March 20, 2020 / 5:24 AM / 21 days ago

India Ratings for Indian debt instruments – Mar 20

    Mar 20 - 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
March 19, 2020.

COMPANY                        INSTRUMENT            RATING          AMOUNT   MOVEMENT
                                                                     (RS.MLN)
------                         ----------            ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Advance India Projects Ltd     Proposed non- FBL*    Provisional IND 150     Downgraded
                                                     A4+
* The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by AIPL to the satisfaction of Ind-Ra.
Diamond Textile Mills Pvt Ltd  Non- fund- based WC   IND A3          40
                               limit
reduced from INR50 mln; Affirmed; Outlook revised to Negative from Stable
M/ S Baby Memorial Hospital LtdNon- fund- based      IND A3          10      Assigned
                               limits (short- term)
Raghuveer Metal Industries Ltd Non- fund- based WC   IND A4          40      Downgraded
                               limit
(Issuer Not Cooperating)
Ramani Timber Corporation      Non- fund- based Fac  IND A4          140     Assigned
Talwandi Sabo Power Ltd        CP (CP)*              IND A1+(CE)     10      Affirmed
reduced from INR25 mln; * 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

LONG TERM RATINGS:
-------------------
Advance India Projects Ltd     Proposed TL*          Provisional IND 200     Downgraded
                                                     BB+/ Stable
* The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by AIPL to the satisfaction of Ind-Ra.
Advance India Projects Ltd     Proposed TL*          WD              200
Affirmed and withdrawn; *Affirmed at ‘Provisional IND BB+’/ Stable before being withdrawn
Advance India Projects Ltd     Proposed non- FBL**   WD              150
Affirmed and withdrawn; **Affirmed at ‘Provisional IND A4+’ before being withdrawn
Akbar Travels Of India Pvt Ltd Fund- based Fac**     WD              1817.5
Maintained in non-cooperating category and withdrawn; ** Maintained at ‘IND BB+(Issuer Not
Cooperating)’/‘IND A4+(Issuer Not Cooperating)’ before being withdrawn
Akbar Travels Of India Pvt Ltd Non- FB Fac#          WD              400
Maintained in non- cooperating category and withdrawn; # Maintained at ‘IND A4+(Issuer Not
Cooperating)’ before being withdrawn
Akbar Travels Of India Pvt Ltd TL*                   WD              22.6
Maintained in non- cooperating category and withdrawn; * Maintained at ‘IND BB+(Issuer Not
Cooperating)’ before being withdrawn
Chetan Alloys Pvt Ltd          Fund- based limits    IND B- / IND A4 100
(Issuer Not Cooperating) Migrated to Non- Cooperating Category
Chetan Overseas Pvt Ltd        Fund- based limits    IND B/ IND A4   135
(Issuer Not Cooperating); Migrated to non- cooperating category
Cosmos Industries Ltd          Fund- based WC limit  IND D           620
                               (long- and short- term)
(Issuer Not Cooperating) Migrated to non- cooperating category
Diamond Textile Mills Pvt Ltd  Term loan             IND BBB- /      15
                                                     Negative
reduced from INR60.2 mln Affirmed; Outlook revised to Negative from Stable
Diamond Textile Mills Pvt Ltd  Fund- based WC limit  IND BBB- /      475
                                                     Negative / IND A3
increased from INR410 mln; Affirmed; Outlook revised to Negative from Stable
Fiberweb (I) Ltd               Fund- based limit     IND BBB- /      180     Assigned
                                                     Stable/ IND A3
Fiberweb (I) Ltd               Non- fund- based limitIND BBB- /      22      Assigned
                                                     Stable/ IND A3
Fiberweb (I) Ltd               Proposed TL*          Provisional IND 698     Assigned
                                                     BBB- / Stable
* The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by FIL to the satisfaction of Ind-Ra.
Jubilant Consumer Pvt Ltd      Long- TL              WD              750
Withdrawn (Paid in full)
Jubilant Consumer Pvt Ltd      Fund- based WC limits*WD              75
Affirmed and Withdrawn; * Affirmed at ‘IND BBB- / IND A3’ before being withdrawn
K. Raheja It Park (Hyderabad)  Bk loan               WD              5000
Ltd
Withdrawn (paid in full)
Kanpur Edibles Pvt Ltd         Fund- based limit     IND BBB- / IND A400
(Issuer Not Cooperating); Maintained in non- cooperating category
Kanpur Edibles Pvt Ltd         Non- fund- based limitIND BBB- / IND A4000
(Issuer Not Cooperating); Maintained in non- cooperating category
M/ S Baby Memorial Hospital LtdFund- based limits    IND BBB- /      120     Assigned
                               (long/ short- term)   Stable/ IND A3
M/ S Baby Memorial Hospital LtdProposed TL (long-    Provisional IND 800     Assigned
                               term)                 BBB- / Stable
Mangalore Minerals Pvt Ltd     Fund- based Fac*      WD              110
Maintained in non-cooperating category and withdrawn; *Maintained at ‘IND B+(Issuer Not
Cooperating)’/‘IND A4(Issuer Not Cooperating)’ before being withdrawn
Mangalore Minerals Pvt Ltd     TL**                  WD              133.87
Maintained in non- cooperating category and withdrawn; ** Maintained at ‘IND B+(Issuer not
copperating)’ before being withdrawn
Mangalore Minerals Pvt Ltd     Proposed fund- based  WD              50
                               limits#
Maintained in non- cooperating category and withdrawn; # Maintained at ‘Provisional IND
B+(Issuer not copperating)’/ ‘Provisional IN
Maxwell Auto Components Pvt LtdTL*                   WD              50.35
Upgraded and withdrawn; * Upgraded to ‘IND BB- ’/ Stable before being withdrawn
Maxwell Auto Components Pvt LtdFund- based limit^    WD              67.5
Upgraded and withdrawn; ^Upgraded to ‘IND BB- ’/ Stable/ ‘IND A4+’ before being withdrawn
Mumbai International Airport LtLong- term Bk loans   IND BB+/ RWN    61410
Downgraded and Maintained on RWN
Mumbai International Airport LtLong- term Bk loan    IND BB+/ RWN    21550
                               against airport
                               development fee (ADF) receivables
Downgraded and Maintained on RWN
Mumbai International Airport LtTL against real estateIND BB+/ RWN    3500
                               deposits
Downgraded and Maintained on RWN
Mumbai International Airport LtBk Fac                IND BB+/ RWN    11350
Downgraded and Maintained on RWN
Pawar Patkar Construction Pvt  Fund- based WC limits*WD              140
Ltd
Maintained in non- cooperating category and withdrawn; *Maintained at ‘IND BB+(Issuer Not
Cooperating)’ before being withdrawn
Pawar Patkar Construction Pvt  Non- fund- based WC   WD              430
Ltd                            limits**
Maintained in non- cooperating category and withdrawn; ** Maintained at ‘IND A4+(ISSUER NOT
COPPERATING)’ before being withdrawn
Raghuveer Metal Industries Ltd Fund- based WC limit  IND C/ IND A4   90      Downgraded
(Issuer Not Cooperating)
Ramani Timber Corporation      Term loan             IND B- / Stable 37.6    Assigned
Ramani Timber Corporation      Fund- based Fac       IND B- / Stable/75      Assigned
                                                     IND A4
Talwandi Sabo Power Ltd        Fund- based limit     IND A+/ Stable/ 7.5
                                                     IND A1+
Long- term rating affirmed; short- term rating assigned
Talwandi Sabo Power Ltd        Non- fund- based limitIND A+/ Stable/ 3
                                                     IND A1+
Short- term rating affirmed; long- term rating assigned
Talwandi Sabo Power Ltd        Non- convertible      IND AA(CE)/     2
                               debentures (NCDs)*    Negative
Affirmed; Outlook revised to Negative from Stable; * 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
Vibrant Cotfab Pvt Ltd         Fund- based limits*   WD              134
Long-term rating downgraded and withdrawn, short-term rating affirmed and withdrawn; *
Fund-based limits downgraded to ‘IND BB-’/Stable and short-term rating affirmed at ‘IND A4+’
before being withdrawn
Vibrant Cotfab Pvt Ltd         Non- fund- based      WD              8.5
                               limits`
Affirmed and withdrawn; `Non- fund- based limits affirmed at ‘IND A4+’ before being withdrawn
Vibrant Cotfab Pvt Ltd         Long- TL#             WD              354.18
Downgraded and withdrawn; # Long- term loans downgraded to ‘IND BB- ’/ Stable before being
withdrawn
-----------------------------------------------------------------------------------------------
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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