for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

India Ratings for Indian debt instruments – Oct 16

    Oct 16 - 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
October 15, 2020.

COMPANY                         INSTRUMENT            RATING         AMOUNT   MOVEMENT
                                                                    (RS.MLN)
------                          ----------            ------         ------   ---------
SHORT TERM RATINGS:
-------------------
Bipico Industries (Tools) Pvt. Non-FB WC limits       IND A4+          1       -
Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Canara Bank                    CDs                    IND A1+          450     Affirmed
Guru Raghavendra InfrastructureNon-FB WC limit        IND A4+          300     Assigned
Indus University               FB facility (overdraft)IND A4           15      Affirmed
Ravi Foods Pvt Ltd             Non-FB limits          IND A1           20      Affirmed

LONG TERM RATINGS:
-------------------
Bhandari Charitable Trust      Bk loan                IND B-/Stable    47.7    Affirmed
(reduced from INR 143.25)
Bhandari Charitable Trust      Proposed Bk loan*      WD               6.75    Withdrawn
*The trust did not proceed with the instrument as envisaged
Bipico Industries (Tools) Pvt. TL                     IND BB-          35.6    -
Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Bipico Industries (Tools) Pvt. FB WC limits           IND BB- / IND A4+185     -
Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Canara Bank                    Basel III AT1 bonds    IND AA/Stable    78      Affirmed; Off
                                                                               RWN
Canara Bank                    Basel III Tier 2       IND AAA/Negative 100     Affirmed; Off
                               instrument                                      RWN
Cbsi India Pvt Ltd             FB limit               IND BB+ / IND A4+75      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Chemicals And Fertilizers Ltd  NCDs (NCDs)*           IND AA/Negative  5000    Assigned
*The final rating has been assigned after the receipt of the final documents, including the term
sheet and debenture trustee deed, by Ind-Ra.
Dbl Mahagaon Yavatmal Highways Rupee TL               IND AA-/Positive 4217.9* Upgraded
Pvt Ltd
*The final debt to be raised till achievement of the final commercial operations date (COD) is
INR3,650 million as per management on account of savings in overall project cost
Dukes Products (I) Ltd         TL                     IND A/Positive   95      Affirmed
Outlook revised to Positive from Stable. (decreased from INR106.7)
Dukes Products (I) Ltd         FB limits              IND A/Positive   550     Affirmed
Outlook revised to Positive from Stable,(decreased from INR590)
Gr Aligarh Kanpur Highway Pvt  Rupee TL               IND A/ Stable    1500a   Assigned
Ltd
a Total sanctioned debt is INR9,300 million and performance bank guarantee is INR1,100 million;
total current outstanding as on 15 September 2020 was nil.
Guru Raghavendra InfrastructureFB WC limit            IND              50      Assigned
                                                      BB+/Stable/IND
                                                      A4+
Indus University               Bk loan                IND B/Stable     15.9    Affirmed
Indus University               Proposed Bk loan*      WD               37.25   Withdrawn
*The university did not proceed with the instrument as envisaged
Isolux Corsan India EngineeringFB Fac                 WD               665     Withdrawn
& Construction Pvt Ltd
Isolux Corsan India EngineeringNon-FB Fac             WD               6050    Withdrawn
& Construction Pvt Ltd
Isolux Corsan India EngineeringProposed WC Fac        WD               4285    Withdrawn
& Construction Pvt Ltd
Lrehl Renewable India Spv 1 PvtTL                     IND A/Stable     1957    Affirmed
Ltd
(reduced from INR2,112.4)
Malabar Commercial Plaza Pvt LtIND BBB+/RWN           Term loan        2000    Downgraded and
                                                                               placed on RWN
Ml Trust 3 (A Mortgage-Backed  Series A1 pass-through IND AA(SO)/Stable1681.9  Affirmed
Securities Transaction)        certificates (PTCs)
Mm Castings Pvt Ltd            *FB WC limits          WD               270     -
* Maintained at ‘IND BB(ISSUER NOT COOPERATING)’/‘IND A4+(ISSUER NOT COOPERATING)’ before being
withdrawn
Mm Castings Pvt Ltd            TL**                   WD               30      -
** Maintained at ‘IND BB(ISSUER NOT COOPERATING)’ before being withdrawn
Mm Castings Pvt Ltd            Non-FB WC limits***    WD               80      -
*** Maintained at ‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn
Oppo Mobiles India Pvt Ltd     NCDs (NCDs)            WD               7000    Withdrawn
Paragon Consumer Care Pvt Ltd  TL                     IND A/Positive   235.7   Affirmed
Outlook revised to Positive from Stable.(reduced from INR251.3)
Paragon Consumer Care Pvt Ltd  FB limits              IND A/Positive   50      Affirmed
Outlook revised to Positive from Stable
Ravi Foods Pvt Ltd             FB limits              IND A/Positive   790     Affirmed
Outlook revised to Positive from Stable
Ravi Foods Pvt Ltd             FB limits *            IND A/Positive   180     Assigned
*The final rating has been assigned on receipt of the sanction letter by Ind-Ra
Scholars International         TL (LT)                IND D            97.61   -
Educational Foundation
(Issuer Not Cooperating) Maintained in non-cooperating category
Scholars International         WC facility (LT)       IND D            12.5    -
Educational Foundation
(Issuer Not Cooperating) Maintained in non-cooperating category
Shree Krishna Paper Mills &    *FB WC limits          WD               250     -
Industries
* Maintained to ‘IND B-(ISSUER NOT COOPERATING)’ before being withdrawn.,Maintained in the
non-cooperating category 
Shree Krishna Paper Mills &    **Non-FB WC limits     WD               120     -
Industries
** Maintained to ‘IND A4(ISSUER NOT COOPERATING)’ before being withdrawn.,Maintained in the
non-cooperating category 
Singhania Foods International  TL                     IND A- /Positive 185     -
(increased from INR160.9),Affirmed; Outlook revised to Positive from Stable
Singhania Foods International  FB limits              IND A- /Positive 60      -
(increased from INR50),Affirmed; Outlook revised to Positive from Stable
-----------------------------------------------------------------------------------------------
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)
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up