April 30, 2020 / 9:25 AM / a month ago

India Ratings for Indian debt instruments – Apr 30

    Apr 30 - 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 29, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Bhopal Tractors Pvt Ltd         Non-FBL                IND A4 +         40       Downgraded
Gujarat Gas Ltd                 CP**                   IND A1+          0.35     Affirmed
**to be carved out of existing working capital limits
Rashtriya Ispat Nigam Ltd       Non-FB WC limits       IND A3+          22650    Downgraded
(reduced from INR 22,850 mlns)
Rashtriya Ispat Nigam Ltd       CP*                    IND A3+          20000    Downgraded
*Carved out of the existing fund-based working capital limits
Riddhi Steel & Tube Pvt Ltd     Non-FB WC limits       IND A4+          90       Downgraded
Issuer Not Cooperating
Suneja Sons                     Non-FB WC limit        IND A4+          140      -
Migrated to non-cooperating category(Issuer not Cooperating)
 

LONG TERM RATINGS:
-------------------
Azeem Infinite Dwelling India   NCDs – Series 1        IND BB           2000     -
Pvt Ltd
Migrated to non-cooperating category(Issuer not Cooperating)
Azeem Infinite Dwelling India   NCDs – Series 2        IND BB           1950     -
Pvt Ltd
Migrated to non-cooperating category(Issuer not Cooperating)
Bhopal Tractors Pvt Ltd         FB limit               IND BB+          60       Downgraded
East North Interconnection Co.  TL^                    Provisional IND  9000     Assigned
Ltd                                                    AAA/Stable
^ The final rating is contingent upon the receipt of the trust and retention agreement
conforming to the information already received by Ind-Ra. ENICL has executed the facility
agreement and India Grid Trust’s (the sponsor) undertakings.
East North Interconnection Co.  NCDs(NCDs)             WD               7525     Withdrawn
Ltd                                                                              (paid in full)
East North Interconnection Co.  TL                     WD               400      Withdrawn
Ltd                                                                              (paid in full)
Gujarat Gas Ltd                 Bk loans*              IND              32       -
                                                       AA+/Stable/IND
                                                       A1+
* Interchangeable with working capital limits/Long-term rating upgraded; Short-term rating
affirmed
Indian Renewable Energy         Targeted LT Repo       IND AAA/Negative 20000    Assigned
Development Agency Ltd          Operations 2.0 (TLTRO)
                                Bonds $
$ INR5,000 million yet to be issued
Indian Renewable Energy         Sub-debt$              IND AAA/Negative 5000     Assigned
Development Agency Ltd
$ INR5,000 million yet to be issued
Indian Renewable Energy         FY20 borrowing         IND AAA/Negative 18030    Affirmed
Development Agency Ltd          programme
(reduced from 41,000 mlns)
Indian Renewable Energy         FY19 borrowing         IND AAA/Negative 8650     Affirmed
Development Agency Ltd          programme
Indian Renewable Energy         Sub debt*              IND AAA/Negative 7500     Affirmed
Development Agency Ltd
*INR1,500 million raised in FY19
Indian Renewable Energy         Bonds                  IND AAA/Negative 7000     Affirmed
Development Agency Ltd
Indian Renewable Energy         Tax-free bonds         IND AAA/Negative 20000    Affirmed
Development Agency Ltd
Indian Renewable Energy         GoI fully serviced     IND AAA/Negative 21400    Affirmed
Development Agency Ltd          bonds**,$
** The servicing of these bonds is a charged expenditure on the central budget, as clearly
articulated in the memorandum of understanding signed between the Ministry of New and Renewable
Energy (MNRE) and IREDA./$ INR5,000 million yet to be issued
Mahanadi Education Society      TL                     IND BB           74.5     -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Mahanadi Education Society      WC facility            IND BB           100      -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Mosavi Enterprises Pvt Ltd      NCDs (NCDs)            IND BB/RWN       960      Downgraded
Placed on RWN
Purbanchal Laminates Pvt Ltd    FB limits *            WD               77.5     Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
* Maintained at ‘IND BBB-(ISSUER NOT COOPERATING)’ before being withdrawn
Purbanchal Laminates Pvt Ltd    Non-FBL #              WD               40       Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and 
                                                                                 withdrawn
# Maintained at ‘IND A3(ISSUER NOT COOPERATING)’ before being withdrawn
Purbanchal Laminates Pvt Ltd    TL *                   WD               22.5     Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
* Maintained at ‘IND BBB-(ISSUER NOT COOPERATING)’ before being withdrawn
Rashtriya Ispat Nigam Ltd       Non-FB limits          IND BBB/Negative 8000     Downgraded
Rashtriya Ispat Nigam Ltd       TL                     IND BBB/Negative 125616   Downgraded
(increased from INR106,732 mlns)
Rashtriya Ispat Nigam Ltd       FB WC limits           IND              117273.6 Downgraded
                                                       BBB/Negative/IND
                                                       A3+
(increased from INR 95,248.5 mlns)
Riddhi Steel & Tube Pvt Ltd     Long-TL                IND BB+          30       Downgraded
Issuer Not Cooperating
Riddhi Steel & Tube Pvt Ltd     FB WC limits           IND BB+ /IND A4+ 260      Downgraded
Issuer Not Cooperating
Riddhi Steel & Tube Pvt Ltd     Proposed FB WC limits  WD               50       Withdrawn
Rsh Global Pvt Ltd              FB limits              IND BBB+/Stable  495      Affirmed
(increase from INR 295 mlns)
Salasar Plywood Pvt Ltd         FB WC limit*           WD               5        Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
* Maintained at ‘IND BBB-(ISSUER NOT COOPERATING)’ before being withdrawn
Salasar Plywood Pvt Ltd         NFB WC limit#          WD               80       Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
# Maintained at ‘IND A3(ISSUER NOT COOPERATING)’ before being withdrawn
Seaways Shipping And Logistics  Non-FB limits          IND A4+/RWN      50       -
Ltd
Placed on RWN
Seaways Shipping And Logistics  NCD (NCD)              IND BB/RWN       640      Downgraded
Ltd
placed on RWN
Seaways Shipping And Logistics  NCD                    IND BB/RWN       250      Downgraded
Ltd
placed on RWN
Seaways Shipping And Logistics  FB limits              IND BB/RWN/IND   250      -
Ltd                                                    A4+/RWN
Long-term rating downgraded and short-term affirmed; placed on RWN
Suneja Sons                     FB WC limit            IND BB+ /IND A4+ 150      -
Migrated to non-cooperating category(Issuer not Cooperating)
-----------------------------------------------------------------------------------------------
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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