May 15, 2020 / 9:06 AM / 14 days ago

India Ratings for Indian debt instruments – May 15

    May 15 - 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 14, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Chabbra’S Associates            Non-FB limits          IND A4+          385      Affirmed
Mm Castings Pvt Ltd             Non-FB WC limits       IND A3+          80       -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Prism Johnson                   Non-FB WC limits       IND A1           5440     Affirmed
(increased from INR4 blns)
Prism Johnson                   Unsecured short-TL     IND A1           900      Affirmed
(reduced from INR2.05 blns)
Prism Johnson                   CP programme**         IND A1           2000     Affirmed
** CP has been carved out of PJL’s working capital limits and will be used to meet working
capital requirements.
Shyama Power India Ltd          Non-FB WC limit        IND A3           7480     Affirmed
The Phosphate Co. Ltd           Non-FB WC limits       IND A4+          220      -
Migrated to non-cooperating category(Issuer not Cooperating)
Topsun Energy Ltd               Non-FB facility        IND A4+          522      Downgraded
(Issuer Not Cooperating)
 

LONG TERM RATINGS:
-------------------
Axis Bank Ltd                   Basel III AT1 bonds    IND AA+/Stable   70000    Affirmed
Axis Bank Ltd                   Basel-III compliant    IND AAA/Stable   100000   Affirmed
                                Tier 2 bonds
Axis Bank Ltd                   Lower Tier-2           WD               20000    Withdrawn
                                subordinated debt                                (Paid in full)
Balajee Loha Ltd                FB limits              IND BBB          88       -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Bilagi Sugar Mill Ltd           TL                     IND B+/Stable    2446.79  Assigned
(outstanding as on 31 March 2020)
Bilagi Sugar Mill Ltd           FB limits              IND              1834.1   Assigned
                                                       B+/Stable/IND A4
Chabbra’S Associates            FB limits              IND BB+/Stable   200      Upgraded
Citra Real Estate Ltd           Unsupported rating*$   IND A+/Stable    -        assigned
*The unsupported rating is assessed by stripping off the obligor and co-obligor structure and is
linked to the credit metrics of individual special purpose vehicles (SPVs).
$ Ind-Ra has assigned the unsupported rating in compliance with the Securities Exchange Board of
India’s circular dated 13 June 2019, which requires credit rating agencies to disclose
unsupported ratings without factoring in the explicit credit enhancement (CE) and supported
rating after factoring in the explicit CE. 
Citra Real Estate Ltd           Senior project TL      IND AA(CE)/Stable102      assigned
Danieli India Ltd               Non-FB limits          IND A-/Stable/   6300     -
Long-term rating assigned and short-term rating affirmed/(reduced from INR6,500 mlns)
Danieli India Ltd               FB limits              IND              3750     Affirmed
                                                       A-/Stable/IND A1
(reduced from INR3,790 mlns)
Danieli India Ltd               Proposed FB limits#    Provisional IND  300      Assigned
                                                       A- / Stable /
                                                       Provisional IND
#The rating is provisional and shall be confirmed upon the execution of the loan documents to
the satisfaction of Ind-Ra.
Danieli India Ltd               Proposed non-FB limits#Provisional IND  580      Assigned
                                                       A- / Stable /
                                                       Provisional IND A1
#The rating is provisional and shall be confirmed upon the execution of the loan documents to
the satisfaction of Ind-Ra.
Dishman Carbogen Amcis Ltd      TL                     IND A+/RWE       2526.8   -
Maintained on RWE
Dishman Carbogen Amcis Ltd      FB limits              IND A+/RWE/IND   3349     -
                                                       A1+/ RWE
Dishman Carbogen Amcis Ltd      Non-FB limits          IND A1+/RWE      336.7    -
Dishman Carbogen Amcis Ltd      FB limits*             INDA+/RWE/IND    850      Assigned
                                                       A1+/RWE
* The assignment of the final ratings follows the receipt of sanction letters conforming to the
information already received by Ind-Ra.
Fullerton India Credit Co. Ltd  NCDs                   IND AA+/Stable   1180     Affirmed
(reduced from INR1.58 blns)
Fullerton India Credit Co. Ltd  Subordinated debt      IND AA+/Stable   3540     Affirmed
Metro Telworks Pvt Ltd          FB WC Fac*             WD               40       Affirmed and
                                                                                 withdrawn
*Affirmed at; ‘IND BBB/Negative/IND A3+’before being withdrawn
Metro Telworks Pvt Ltd          Non-FB WC Fac#         WD               284.5    Affirmed and
                                                                                 withdrawn
#Affirmed at ‘IND A3+’ before being withdrawn
Metro Telworks Pvt Ltd          TL**                   WD               55.5     Affirmed and
                                                                                 withdrawn
**Affirmed at ‘IND BBB/Negative’ before being withdrawn
Mm Castings Pvt Ltd             TL                     IND BBB          30       -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Mm Castings Pvt Ltd             FB WC limits           IND BBB /IND A3+ 270      -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Mothers Agro Foods Pvt Ltd      FB limits              IND BB- /IND A4+ 60
Migrated to non-cooperating category(Issuer not Cooperating)
Priapus Infrastructure Ltd      Unsupported rating*$   IND A+/Stable    -        Assigned
*The unsupported rating is assessed by stripping off the obligor and co-obligor structure and is
linked to the credit metrics of individual special purpose vehicles (SPVs).
$Ind-Ra has assigned the unsupported rating in compliance with the Securities Exchange Board of
India’s circular dated 13 June 2019, which requires credit rating agencies to disclose
unsupported ratings without factoring in the explicit credit enhancement (CE) and supported
rating after factoring in the explicit CE. 
Priapus Infrastructure Ltd      Senior project TL      IND AA(CE)/Stable102      Assigned
Prism Johnson                   LT Issuer Rating       IND A/Stable     -        Affirmed
Prism Johnson                   NCDs                   IND A/Stable     4940     Affirmed
(reduced from INR6.94 blns)
Prism Johnson                   TL                     IND A/Stable     10390    Affirmed
(increased from INR9.45 blns)
Prism Johnson                   FB limits              IND A/Stable     4000     Affirmed
(reduced from INR4.5 blns)
Prism Johnson                   Term deposit programme IND tA+/Stable   50       Affirmed
(reduced from INR0.15 blns)
Prism Johnson                   Proposed NCDs (NCDs)#  Provisional IND  3000     Assigned
                                                       A/Stable
#The final rating will be assigned following the final issuance and the receipt of the final
documentation, conforming to the information already received by Ind-Ra
Rattanindia Solar 2 Pvt Ltd     Senior project TL      IND AA(CE)/Stable2181.1   Assigned
Rattanindia Solar 2 Pvt Ltd     Unsupported rating*$   IND AA/Stable    -
*The unsupported rating is assessed by stripping off the obligor and co-obligor structure and is
linked to the credit metrics of individual special purpose vehicles (SPVs).
$ Ind-Ra has assigned the unsupported rating in compliance with the Securities Exchange Board of
India’s circular dated 13 June 2019, which requires credit rating agencies to disclose
unsupported ratings without factoring in the explicit credit enhancement (CE) and supported
rating after factoring in the explicit CE.   
S.P. Mani And Mohan Dairy India TL                     IND BBB-         195.35   -
Pvt Ltd
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
S.P. Mani And Mohan Dairy India FB Fac                 IND BBB- /IND A3 95       -
Pvt Ltd
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Sepset Constructions Ltd        Senior project TL      IND AA(CE)/Stable1990     Assigned
Sepset Constructions Ltd        Unsupported rating*$   IND AA/Stable    -        Assigned
*The unsupported rating is assessed by stripping off the obligor and co-obligor structure and is
linked to the credit metrics of individual special purpose vehicles (SPVs).
$ Ind-Ra has assigned the unsupported rating in compliance with the Securities Exchange Board of
India’s circular dated 13 June 2019, which requires credit rating agencies to disclose
unsupported ratings without factoring in the explicit credit enhancement (CE) and supported
rating after factoring in the explicit CE.
Shyama Power India Ltd          FB WC limit            IND              1400     Affirmed
                                                       BBB-/Stable/IND
                                                       A3
Outlook revised to Stable from Positive
Solairepro Urja Pvt Ltd’        Senior secured rupee TLIND A-/RWE       8,953^   Maintained on
                                                                                 RWE
^The total amount to be disbursed for final project completion is expected to be INR8,763
million as per the issuer.
The Phosphate Co. Ltd           FB WC limits           IND BB           180      -
Migrated to non-cooperating category(Issuer not Cooperating)
Topsun Energy Ltd               TL                     IND BB+          25.7     Downgraded
Issuer Not Cooperating
Topsun Energy Ltd               FB facility            IND BB+/IND A4+  315      Downgraded
Issuer Not Cooperating
Yarrow Infrastructure Pvt Ltd   Senior project TL      IND AA(CE)/Stable5779     assigned
Yarrow Infrastructure Pvt Ltd   Unsupported rating*$   IND AA/Stable    -        assigned
*The unsupported rating is assessed by stripping off the obligor and co-obligor structure and is
linked to the credit metrics of individual special purpose vehicles (SPVs).
$ Ind-Ra has assigned the unsupported rating in compliance with the Securities Exchange Board of
India’s circular dated 13 June 2019, which requires credit rating agencies to disclose
unsupported ratings without factoring in the explicit credit enhancement (CE) and supported
rating after factoring in the explicit CE.
-----------------------------------------------------------------------------------------------
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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