July 9, 2020 / 8:01 AM / a month ago

India Ratings for Indian debt instruments – Jul 9

    Jul 9 - 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 8, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Arvind Smartspaces Ltd          Short-TL               IND A1           1000     Affirmed
Mahindra Holidays & Resorts     Non-FB WC limits       IND A1           100      Affirmed
India Ltd
Vista Pharmaceuticals Ltd’S     Non-FB limits (ST)     IND D            30       Downgraded
 
 
LONG TERM RATINGS:
-------------------
Aruna Alloy Steels Pvt Ltd      debt moratorium        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.
Extol Education Society         TL (LT)                IND D            37.04    Downgraded
Extol Education Society         Bk overdraft           IND D            60       Downgraded
                                facility (LT)
Gurgaon-Palwal Transmission Ltd TL^                    Provisional IND  9350000  Assigned
                                                       AA/RWP
placed on RWP/^ The final rating is contingent upon the receipt of the facility agreement and
relevant documents conforming to information already received and receipt of no dues
certificates of old lenders by Ind-Ra.
Hetero Labs Ltd                 Non-FB limits          IND A+/          12,500   Assigned
                                                       Stable/IND A1
Hetero Labs Ltd                 TL                     IND A+/Stable    2527.9   Assigned
Hetero Labs Ltd                 FB limits              IND              29170    Assigned
                                                       A+/Stable/IND A1
Irb Infrastructure Developers   LT Issuer Rating       IND A+/Stable    -        Affirmed
Ltd
Irb Infrastructure Developers   NCDs                   IND A+/Stable    15000    Affirmed
Ltd
Irb Infrastructure Developers   Non-FB Bk Fac          IND              12000    Affirmed
Ltd                                                    A+/Stable/IND A1+
Irb Infrastructure Developers   TL                     IND              20383.4  Affirmed
Ltd                                                    A+/Stable/IND A1+
Jeevan Mata Textiles Pvt Ltd    FB WC limit            IND BB+ /IND A4+ 49.5     -
Migrated to non-cooperating category(issuer not cooperating)
Jeevan Mata Textiles Pvt Ltd    Proposed TL            Provisional IND  47.5     -
                                                       BB+
Migrated to non-cooperating category(issuer not cooperating)
Jeevan Mata Textiles Pvt Ltd    Proposed FB WC limit   Provisional IND  10       -
                                                       BB+ /Provisional
                                                       IND A4+
Migrated to non-cooperating category(issuer not cooperating)
Mahindra Holidays & Resorts     FB WC limits           IND A/Stable     600      Affirmed
India Ltd
Mhr Holdings (Mauritius) Ltd    FB and non-FB WC limitsIND A/Stable     394.87*  Affirmed
* EUR4.75 million loan at EUR1 = INR83.13
Mumbai International Airport LtdLT Bk loans            IND B/RWN        61410    Downgraded;
                                                                                 maintained on
                                                                                 RWN
Mumbai International Airport LtdLT Bk loan against     IND B/RWN        21550    Downgraded;
                                airport development                              maintained on
                                fee (ADF) receivables                            RWN
Mumbai International Airport LtdTL against real        IND B/RWN        3500     Downgraded;
                                estate deposits                                  maintained on
                                                                                 RWN
Mumbai International Airport LtdBk Fac                 IND B/RWN        11350    Downgraded;
                                                                                 maintained on
                                                                                 RWN
Raviraj Foils Ltd               Long-TL*               WD               54.3     Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and 
                                                                                 withdrawn
* Maintained at ‘IND BB+(ISSUER NOT COOPERATING)’ before being withdrawn
Raviraj Foils Ltd               FB limit*              WD               140      Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and 
                                                                                 withdrawn
* Maintained at ‘IND BB+(ISSUER NOT COOPERATING)’ before being withdrawn
Raviraj Foils Ltd               Non-FBL#               WD               67.5     Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
# Maintained at ‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn
Sadbhav Gadag Highway Pvt Ltd   Rupee TL               IND BBB-/Stable  2830     Assigned
Snowflower Properties Pvt Ltd   TL                     IND A+/Stable    500      Assigned
Vista Pharmaceuticals Ltd’S     FB WC Fac (LT/ST)      IND D            10       Downgraded
Vista Pharmaceuticals Ltd’S     TL (LT)                IND D            60       Downgraded
-----------------------------------------------------------------------------------------------
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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