July 7, 2020 / 8:13 AM / a month ago

India Ratings for Indian debt instruments – Jul 7

    Jul 7 - 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 6, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Akar Auto Industries Ltd        Non-FB Fac             IND A4+          60       Affirmed
(Issuer Not Cooperating)
Bharat Heavy Electricals Ltd    ommercial paper *#     IND A1+          80000    Affirmed
                                (CP)
* The CP proceeds will be used for meeting working capital requirements.
# INR30 billion carved out of fund-based limits
Kec International Ltd           CP*                    IND A1+          10,000
  Affirmed
*The CP has been carved out of KEC’s working capital limits. KEC will use the proceeds of the CP
to meet its working capital requirements. 
Poddar Car World Pvt Ltd        Non-FB limits          IND A4+          2        Affirmed
(reduced from INR2.5 mlns)
Prakash Parcel Services Ltd     Non-FB WC limit        INDA4+           30       -
Downgraded and migrated to non-cooperating category(Issuer Not Cooperating)
T V Sundram Iyengar & Sons Pvt  CP (CP)*               IND A1+          6600     Affirmed
Ltd
*CP limits are not carved out of fund-based working capital limits
Vasudha Pharma Chem Ltd         Non-FB WC limits       IND A1+          250      Upgraded
 
LONG TERM RATINGS:
-------------------
Shri K. K. Jain Educational     TL                     IND BB+          102.7    -
Trust
Migrated to non-cooperating category(issuer not cooperating)
Shri K. K. Jain Educational     WC facility            IND BB+          100      -
Trust
Migrated to non-cooperating category(issuer not cooperating)
Akar Auto Industries Ltd        Long-TL                IND BB           45       Downgraded
(Issuer Not Cooperating)
Akar Auto Industries Ltd        FB Fac                 IND BB /IND A4+  343      -
Long-term rating downgraded; Short-term rating affirmed(Issuer Not Cooperating)
Bharat Heavy Electricals Ltd    FB WC limits           IND AA/Negative  60000    -
                                                       /IND A1+
(Long-term rating downgraded, short-term rating affirmed)
Bharat Heavy Electricals Ltd    NFB WC limits          IND AA/Negative  540000   -
                                                       /IND A1+
(Long-term rating downgraded, short-term rating affirmed)
Creamy Foods Ltd                TL                     IND A/Negative   872.3    Affirmed
Outlook revised to Negative from Stable/(increased from INR745.8 mlns)
Creamy Foods Ltd                FB WC limit            IND A/Negative/  2000     Affirmed
                                                       IND A1
Outlook revised to Negative from Stable/(increased from INR1,700 mlns)
Northern Arc 2019 Sbl Shalini   Series A1 pass-through IND A(SO)/Stable 461.01   Assigned
                                certificates (PTCs)
Poddar Car World Pvt Ltd        FB limits              IND              831.5    Affirmed
                                                       BB+/Stable/IND
                                                       A4+
(increased from INR403 mlns)
Poddar Car World Pvt Ltd        Long-TL                WD               18.22    Withdrawn
                                                                                 (Paid in full)
Posco-Poggenamp Electrical      ongoing rating review  IND BB           -        -
Steel Pvt Ltd
In view of the COVID-19 led lockdown, the issuer has informed the agency that it needs more time
to provide the required data.
Prakash Parcel Services Ltd     FB WC limit            IND BB /IND A4+  290      -
Downgraded and migrated to non-cooperating category/(Issuer Not Cooperating)
Prakash Parcel Services Ltd     TL                     WD               4.5      Withdrawn
                                                                                 (Paid in full)
(Issuer Not Cooperating)
Sansar Trust March 2018 Iv      Second loss credit     IND A-(SO)/Stable339.7    Affirmed
                                facility (SLCF)
Sansar Trust March 2018 Iv      Series A pass-through  IND              1379.3   Affirmed
                                certificates (PTCs)    AAA(SO)/Stable
Smc Foods Ltd                   FB WC limit            IND A/Negative/  980      Affirmed
                                                       IND A1
(Outlook revised to Negative from Stable)
Sripathi Paper & Boards Pvt Ltd moratorium for its LT  IND BB           -        -
                                Fac
In view of the COVID-19-led lockdown, the issuer has informed the agency that it needs more time
to provide the required data.
Sustainable Agro-Commercial     Subordinated debt      IND B            700      -
Finance Ltd
Migrated to non-cooperating category(issuer not cooperating)
Sustainable Agro-Commercial     Bk loans               IND B            3265     -
Finance Ltd
Migrated to non-cooperating category(issuer not cooperating)
Swargiya Bhikam Singh Smriti    Bk loans               IND BB           74.28    -
Samaj Kalyan Sansthan
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
T V Sundram Iyengar & Sons Pvt  Proposed TL#           Provisional IND  6000     Assigned
Ltd                                                    AA/Stable
#The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents
Vasudha Pharma Chem Ltd         Long-TL                IND A+/Stable    1000     Upgraded
Vasudha Pharma Chem Ltd         FB WC limits           IND              1250     Upgraded
                                                       A+/Stable/IND A1+
-----------------------------------------------------------------------------------------------
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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