July 15, 2020 / 8:14 AM / a month ago

India Ratings for Indian debt instruments – Jul 15

    Jul 15 - 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
July 14, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Heg Ltd                         CP*                    IND A1+          1000     Affirmed
*carved out of working capital limits.
R V Plastic Ltd                 Non-FB limits          IND A4+          60       Affirmed
 
LONG TERM RATINGS:
-------------------
Aishwarya Impex’S               TL                     IND B+           46.14    -
Migrating to non cooperating category(issuer not cooperating)
Aishwarya Impex’S               FB WC limit            IND B+ /IND A4   150      -
Migrating to non cooperating category(issuer not cooperating)
Big Sky Properties Pvt Ltd      TL (LT)                WD               343.5    Withdrawn
Galfar Engineering &            FB WC limits           WD               1150     Withdrawn
Contracting (I) Pvt Ltd
Galfar Engineering &            Non-FB WC limit        WD               1100     Withdrawn
Contracting (I) Pvt Ltd
Heg Ltd                         FB WC limits           IND              9000     -
                                                       AA-/Stable/IND
                                                       A1+
Long-term rating downgraded and short-term rating affirmed/ (reduced from INR12 blns)
Heg Ltd                         Non-FB limits          IND              4700     -
                                                       AA-/Stable/IND
                                                       A1+
(reduced from INR9.2 blns) Long-term rating downgraded and short-term rating affirmed
Hmm Infra Ltd                   FB limit*              WD               115      Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
*Maintained at ‘IND BB(ISSUER NOT COOPERATING)’/‘IND A4+(ISSUER NOT COOPERATING)’ before being
withdrawn
Hmm Infra Ltd                   Non-FB WC limits**     WD               230      Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
**Maintained at ‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn
Kays Jewels Pvt Ltd             FB WC limits*          WD               195      Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
*Maintained at ‘IND BBB-(ISSUER NOT COOPERATING)’/‘IND A3+(ISSUER NOT COOPERATING)’ before being
withdrawn
M/S Fortune Group’S             FB WC limit            WD               70       -
Maintained in non cooperating category and withdrawn
M/S Fortune Group’S             Non-FB limit           WD               150      -
Maintained in non cooperating category and withdrawn
Magick Woods Exports Pvt Ltd    Long-TL*               WD               105      Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
*Maintained at ‘IND BBB(ISSUER NOT COOPERATING)’ before being withdrawn
Magick Woods Exports Pvt Ltd    FB Fac**               WD               330      Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
**Maintained at ‘IND BBB(ISSUER NOT COOPERATING)’/‘IND A2(ISSUER NOT COOPERATING)’ before being
withdrawn
Magick Woods Exports Pvt Ltd    Non-FB Fac#            WD               190      Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
#Maintained at ‘IND A2(ISSUER NOT COOPERATING)’ before being withdrawn
Magick Woods Exports Pvt Ltd    Proposed long-TL##     WD               200      Withdrawn
##Ind-Ra has withdrawn the provisional ratings on MWEPL’s facilities as the company did not
proceed with the instruments as envisaged.
Magick Woods Exports Pvt Ltd    Proposed non-FB Fac##  WD               325      Withdrawn
##Ind-Ra has withdrawn the provisional ratings on MWEPL’s facilities as the company did not
proceed with the instruments as envisaged.
Mash Agro Foods Ltd             TL*                    WD               84.7     Maintained in
                                                                                 non
                                                                                 cooperating and
                                                                                 withdrawn
*Maintained at ‘IND BBB-(ISSUER NOT COOPERATING)’ before being withdrawn
Mash Agro Foods Ltd             FB limits**            WD               890      Maintained in
                                                                                 non
                                                                                 cooperating and
                                                                                 withdrawn
**Maintained at ‘IND BBB-(ISSUER NOT COOPERATING)’/‘IND A3(ISSUER NOT COOPERATING)’ before being
withdrawn
Mash Agro Foods Ltd             Proposed fund based WC WD               275      Maintained in
                                limit***                                         non
                                                                                 cooperating and
                                                                                 withdrawn
***Maintained at ‘Provisional IND BBB-(ISSUER NOT COOPERATING)’/‘Provisional IND A3(ISSUER NOT
COOPERATING)’ before being withdrawn
Mileage Real Estates Pvt Ltd    TL (LT)                WD               359.2    Withdrawn
Mobil Trust Series – 02         Series A1c PTCs        IND              439      Assigned
                                                       AAA(SO)/Stable
Mobil Trust Series – 02         Series A1d PTCs        IND              116.9    Assigned
                                                       AAA(SO)/Stable
Mobil Trust Series – 02         Series A1a PTCs        WD               426,7    Withdrawn
                                                                                 (paid in full)
Mobil Trust Series – 02         Series A1b PTCs        WD               810.5    Withdrawn
                                                                                 (paid in full)
National Plastic Industries Ltd TL#                    WD               36.3     Affirmed &
                                                                                 Withdrawn
#Affirmed at ‘IND BB+’/Stable before being withdrawn
National Plastic Industries Ltd FB Fac*                WD               272.5    Affirmed &
                                                                                 Withdrawn
*Affirmed at ‘IND BB+’/Stable/‘IND A4+’ before being withdrawn
National Plastic Industries Ltd Non-FB Fac**           WD               20       Affirmed &
                                                                                 Withdrawn
**Affirmed at ‘IND A4+’ before being withdrawn
Polygon Properties Pvt Ltd      TL                     WD               267.9    Withdrawn
R V Plastic Ltd                 FB limits              IND BB-          160      Affirmed
                                                       /Stable/IND A4+
(increased from INR140 mlns)
R V Plastic Ltd                 Proposed FB WC limit   WD               20       -
Withdrawn (the issuer did not proceed with the instrument as envisaged)
Shri Sagar Woven Pvt Ltd        FB limits              IND BB-          40       -
Migrated to non cooperating category(issuer not cooperating)
Shri Sagar Woven Pvt Ltd        TL                     IND BB-          8.5      -
Migrated to non cooperating category(issuer not cooperating)
Shri Sagar Woven Pvt Ltd        Proposed FB limits     Provisional IND  15       -
                                                       BB-
Migrated to non cooperating category(issuer not cooperating)
Tayal Sons Ltd                  FB WC limits*          WD               250      Downgraded and
                                                                                 Withdrawn
*Downgraded to ‘IND BB(ISSUER NOT COOPERATING)’/‘IND A4+(ISSUER NOT COOPERATING)’ before being
withdrawn.
Triveni Engicons Pvt Ltd        FB limits*             WD               150      Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 Withdrawn
* Maintained at ‘IND BBB+(ISSUER NOT COOPERATING)’ before being withdrawn
Triveni Engicons Pvt Ltd        Non-FB limits**        WD               1850     Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 Withdrawn
** Maintained at ‘IND A2(ISSUER NOT COOPERATING)’ before being withdrawn
Vrs Foods Ltd                   TL                     IND BBB/Stable   873.3    Affirmed
Outlook revised to Stable/(reduced from INR1,950 mlns)
Vrs Foods Ltd                   FB limits              IND              2700     Affirmed
                                                       BBB/Stable/IND
                                                       A3+
Outlook revised to Stable/(reduced from INR3,050 mlns)
-----------------------------------------------------------------------------------------------
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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