July 1, 2020 / 7:32 AM / 9 days ago

India Ratings for Indian debt instruments – Jul 1

    Jul 1 - 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 30, 2020.

COMPANY                         INSTRUMENT            RATING          AMOUNT   MOVEMENT
------                          ----------            ------          ------   ---------
A K Lumbers Ltd                 Non-FB limits          IND A4           90       Downgraded
(Reduced from INR 90.5 million)
Home Credit India Finance Pvt   ST debt/CP (CP)**      IND A1           4000     Affirmed
Kamladityya Construction Pvt Ltddebt moratorium        IND A2           -        -
(In view of the COVID-19 led lockdown, the issuer has informed the agency that it needs more
time to provide the required data.)
Punjab Metal Works Pvt Ltd      Non-FB limits          IND A4           35       Downgraded
Relishah Export’S               FB post shipment       IND A4+          140      -
                                demand loan/usance
                                foreign bill purchased/foreign bill purchased
(reduced from INR240 mlns)
Relishah Export’S               FB packing             IND A4+          180      -
                                credit/packing credit
                                in foreign currency*
* Includes standby limit of INR50 million/ (reduced from INR260 mlns)
Relishah Export’S               Non-FB inland BGs      IND A4+          2        -
U.P. Asbestos Ltd               Non-FB limits          IND A4+          25.8     Affirmed
Western India Cashew Company    Non-FB WC facility     IND A3           100      Affirmed
Pvt Ltd
(increased from INR16.5 mlns)
A K Lumbers Ltd                 FB limits              IND              45       Downgraded
                                                       B+/Stable/IND A4
Home Credit Cl 2019 Titan       Series A pass-through  IND A+(SO)/Stable458.4    Assigned
                                certificates (PTCs)
Home Credit India Finance Pvt   Bk loans               IND A-/Negative  10000    Affirmed
(Outlook Revised to Negative from Stable)
Home Credit India Finance Pvt   NCDs (NCDs)            IND A-/Negative  8500     Affirmed
Outlook Revised to Negative from Stable/(reduced from INR10 billion)
Home Credit Titan Csl 2019 TrustSeries A pass-through  IND              2619.2   Assigned
                                certificates (PTCs)    A+(SO)/Stable
Kalinga Bharati Foundation      Bk loans               IND B          55       -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Kineta Global Ltd               FB WC limits           IND              420      Affirmed
(reduced from INR500 mlns)
Northern Arc 2019 CL            Series A1 pass-through IND A(SO)/Stable 154.89   Affirmed
Akshrarambh Trust               certificates (PTCs)
Northern Arc 2019 CL            Series A2 pass-through IND               19.3    Affirmed
Akshrarambh Trust               certificates (PTCs)    BBB+(SO)/Stable
Patel Cholopuram-Thanjavur      TL                     IND BBB+/Negative6458.9   Affirmed
Highway Pvt Ltd
Premier Seafoods Exim Pvt Ltd   FB WC limit            IND              180      Upgraded
(increased from INR111.97 mlns)
Premier Seafoods Exim Pvt Ltd   Long-TL*#              WD               61.9     Upgraded and
 (reduced  from INR73.88)/*upgraded to ‘IND BB-’/Stable/‘IND A4+’ before being withdrawn/#Ind-Ra
is no longer required to maintain the ratings, as the agency has received a no objection
certificate from the lender. This is consistent with the Securities and Exchange Board of
India’s circular dated 31 March 2017 for credit rating agencies.
Punjab Metal Works Pvt Ltd      FB limits              IND              20       Downgraded
                                                       B-/Stable/IND A4
Punjab National Bank            Additional Tier I      IND A/RWE        67500    Maintained on
                                (AT1) bonds                                      RWE
Punjab National Bank            Basel III Tier 2 bonds#IND AA+/RWE      10000    Assigned
Placed on RWE/# Yet to be issued
Punjab National Bank            Basel III Tier 2 bonds IND AA+/RWE      55000    Maintained on
Punjab National Bank            Senior infrastructure  IND AA+/RWE      20000    Maintained on
                                bonds                                            RWE
Punjab National Bank            LT and ST Issuer RatingIND AA+/RWE/IND  -        -
Long-term rating maintained on Rating Watch Evolving (RWE); short-term rating affirmed
Renew Akshay Urja Ltd           Unsupported rating     IND A-/RWN       -        Maintained on
Renew Akshay Urja Ltd           NCDs (with partial     IND AA+(CE)/RWN  7600     Maintained on
                                credit guarantee)                                RWN
(outstanding INR6,852.5 as of 31 March 2020)
U.P. Asbestos Ltd               FB limits              IND BB-/Stable   400      Affirmed
(increased from INR390 mlns)
U.P. Asbestos Ltd               TL                     IND BB-/Stable   50.7     Affirmed
(reduced from INR194.90 mlns)
U.P. Asbestos Ltd               TL^ @                  IND BB-/Stable   180      Assigned
^ The final rating has been assigned following the receipt of executed financing documents by
Ind-Ra/@ not yet issued
U.P. Asbestos Ltd               Proposed TL*           Provisional IND  140      Assigned
*The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by UPAL to the satisfaction of Ind-Ra.
Vivriti Kane 03 2019            Series A1 PTC (PTCs)   IND A(SO)/RWN    225.6    Placed on RWN
Western India Cashew Company    TL                     IND BBB-/Stable  3.56     Affirmed
Pvt Ltd
(reduced from INR37.06 mlns)/Outlook revised to Stable from Negative
Western India Cashew Company    FB WC facility         IND              1250     Affirmed
Pvt Ltd                                                BBB-/Stable/IND
(reduced from INR1300 mlns)/Outlook revised to Stable from Negative
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 rru.data@refinitiv.com)
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