May 13, 2020 / 3:55 AM / 14 days ago

India Ratings for Indian debt instruments – May 13

    May 13 - 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
May 12, 2020.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Aditya Birla Fashion And Retail Non-FB WC limits       IND A1+          8250     Affirmed
Ltd
(increased from INR4,750 mlns)
Aditya Birla Fashion And Retail CP (CP)                IND A1+          12500    Affirmed
Ltd
Aditya Birla Fashion And Retail CP***                  IND A1+          7500     Assigned
Ltd
***Yet to be issued
Modi Projects Ltd               Non-FB WC limits       IND A4+          238      -
Migrated to non-cooperating category(Issuer not Cooperating)
Singh Enterprises               Non-FB limits          IND A4+          150      -
Migrated to non-cooperating category(Issuer not Cooperating)
Virendra Kumar Singh            Non-FB limits          IND A4+          20       -
Migrated to non-cooperating category(Issuer not Cooperating)
 

LONG TERM RATINGS:
-------------------
Adani Green Energy (Mp) Ltd     Rupee TL (SECI-I)      IND BBB+/Stable  2803.8   Assigned
Adani Green Energy (Mp) Ltd     Rupee TL (SECI-II)     IND BBB+/Stable  2000     Assigned
Adani Power (Mundra) Ltd        Rupee TL               IND BBB-/Stable  88430    Assigned
Adani Power (Mundra) Ltd        External commercial    IND BBB-/Stable  -        Assigned
                                borrowings (ECB)
Adani Power (Mundra) Ltd        WC facility (fund and  IND BBB-/Stable  37660    Assigned
                                NFB)
Adani Power (Mundra) Ltd        Hedging facility       IND BBB-/Stable  1050     Assigned
Aditya Birla Fashion And Retail TL                     IND AA/Stable    232.8    Affirmed
Ltd
 (reduced from INR5,279 mlns)
Aditya Birla Fashion And Retail NCDs (NCDs)            IND AA/Stable    3000     Affirmed
Ltd
 (reduced from INR7,000 mlns)
Aditya Birla Fashion And Retail NCDs**                 IND AA/Stable    5000     Assigned
Ltd
**The final rating is based on the term sheet shared by ABFRL with Ind-Ra
Aditya Birla Fashion And Retail FB WC limits           IND              6530     Affirmed
Ltd                                                    AA/Stable/IND A1+
(increased from INR2,000 mlns)
Aditya Birla Fashion And Retail WC limits (fund/non-FB)IND              6130     Affirmed
Ltd                                                    AA/Stable/IND A1+
 (increased from INR3,660 mlns)
Aditya Birla Fashion And Retail Proposed WC limits     Provisional IND  2000     Assigned
Ltd                             (fund/non-FB)          AA/Stable/
                                                       Provisional IND A1+
Arpee Energy Minerals Pvt Ltd   FB WC limits           IND B+/Stable    70       Downgraded
Clean Sustainable Energy Pvt LtdTL                     IND A/Stable     3375     Upgraded
(outstanding INR3,258 as on 17 April 2020)
Clean Sustainable Energy Pvt LtdNon-FB facility (BG)*  WD               40       Withdrawn
* Ind-Ra is no longer required to maintain the rating for the non-fund-based facility as the
agency has received a no-dues certificate the lender. This is consistent with the Securities and
Exchange Board of India’s circular dated 31 March 2017 for credit rating agencies. 
Jagdamba Fibres Pvt Ltd         FB WC limits           IND B+           60       -
Migrated to non-cooperating category(Issuer not Cooperating)
K.Maganlal Impex                FB limits              IND BB-/Stable   110      Downgraded
Migrated to non-cooperating category(Issuer not Cooperating)
Konkan Railway Corporation Ltd  Bk loans               IND AA+/Stable   12000    Affirmed
Konkan Railway Corporation Ltd  NCDs (NCDs)#*          IND              1200     Assigned
                                                       AAA(CE)/Stable
#The final rating has been assigned after the execution of the debenture trust deed and the
receipt of final documents by the agency. The payment mechanism conforms to the information
already received by Ind-Ra based on which the provisional rating was assigned. Therefore, the
final rating is the same as the provisional rating assigned on 22 August 2019.
*The NCDs have a bullet repayment structure. 
Konkan Railway Corporation Ltd  NCDs*                  IND              3000     Affirmed
                                                       AAA(CE)/Stable
*The NCDs have a bullet repayment structure.
Lmj Logistics Ltd               WC limits              IND BB+ /IND A4+ 869.93   Downgraded
Issuer Not Cooperating
Modi Projects Ltd               FB WC limits           IND BB-          40       -
Migrated to non-cooperating category(Issuer not Cooperating)
Nainital Motors Pvt Ltd         TL                     IND BB/Stable    2.5      Downgraded
(reduced from INR10 mlns)
Nainital Motors Pvt Ltd         FB Fac                 IND              180
                                                       BB/Stable/IND A4+
Long-term rating downgraded; short-term rating affirmed
Singh Enterprises               FB limits              IND BB-          25       -
Migrated to non-cooperating category(Issuer not Cooperating)
Virendra Kumar Singh            FB limits              IND BB-          40       -
Migrated to non-cooperating category(Issuer not Cooperating)
Virendra Kumar Singh            Proposed FB limits     Provisional IND  10       -
                                                       BB-
Migrated to non-cooperating category(Issuer not Cooperating)
Worldwide Tradelinks            FB limits              IND B+ /IND A4   300      -
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)
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