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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 January 6, 2021. COMPANY INSTRUMENT RATING AMOUNT MOVEMENT (RS.MLN) ------ ---------- ------ ------ --------- SHORT TERM RATINGS: ------------------- Clifton Export Pvt Ltd FB WC limits IND A4+ 620 - (Issuer Not Cooperating); Migrated to non-cooperating category Clifton Export Pvt Ltd Non-FB WC limits IND A4+ 41.5 - (Issuer Not Cooperating); Migrated to non-cooperating category Dcw Ltd Non-FB WC limits IND A3+ 3272.5 Affirmed Kross Ltd Non-FB WC limits IND A3+ 130 - (Issuer Not Cooperating); Migrated to non-cooperating category LONG TERM RATINGS: ------------------- Aarohi Solar Pvt Ltd Rupee TL (RTL) IND 2970 Affirmed; off BBB-(CE)/Negative Rating Watch Negative (RWN) Aarohi Solar Pvt Ltd External commercial IND 585.4 Affirmed; off borrowing (ECB) BBB-(CE)/Negative RWN Aarohi Solar Pvt Ltd WC facility IND 210 Affirmed; off BBB-(CE)/Negative RWN Aarohi Solar Pvt Ltd Loan equivalent risk IND 100 Affirmed; off (LER) hedging facility BBB-(CE)/Negative RWN Aarohi Solar Pvt Ltd Unsupported rating* IND - Affirmed; off BBB-(CE)/Negative RWN * Ind-Ra has also affirmed an unsupported rating of ‘IND BBB-’/Negative for the 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. Acme Jaisalmer Solar Power Pvt Rupee TL (RTL) IND 1110 Affirmed; off Ltd BBB-(CE)/Negative Rating Watch Negative (RWN) Acme Jaisalmer Solar Power Pvt External commercial IND 267.1 Affirmed; off Ltd borrowing (ECB) BBB-(CE)/Negative RWN Acme Jaisalmer Solar Power Pvt WC facility IND 80 Affirmed; off Ltd BBB-(CE)/Negative RWN Acme Jaisalmer Solar Power Pvt Loan equivalent risk IND 75 Affirmed; off Ltd (LER) hedging facility BBB-(CE)/Negative RWN Acme Jaisalmer Solar Power Pvt Unsupported rating* IND BBB-/Negative- Affirmed; off Ltd RWN * Ind-Ra has also affirmed an unsupported rating of ‘IND BBB-’/Negative for the 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. Clifton Export Pvt Ltd Long-TL IND BB+ 31.1 - (Issuer Not Cooperating); Migrated to non-cooperating category Dayanidhi Solar Power Pvt Ltd Rupee TL (RTL) IND 2100 Affirmed; off BBB-(CE)/Negative Rating Watch Negative (RWN) Dayanidhi Solar Power Pvt Ltd External commercial IND 538.3 Affirmed; off borrowing (ECB) BBB-(CE)/Negative RWN Dayanidhi Solar Power Pvt Ltd WC facility IND 180 Affirmed; off BBB-(CE)/Negative RWN Dayanidhi Solar Power Pvt Ltd Loan equivalent risk IND 156 Affirmed; off (LER) hedging facility BBB-(CE)/Negative RWN Dayanidhi Solar Power Pvt Ltd Unsupported rating* IND - Affirmed; off BBB-(CE)/Negative RWN * Ind-Ra has also affirmed an unsupported rating of ‘IND BBB-’/Negative for the 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. Dcw Ltd TL IND BBB/Positive 4074.7 Affirmed (reduced from 4,353.7),Outlook revised to Positive from Negative Dcw Ltd NCD# IND BBB/Positive 2250 Affirmed Outlook revised to Positive from Negative,#INR750 million yet to be issued Dcw Ltd FB WC limits IND 527.5 Affirmed BBB/Positive/IND A3+ (Outlook revised to Positive from Negative) Dcw Ltd Proposed NCDs (NCDs) IND BBB/Positive 3500 Assigned Dcw Ltd Proposed optionally IND BBB/Positive 600 Assigned convertible debentures (OCDs) Il&Fs Infrastructure Debt Fund IL&FS IDF - Series 3A IND A+idf-mf 1400 Affirmed; off Scheme RWN Il&Fs Infrastructure Debt Fund IL&FS IDF - Series 3B IND A+idf-mf 1400 Affirmed; off Scheme RWN Il&Fs Infrastructure Debt Fund IL&FS IDF - Series 1B IND A+idf-mf 2351 Affirmed; off Scheme RWN Il&Fs Infrastructure Debt Fund IL&FS IDF - Series 1C IND A+idf-mf 2831.1 Affirmed; off Scheme RWN Il&Fs Infrastructure Debt Fund IL&FS Infrastructure IND A+idf-mf 5750 Affirmed; off Debt Fund - Series 2 RWN Schemes (2A, 2B & 2C) Jaya Poultry Farm Long-TL (LT)* WD 85.1 Maintained in the non-cooperating category and withdrawn *Maintained at ‘IND D(ISSUER NOT COOPERATING)’ before being withdrawn. Jaya Poultry Farm FB WC limits (LT/ST)* WD 40 Maintained in the non-cooperating category and withdrawn *Maintained at ‘IND D(ISSUER NOT COOPERATING)’ before being withdrawn. Kross Ltd TL IND BBB 132.2 - (Issuer Not Cooperating); Migrated to non-cooperating category Kross Ltd Fund based WC limits IND BBB / IND A3+465 - (Issuer Not Cooperating); Migrated to non-cooperating category Ncc Ltd TL IND A/Positive 810 Affirmed; Off RWN (reduced from INR3.0) Ncc Ltd FB WC limits IND 20580 Affirmed; Off A/Positive/IND A1 RWN Ncc Ltd Non-FB limits IND 98540 Affirmed; Off A/Positive/IND A1 RWN Ncc Ltd Proposed non FB WC IND 3070 Assigned limits* A/Positive/IND A1 (increased from INR0.88),*The provisional rating of the proposed bank facilities has been converted to final rating as per India Ratings’ updated policy. This is because the debt seniority and general terms and conditions of working capital facilities tend to be uniform across banks, and are not a rating driver. Niranjana Solar Energy Pvt Ltd Rupee TL (RTL) IND 1110 Affirmed; off BBB-(CE)/Negative Rating Watch Negative (RWN) Niranjana Solar Energy Pvt Ltd External commercial IND 270.5 Affirmed; off borrowing (ECB) BBB-(CE)/Negative RWN Niranjana Solar Energy Pvt Ltd WC facility IND 90 Affirmed; off BBB-(CE)/Negative RWN Niranjana Solar Energy Pvt Ltd Loan equivalent risk IND 75 Affirmed; off (LER) hedging facility BBB-(CE)/Negative RWN Niranjana Solar Energy Pvt Ltd Unsupported rating* IND - Affirmed; off BBB-(CE)/Negative RWN * Ind-Ra has also affirmed an unsupported rating of ‘IND BBB-’/Negative for the 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. Northern Arc 2019 Mfi Kosmo (AnSeries A1 PTCs IND A(SO)/Stable 4.31 Affirmed Asset-Backed Security Transaction) Northern Arc 2019 Mfi Kosmo (AnSeries A2 PTCs IND 8.52 Affirmed Asset-Backed Security BBB+(SO)/Stable Transaction) Raipur Development Authority Bk loans (LT) IND D 4863 - (Issuer Not Cooperating) Maintained in non-cooperating category Rico Auto Industries Ltd TL IND A-/RWN 2920 Maintained on RWN (increased from INR2,652.3) Rico Auto Industries Ltd TL/LOC IND A-/RWN 200 Maintained on RWN (reduced from INR677.7) Rico Auto Industries Ltd FB WC limit IND A-/RWN/IND 2050 Maintained on A2+/RWN RWN Rico Auto Industries Ltd Non-FB WC credit limitsIND A-/RWN/IND 225 Maintained on A2+/RWN RWN (reduced from INR400) Unique Mercantile India Ltd Proposed TL* WD 1500 Withdrawn *The provisional rating for the proposed instrument has been withdrawn since it was outstanding for over 180 days and is no longer expected to proceed as previously envisaged. Vayu (Project 1) Pvt Ltd Senior project Bk loan IND A+/Stable 1913.8 Affirmed (reduced from INR2,200.2) Vishwatma Solar Energy Pvt Ltd Rupee TL (RTL) IND 1550 Affirmed; off BBB-(CE)/Negative Rating Watch Negative (RWN) Vishwatma Solar Energy Pvt Ltd External commercial IND 420.2 Affirmed; off borrowing (ECB) BBB-(CE)/Negative RWN Vishwatma Solar Energy Pvt Ltd WC facility IND 120 Affirmed; off BBB-(CE)/Negative RWN Vishwatma Solar Energy Pvt Ltd Loan Equivalent Risk IND 116 Affirmed; off (LER) hedging facility BBB-(CE)/Negative RWN Vishwatma Solar Energy Pvt Ltd Unsupported rating* IND BBB-/Negative- Affirmed; off RWN * Ind-Ra has also affirmed an unsupported rating of ‘IND BBB-’/Negative for the 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. ----------------------------------------------------------------------------------------------- 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
