July 28, 2020 / 10:00 AM / 13 days ago

India Ratings for Indian debt instruments – Jul 28

    Jul 28 - 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 27, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Hindustan Zinc Ltd              CP programme           IND A1+          75000    Affirmed
Ivp Ltd                         Non-FB WC limits       IND A3           500      Affirmed
National Cooperative            CP (CP)                IND A1+          21050    Affirmed
Development Corporation
National Cooperative            CP                     IND A1+          4300     Assigned
Development Corporation
Vadilal Enterprises Ltd         Non-FB Bk Fac          IND A3+          5        Downgraded;
                                                                                 Off RWN
Vadilal Industries Ltd          Non-FB Bk Fac          IND A3+          102.5    Downgraded;
                                                                                 off RWN
 
LONG TERM RATINGS:
-------------------
Anantnath Silk Mills Pvt Ltd    TL                     IND BB+          12.23    -
Migrated to non-cooperating category(issuer not cooperating)
Anantnath Silk Mills Pvt Ltd    FB limit               IND BB+ /IND A4+ 241.5    -
Migrated to non-cooperating category(issuer not cooperating)
Frontier Knitters Pvt Ltd       TL                     IND BB-/Stable   112.8    Assigned
Frontier Knitters Pvt Ltd       FB WC limits           IND              497.5    Assigned
                                                       BB-/Stable/IND
                                                       A4+
Ivp Ltd                         FB WC limits           IND BBB-/        1190     Affirmed
                                                       Negative/IND A3
Mahindra World City (Jaipur) LtdNCDs (NCDs)            WD               300      withdrawn
Mfl Securitisation Trust LXXV   Series A1 pass-through IND A(SO)/Stable 110.14   Affirmed
                                certificates (PTCs)
Mfl Securitisation Trust LXXV   Series A2 PTCs         IND              12.01    Affirmed
                                                       BBB-(SO)/Stable
Mm Trust Dec 18 II              Series A pass-through  IND              1996.6   Affirmed
                                certificates (PTCs)    AAA(SO)/Stable
National Cooperative            TBs                    IND AA+/Stable   4500     Affirmed
Development Corporation
National Cooperative            TBs                    IND AA+/Stable   5500     Assigned
Development Corporation 
National Cooperative            TBs                    WD               3000     Withdrawn
Development Corporation                                                          (paid in full)
Pashupati Polytex Pvt Ltd       TL                     IND BBB-/        210.36   Affirmed
                                                       Negative
Outlook revised to Negative from Stable/ (reduced from INR276.83 mlns)
Pashupati Polytex Pvt Ltd       TL                     IND BBB-/        120      Assigned
                                                       Negative
Pashupati Polytex Pvt Ltd       FB WC limit            IND BBB-/        245      Affirmed
                                                       Negative/ IND A3
Outlook revised to Negative from Stable
Pashupati Polytex Pvt Ltd       Non-FB WC limit        IND BBB-/        175      Affirmed
                                                       Negative/ IND A3
Outlook revised to Negative from Stable
Rba Finance Pvt Ltd             Bk loans               IND BB-          141      -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Sansar Trust July 2020 I        Series A2 PTC          Provisional IND  1315.9   Assigned
                                                       A(SO)/Stable
Sansar Trust July 2020 I        Series A1 pass-through Provisional IND  25,002.7 Assigned
                                certificates (PTCs)    AAA(SO)/Stable
Sansar Trust July 2020 I        Second-loss credit     Provisional IND  1579.3   Assigned
                                facility (SLCF)        BBB+(SO)/Stable
Sbfc Finance Pvt Ltd            Bk loans               IND A/Stable     26466    Affirmed
Sbfc Finance Pvt Ltd            NCDs (NCDs)            IND A/Stable     4750     Affirmed
Sbfc Finance Pvt Ltd            NCDs#                  IND A/Stable     1000     Assigned
#Yet to be issued
Vadilal Enterprises Ltd         TL                     IND BBB/Negative 200.6    Downgraded;
                                                                                 Off RWN
Vadilal Enterprises Ltd         FB Bk Fac              IND              100      Downgraded;
                                                       BBB/Negative/IND          Off RWN
                                                       A3+
Vadilal Industries Ltd          TL                     IND BBB/Negative 900      Downgraded;
                                                                                 off RWN
Vadilal Industries Ltd          FB Bk Fac              IND BBB/Negative 577.7    Downgraded;
                                                                                 off RWN
Village Financial Services      Series A1 PTCs         IND              113.65   Assigned
Ltd-Northern Arc 2019 Mfi                              A(SO)/Stable
Allende
Village Financial Services      Series A2 PTCs         IND              9.85     Assigned
Ltd-Northern Arc 2019 Mfi                              BBB+(SO)/Stable
Allende
Village Financial Services      Series A1 PTCs         IND              87.03    Affirmed
Ltd-Northern Arc 2019 Mfi                              A(SO)/Stable
Gascoigne
Village Financial Services      Series A2 PTCs         IND              5.54     Affirmed
Ltd-Northern Arc 2019 Mfi                              BBB+(SO)/Stable
Gascoigne
Village Financial Services      Series A2 PTCs         IND A-(SO)/      5.05     Affirmed
Ltd-Northern Arc 2019 Mfi                              Stable
Raffles
Village Financial Services      Series A1 PTCs         IND              6.85     Affirmed
Ltd-Northern Arc 2019 Mfi                              A(SO)/Stable
Raffles
Village Financial Services      Series A1 PTCs         IND A(SO)/ RWN   156.78   Assigned and
Ltd-Northern Arc 2020 Mfi                                                        Placed on RWN
Delesseps
Village Financial Services      Series A2 PTCs         IND BBB+(SO)/RWN 8.70     Assigned and
Ltd-Northern Arc 2020 Mfi                                                        Placed on RWN
Delesseps
Village Financial Services      Series A PTCs          IND A-(SO)/RWN   586.89   Assigned and
Ltd-Vilas December 2019                                                          Placed on RWN
Village Financial Services      Series A PTCs          Provisional IND  741.25   Placed on RWN
Ltd-Vilfin February 2020                               A-(SO)/RWN
Village Financial Services      Series A PTCs          IND              220.89   Affirmed
Ltd-Viliam August 2019                                 A-(SO)/ Stable
Village Financial Services      Series A1 PTCs         IND A(SO)/  RWN  90.38    Assigned and
Ltd-Vivriti Carpenter 12 2019                                                    Placed on RWN
Village Financial Services      Series A PTCs          Provisional IND  199.99   Placed on RWN
Ltd-Vivriti Morton 03 2020                             A(SO)/RWN
Village Financial Services      Series A1 PTCs         IND              57.34    Affirmed
Ltd-Vivriti Rex 09 2019                                A(SO)/Stable
Zircon Technologies (I) Pvt Ltd rating review          IND BBB-         -        -
In view of the COVID-19 led lockdown, the issuer has informed the agency that it needs more time
to provide the required data.
-----------------------------------------------------------------------------------------------
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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