September 3, 2019 / 7:32 AM / 16 days ago

India Ratings for Indian debt instruments – Sep 3

    Sep 3 (Reuters) - 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
August 30 and August 31, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Rajmahal Coal Mining Ltd        Non-FB limits          IND A2+          600      Affirmed
increased from INR400 mln
Shankara Building Products Ltd  Non-FB WC limits       IND A2+          20
Downgraded; off RWN
Taurus Value Steel & Pipes Pvt  Non-FB WC limits       IND A2+          200
Ltd
Downgraded; off RWN
Vishal Precision Steel Tubes &  Non-FB WC limits       IND A2+          300
Strips Pvt Ltd
Downgraded; off RWN

LONG TERM RATINGS:
-------------------
Centurywells Roofing India      FB WC facility         IND A-/ Stable   200
(Pvt) Ltd
Downgraded; off RWN; Outlook Stable
Fastbuild Blocks Pvt Ltd        LT loans               IND BB-          112
Migrated to non-cooperating category; (Issuer Not Cooperating)
Fastbuild Blocks Pvt Ltd        FB limits              IND BB-          50
Migrated to non-cooperating category; (Issuer Not Cooperating)
Greenstar Fertilizers Ltd       FB limits              IND BBB/ Stable/ 2500     Affirmed
                                                       IND A2
Greenstar Fertilizers Ltd       Non-FB limits          IND BBB/ Stable/ 300      Affirmed
                                                       IND A2
Greenstar Fertilizers Ltd       Proposed long-TL*      Provisional IND  1200     Affirmed
                                                       BBB/ Stable
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by GFL to the satisfaction of Ind-Ra.
John Energy Ltd                 TL (LT)                IND D            578.4
Migrated to non-cooperating category; (Issuer Not Cooperating)
John Energy Ltd                 External commercial    IND D            2832.1
                                borrowings (LT)
Migrated to non-cooperating category; (Issuer Not Cooperating)
John Energy Ltd                 WC limits (LT/ST)      IND D            1270
Migrated to non-cooperating category; (Issuer Not Cooperating)
John Energy Ltd                 Non-FB limits (LT/ST)  IND D            1816.1
Migrated to non-cooperating category; (Issuer Not Cooperating)
Kopargaon Ahmednagar Tollways   Senior project Bk      IND D            1560
Phase 1 Pvt Ltd                 loan(LT)
Maintained in non-cooperating category; (Issuer Not Cooperating)
Kotkapura Muktsar Tollways Pvt  Senior project Bk loan IND D            750
Ltd
Maintained in non-cooperating category; (Issuer Not Cooperating)
Mfl Securitisation Trust XCI    Series A1 pass-through Provisional IND  1.003    Assigned
(An Asset-Backed Transaction    certificates (PTCs)    AAA(SO)/ Stable
Transaction)
Mfl Securitisation Trust XCI    Series A2 PTCs         Provisional IND  0.02     Assigned
(An Asset-Backed Transaction                           BBB+(SO)/ Stable
Transaction)
Mse Loan Trust XIII (An Abs     Series A pass-through  Provisional IND  265.32   Assigned
Transaction)                    certificates (PTCs)    AA-(SO)/ Stable
Northern Arc 2019 Mca Leo (An   Series A1 pass-through Provisional IND  145      Assigned
Abs Transaction)                certificates (PTCs)    BBB(SO)/ Stable
Northern Arc 2019 Sbl Moneta    Series A2 PTCs         IND A-(SO)/      15.07    Assigned
(An Asset-Backed Securities                            Stable
Transaction)
Northern Arc 2019 Sbl Moneta    Series A1 pass-through IND A+(SO)/      678.15   Assigned
(An Asset-Backed Securities     certificates (PTCs)    Stable
Transaction)
NRSS XXXI (B) Transmission Ltd  Unsecured NCDs**       IND AAA(SO)/     5983     Assigned
                                                       Stable
**NCDs with modified terms and conditions with new ISINs.
NRSS XXXI (B) Transmission Ltd  Unsecured NCDs*        WD               6625     Withdrawn
*The rating has been withdrawn as the old international securities identification number (ISIN)
stands changed post modifications in terms and conditions of the NCDs along with the change in
management control of NRSSTL. The old ISINs stand relinquished.
Rajmahal Coal Mining Ltd        Term-loan              IND A-/ Stable   450
Withdrawn (fully repaid)
Rajmahal Coal Mining Ltd        FB limits              IND A-/ Stable   300      Affirmed
increased from INR50 mln
Shankara Building Products Ltd  FB WC limits           IND A-/ Stable/  3600
                                                       IND A2+
Downgraded; off RWN
Shankara Building Products Ltd  Long-TL                WD               20
Withdrawn (repaid in full)
Shree Hanuman Mosaic & Marble   FB limits              IND B+           50
Migrated to non-cooperating category; (Issuer Not Cooperating)
Shree Hanuman Mosaic & Marble   TL                     IND B+           3.14
Migrated to non-cooperating category; (Issuer Not Cooperating)
Sri Bhagawan Mahaveer Jain      Bk loans               IND BBB/Positive 6253.59  Assigned
Educational And Cultural Trust
Sri Bhagawan Mahaveer Jain      FB WC Fac (overdraft)  IND BBB/Positive 200      Assigned
Educational And Cultural Trust
Taurus Value Steel & Pipes Pvt  FB WC limits           IND A-/ Stable/  100
Ltd                                                    IND A2+
Downgraded; off RWN; Outlook Stable
Ubl Trust 7 (An Asset-Backed    Series A1 pass-through Provisional IND  397.5    Assigned
Securities Transaction)         certificates (PTCs)    AA(SO)/ Stable
Vishal Precision Steel Tubes &  FB WC limits           IND A-/ Stable   400
Strips Pvt Ltd
Downgraded; off RWN; Outlook Stable
Yes Bank Ltd                    Additional Basel III   IND A-/ Negative 111      Downgraded
                                Tier 1 bonds
Yes Bank Ltd                    Basel III Tier 2 bonds IND A+/ Negative 110      Downgraded
Yes Bank Ltd                    Infrastructure bonds   IND A+/ Negative 35.8     Downgraded

-----------------------------------------------------------------------------------------------
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@thomsonreuters.com)
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