March 5, 2020 / 5:08 AM / a month ago

India Ratings for Indian debt instruments – Mar 5

    Mar 5 - 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 4, 2020.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Akar Auto Industries Ltd        Non-FB Fac             IND A4+          60       Affirmed
(Issuer Not Cooperating)
Apollo Tyres Ltd                CP (CP)                IND A1+          9        Affirmed
Knnd Associates Pvt Ltd         Non-FB limits          IND A4+          90       Downgraded
Tenty Marketing Company Pvt Ltd Non-FB limits          IND A3           25
Migrated to non-cooperating category; (Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
Akar Auto Industries Ltd        Long-TL                IND BB+          45       Affirmed
(Issuer Not Cooperating)
Akar Auto Industries Ltd        FB Fac                 IND BB+/ IND A4+ 343      Affirmed
(Issuer Not Cooperating)
Apollo Tyres Ltd                NCDs (NCDs)            IND AA+/ Stable  10.75    Affirmed
Central Bank Of India           Basel III Tier-II      IND AA-/ Negative15       Assigned
                                bonds*
*Yet to be issued
Hpcl Biofuels Ltd               TL                     IND AA-/ RWN     2722.6
Placed on RWN
Hpcl Biofuels Ltd               FB limits              IND AA-/ RWN/    1250
                                                       IND A1+/ RWN
Placed on RWN
Jayakumaran Exports             FB WC limit *          WD               110
Maintained in non-cooperating category and withdrawn; * Maintained at ‘IND BB-(Issuer Not
Cooperating)’/‘IND A4+(Issuer Not Cooperating)’ before being withdrawn
Jayakumaran Exports             TL **                  WD               50
Maintained in non-cooperating category and withdrawn; ** Maintained at ‘IND BB-(Issuer Not
Cooperating)’ before being withdrawn
Jayakumaran Exports             Proposed FB WC limit  #WD               20
Maintained in non-cooperating category and withdrawn; # Maintained at ‘Provisional IND
BB-(Issuer Not Cooperating)’/‘Provisional IND A4+(Issuer Not Cooperating)’ before being
withdrawn
Jorabat Shillong Expressway Ltd Senior NCDs (LT)       IND D            6412     Affirmed
(outstanding INR5,924.2 as on 31 January 2020)
Jorabat Shillong Expressway Ltd Subordinate NCDs (LT)  IND D            2421.6   Affirmed
(outstanding INR2,237.3 as on 31 January 2020)
Knnd Associates Pvt Ltd         FB limits              IND BB+          50       Downgraded
Maniyar Refinary Pvt Ltd        FB WC limits           IND BB/ IND A4+  80
Migrated to non-cooperating category; (Issuer Not Cooperating)
Max Specialty Films Ltd         FB and non-FBL*        WD               2100
Affirmed and withdrawn; * Affirmed at ‘IND BBB+/Stable /IND A2+’ before being withdrawn
Max Specialty Films Ltd         TL**                   WD               2356
reduced from INR3,812 mln; Affirmed and withdrawn; **Affirmed at ‘IND BBB+/Stable’ before being
withdrawn
Pashupati Polytex Pvt Ltd       TL                     IND BBB-         276.83
Migrated to non-cooperating category; (Issuer Not Cooperating)
Pashupati Polytex Pvt Ltd       FB WC limits           IND BBB-/ IND A3 245
Migrated to non-cooperating category; (Issuer Not Cooperating)
Pashupati Polytex Pvt Ltd       Non-FB WC limits       IND BBB-/ IND A3 175
Migrated to non-cooperating category; (Issuer Not Cooperating)
Sara Spintex India Pvt Ltd      Long-TL (LT)           IND D            287.3
Migrated to non-cooperating category; (Issuer Not Cooperating)
Sara Spintex India Pvt Ltd      FB WC limits (LT)      IND D            150
Migrated to non-cooperating category; (Issuer Not Cooperating)
Sara Spintex India Pvt Ltd      Non-FB WC limits (ST)  IND D            20
Migrated to non-cooperating category; (Issuer Not Cooperating)
Shree Tribhuvan Ispat Pvt Ltd   FB WC limit            IND BB-/ IND A4+ 100
Migrated to non-cooperating category; (Issuer Not Cooperating)
Tenty Marketing Company Pvt Ltd FB limit               IND BBB-         80
Migrated to non-cooperating category; (Issuer Not Cooperating)
The Federal Bank Ltd            Basel III Tier 2 debt  IND AA/ Stable   5        Affirmed
West Gujarat Expressway Ltd     Senior, secured,       IND D            1412.6   Affirmed
                                redeemable NCDs (LT)
INR1,252.09 outstanding on 31 January 2020

-----------------------------------------------------------------------------------------------
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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