Home India India Ratings for Indian debt instruments – Aug 3
India Ratings for Indian debt instruments – Aug 3

India Ratings for Indian debt instruments – Aug 3

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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)
Anand Gupta Editor - EQ Int'l Media Network
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