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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
July 31, 2020.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------ ---------- ------ ------ ---------
SHORT TERM RATINGS:
-------------------
Aarti Industries Ltd CP IND A1+ 4000 Affirmed
Abhishek Solar Industries Pvt Non-FB WC limits IND A4 60 -
Ltd
Migrating to non-cooperating category(issuer not cooperating)
Dcw Ltd Non-FB WC limits IND A3+ 3272.5 Affirmed
Manman Manufacturing Company Non-FBL IND A4 2 -
Pvt Ltd
Migrated to non-cooperating category(issuer not cooperating)
Sagar Cements (R) Ltd Non-FB WC limit IND A2+ 150 Affirmed
Sagar Cements Ltd Non-FB WC limit IND A2+ 1000 Affirmed
Samrat Gems Impex Pvt Ltd Non-FB WC limits IND A4+ 70 Affirmed
Shri Khatu Shyam Alloys Pvt Ltd Non-FB WC limits IND A3+ 50 -
Migrated to non-cooperation category(issuer not cooperting)
LONG TERM RATINGS:
-------------------
Aarti Industries Ltd LT Issuer Rating IND AA/Stable - Affirmed
Aarti Industries Ltd TL* IND AA/Stable 740 Assigned
* Assigned final rating following the receipt of the executed financing documents by Ind-Ra.
Aarti Industries Ltd TL IND AA/Stable 4120 Affirmed
Aarti Industries Ltd WC Fac IND AA/Stable 2730 Affirmed
Aarti Industries Ltd Proposed TL# Provisional IND 760 Affirmed
AA/Stable
* Assigned final rating following the receipt of the executed financing documents by Ind-Ra.
Aarti Industries Ltd Proposed WC Fac# Provisional IND 180 Affirmed
AA/Stable
#The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by AIL to the satisfaction of Ind-Ra./(reduced from INR1.5
blns)
Abhishek Solar Industries Pvt FB WC limits IND B- 60 -
Ltd
Migrating to non-cooperating category(issuer not cooperating)
Chhattisgarh State Power TL* IND A/Stable 29617.2 Affirmed
Transmission Co. Ltd
(increased from INR6.9672 blns)/*Untied INR3.50 billion
Chhattisgarh State Power WC Fac$ IND A/Stable 1800 Affirmed
Transmission Co. Ltd
(increased from 1.05 blns)/$ Untied INR0.37 billion
Dcw Ltd TL BBB/Negative 3348.7 Affirmed
(reduced from INR4,261.2 mlns)/Outlook revised to Negative from Stable
Dcw Ltd TL* BBB/Negative 1005 Assigned
* The provisional rating of the proposed bank facilities/NCDs has been converted to final rating
as per Ind-Ra’ updated policy. This is because the agency notes that debt seniority and general
terms and conditions of bank facilities tend to be uniform across banks, and are not a rating
driver. The proposed NCDs are likely to follow the standard terms and conditions of the NCDs
already issued, and are not a rating driver.
Dcw Ltd NCD BBB/Negative 1370.8 Affirmed
(increased from INR1,263.5 mlns)/Outlook revised to Negative from Stable
Dcw Ltd NCD*# BBB/Negative 879.2 Assigned
(reduced from INR986.5 mlns)
* The provisional rating of the proposed bank facilities/NCDs has been converted to final rating
as per Ind-Ra’ updated policy. This is because the agency notes that debt seniority and general
terms and conditions of bank facilities tend to be uniform across banks, and are not a rating
driver. The proposed NCDs are likely to follow the standard terms and conditions of the NCDs
already issued, and are not a rating driver.
#Yet to be issued
Dcw Ltd FB WC limits BBB/Negative/IND 527.5 Affirmed
A3+
Outlook revised to Negative from Stable
First Business Receivables TrustPTCs* IND 41090 Affirmed
AAA(SO)/Stable
* PTCs issued aggregating INR36,935.2 million have been structured as 24 time-tranched
instruments maturing every quarter from the issuance date. Two of the shortest tranches have
paid in full. The details of the issued PTCs have been provided in the Annexure.
First Business Receivables TrustPTCs^ WD 112250 Withdrawn
^ The provisional ratings of PTCs have been withdrawn as requested by the originator as they are
not planned to be issued, and thus, Ind-Ra no longer needs to maintain the rating.
India Standard Loan Trust XLVI Series A pass-through IND AA(SO)/Stable144.6 Affirmed
certificates (PTCs)
India Standard Loan Trust XLVI Liquidity facility (LF)IND 4.2 Affirmed
AAA(SO)/Stable
India Standard Loan Trust XLVI Second loss credit IND 21.2 Affirmed
facility (SLCF) BBB(SO)/Stable
Jajpur Cements Pvt Ltd TL IND A-/Stable 2000 Affirmed
Manman Manufacturing Company FB limits IND B+ 30 -
Pvt Ltd
Migrated to non-cooperating category(issuer not cooperating)
Manman Manufacturing Company TL IND B+ 20.88 -
Pvt Ltd
Migrated to non-cooperating category(issuer not cooperating)
Mm Trust Feb 19 Series A pass-through IND 1671.3 Affirmed
certificates (PTCs) AAA(SO)/Stable
Navi Mumbai Municipal LT Issuer Rating IND AA+ - Affirmed
Corporation
Punjab National Bank Additional Tier I IND A/RWE 67500 -
(AT1) bonds
(Maintained on RWE)
Punjab National Bank Basel III Tier 2 bonds IND AA+/RWE 65000 -
(Maintained on RWE)
Punjab National Bank Senior infrastructure IND AA+/RWE 20000 -
bonds
(Maintained on RWE)
Sagar Cements (R) Ltd TL IND A-/Stable 350 Affirmed
(reduced from INR401.8 mlns)
Sagar Cements (R) Ltd NCDs (NCDs) IND A-/Stable 1153.8 Affirmed
(reduced from INR1,384.6 mlns)
Sagar Cements (R) Ltd FB WC limit IND A-/Stable 400 Affirmed
/IND A2+
Sagar Cements Ltd TL IND A-/Stable 1356.5 Affirmed
(reduced from INR1,607.4 mlns)
Sagar Cements Ltd FB WC limit* IND 1320 Affirmed
A-/Stable/IND
A2+
*The working capital demand loan has been re-classified as fund-based working capital limits.
Samrat Gems Impex Pvt Ltd FB WC limits IND 299.5 -
BB-/Stable/IND
A4+
(Long-term rating downgraded and short-term rating affirmed)
Sarvejana Healthcare Pvt Ltd LT loans IND BB+/Stable 90.59 Affirmed
(reduced from INR170.76 mlns)
Sarvejana Healthcare Pvt Ltd Fund based facility IND 280 Affirmed
BB+/Stable/A4+
Satguru Cement Pvt Ltd TL IND A-/Stable 3100 Affirmed
(increased from INR 2,750 mlns)
Shri Khatu Shyam Alloys Pvt Ltd FB WC limits IND BBB 250 -
Migrated to non-cooperation category(issuer not cooperting)
-----------------------------------------------------------------------------------------------
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)
