March 6, 2020 / 5:29 AM / 23 days ago

India Ratings for Indian debt instruments – Mar 6

    Mar 6 - 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 5, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
------                          ----------             ------          ------    ---------
B.N. Industries                 NFB                    IND A4           30       Affirmed
G. R. Engineering Pvt Ltd       Non-FB WC Fac          IND A4+          2850     Affirmed
G. R. Engineering Pvt Ltd       Proposed non-FB WC Fac*Provisional IND  550      Affirmed
Infina Finance Pvt Ltd          CP*                    IND A1+          150000   Assigned
*Out of the above mentioned limit, INR85 billion pertains to initial public offer (IPO)
financing for IFPL’s customers and the balance INR65 billion for IPO funding in its proprietary
trading book.
Melzer Chemicals Pvt Ltd        Non FB WC limits       IND A4+          50       Downgraded
Melzer Chemicals Pvt Ltd        Proposed non FB WC     Provisional IND  17.5     Downgraded
                                limits                 A4+
National Aluminium Co. Ltd      Non-FB limits          IND A1+          7750     Affirmed
(reduced from INR8,000 mlns)

B.N. Industries                 FB limits              IND              65       Upgraded
                                                       B+/Stable/IND A4          /Affirmed
Calcutta Electrodes Pvt Ltd     FB WC limit*           WD               70       -
 *Maintained in ‘IND BB- ’ before withdrawn.
G. R. Engineering Pvt Ltd       FB WC Fac              IND              376.2    Affirmed
Outlook revised to Positive from Stable
G. R. Engineering Pvt Ltd       Proposed FB WC Fac*    Provisional IND  223.8    Affirmed
                                                       Provisional IND A4+
Outlook revised to Positive from Stable/* The ratings are provisional and shall be confirmed
upon the sanction and execution of loan documents for the above facility by GRPL to the
satisfaction of Ind-Ra.
Kunj Roller Flour Mills Pvt. LtdFB limits              IND BB+/Stable   180      Affirmed
(increased from INR160mlns)
Kunj Roller Flour Mills Pvt. LtdTL                     IND BB+/Stable   17.4     Assigned
Melzer Chemicals Pvt Ltd        TL                     IND BB+          24.8     Downgraded
Melzer Chemicals Pvt Ltd        FB WC limits           IND BB+          100      Downgraded
Melzer Chemicals Pvt Ltd        Proposed TL            Provisional IND  60       Downgraded
Melzer Chemicals Pvt Ltd        Proposed FB WC limits  Provisional IND  20       Downgraded
Mfl Securitisation Trust LXXI’S Series A1 pass-through IND AA(SO)/Stable1731.1   Affirmed
                                certificates (PTCs)
Mfl Securitisation Trust LXXI’S Series A2 PTCs         IND AA(SO)/Stable110.5    Affirmed
Mfl Securitisation Trust LXXI’S Second loss credit     IND              265.5    Affirmed
                                facility (SLCF)        BBB(SO)/Stable
Mfl Securitisation Trust        Series A1 pass-through IND AA(SO)/Stable1033.6   Affirmed
LXXIII’S                        certificates (PTCs)
Mfl Securitisation Trust        Series A2 PTCs         IND AA(SO)/Stable54.4     Affirmed
Mfl Securitisation Trust        Second loss credit     IND              155.9    Affirmed
LXXIII’S                        facility (SLCF)        BBB-(SO)/Stable
National Aluminium Co. Ltd      FB limits              IND AAA/Stable   5000     Affirmed
(reduced from INR6,000 mlns)
Platinum Trust February 2017    Series A pass-through  IND              1215.6   Affirmed
                                certificates (PTCs)    AAA(SO)/Stable
Platinum Trust February 2017    Second loss credit     IND              154.6    Affirmed
                                facility (SLCF)        BBB(SO)/Stable
Sri Jagannath Roller Flour MillsFB limits              IND BBB-/Stable  350      Affirmed
Sri Jagannath Roller Flour MillsTL                     IND BBB-/Stable  40       Assigned
Sri Jagannath Roller Flour MillsTL                     WD               36.2     Withdrawn
                                                                                 (paid in full)
Suryataap Energies &            Senior project TL      IND B+           259.2    Downgraded
Infrastructure Pvt Ltd
(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

$: 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

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
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