July 6, 2020 / 9:07 AM / a month ago

India Ratings for Indian debt instruments – Jul 6

    Jul 6 - 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 3, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Aurobindo Pharma Ltd            Non-FB WC limits       IND A1+          20000    Affirmed; off
                                                                                 RWE
(increased from INR14,940 mlns)
Bcits Pvt Ltd                   Non-FB WC limit        IND A3+          340      Affirmed
(increased from INR335 mlns)
Bhavya Cements Ltd              Non FB WC limits       IND A3+          200      Upgraded
Globe Forex & Travels Ltd       Non-FB limits          IND A2           50       Downgraded
Gridco Ltd                      Non-FB WC limit        IND A3+          2250     Downgraded
Nik-San Engineering Co. Ltd     Non-FB limits          IND A4+          280      -
Migrated to non-cooperating category(issuer not cooperating)
Raychem Rpg Pvt Ltd             Non-FB limit           IND A1+          1750     Affirmed
Raychem Rpg Pvt Ltd             CP (carved out of the  IND A1+          600      Affirmed
                                FBL)
Shriram Pistons And Rings Ltd   Non-FB WC limit        IND A1+          1350     Affirmed
Shriram Pistons And Rings Ltd   CP*                    IND A1+          100      Affirmed
*Yet to be issued
Silvertoss Industries Pvt Ltd   Non-FB WC limits       IND A4+          430      Assigned
Tamil Naadu Edible Oils Pvt Ltd Non-FB Fac:            IND A3           350      Affirmed
 
 
MEDIUM TERM RATINGS:
-------------------
Shriram Pistons And Rings Ltd   Term deposits          IND tAA+/Stable  700      Affirmed
 

LONG TERM RATINGS:
-------------------
Adani Green Energy Ltd          Long-TL                IND A/RWE        15540    Maintained on
                                                                                 RWE
(reduced from INR17.93 blns)
Adani Green Energy Ltd          FB limits              IND A/RWE/IND    10       Maintained on
                                                       A1/RWE                    RWE
(reduced from INR0.07 blns)
Adani Green Energy Ltd          Non-FB limits          IND A/RWE/IND    60560    Maintained on
                                                       A1/RWE                    RWE
(increased from INR34.5 blns)
Adani Green Energy Ltd          Proposed TL*           Provisional IND  4390     Maintained on
                                                       A / RWE /                 RWE
                                                       Provisional IND A1 /RWE
*The ratings are provisional and the final ratings will be assigned following the receipt of the
final documentation./(increased from INR3.0 blns)
Adityasai Cotspin Pvt. Ltd      Fund based WC limits   IND B+/Stable    170      Assigned
Aurobindo Pharma Ltd            FB WC limits           IND              44940    Affirmed; off
                                                       AA+/Stable/IND            RWE
                                                       A1+
(reduced from INR50,000 mlns)
Bcits Pvt Ltd                   FB WC limit            IND              70       Affirmed
                                                       BBB/Stable/IND
                                                       A3+
Bhavya Cements Ltd              FB WC limits          IND BBB/Stable    500      Upgraded
Bhavya Cements Ltd              TL                    IND BBB/Stable    493      Upgraded
(reduced from INR635.1 mlns)
Bhavya Cements Ltd              NCDs                   WD               139.5    Withdrawn (
                                                                                 fully repaid)
Bindu Vayu Urja Pvt Ltd         Rupee TL               IND A-(CE)/RWN   21502.1  -
Maintained on Rating Watch Negative (RWN)/(reduced from INR22,450 mlns)
Bindu Vayu Urja Pvt Ltd         WC facility            IND A-(CE)/RWN   1065.4   -
Maintained on RWN
Bindu Vayu Urja Pvt Ltd         Unsupported Rating     IND A-/RWN       -        -
Maintained on RWN
Globe Forex & Travels Ltd       FB limits              IND BBB+/Stable  400      Downgraded
Gridco Ltd                      Bonds                  IND A-(CE)/stable1275     Affirmed
Gridco Ltd                      FB WC limit            IND BBB/Negative 6250     Downgraded
Gvr Ashoka Chennai Orr Ltd      Senior project TL (LT) IND D            10800    Affirmed
Indian Receivable Trust Dec19 D Series A pass-through  IND              5934.2   Assigned
                                certificates (PTCs)    AAA(SO)/Stable
Indian Receivable Trust Dec19 D Second loss credit     IND              200.9    Assigned
                                facility (SLCF)        BBB(SO)/Stable
Magneti Marelli Motherson Auto  Ind-Ra rates           IND AA-/Stable   -        -
System Pvt Ltd(Mmmasl)
Ind-Ra is reviewing the ratings of MMMASL. /Magneti Marelli Motherson Auto System Private
Limited (MMMASL) is a 50:50 JV between SAMIL and Marelli Europe SpA (part of CK Holdings).
Mytrah Vayu (Krishna) Pvt Ltd   Unsupported Rating     IND A-/RWN     -        -
Maintained on RWN
Mytrah Vayu (Krishna) Pvt Ltd   Rupee TL               IND A-(CE)/RWN   5967.1   -
Maintained on Rating Watch Negative (RWN)/(reduced from INR6,230.1 mlns)
Mytrah Vayu (Krishna) Pvt Ltd   WC facility            IND A-(CE)/RWN   235.4    -
Maintained on RWN
Mytrah Vayu (Pennar) Pvt Ltd    Rupee TL               IND A-(CE)/RWN   2421     -
Maintained on Rating Watch Negative (RWN)
Mytrah Vayu (Pennar) Pvt Ltd    WC facility            IND A-(CE)/RWN   120      -
Maintained on RWN
Mytrah Vayu (Pennar) Pvt Ltd    Unsupported rating     IND A-/RWN       -        -
Maintained on RWN
Nik-San Engineering Co. Ltd     FB limits              IND BB+ /IND A4+ 82       -
Migrated to non-cooperating category(issuer not cooperating)
Optiflex Industries             FBL *                  WD               80       Migrated to
                                                                                 non-
                                                                                 cooperating and
                                                                                 withdrawn
* Migrated to ‘IND B+(ISSUER NOT COOPERATING)’ before being withdrawn.
Optiflex Industries             TL *                   WD               14.875   Migrated to
                                                                                 non-
                                                                                 cooperating and
                                                                                 withdrawn
* Migrated to ‘IND B+(ISSUER NOT COOPERATING)’ before being withdrawn.
Premier Seafoods Exim Pvt Ltd   FB WC limit            IND              180      Upgraded
                                                       BB-/Stable/IND
                                                       A4+
(increased from INR111.97 mlns)
Premier Seafoods Exim Pvt Ltd   Long-TL*#              WD               61.9     Upgraded and
                                                                                 withdrawn
(reduced  from INR73.88 mlns)/*upgraded to ‘IND BB-’/Stable before being withdrawn
#Ind-Ra is no longer required to maintain the ratings, as the agency has received a no objection
certificate from the lender. This is consistent with the Securities and Exchange Board of
India’s circular dated 31 March 2017 for credit rating agencies.
Raychem Rpg Pvt Ltd             FB limit               IND              2100     -
                                                       AA-/Stable/IND
                                                       A1+
Rating affirmed; Outlook revised to Stable from Positive
Shriram Pistons And Rings Ltd   FB WC limit            IND AA/Stable    750      Affirmed
Silvertoss Industries Pvt Ltd   FB WC limits           IND BB-/Stable   150      Assigned
Tamil Naadu Edible Oils Pvt Ltd FB Fac:                IND              50       Affirmed
                                                       BBB-/Stable/IND
                                                       A3
-----------------------------------------------------------------------------------------------
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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