June 15, 2020 / 10:03 AM / a month ago

India Ratings for Indian debt instruments – Jun 15

    Jun 15 - 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
June 12, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Indapur Dairy And Milk Products Non-FB WC limit        IND A1           50       Assigned
Ltd
Navkar Corporation Ltd          Non-FB limits          IND A2+          100      Assigned
Rbr Garments Pvt Ltd            Proposed non-FB WC     Provisional IND  50       Assigned
                                limits *               A4+
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by RBR to the satisfaction of Ind-Ra. 
S.A.Aanandan Spinning Mills Pvt Non-FB Fac             IND A4+          60       -
Ltd
Migrated to non-cooperating category(Issuer not Cooperating)
Sbi Capital Markets Ltd         Commercial* paper (CP) IND A1+          10000    Affirmed
*unutilised
Vinir Engineering Pvt Ltd       Non-FB WC limits       IND A3           170      -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
 

LONG TERM RATINGS:
-------------------
A.P. Refinery Pvt. Ltd.         FB WC                  IND BBB+/Stable  350      Assigned
Capacite Infraprojects Ltd      Bk Fac                 IND              22367.7  Affirmed
                                                       A/Negative/IND A1
Outlook revised to Negative from Stable/(increased from INR15,310mlns)
Capacite Infraprojects Ltd      Proposed NCDs (NCDs)#  Provisional IND  1000     Assigned
                                                       A/Negative
#The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by CIL to the satisfaction of Ind-Ra.
Hira Automobiles Ltd            debt moratorium        IND BB           -
In view of the COVID-19 led lockdown, the issuer has informed the agency that it needs more time
to provide the required data.
Indapur Dairy And Milk Products TL                     IND A-/Stable    471.2    Assigned
Ltd
Indapur Dairy And Milk Products FB WC limit            IND A-/Stable/   592.5    Assigned
Ltd                                                    IND A1
Indapur Dairy And Milk Products Proposed FB WC limit   Provisional IND  86.3     Assigned
Ltd                                                    A-/Stable/
                                                       Provisional IND A1
Itd Cementation India Ltd       TL                     IND A+/RWN       890      Maintained on
                                                                                 RWN
(reduced from INR978 mlns)
Itd Cementation India Ltd       FB WC facility         IND A+/RWN/IND   6316     Maintained on
                                                       A1/RWN                    RWN
(reduced from INR6,966 mlns)
Itd Cementation India Ltd       Non FB WC facility     IND A+/RWN/IND   33000    Maintained on
                                                       A1/RWN                    RWN
(increased from INR31,850 mlns)
Itd Cementation India Ltd       Proposed NFB WC        Provisional IND  8500     Maintained on
                                facility*              A+ / RWN                  RWN
                                                       /Provisional IND A1/RWN
(increased from INR8,150 mlns)*The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above instruments to the satisfaction of
Ind-Ra.
Itd Cementation India Ltd       Proposed FB WC         Provisional IND  184      Maintained on
                                facility*              A+/ RWN /                 RWN
                                                       Provisional IND A1/RWN
(reduced from INR1,034 mlns)*The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above instruments to the satisfaction of
Ind-Ra.
Itd Cementation India Ltd       Proposed TL*           Provisional IND  110      Maintained on
                                                       A+/RWN                    RWN
(increased from INR22 mlns)*The ratings are provisional and shall be confirmed upon the sanction
and execution of loan documents for the above instruments to the satisfaction of Ind-Ra.
Itd Cementation India Ltd       Project specific       WD               6450     -
                                non-FBL    
Withdrawn (receipt of no dues certificate)
Keventer Agro Ltd               TL                     IND BBB/Stable   1976.3   Assigned
Keventer Agro Ltd               FB/Non-FB WC limits    IND              1566.5   Assigned
                                                       BBB/Stable/IND
                                                       A3+
Navkar Corporation Ltd          TL                     IND A-/Stable    2679.9   Downgraded
(reduced from INR3,060 mlns)
Navkar Corporation Ltd          CC Fac                 IND              300      Downgraded
                                                       A-/Stable/IND A2+
Navkar Corporation Ltd          Proposed TL*           Provisional IND  840.1    Assigned
                                                       A-/Stable
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
/transaction documents for the above instruments to the satisfaction of Ind-Ra.
Orix Leasing & Financial        NCDs (NCDs)            IND AAA /Stable  4000     Affirmed
Services India Ltd
(reduced from INR7,200 mlns)
Orix Leasing & Financial        Bk loans               IND AAA /Stable  19356.58 Affirmed
Services India Ltd
Orix Leasing & Financial        Bk loans               IND AAA /Stable  4140     Assigned
Services India Ltd
Orix Leasing & Financial        CP (CP)#               WD               1700     Withdrawn
Services India Ltd
#The CP rating has been withdrawn because of the non-utilisation of th facility.
Rbr Garments Pvt Ltd            Proposed FB WC limits *Provisional IND  250      Assigned
                                                       BB / Stable /
                                                       Provisional IND A4+
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by RBR to the satisfaction of Ind-Ra. 
Rbr Garments Pvt Ltd            FB limit               WD               430      Withdrawn
                                                                                 (paid in full)
S.A.Aanandan Spinning Mills Pvt Long-TL                IND BB           110.6    -
Ltd
Migrated to non-cooperating category(Issuer not Cooperating)
S.A.Aanandan Spinning Mills Pvt FB Fac                 IND BB /IND A4+  450      -
Ltd
Migrated to non-cooperating category(Issuer not Cooperating)
Sara Suole Pvt Ltd              debt moratorium        IND BB           -        -
In view of the COVID-19 led lockdown, the issuer has informed the agency that it needs more time
to provide the required data.
Sbi Capital Markets Ltd         Bk loan                IND AAA/Stable   10000    Affirmed
Vama Industries Ltd             debt moratorium        IND BB           -        -
#The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by CIL to the satisfaction of Ind-Ra.
Vinir Engineering Pvt Ltd       FB WC limits           IND BBB-         250      -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Vinir Engineering Pvt Ltd       TL                     IND BBB-         36.2     -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
-----------------------------------------------------------------------------------------------
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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