July 21, 2020 / 8:14 AM / 17 days ago

India Ratings for Indian debt instruments – Jul 21

    Jul 21 - 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 20, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Bgr Mining & Infra Ltd          Non-FB WC limits (ST)  IND D            6000     -
Affirmed and migrated to the non cooperating category(issuer not cooperating)
Gridco Ltd                      Non-FB WC limit        IND A3+          2250     Downgraded
Muzaffarpur Vidyut Vitaran Ltd  Non-FB WC facility (ST)IND D            415.4    -
Migrated to non cooperating category(issuer not cooperating)
Prachi (I) Pvt Ltd              Non-FB limits          IND A4+          30       Affirmed
Vistaar Financial Services Pvt  ST Issuer Rating       IND A1           -        Affirmed
Ltd
 

MEDIUM TERM RATINGS:
-------------------
Sambandam Spinning Mills Ltd    Fixed deposit          IND tA-/RWN      76.1     Maintained on
                                programme
                                       RWN
Sambandam Spinning Mills Ltd    Proposed fixed deposit Provisional IND  143.9    Maintained on
                                programme              tA-/RWN                   RWN
 
LONG TERM RATINGS:
-------------------
Bgr Mining & Infra Ltd          FB WC limits (LT/ST)   IND D            1250     -
Affirmed and migrated to the non cooperating category(issuer not cooperating)
Bgr Mining & Infra Ltd          TL (LT)                IND D            7743.1   -
Affirmed and migrated to the non cooperating category(issuer not cooperating)
Bgr Mining & Infra Ltd          Proposed TL (LT)       WD               837.4    Withdrawn*
* the company has not utilised the facilities, as confirmed by the lenders.
Gridco Ltd                      FB WC limit            IND              6250     Downgraded
                                                       BBB/Negative
Gridco Ltd                      Bonds                  IND A-(CE)/stable1275     Affirmed
Hpcl Biofuels Ltd               TL                     IND AA-/Stable   2534.4   Affirmed
Off RWN/(reduced from INR2,722.6 mlns)
Hpcl Biofuels Ltd               FB limits              IND              1250     Affirmed
                                                       AA-/Stable/IND
                                                       A1+
Off RWN
Johnson Jewelers                FB WC limits           IND B-/Stable    120      Downgraded
(reduced from INR150 mlns)
M/S Patodia Ginning Factory     TL (LT)*               WD               8.69     Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and 
                                                                                 withdrawn
* Maintained at ‘IND D(ISSUER NOT COOPERATING)’ before being withdrawn
M/S Patodia Ginning Factory     FB Fac (LT)*           WD               141.31   Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
* Maintained at ‘IND D(ISSUER NOT COOPERATING)’ before being withdrawn
Muzaffarpur Vidyut Vitaran Ltd  TL (LT)                IND D            728.2    -
Migrated to non cooperating category(issuer not cooperating)
Muzaffarpur Vidyut Vitaran Ltd  FB WC facility (LT)    IND D            100      -
Migrated to non cooperating category(issuer not cooperating)
Prachi (I) Pvt Ltd              TL                     IND BB/Negative  103      Affirmed
Outlook revised to Negative from Stable
Prachi (I) Pvt Ltd              TL*                    IND BB/Negative  54.52    Assigned
*The final rating has been assigned upon the receipt of the executed loan documents for the
above facilities by PIPL to the satisfaction
Prachi (I) Pvt Ltd              FB limits              IND              150      Affirmed
                                                       BB/Negative/IND
                                                       A4+
Outlook revised to Negative from Stable
Prime Urban Development India   FB Fac                 IND B- /IND A4   210      -
Ltd
Long-term rating downgraded; short-term rating affirmed and migrated to non cooperating category
Sambandam Spinning Mills Ltd    FB WC Fac              IND              532.5    Maintained on
                                                       BBB-/RWN/IND              RWN
                                                       A3/RWN
Sambandam Spinning Mills Ltd    Non FB Fac             IND A3/RWN       92.5     Maintained on
                                                                                 RWN
Sambandam Spinning Mills Ltd    TL                     IND BBB-/RWN     102.6    Maintained on
                                                                                 RWN
Vodafone Idea Ltd               NCDs (NCDs)            WD               35000    Withdrawn
West Bengal State Electricity   Long-TL                IND BBB+/Stable  542      Downgraded
Transmission Co. Ltd
(reduced from INR0.669 blns)
West Bengal State Electricity   FB limits              IND BBB+/Stable  3250     Downgraded
Transmission Co. Ltd
West Bengal State Electricity   Bonds programme        IND BBB+/Stable  2500     Downgraded
Transmission Co. Ltd
West Bengal State Electricity   Bonds programme        WD               183      Withdrawn
Transmission Co. Ltd                                                             
(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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