July 27, 2020 / 7:54 AM / 14 days ago

India Ratings for Indian debt instruments – Jul 27

   Jul 27 - 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 24, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Lalwani Industries Ltd          Non-FB limits          IND A4+          91       Affirmed
Usha Martin Ltd                 Non-FB WC limits       IND A1           250      Upgraded
Go Airlines (I) Ltd             Non-FB WC facility$    IND A2/RWN       20780    Downgraded and
                                                                                 maintained on
                                                                                 RWN
$includes limit of INR10,000 million fully inter-changeable between fund-based and
non-fund-based facilities.
 
LONG TERM RATINGS:
-------------------
Go Airlines (I) Ltd             FB WC facility         IND BBB+/RWN/IND 3520     Downgraded and
                                                       A2/RWN                    maintained on
                                                                                 RWN
Go Airlines (I) Ltd             Proposed non-FB WC     Provisional IND  2500     Downgraded and
                                facility*              A2/RWN                    maintained on
                                                                                 RWN
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the proposed facilities by Go Air to the satisfaction of Ind-Ra. 
Go Airlines (I) Ltd             Proposed WC limit*#    Provisional IND  3550     Downgraded and
                                                       BBB+ / RWN /              maintained on
                                                       Provisional IND A2 /RWN   RWN
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the proposed facilities by Go Air to the satisfaction of Ind-Ra. /# The working
capital limit can be used inter-changeably between fund-based and non-fund-based facilities. 
International Management        TL                     WD               285.95   Withdrawn
Institute
Kaithal Tollway Ltd             Senior, secured,       IND              5500     Affirmed
                                unlisted NCDs          A+(CE)/Stable
Off RWP
Kaithal Tollway Ltd             Unsupported rating     IND A+/Stable    -        Affirmed
Lalwani Industries Ltd          FB limits              IND BB-/Negative 14       Downgraded
Mm Trust Mar 19 Ii              Series A pass-through  IND              2173.2   Affirmed
                                certificates (PTCs)    AAA(SO)/Stable
Monad Edukasional Society       TL                     IND BB           74.43    -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Monad Edukasional Society       FB WC facility         IND BB           110      -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Oil And Natural Gas Ltd         NCD programme*         IND AAA/Stable   50000    Assigned
* Yet to be issued
Panchshil Corporate Park Pvt LtdTranche 1 NCDs         WD               3350     Withdrawn
Panchshil Corporate Park Pvt LtdTranche 2 NCDs         WD               450      Withdrawn
Panchshil Corporate Park Pvt LtdTranche 3 NCDs         WD               450      Withdrawn
Sai Silks (Kalamandir) Ltd      TL                     IND A-/Negative  430.3    Affirmed
(reduced from INR513.4 mlns)/ Outlook revised to Negative from Stable
Sai Silks (Kalamandir) Ltd      FB WC limits           IND              1160     Affirmed
                                                       A-/Negative/IND
                                                       A2+
Outlook revised to Negative from Stable
Srei Equipment Finance          Series A PTCs          IND A+(SO)/ RWN  360.6    Maintained on
Ltd-Iiert December 2017                                                          RWN
Srei Equipment Finance          Series A PTCs          IND A+(SO)/ RWN  759.3    Maintained on
Ltd-Iiert January 2019                                                           RWN
Srei Equipment Finance          Series A PTCs          IND A+(SO)/ RWN  487.3    Maintained on
Ltd-Iiert June 2018                                                              RWN
Srei Equipment Finance          Series A PTCs          IND A+(SO)/ RWN  435.3    Maintained on
Ltd-Iiert March 2018                                                             RWN
Srei Equipment Finance          Series A PTCs          IND A+(SO)/ RWN  482.5    Maintained on
Ltd-Iiert October 2018                                                           RWN
Srei Equipment Finance          Series A pass-through  IND A+(SO)/ RWN  232.3    Maintained on
Ltd-Iiert September 2017        certificates (PTCs)                              RWN
Srei Equipment Finance Ltd-Sefl Assignee Payout        IND A+(SO)/ RWN  3,847.1^ Maintained on
Da September 2019 II                                                             RWN
^Balance after 29 February 2020 payout date. The collection allocation towards principal from
March 2020 will be calculated post moratorium
Srei Equipment Finance Ltd-Sefl Assignor Retention     IND A+(SO)/ RWN  427.5^   Maintained on
Da September 2019 II                                                             RWN
^Balance after 29 February 2020 payout date. The collection allocation towards principal from
March 2020 will be calculated post moratorium
Srei Equipment Finance Ltd-Sefl Assignee Payout        IND A+(SO)/ RWN  3,505.2^ Maintained on
Da September 2019 III                                                            RWN
^Balance after 29 February 2020 payout date. The collection allocation towards principal from
March 2020 will be calculated post moratorium
Srei Equipment Finance Ltd-Sefl Assignor Retention     IND A+(SO)/ RWN  389.5^   Maintained on
Da September 2019 III                                                            RWN
^Balance after 29 February 2020 payout date. The collection allocation towards principal from
March 2020 will be calculated post moratorium
Usha Martin Ltd                 TL                     IND A-/ Stable   2620     Upgraded
(reduced from INR3.25 blns)
Usha Martin Ltd                 FB WC limits           IND A-/ Stable   3000     Upgraded
Vnkc Agrocom Pvt Ltd            FB WC limit(LT/Short   IND D            370      Downgraded
                                -term)
Vnkc Agrocom Pvt Ltd            TL (LT)                IND D            40       Downgraded
-----------------------------------------------------------------------------------------------
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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