June 18, 2020 / 9:12 AM / 16 days ago

India Ratings for Indian debt instruments – Jun 18

    Jun 18 - 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 17, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Epitome Components Pvt Ltd      Non-FB limits          IND A3+          320      Assigned
F T Textiles Pvt Ltd            Non-FB Fac             IND A3           4.5      -
Migrated to non-cooperating category(issuer not cooperating)
Gaurav Earthmoving Equipments   Non-FB limits          IND A3           0.5      -
Pvt Ltd
Migrated to non-cooperating category(issuer not cooperating)
Haryana State Warehousing       Short-TL               IND A1           22500    Affirmed
Corporation’S
(increased from INR7,500 mlns)
Jubilant Motorworks (South) Pvt Non FB limits          IND A3           80       Assigned
Ltd
Jubilant Sports Cars Pvt Ltd    Non-FB WC limits       IND A3           70       Affirmed
(increased from INR35 mlns)
Oasys Cybernetics Pvt Ltd       Non-FB Fac             IND A3           720      Downgraded
(reduced from INR729 mlns)
Talwandi Sabo Power Ltd         CP (CP)*               IND A1+(CE)      10000    Affirmed
* The ratings reflect an irrevocable and unconditional corporate guarantee extended by TSPL’s
parent, Vedanta Limited (VL; ‘IND AA-’/Negative). The payment mechanism, as defined in
documents, provides for the payment through the invocation of the corporate guarantee to the
beneficiary’s account before the due date of the CP and the NCDs.
Tata Power Co. Ltd              CP (CP)                IND A1+          130000   Affirmed
 
LONG TERM RATINGS:
-------------------
Epitome Components Pvt Ltd      TL                     IND BBB/Stable   139.4    Assigned
Epitome Components Pvt Ltd      FB limits              IND              193.1    Assigned
                                                       BBB/Stable/IND
                                                       A3+
F T Textiles Pvt Ltd            Long-TL                IND BBB-         29.24    -
Migrated to non-cooperating category(issuer not cooperating)
F T Textiles Pvt Ltd            FB Fac                 IND BBB- /IND A3 75       -
Migrated to non-cooperating category(issuer not cooperating)
Gaurav Earthmoving Equipments   FB limits              IND BBB-         150      -
Pvt Ltd
Migrated to non-cooperating category(issuer not cooperating)
Haryana State Warehousing       FB WC facility         IND A/Stable     36900    Affirmed
Corporation’S
(increased from INR21,000 mlns)
Haryana State Warehousing       TL                     IND A+/Stable    596      Affirmed
Corporation’S
(reduced from INR778.8 mlns)
Jubilant Motorworks (South) Pvt FB limits              IND              122      Affirmed
Ltd                                                    BBB-/Stable/IND
                                                       A3
(increased from INR120 mlns)
Jubilant Sports Cars Pvt Ltd    FB WC limits           IND              50       Affirmed
                                                       BBB-/Stable/IND
                                                       A3
(increased from INR25 mlns)
Kiran Impex Pvt Ltd             FB WC limit            WD               90       Withdrawn
Kiran Impex Pvt Ltd             Non-FB WC limit        WD               100      Withdrawn
Ksc Engineers Pvt Ltd           FB WC limits           IND BB+ /IND A4+ 80.4     -
Migrated to non-cooperating category(issuer not cooperating)
Kuppanna Poultry Farm           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. 
Montecarlo Ltd                  NCDs (NCDs)            IND A+/Stable    2140     Affirmed
(reduced from INR2,320 mlns)
Montecarlo Ltd                  Bk Fac                 IND              27500    Affirmed
                                                       A+/Stable/IND A1
Northern India Leather Cloth    debt moratorium        IND B            -        -
Manufacturing Co. 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. 
Oasys Cybernetics Pvt Ltd       FB WC Fac              IND BBB-/Stable  900      Downgraded
(increased from INR891 mlns)
Oasys Cybernetics Pvt Ltd       Proposed non-FB Fac    WD               180      -
Withdrawn (the company did not proceed with the instrument as envisaged)
Raghuvir Developers And Builder TL#                    WD               3544.3   -
#Maintained in ‘IND BB(ISSUER NOT COOPERATING)’ before being withdrawn
Raghuvir Developers And Builder FB WC limit*           WD               90       -
*Maintained in ‘IND BB(ISSUER NOT COOPERATING)’/‘IND A4+(ISSUER NOT COOPERATING)’ before being
withdrawn
Siddhi Weaves Pvt Ltd           TL                     IND BB+          548      -
Downgraded and migrated to non-cooperating category(Issuer Not Cooperating)
Siddhi Weaves Pvt Ltd           FB WC Fac              IND BB+/ IND A4+ 270      -
Downgraded and migrated to non-cooperating category(Issuer Not Cooperating)
Talwandi Sabo Power Ltd         LT Issuer Rating       IND A+/Stable    -        Affirmed
Talwandi Sabo Power Ltd         FB limit               IND A+/Stable/   7500     Affirmed
                                                       IND A1+
Talwandi Sabo Power Ltd         Non-FB limit           IND A+/Stable/   3000     Affirmed
                                                       IND A1+
Talwandi Sabo Power Ltd         NCDs (NCDs)*           IND              2000     Downgraded
                                                       AA-(CE)/Negative
* The ratings reflect an irrevocable and unconditional corporate guarantee extended by TSPL’s
parent, Vedanta Limited (VL; ‘IND AA-’/Negative). The payment mechanism, as defined in
documents, provides for the payment through the invocation of the corporate guarantee to the
beneficiary’s account before the due date of the CP and the NCDs.
Tata Power Co. Ltd              LT Issuer Rating       IND AA/Stable    -        Affirmed
Tata Power Co. Ltd              NCDs                   IND AA/Stable    42200    Affirmed
Tata Power Co. Ltd              NCDs*                  IND AA/Stable    3000     Assigned
*The assignment of the final rating follows the receipt of transaction documents, including the
final term sheet conforming to the information already received by Ind-Ra.
Tata Power Co. Ltd              Proposed NCDs**        Provisional IND  17000    Affirmed
                                                       AA/Stable
** The final rating will be assigned following the final issuance and the receipt of the final
documentation, conforming to the information already received by Ind-Ra./(reduced from INR20
blns)
Vinit Fabrics Pvt Ltd           FB limits              IND BB           37.5     -
Migrated to non-cooperating category(issuer not cooperating)
Vinit Fabrics Pvt Ltd           TL                     IND BB           4.8      -
Migrated to non-cooperating category(issuer not cooperating)
Vinit Fabrics Pvt Ltd           Proposed TL            Provisional IND  99       -
                                                       BB
Migrated to non-cooperating category(issuer not cooperating)
-----------------------------------------------------------------------------------------------
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)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below