July 3, 2020 / 10:02 AM / a month ago

India Ratings for Indian debt instruments – Jul 3

    Jul 3 - 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 2, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Deepak Spinners Ltd             FB limits              IND A3+          50       Affirmed
Deepak Spinners Ltd             Non-FB limits          IND A3+          60       Affirmed
(reduced from iNR100 million)
Jsw Cement Ltd                  Non-FB limits          IND A1           2250     Affirmed
Mahindra Sanyo Special Steel    Non-FB WC limits       IND A2           2600     Downgraded
Pvt Ltd
My Home Industries Pvt Ltd      Non-FB Fac             IND A1+          1,951    Affirmed
Off RWN
My Home Industries Pvt Ltd      CP                     IND A1+          650      Affirmed
Off RWN
Nile Ltd                        Non-FB WC limits       IND A2           300      Affirmed
Propus Inc’S                    Non-FBL                IND A4+          10       -
Migrated to non-cooperating category(issuer not cooperating)
Sai Pavani Constructions Pvt LtdNon-FB Fac*            IND A4           250
*Downgraded to ‘IND D’ before being reassigned
Sai Pavani Constructions Pvt LtdNon-FB Fac#,^          IND A4           50
(reduced from INR100mlns )/#Downgraded to ‘Provisional IND D’ before being reassigned
^The final rating has been assigned following the receipt of a sanction letter by Ind-Ra.
Sree Jayajothi Cements Pvt Ltd  Non-FB Fac             IND A1+          290      Affirmed
(Off RWN)
 
 
LONG TERM RATINGS:
-------------------
Deepak Spinners Ltd             FB limits              IND BBB/Stable   600      Affirmed
Outlook revised to Stable from Positive
Deepak Spinners Ltd             TL                     IND BBB/Stable   340.1    Affirmed
(reduced from INR 650 mlns)/ Outlook revised to Stable from Positive
Deepak Spinners Ltd             COVID-19 Emergency     IND BBB/Stable   60       Assigned
                                credit Line(TL)
Hemali Investment & Finance Pvt TL                     IND BB+/Negative 650      Affirmed
Ltd
Outlook revised to Negative from Stable
Jsw Cement Ltd                  FB limits              IND A-/ Stable   2140     Affirmed
                                                       /IND A1
(reduced from INR3040 mlns)
Jsw Cement Ltd                  TL                     IND A-/Stable    24729.1  Affirmed
(reduced from INR26,361.1 Mlns)
Jsw Cement Ltd                  Proposed FB limits*    Provisional IND  3352     Affirmed
                                                       A- / Stable /
                                                       Provisional IND A1
*The final rating is contingent upon the receipt of final documents conforming to the
information already received by Ind-Ra./ (increased from INR820 mlns)
Koya & Company Construction Ltd FB WC limits           IND              201      Affirmed
                                                       BBB/Stable/IND
                                                       A3+
(increased from INR191.5 mlns)
Koya & Company Construction Ltd Non-FB WC limits       IND              1369     Affirmed
                                                       BBB/Stable/IND
                                                       A3+
(reduced from INR1,630 mlns)
Koya & Company Construction Ltd Proposed Non-FB WC     WD               178.5    Withdrawn
                                limits^
^The ratings have been withdrawn as the entity did not proceed with the instrument as earlier
envisaged.
Mahindra Sanyo Special Steel    TL                     IND BBB/Stable   748      Downgraded
Pvt Ltd
(reduced from INR820 mlns)
Mahindra Sanyo Special Steel    FB WC limits           IND              2850     Downgraded
Pvt Ltd                                                BBB/Stable/IND A2
Megha Engineering &             FB WC limits           IND              3150     Affirmed
Infrastructures Ltd                                    AA-/Stable/IND
                                                       A1+
Megha Engineering &             FB WC limits**         IND              80       Assigned
Infrastructures Ltd                                    AA-/Stable/IND
                                                       A1+
**The final ratings have been assigned based on the sanction and execution of the loan documents
by MEIL to the satisfaction of Ind-Ra
Megha Engineering &             Non-FB WC limits       IND              91100    Affirmed
Infrastructures Ltd                                    AA-/Stable/IND
                                                       A1+
Megha Engineering &             Non-FB WC limits**     IND              14400    Assigned
Infrastructures Ltd                                    AA-/Stable/IND
                                                       A1+
**The final ratings have been assigned based on the sanction and execution of the loan documents
by MEIL to the satisfaction of Ind-Ra
Megha Engineering &             Proposed non-FB WC     Provisional IND  24500    Affirmed
Infrastructures Ltd             limits*                AA- / Stable /
                                                       Provisional IND A1+
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by MEIL to the satisfaction of Ind-Ra./(increased from INR
1.4 blns)
Megha Engineering &             Proposed FB WC limits* Provisional Ind  1770     Affirmed
Infrastructures Ltd                                    AA-/ Stable /
                                                       Provisional IND A1+
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by MEIL to the satisfaction of Ind-Ra./(reduced from INR1.85
blns)
My Home Industries Pvt Ltd      FB Fac                 IND            2150     Affirmed
                                                       AA+/Stable/ IND
                                                       A1+
(Off RWN; Outlook Stable)
Nile Ltd                        LT Issuer Rating       IND BBB+/Stable  -        Affirmed
Nile Ltd                        FB WC limits           IND              600      -
                                                       BBB+/Stable/IND
                                                       A2
Long-term rating affirmed; short-term rating assigned
Prajwal Promoters Pvt Ltd       TL limit               IND B            68       -
Migrated to non-cooperating category(issuer not cooperating)
Propus Inc’S                    TL                     IND BB-          15       -
Migrated to non-cooperating category(issuer not cooperating)
Propus Inc’S                    FB limits              IND BB- /IND A4+ 80       -
Migrated to non-cooperating category(issuer not cooperating)
Sai Pavani Constructions Pvt LtdFB Fac*                IND              200
                                                       B-/Stable/IND A4
*Downgraded to ‘IND D’ before being reassigned
Sai Pavani Constructions Pvt LtdProposed FB Fac        WD               100
Sree Jayajothi Cements Pvt Ltd  TL -1                  IND AA+/Stable   1050     Affirmed
Off RWN; Outlook Stable
Sree Jayajothi Cements Pvt Ltd  TL -2                  IND AA+/Stable   1850     Assinged
Sree Jayajothi Cements Pvt Ltd  FB Fac                 IND AA+/Stable/  1250     Affirmed
                                                       IND A1+
(Off RWN; Outlook Stable)
-----------------------------------------------------------------------------------------------
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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