July 16, 2020 / 8:21 AM / 18 days ago

India Ratings for Indian debt instruments – Jul 16

    Jul 16 - 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 15, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Finolex Industries Ltd          Non-FB WC limit        IND A1+          20557.5  Affirmed
(increased from INR17,457.5 mlns)
Kribhco Fertilizers Ltd         CP (CP) programme*     IND A1+          8000     Affirmed
*The CP will be carved out of fund-based limits.
Meghalaya Cast & Alloys Pvt Ltd Non FB limits          IND A4+          21.38    Affirmed
Popular Auto Dealers Pvt Ltd    Non-fund- based limit  IND A3           100.5    Affirmed
Ratnesh Infra’S                 Non-FB Fac             IND A4+          30       -
Migrated to non-cooperated category(issuer not cooperating)
 
 
LONG TERM RATINGS:
-------------------
Kdh Textile Pvt Ltd             TL                     IND BB+/Stable   12.58    Affirmed
(reduced from INR28.30 mlns) 
Kdh Textile Pvt Ltd’            FB WC limits           IND              290      Affirmed
                                                       BB+/Stable/IND
                                                       A4+
(increased from INR230 mlns)
Bhima And Brother Bullion Pvt   FB WC limits           IND              1320     Affirmed
Ltd                                                    BBB/Stable/IND
                                                       A3+
Eastman Auto & Power Ltd        FB WC limits*          WD               750      Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
*Maintained at ‘IND BBB+(ISSUER NOT COOPERATING)’/‘IND A2+(ISSUER NOT COOPERATING)’ before being
withdrawn
Eastman Auto & Power Ltd        Non-FB WC limits*      WD               180      Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
*Maintained at ‘IND BBB+(ISSUER NOT COOPERATING)’/‘IND A2+(ISSUER NOT COOPERATING)’ before being
withdrawn
Eastman Auto & Power Ltd        TL#                    WD               350      Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
#Maintained at ‘IND BBB+(ISSUER NOT COOPERATING)’ before being withdrawn
Finolex Industries Ltd          FB WC limit            IND AA/Stable    1500     Affirmed
(increased from INR1,000 mlns)
Flex Foods Ltd                  TL                     IND BBB/Stable   36.4     Affirmed
(reduced from INR61.1 mlns)
Flex Foods Ltd                  FB limits              IND              250      Affirmed
                                                       BBB/Stable/IND
                                                       A3+
Flex Foods Ltd                  Non-FB limits          IND              25       Affirmed
                                                       BBB/Stable/IND
                                                       A3+
Garg Acrylics Ltd               Long-TL*               WD               2517     Downgraded and
                                                                                 withdrawn
*Downgraded to ‘IND BBB-’/Stable from ‘IND BBB+’/Negative before being withdrawn.
Garg Acrylics Ltd               FB limits**            WD               3350     Downgraded and
                                                                                 withdrawn
**Long-term rating downgraded to ‘IND BBB-’/Stable from ‘IND BBB+’/Negative and short-term
rating downgraded to ‘IND A3’ from ‘IND A2’ before being withdrawn.
Garg Acrylics Ltd               Non-FB limits**        WD               155      Downgraded and
                                                                                 withdrawn
**Long-term rating downgraded to ‘IND BBB-’/Stable from ‘IND BBB+’/Negative and short-term
rating downgraded to ‘IND A3’ from ‘IND A2’ before being withdrawn.
Irb Infrastructure Developers   LT Issuer Rating       IND A+/Stable    -        Affirmed
Ltd
Irb Infrastructure Developers   NCDs                   IND A+/Stable    15000    Affirmed
Ltd
Irb Infrastructure Developers   Non-FB Bk Fac          IND              12000    Affirmed
Ltd                                                    A+/Stable/IND A1+
Irb Infrastructure Developers   TL                     IND              20383.4  Affirmed
Ltd                                                    A+/Stable/IND A1+
Kribhco Fertilizers Ltd         Proposed NCDs (NCDs)   WD               4000     -
Withdrawn (the company did not proceed with the instrument as envisaged)
Meghalaya Cast & Alloys Pvt Ltd FB Limits              IND BB-/Stable   60       Downgraded
Meghalaya Cast & Alloys Pvt Ltd Long-TL                IND BB-/Stable   10.12    Downgraded
(reduced from INR11.2 mlns)
Popular Auto Dealers Pvt Ltd    TL                     IND BBB-/Stable  7.76     Affirmed
(increased from INR5 mlns)
Popular Auto Dealers Pvt Ltd    FB limit               IND              190      Affirmed
                                                       BBB-/Stable/IND
                                                       A3
(increased from INR100 mlns)
Ratnesh Infra’S                 FB Fac                 IND BB- /IND A4+ 30       -
Migrated to non-cooperated category(issuer not cooperating)
Rccpl Pvt Ltd                   TL                     IND AA-/Positive 730      Affirmed
Outlook revised to Positive from Stable/(reduced from INR830 mlns)
Sansar Trust June 2017 II       Second loss credit     IND A-(SO)/Stable125.2    Affirmed
                                facility (SLCF)
Sansar Trust June 2017 II       Series A pass-through  IND              262.2    Affirmed
                                certificates (PTCs)    AAA(SO)/Stable
Vectus Industries Ltd           FB limits              IND A/Stable/IND 660      Affirmed
                                                       A1
Vectus Industries Ltd           Non-FB limits          WD               20       -
Withdrawn (paid in full)
-----------------------------------------------------------------------------------------------
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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