July 8, 2020 / 6:29 AM / a month ago

India Ratings for Indian debt instruments – Jul 8

    Jul 8 - 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 7, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
------                          ----------             ------          ------   ---------
Agarwal Rubber Ltd              Non-FB WC limits       IND A4+          330      Affirmed
Beil Infrastructure Ltd         Non-FB WC limits       IND A1           255      Upgraded
Sarla Holdings Pvt Ltd          Non-FB WC limits       IND A2+          20       Affirmed
(reduced from INR25 mlns)
Sri Kpr Industries Ltd          NFB WC                 IND A4           10       Downgraded
(Issuer Not Cooperating)
Sri Kpr Infra & Projects Ltd    NFB WC                 IND A4           51.5     Downgraded
(Issuer Not Cooperating)
Agarwal Rubber Ltd              FB WC limits           IND              500      Affirmed
Beil Infrastructure Ltd         Long-TL                IND A-/Stable    238      Upgraded
(reduced from INR309.5 mlns)
Detox India Pvt Ltd             Short-TL               IND A/RWE IND    200      Assigned
placed on RWE
Detox India Pvt Ltd             TL                     IND A/RWE        1400     Assigned
placed on RWE
K. Raheja It Park (Hyderabad)   Bk loan                IND A+/Stable    5,000*   Assigned
*Includes an inner limit of an overdraft (OD) facility of INR500 million 
Mm Trust Dec 18                 Series A pass-through  IND              2442.5   Affirmed
                                certificates (PTCs)    AAA(SO)/Stable
Patel Motors (Indore) Pvt Ltd   FB limit               IND BB+/Negative 410      Affirmed
Outlook revised to Negative from Stable
Sarla Holdings Pvt Ltd          TL                     IND A-/Stable    2462.4   Affirmed
(reduced from INR2,570 mlns)/Outlook revised to Stable from Positive
Sarla Holdings Pvt Ltd          Fund based WC Fac      IND              500      Affirmed
                                                       A-/Stable/IND A2+
Outlook revised to Stable from Positive
Sharvi Agro Mills Pvt Ltd       FB WC limits           IND BB/Stable    100      Affirmed
(increased from INR86 mlns)
Sharvi Agro Mills Pvt Ltd       TL                     IND BB/Stable    3.09     Affirmed
(reduced from INR19.04 mlns)
Sri Kpr Industries Ltd          FB  CC                 IND B+           40       Downgraded
(Issuer Not Cooperating)
Sri Kpr Infra & Projects Ltd    TL                     IND B+           42.4     Downgraded
(Issuer Not Cooperating)
Sri Kpr Infra & Projects Ltd    FB  CC                 IND B+           60       Downgraded
(Issuer Not Cooperating)
Tata Advanced Systems Ltd       TL                     IND AA/Stable    3354     Affirmed
(increased from INR2,650.8 mlns)
Tata Advanced Systems Ltd       FB WC limits           IND              5700     Affirmed
                                                       AA/Stable/IND A1+
(increased from INR1,350.0 mlns)
Tata Advanced Systems Ltd       Non-FBL                IND              5638.7   Affirmed
                                                       AA/Stable/IND A1+
(increased from INR3,088.7 mlns)
Vodafone Idea Ltd               NCDs (NCDs)            IND B/RWN        35000    Maintained on
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

$: 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

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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