May 21, 2020 / 7:02 AM / 5 days ago

India Ratings for Indian debt instruments – May 21

    May 21 - 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 20, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Ford Credit India Pvt Ltd       CP                     IND A1+/RWN      7500     Maintained on
                                                                                 RWN
Indus Projects Ltd              Non-FB WC limit (ST)   IND D            636.2    Affirmed
Innoven Capital India Pvt Ltd   CP                     IND A1+          750      Affirmed
Shree Dulichand Chemicals Pvt   Non-FB WC limits       IND A4           15       -
Ltd
Migrated to non-cooperating category(Issuer not Cooperating)
Shree Dulichand Chemicals Pvt   Proposed non-FB WC     Provisional IND  35       -
Ltd                             limits                 A4
Migrated to non-cooperating category(Issuer not Cooperating)
The Bombay Burmah Trading       Non-FB limits (ST)     IND D            119.7    Downgraded
Corporation Ltd
(reduced from INR170 mlns)
 

LONG TERM RATINGS:
-------------------
Annai Jewellers                 FB WC limits           IND BB+ /IND A4+ 130      -
Downgraded and migrated to non-cooperating category(Issuer Not Cooperating)
Annai Jewellers                 Proposed fund- based   Provisional IND  20       -
                                WC limits              BB+ /Provisional
                                                       IND A4+
Downgraded and migrated to non-cooperating category(Issuer Not Cooperating)
Blue Jay Finlease Ltd           Bk loan                IND BBB-/RWN     1250     Placed on RWN
Blue Jay Finlease Ltd           NCDs*                  IND BBB-/RWN     250      Placed on RWN
*Yet to be issued
Ford Credit India Pvt Ltd       Bk Loan                IND AA-/RWN      17500    Downgraded and
                                                                                 maintained on
                                                                                 RWN
Ford India Pvt Ltd              WC limits              IND AA-/RWN/IND  23940    -
                                                       A1+/RWN
Long-term rating downgraded; short-term rating affirmed and maintained on RWN
Ford India Pvt Ltd              Proposed WC limits*    Provisional IND  11060    Assigned
                                                       AA- / RWN /
                                                       Provisional IND A1+ /RWN
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by FIPL to the satisfaction of Ind-Ra.
Ford Motor Pvt Ltd              WC limits              IND AA- /        2000     -
                                                       Negative /IND A1+
 (reduced from INR3 blns)/Long-term rating downgraded; short-term rating affirmed/
Ford Motor Pvt Ltd              Proposed WC limits*    Provisional IND  1000     Assigned
                                                       AA- / Negative /
                                                       Provisional IND A1+
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by FMPL to the satisfaction of Ind-Ra.  
Indus Projects Ltd              FB WC limit(LT)        IND D            250      Affirmed
Innoven Capital India Pvt Ltd   Bk loans               IND AA-/Stable   6250     Affirmed
Knr Muzaffarpur Barauni Tollway Bk loans               IND A-/Stable    3166.01  Upgraded
Pvt Ltd
(INR3,081.89 outstanding as on 31 January 2019)
Reliance Jio Infocomm Ltd       Non-FB WC limits       IND AAA/ Stable/ 94.86    Affirmed
                                                       IND A1+
Reliance Jio Infocomm Ltd       FB WC limits           IND AAA/ Stable/ 5        Affirmed
                                                       IND A1+
Saraswati Educational           TL (LT)                IND D            299
Charitable Trust
Migrated to non-cooperating category(Issuer not Cooperating)
Saraswati Educational           WC facility (LT)       IND D            50       -
Charitable Trust
Migrated to non-cooperating category(Issuer not Cooperating)
Saraswati Educational           *Proposed TL (LT)      WD               300      Withdrawn
Charitable Trust
* The provisional rating has been withdrawn as it has been outstanding for more than 90 days and
the agency no longer expects it to be converted to the final rating.
Shree Dulichand Chemicals Pvt   FB WC limits           IND B+ /IND A4   60       -
Ltd
Migrated to non-cooperating category(Issuer not Cooperating)
Shree Dulichand Chemicals Pvt   Proposed FB WC limits  Provisional IND  40       -
Ltd                                                    B+ / Provisional
                                                       IND A4
Migrated to non-cooperating category(Issuer not Cooperating)
Sri Vishnu Educational Society  Bk loans               IND BBB+/Positive452      Affirmed
(reduced from INR532.63 mlns)
Sri Vishnu Educational Society  FB WC                  IND BBB+/Positive95       Affirmed
(reduced from INR115 mlns)
The Bombay Burmah Trading       FB limits (LT/ST)      IND D            40       Downgraded
Corporation Ltd
Uttarakhand Jal Vidyut Nigam LtdTL                     IND A-/Stable    24090    Assigned
Uttarakhand Jal Vidyut Nigam LtdProposed TL**          Provisional IND  5710     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.
Uttarakhand Jal Vidyut Nigam LtdDebt programme         WD               20000    Withdrawn*
*Issuer did not proceed with issuance  
Vena Energy Solar Ravi India    Rupee TL*              IND AA-/Stable   3804.1   Upgraded
Power Resources Pvt Ltd
*Includes a sublimit in the form of a letter of credit/buyer’s credit
-----------------------------------------------------------------------------------------------
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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