+
Long-term rating downgraded and Short-term rating affirmed/**The ratings are provisional and
shall be confirmed upon the sanction and execution of loan documents for the above facility by
NFL to the satisfaction of Ind-Ra.
Ntpc Bhel Power Projects Pvt LtdNon-FB limits          IND              1700     Downgraded
                                                       B+/Negative/IND
                                                       A4
Swetharanya Holdings Pvt Ltd    TL                     IND BBB-/RWN     3100     Assigned
placed on RWN
Tata Power Trading Co. Ltd      TL                     IND A+/Stable    286      Affirmed
Tata Power Trading Co. Ltd      FB limit*              IND              2264     Affirmed
                                                       A+/Stable/IND A1+
* INR464 million interchangeable with the non-fund based limits
Tata Power Trading Co. Ltd      Non-FBL                IND              3250     Affirmed
                                                       A+/Stable/IND A1+
-----------------------------------------------------------------------------------------------
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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