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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
March 31, 2020.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------ ---------- ------ ------ ---------
SHORT TERM RATINGS:
-------------------
Bonai Industrial Co. Ltd FB limits IND A1+ 2000 Affirmed; Off
RWN
Feegrade & Company Pvt Ltd FB limits IND A1+ 1500 Affirmed; Off
RWN
Hpl Electric & Power Ltd CP (CP) IND A2 3.2 Downgraded
Ken Enterprises Pvt Ltd Non-FB Fac IND A3 200 -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Mohit Ventures Pvt Ltd Non-FB WC limits IND A4+ 2.5
Migrated to non-cooperating category(Issuer not Cooperating)
Ocean Constructions (I) Pvt Ltd Non-FB limits IND A4+ 310 Assigned
Primacy Industries Ltd Non-FB WC limits IND A4+ 52.8
Downgraded and migrated to non-cooperating category(Issuer Not Cooperating)
Rungta Mines Ltd. FB limits IND A1+ 5000 Affirmed; Off
RWN
Rungta Mines Ltd. Non-FB limits IND A1+ 1000 Affirmed; Off
RWN
Solex Energy Ltd Non-FB WC limits IND A4+ 65 Affirmed
Swapna Printing Works Pvt Ltd Non-FB limits IND A3 70
Migrated to non-cooperating category(Issuer Not Cooperating)
Tata Projects Ltd CP IND A1+ 14 Affirmed
Yung Hsin Contain Industry Co SBLC IND A1+(CE) - Affirmed and
Ltd reassigned
LONG TERM RATINGS:
-------------------
Air India Express Ltd NCDs WD 950 Withdrawn
(Paid in full)
Air India Express Ltd Unsupported rating^ WD - Withdrawn
^Ind-Ra had assigned 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.
Ceat Specialty Tyres Ltd FB/non-FB WC limits IND AA / Stable 500 -
/ IND A1+
Long-term rating upgraded; off RWP; short-term rating affirmed
Ceat Specialty Tyres Ltd Term loans IND AA /Stable 2280 -
Upgraded & reassigned; off RWP
Ceat Specialty Tyres Ltd Proposed unsecured non WD 250 -
fundbased limits
Withdrawn (the company is unlikely to proceed with the instrument as envisaged)
Ceat Specialty Tyres Ltd CP WD 250 -
Withdrawn (the company is unlikely to proceed with the instrument as envisaged)
Chalet Hotels Ltd Non-FB WC limits IND A2+/RWN 750 Placed on RWN
Chalet Hotels Ltd TL IND BBB+/RWN 10150 Placed on RWN
Chalet Hotels Ltd FB WC limits IND BBB+/RWN 1350 Placed on RWN
Chalet Hotels Ltd Proposed TL* Provisional IND 340 Placed on RWN
BBB+/RWN
*The rating is provisional and shall be confirmed upon the sanction and execution of financing
documents for the above facilities by CHL to the satisfaction of Ind-Ra.
Cochin Shipyard Ltd Tranche I bond IND AA+/Stable 1000 Affirmed
Cochin Shipyard Ltd Tranche II bond IND AA+/Stable 230 Affirmed
Ford India Pvt Ltd WC limits IND AA+/RWN/IND 35000 -
A1+/RWN
Long-term rating downgraded; short-term rating affirmed and maintained on RWN
Ford Motor Pvt Ltd WC limits IND 3000 -
AA+/Negative/IND
A1+
Long-term rating downgraded; short-term rating affirmed
Gujarat Power Ltd Unsupported Rating^ IND A-/Stable - Assigned
^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.
Gujarat Power Ltd NCDs (NCDs) IND AA(CE)/Stable27000 Affirmed
Hcl Infosystems Ltd FB limits IND BBB- / 3000 -
Negative /IND A3
(increased from INR2,850 mlns)
Hcl Infosystems Ltd Non-FB limits IND BBB-/ 13000 -
Negative /IND A3
(reduced from INR14,750 mlns)
Hcl Infosystems Ltd Proposed non-FB limits*Provisional IND 1300 -
BBB-/ Negative
/Provisional IND A3
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by HCLI to the satisfaction of Ind-Ra./(increased from
INR400mlns)
Hcl Infosystems Ltd Proposed FB limits WD 150 -
Hcl Infosystems Ltd Proposed long-TL WD 500 -
Himachal Energy Pvt Ltd Long-TL IND BBB+/Stable 80 Downgraded
Himachal Energy Pvt Ltd FB limits IND 250 Downgraded
BBB+/Stable/IND
A2
Himachal Energy Pvt Ltd Non-FB limits IND 800 Downgraded
BBB+/Stable/IND
A2
Hindupur Solar Park Pvt Ltd Rupee TL IND A(CE)/RWN 4715
Maintained on Rating Watch Negative (RWN)
Hindupur Solar Park Pvt Ltd Unsupported rating^ IND A-/RWN - Assigned;
placed on RWN
^Ind-Ra has assigned the unsupported rating based on standalone profile of the project, without
taking obligor co-obligor structure into account.
Hpl Electric & Power Ltd TL* IND BBB+/Stable 0.4 Downgraded &
Assigned
* Downgraded to ‘Provisional IND BBB+’/Stable and assigned final rating following the receipt
of sanction letter by Ind-Ra.
Hpl Electric & Power Ltd FB WC limits IND 4.75 Downgraded
BBB+/Stable/IND
A2
(reduced from INR4.95 mlns)
Hpl Electric & Power Ltd Non-FB WC limits IND 7.45 Downgraded
BBB+/Stable/IND
A2
Hpl Electric & Power Ltd Proposed long-TL** Provisional IND 0.25 Downgraded
BBB+/Stable
** The ratings are provisional and shall be confirmed upon the sanction and execution of the
loan documents for the above facilities by HPL to the satisfaction of Ind-Ra./(reduced from
INR0.65 mlns)
India Standard Loan Trust Lviii Series A pass-through Provisional IND 10135.44 Assigned
certificates (PTCs) AAA (SO)/Stable
India Standard Loan Trust Lviii Liquidity facility (LF)Provisional IND 101.35 Assigned
AAA(SO)/Stable
India Standard Loan Trust Lviii Second loss credit Provisional IND 709.48 Assigned
facility (SLCF) BBB(SO)/Stable
Jammu And Kashmir Bank Ltd Basel III compliant IND A+/Negative 20000 Downgraded;
Tier II bonds off RWN
Jammu And Kashmir Bank Ltd Lower Tier II bonds WD 6000 Withdrawn
(paid in full)
Kaithal Tollway Ltd Senior, secured, IND A+(CE)/ 5500 Maintained on
unlisted NCDs (NCDs) Rating Watch RWP
Positive (RWP)
Kaithal Tollway Ltd Unsupported rating^ IND A+/ Stable - Assigned
^Ind-Ra has assigned an 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.
Kaithal Tollway Ltd Senior project Bk loan WD 8500 Withdrawn
(paid in full)
Ken Enterprises Pvt Ltd Long-TL IND BBB- 12.8 -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Ken Enterprises Pvt Ltd FB Fac IND BBB- /IND A3 290 -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
L&T Samakhiali Gandhidham Senior project Bk loansIND BBB+/Negative5613.2 Negative
Tollway Ltd
(reduced from INR7,100mlns )
Mahabubnagar Solar Parks Pvt Rupee TL IND A(CE)/RWN 562.5
Ltd’
Maintained on Rating Watch Negative (RWN)
Mahabubnagar Solar Parks Pvt Unsupported rating^ IND A/RWN - Assigned;
Ltd’ placed on RWN
^Ind-Ra has assigned the unsupported rating based on standalone profile of the project, without
taking obligor co-obligor structure into account.
Maharashtra Airport Development NCDs IND BBB 1500 Downgraded
Company Ltd
Mangilall Rungta LT Issuer Rating IND BBB+ - Downgraded
from ‘IND A
Rating Watch Negative (RWN)
Mm Trust March 20 I Series A PTC (PTCs) Provisional IND 8915.4 Assigned
AAA(SO)/Stable
Mohit Ventures Pvt Ltd TL IND BB 110.3
Migrated to non-cooperating category(Issuer not Cooperating)
Mohit Ventures Pvt Ltd FB WC limits IND BB 77.5
Migrated to non-cooperating category(Issuer not Cooperating)
Nmdc Ltd Non-FB limits IND 24500 Affirmed
AAA/Stable/IND
A1+
Nmdc Ltd FB limits IND 500 Affirmed
AAA/Stable/IND
A1+
Nmdc Ltd Proposed NCDs (NCDs)* Provisional IND 50000 Assigned
AAA/Stable
*The final rating will be assigned following the closure of the issue upon the receipt of final
documentation, conforming to the information already received by Ind-Ra. The final documentation
includes all finalised financing and transaction document.
Ocean Constructions (I) Pvt Ltd FB limits IND 40 Assigned
BB+/Stable/IND
A4+
Polepally Solar Parks Pvt Ltd Rupee TL IND A(CE)/RWN 1342.5 Maintained on
Rating Watch
Negative (RWN)
Polepally Solar Parks Pvt Ltd Unsupported rating^ IND A/RWN - Maintained on
Rating Watch
Negative (RWN)
^Ind-Ra has assigned the unsupported rating based on standalone profile of the project, without
taking obligor co-obligor structure into account.
Primacy Industries Ltd TL IND BB+ 285.4
Downgraded and migrated to non-cooperating category(Issuer Not Cooperating)
Primacy Industries Ltd FB WC limits IND BB+ /IND A4+ 1400
Downgraded and migrated to non-cooperating category(Issuer Not Cooperating)
Renew Wind Energy (Jath) Ltd Unsupported rating^ IND A/Stable - Assigned
^Ind-Ra has assigned an 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.
Renew Wind Energy (Jath) Ltd NCDs IND AA+(CE)/ 4510
Stable
Affirmed; Outlook revised to Stable from Negative/(outstanding INR3,800 mlns)
Ruckmoni Memorial Charitable Bk loan IND BBB- 29.66
Educational Health Trust
Maintained to non-cooperating category(issuer Not Cooperating)
Ruckmoni Memorial Charitable FB WC facility IND BBB- 50
Educational Health Trust
Maintained to non-cooperating category(issuer Not Cooperating)
Ruckmoni Memorial Charitable Proposed Bk loans* WD 131.34
Educational Health Trust
Maintained to non-cooperating category(issuer Not Cooperating)/* 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.
Sansar Trust March 2020 V Second-loss credit Provisional IND 355 Assigned
facility (SLCF) A-(SO)/Stable
Sansar Trust March 2020 V Series A pass-through Provisional IND 4438 Assigned
certificates (PTCs) AAA(SO)/Stable
Solex Energy Ltd TL IND BB+/Stable 4.8 Affirmed
Outlook revised to Stable from Positive
Solex Energy Ltd FB WC limits IND 61 Affirmed
BB+/Stable/IND
A4+
Outlook revised to Stable from Positive
Sterlite Power Transmission Ltd Non-FB limits IND A3+/RWE 20810
Downgraded; placed on RWE
Sterlite Power Transmission Ltd FB limits IND BBB/RWE 2500
Downgraded; placed on RWE
Sterlite Power Transmission Ltd NCDs (NCDs) IND BBB/RWE 3500
Downgraded; placed on RWE
Sterlite Power Transmission Ltd TL WD 3672 Withdrawn
(paid in full)
Swapna Printing Works Pvt Ltd FBL IND BBB- 20
Migrated to non-cooperating category(Issuer Not Cooperating)
Swapna Printing Works Pvt Ltd Proposed FBL Provisional IND 40
BBB-
Migrated to non-cooperating category(Issuer Not Cooperating)
Tata Projects Ltd LT issuer rating IND AA/Stable - Affirmed
Tata Projects Ltd NCD IND AA/Stable 10 Affirmed
Tata Projects Ltd NCD* IND AA/Stable 5 Assigned
*The assignment of the final rating follows the receipt of the final documents conforming to the
information already received by Ind-Ra.
Tata Projects Ltd FB WC limits IND 23.17 Affirmed
AA/Stable/IND A1+
(reduced from INR28.02 mlns )
Tata Projects Ltd Non-FB WC limits IND 166.99 Affirmed
AA/Stable/IND A1+
(increased from INR158.51 mlns )
The Singareni Collieries Co. LtdTL IND AA/Stable 48300 Assigned
The Singareni Collieries Co. LtdFB WC limits IND 7800 Assigned
AA/Stable/IND A1+
The Singareni Collieries Co. LtdNon-FB WC limits IND 12200 Assigned
AA/Stable/IND A1+
Vishakha Polyfab Pvt Ltd Non-FB WC limits IND A2/RWN 260 Placed on RWN
Vishakha Polyfab Pvt Ltd FB WC limits IND BBB+/RWN 520 Placed on RWN
Vishakha Polyfab Pvt Ltd TL IND BBB+/RWN 188.1 Placed on RWN
Wadhwa Construction & TL IND BB+/RWN 6500 Downgraded;
Infrastructure Pvt Ltd placed on RWN
Wadhwagroup Holdings Pvt Ltd TL (Lease rental IND BB+/RWN 21940.7 Downgraded;
discounting) placed on RWN
Wadhwagroup Holdings Pvt Ltd TL IND BB+/RWN 5777 Downgraded;
placed on RWN
Winsol Solar Fields (Polepally) Rupee TL IND A(CE)/RWN 4665
Pvt Ltd
Maintained on Rating Watch Negative (RWN)
Winsol Solar Fields (Polepally) Unsupported rating^ IND A/RWN - Assigned;
Pvt Ltd placed on RWN
^Ind-Ra has assigned the unsupported rating based on standalone profile of the project, without
taking obligor co-obligor structure into account.
-----------------------------------------------------------------------------------------------
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)
Source: reuters
