June 19, 2020 / 7:44 AM / 18 days ago

India Ratings for Indian debt instruments – Jun 19

    Jun 19 - 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 18, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Carraro India Pvt Ltd           Non-FB limits          IND A1           490      Affirmed
Kejriwal Bee Care India Pvt Ltd NFB Bk Fac             IND A3           20
Migrated to non-cooperating category(issuer not cooperating)
Perfect Infracorp Pvt Ltd       Non-FB limit           IND A3+          830      -
Migrated to non-cooperating category(issuer not cooperating)
Svarrnim Infrastructures Pvt LtdNon-FB limits          IND A4           247.5    Downgraded
Torrent Power Ltd               CP*                    IND A1+          3000     Assigned
*Carved out of fund-based limits
Torrent Power Ltd               CP*                    IND A1+          8500     Affirmed
*Carved out of fund-based limits
 

LONG TERM RATINGS:
-------------------
Afp Manufacturing Company Pvt   TL                     IND BBB-/Stable  291      Affirmed
Ltd
(increased from INR183.95 mlns)
Afp Manufacturing Company Pvt   FB WC limits           IND BBB-/Stable  100      Affirmed
Ltd
Carraro India Pvt Ltd           Long-TL                IND A/Stable     1001.34  Affirmed
(reduced from INR1,007 mlns)
Carraro India Pvt Ltd           FB limits              IND A/Stable     1580     Affirmed
Carraro India Pvt Ltd           Proposed TL*           Provisional IND  400      Assigned
                                                       A/Stable
*The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by CIPL to the satisfaction of Ind-Ra. 
Dtc Projects Pvt Ltd            TL*                    WD               330      -
*Maintained at ‘IND BB(ISSUER NOT COOPERATING)’ before being withdrawn.
Dtc Projects Pvt Ltd            Non-FBL **             WD               20       -
**Maintained at ‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn. The non-fund-based
limit is a bank guarantee limit, which is a sublimit of the term loan.
Eduspark International Pvt Ltd  Bk loan                IND A-/Stable    1785.15  Affirmed
Eduspark International Pvt Ltd  Bk loan*               IND A-/Stable    40       Affirmed
*INR40 million were previously rated as working capital limits
Eduspark International Pvt Ltd  Bk loan**              IND A-/Stable    533.18   Assigned
** The final rating has been assigned following the receipt of executed financing documents by
Ind-Ra.
Kejriwal Bee Care India Pvt Ltd TL                     IND BBB-         48
Migrated to non-cooperating category(issuer not cooperating)
Kejriwal Bee Care India Pvt Ltd FB Bk Fac              IND BBB- /IND A3 630
Migrated to non-cooperating category(issuer not cooperating)
Mohini Health & Hygiene Ltd     LT Issuer Ratings      IND BBB/Stable   -        Affirmed
Mohini Health & Hygiene Ltd     TL                     IND BBB/Stable   200      Affirmed
Mohini Health & Hygiene Ltd     FB limits              IND              300      Affirmed
                                                       BBB/Stable/IND
                                                       A3+
Mohini Health & Hygiene Ltd     Proposed FB limit*     Provisional IND  100      Assigned
                                                       BBB/Stable
*The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by MHHL to the satisfaction of Ind-Ra.
Perfect Infracorp Pvt Ltd       FB limit               IND BBB          160      -
Migrated to non-cooperating category(issuer not cooperating)
Prathima Infrastructure Ltd     TL*                    WD               54.2     Affirmed and
                                                                                 withdrawn
(reduced from INR109.4 mlns)/* Affirmed at ‘IND BBB-’/Stable before being withdrawn
Prathima Infrastructure Ltd     FB WC limits**         WD               500      Affirmed and
                                                                                 withdrawn
** Affirmed at ‘IND BBB-’/Stable/‘IND A3’ before being withdrawn
Prathima Infrastructure Ltd     Non FB WC limits***    WD               1260     Affirmed and
                                                                                 withdrawn
***Affirmed at ‘IND A3’ before being withdrawn
Rajkumar Forge Ltd              debt moratorium        IND A-           -        -
In view of the COVID-19 led lockdown, the issuer has informed the agency that it needs more time
to provide the required data. 
Svarrnim Infrastructures Pvt LtdFB limits              IND              50       Downgraded
                                                       B+/Stable/IND A4
Vaibhav Edibles Pvt Ltd         Long-TL                IND BBB          20.4     -
Migrated to non-cooperating category(issuer not cooperating)
Vaibhav Edibles Pvt Ltd         FB WC limits           IND BBB /IND A3+ 180      -
Migrated to non-cooperating category(issuer not cooperating)
Western India Forgings Pvt Ltd  debt moratorium        IND A-           -        -
In view of the COVID-19 led lockdown, the issuer has informed the agency that it needs more time
to provide the required data.
-----------------------------------------------------------------------------------------------
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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