May 20, 2020 / 5:33 AM / 14 days ago

India Ratings for Indian debt instruments – May 20

    May 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
May 19, 2020.

COMPANY                         INSTRUMENT             RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------             ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Cnh Industrial Capital (I) Pvt  CPs*                   IND A1+          2100     Assigned
Ltd
*Yet to be issued
Cosmo Films Ltd                 Non-FB WC limits       IND A1           2490     Affirmed
Cosmo Films Ltd                 CP** (carved out from  IND A1           100      Affirmed
                                FB limits)
**Not yet issued
Gmw Pvt Ltd                     Non-FB WC limits#      IND A4+          540      Downgraded and
                                                                                 reassigned
# Reassigned IND A4+' after being downgraded to 'IND D'
Neelkanth Yarn                  Non-FB WC limits       IND A4+          130      Affirmed
(increased from INR62 mlns)
Nlc India Ltd                   CP                     IND A1+          20       Affirmed
Nlc India Ltd                   CP                     IND A1+          30       Assigned
S.S.V. Fab Industries Pvt Ltd   Non-FB limit           IND A4+          150      Affirmed
Ultratech Cement Ltd            CP                     IND A1+          10000    Assigned
Ultratech Cement Ltd            Non-FB limits          IND A1+          46150    Affirmed
Ultratech Cement Ltd            CP                     IND A1+          35000    Affirmed
Ultratech Cement Ltd            Short-TL               IND A1+          15000    Affirmed
 
LONG TERM RATINGS:
-------------------
Cosmo Films Ltd                 Long-TL                IND A+/Stable    3589.1   Affirmed
Outlook revised to Stable from Negative/(reduced from INR4,555.3 mlns)
Cosmo Films Ltd                 FB WC limits           IND              3950     Affirmed
                                                       A+/Stable/IND A1
Outlook revised to Stable from Negative/(reduced from INR4,250.0 mlns)
Cosmo Films Ltd                 Proposed long-TL*      Provisional IND  800      Assigned
                                                       A+/Stable
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents by CFL to the satisfaction of Ind-Ra.
Eden Mumbai Solar Pvt Ltd       Senior project TL      IND AA(CE)/Stable1100     Assigned
Eden Mumbai Solar Pvt Ltd       Unsupported rating*    IND AA/Stable    -        Assigned
*Ind-Ra has assigned the unsupported rating for same amount and maturity, 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
Eden Renewable Ranji Pvt Ltd    Senior project TL      IND AA(CE)/Stable1100     Assigned
Eden Renewable Ranji Pvt Ltd    Unsupported rating*    IND AA/Stable    -        Assigned
*Ind-Ra has assigned the unsupported rating for same amount and maturity, 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
Eden Solar Energy Gurgaon Pvt   Senior project TL      IND AA(CE)/Stable1100     Assigned
Ltd
Eden Solar Energy Gurgaon Pvt   Unsupported rating*    IND AA/Stable    -        Assigned
Ltd
*Ind-Ra has assigned the unsupported rating for same amount and maturity, 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
Eden Solar Rajdhani Pvt Ltd     Senior project TL      IND AA(CE)/Stable1100     Assigned
Eden Solar Rajdhani Pvt Ltd     Unsupported rating*    IND AA/Stable    -        Assigned
*Ind-Ra has assigned the unsupported rating for same amount and maturity, 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
Ford Credit India Pvt Ltd       CP                     IND A1+/RWN      7500     Maintained on
                                                                                 RWN
Ford Credit India Pvt Ltd       Bk loan                IND AA-/RWN      17500    Downgraded and
                                                                                 maintained on
                                                                                 RWN
Gmw Pvt Ltd                     FB WC limits *         IND BB-/Stable   50       Downgraded and
                                                                                 reassigned
* Reassigned 'IND BB-'/Stable after being downgraded to 'IND D'
Green Infra Wind Power          Bk loan                IND A+/Negative  6290     Affirmed
Generation Ltd
(outstanding as on 1 January 2020- INR4,828.9)
Green Infra Wind Power          CC/overdraft facility  WD               300      Withdrawn
Generation Ltd                                                                   (paid in full)
Green Infra Wind Power          Capex LOC              WD               2500     Withdrawn
Generation Ltd                                                                   (paid in full)
Kadam & Kadam Jewellers Pvt Ltd FB WC limits (Long-    IND D            600      -
                                term/ST)
Downgraded and migrated to non-cooperating category(Issuer Not Cooperating)
Medha Energy Pvt Ltd            Senior project TL      IND AA(CE)/Stable1100     Assigned
Medha Energy Pvt Ltd            Unsupported rating*    IND AA/Stable    -        Assigned
*Ind-Ra has assigned the unsupported rating for same amount and maturity, 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
Neelkanth Yarn                  FB WC limits           IND BB-/Stable/  108      -
                                                       IND A4+
Long-term rating downgraded; short-term rating affirmed/ (reduced from INR178 mlns)
Nlc India Ltd                   TL                     IND AAA/Stable   25.52    Affirmed
Nlc India Ltd                   NCDs                   IND AAA/Stable   14.75    Affirmed
Nlc India Ltd                   NCDs                   IND AAA/Stable   5.25     Affirmed
S.S.V. Fab Industries Pvt Ltd   FB limit               IND              60       Affirmed
                                                       BB+/Stable/IND
                                                       A4+
S.S.V. Fab Industries Pvt Ltd   Proposed FB limit*     Provisional IND  50       Assigned
                                                       BB+ / Stable /
                                                       Provisional IND A4+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by SSV Fab to the satisfaction of Ind-Ra.
S.S.V. Fab Industries Pvt Ltd   TL                     WD               11.57    Withdrawn
                                                                                 (paid in full)
Ultratech Cement Ltd            NCDs                   IND AAA/Stable   5000     Affirmed
Ultratech Cement Ltd            FB limits              IND              13850    Affirmed
                                                       AAA/Stable/IND
                                                       A1+
Valuefirst Digital Media Pvt LtdFB limits              IND BBB /IND A2  150      -
Maintained to non-cooperating category(issuer Not Cooperating)
Zee Fabrics                     FB Fac                 IND BBB- /       300      Affirmed
                                                       Negative /IND A3
Outlook revised to Negative from Stable
Zee Fabrics                     FB Fac                 IND BBB- /       80       Assigned
                                                       Negative /IND A3
-----------------------------------------------------------------------------------------------
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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