July 20, 2020 / 7:28 AM / 25 days ago

India Ratings for Indian debt instruments – Jul 20

    Jul 20 - 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 17, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Ibs Software Pvt Ltd            Non-FB limits          IND A1+          356      Affirmed
Magpie Global Ltd               Non-FB limit           IND A4+          10       Assigned
Northern India Leather Cloth    Non-FB WC limits*      IND A4           20       Downgraded and
Manufacturing Co. Pvt Ltd                                                        reassigned
*Downgraded to ‘IND D’ before being reassigned/ (reduced from INR40 mlns)


LONG TERM RATINGS:
-------------------
B. D. Memorial Institute        Bk loans               IND BBB-         95.07    -
Migrated to non-cooperating category(issuer not cooperating)
Ibs Software Pvt Ltd            FB WC limits           IND              600      -
                                                       A+/Stable/IND A1+
(Long-term rating affirmed;Short-term rating assigned)
Ibs Software Pvt Ltd            FB WC limits           IND              150      Assigned
                                                       A+/Stable/IND A1+
Ibs Software Pvt Ltd            Proposed FB WC limits* Provisional IND  1204     Assigned
                                                       A+ / Stable
                                                       /Provisional IND A1+
*The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by IBS to the satisfaction of Ind-Ra.
Irb Kolhapur Integrated Road    Senior project Bk loansIND              2,378.40*Affirmed
Development Company Pvt Ltd                            A+(CE)/Stable
Off RWP/*outstanding INR459.8 million on 1 January 2020
Irb Kolhapur Integrated Road    Unsupported rating     IND BBB-/Stable  -        Affirmed
Development Company Pvt Ltd
J.M. International              FB WC limit            IND B/Stable/IND 250      Affirmed
                                                       A4
Krishnapatnam Railway Co. Ltd   Senior project Bk loan IND BBB/Stable   10780    Upgraded
(reduced from INR10,830 mlns)
Magpie Global Ltd               FB WC limits           IND              60       Assigned
                                                       BB/Stable/IND A4+
Magpie Global Ltd               Proposed FB limit*     Provisional IND  60       Assigned
                                                       BB/Stable/
                                                       Provisional IND A4+
*The rating is provisional and the final rating shall be confirmed upon the disbursement of the
loan for the above facilities by MGL to the satisfaction of Ind-Ra.
Mm Trust Nov 18 I               Series A pass-through  IND              5210.4   Affirmed
                                certificates (PTCs)    AAA(SO)/Stable
Moneyplus Financial Services    Bk loans               IND BB/Stable    50       Assigned
Pvt Ltd
Northern India Leather Cloth    TL*                    IND B-/Stable    180.72   Downgraded and
Manufacturing Co. Pvt Ltd                                                        reassigned
*Downgraded to ‘IND D’ before being reassigned/ (reduced from INR186.10 mlns)
Northern India Leather Cloth    FB WC limits*          IND              140      Downgraded and
Manufacturing Co. Pvt Ltd                              B-/Stable/IND A4          reassigned
*Downgraded to ‘IND D’ before being reassigned
Sansera Engineering Ltd         Non-FB WC limits       IND              424      Assigned
                                                       AA-/Stable/IND
                                                       A1+
Sansera Engineering Ltd         TL                     IND AA-/Stable   2963.4   Assigned
Sansera Engineering Ltd         FB WC limits           IND              3795     Assigned
                                                       AA-/Stable/IND
                                                       A1+
Sansera Engineering Ltd         Proposed TL*           Provisional IND  1000     Assigned
                                                       AA-/Stable
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above instrument to the satisfaction of Ind-Ra.
Sbfc Finance Pvt Ltd            Bk loans               IND A/Stable     26466    Affirmed
Sbfc Finance Pvt Ltd            NCDs (NCDs)            IND A/Stable     4500     Affirmed
Sbfc Finance Pvt Ltd            NCDs#                  IND A/Stable     1000     Assigned
# Yet to be issued
Shree Radha Govind Agro         FB WC limits           IND              90       Affirmed
Industries                                             B+/Stable/IND A4
Udaipur Tollway Ltd             Senior project Bk loansIND BBB-/Stable  14609    Affirmed
off RWP
-----------------------------------------------------------------------------------------------
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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