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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
November 27 and 30, 2020.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------ ---------- ------ ------ ---------
SHORT TERM RATINGS:
-------------------
Dev’S Chem Tec Pvt Ltd Non-FB WC limit IND A4+ 40 -
(Issuer Not Cooperating) Maintained in non-cooperating category
Survival Technologies Pvt. Ltd LOC IND A3+ 120 -
(Issuer Not Cooperating); Migrated to non-cooperating category
Tharu & Sons Non-FB limits IND A4+ 75 Assigned
Tharu & Sons Proposed non-FB limits IND A4+ 115 Assigned
*
*Unallocated
LONG TERM RATINGS:
-------------------
Acme Babadham Solar Power Pvt Senior project TL* IND AA-/Stable 1646.8 Upgraded
Ltd
(reduced from INR1,838.3),*The rating of the existing term loans will be withdrawn once the
loans are refinanced by the new term loans. Simultaneously, the final ratings will be assigned
to the new term loans on receipt of no-dues certificate, along with a copy of executed
transaction documents for the new term loans.
Acme Babadham Solar Power Pvt Unsupported rating# IND AA-/Stable - Assigned
Ltd
#Ind-Ra has assigned an unsupported rating 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 Babadham Solar Power Pvt Proposed TL@ Provisional IND 1927.7 Assigned
Ltd AA-(CE)/Stable
@The provisional rating has been assigned based on receipt of sanction letters and provisional
facility agreement term sheets.
Acme Kaithal Solar Power Pvt LtSenior project TL* IND AA-/Stable 1819.1 Upgraded
(reduced from INR1,866.1)*The rating of the existing term loans will be withdrawn once the loans
are refinanced by the new term loans. Simultaneously, the final ratings will be assigned to the
new term loans on receipt of no-dues certificate, along with a copy of executed transaction
documents for the new term loans.
Acme Kaithal Solar Power Pvt LtUnsupported rating# IND AA-/Stable - Assigned
#Ind-Ra has assigned an unsupported rating 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 Kaithal Solar Power Pvt LtProposed TL@ Provisional IND 2117.9 Assigned
AA-(CE)/Stable
@The provisional rating has been assigned based on receipt of sanction letters and provisional
facility agreement term sheets.
Acme Koppal Solar Energy Pvt LtSenior project TL* IND AA-/Stable 1655.1 Upgraded
(reduced from INR1,697.7)*The rating of the existing term loans will be withdrawn once the loans
are refinanced by the new term loans. Simultaneously, the final ratings will be assigned to the
new term loans on receipt of no-dues certificate, along with a copy of executed transaction
documents for the new term loans
Acme Koppal Solar Energy Pvt LtUnsupported rating# IND AA-/Stable - Assigned
#Ind-Ra has assigned an unsupported rating 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 Koppal Solar Energy Pvt LtProposed TL@ Provisional IND 1926.5 Assigned
AA-(CE)/Stable
@The provisional rating has been assigned based on receipt of sanction letters and provisional
facility agreement term sheets.
Acme Vijaypura Solar Energy PvtSenior project TL* IND AA-/Stable 1769.8 Upgraded
Ltd
(reduced from INR1,866.1)*The rating of the existing term loans will be withdrawn once the loans
are refinanced by the new term loans. Simultaneously, the final ratings will be assigned to the
new term loans on receipt of no-dues certificate, along with a copy of executed transaction
documents for the new term loans.
Acme Vijaypura Solar Energy PvtUnsupported rating# IND AA-/Stable - Assigned
Ltd
#Ind-Ra has assigned an unsupported rating 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 Vijaypura Solar Energy PvtProposed TL@ Provisional IND 2057.7 Assigned
Ltd AA-(CE)/Stable
@The provisional rating has been assigned based on receipt of sanction letters and provisional
facility agreement term sheets.
Birla Corporation Ltd Proposed NCDs* IND AA/Stable 1500 Assigned
*Final sanction letter yet to be received
Bpl Ltd FB limits* WD 100 -
(Issuer Not Cooperating) Maintained in non-cooperating category,*Maintained at ‘IND B- before
being withdrawn
Bpl Ltd Non-FB limits# WD 280 -
(Issuer Not Cooperating) Maintained in non-cooperating category#Maintained at ‘IND A4 before
being withdrawn
Dev’S Chem Tec Pvt Ltd FB WC limit IND BB-/INDA4+ 20 -
(Issuer Not Cooperating) Maintained in non-cooperating category
Dev’S Chem Tec Pvt Ltd Proposed FB WC limit WD 120 Withdrawn
(the company did not proceed with the instrument as envisaged)
Gmr Warora Energy Ltd NCDs** IND C 750 Assigned
**NCDs with modified terms and conditions with new ISINs. Details in Annexure below.
Gmr Warora Energy Ltd NCDs*^ WD 750 Downgraded and
withdrawn
^Downgraded to ‘IND C’ from ‘IND B’/Stable before being withdrawn
*The rating has been withdrawn as the old
Jasmine Towels Pvt Ltd TL IND BB+ 2.55 -
(Issuer Not Cooperating); Migrated to non-cooperating category
Jasmine Towels Pvt Ltd FB WC limits IND BB+ / IND A4+90 -
(Issuer Not Cooperating); Migrated to non-cooperating category
Karnataka Neeravari Nigam Ltd Unsupported rating IND A+/Stable - Affirmed
Karnataka Neeravari Nigam Ltd TL IND 48550 Affirmed
AA-(CE)/Stable
(INR28,014.50 outstanding)
Karnataka Neeravari Nigam Ltd TL IND 6500 Assigned
AA-(CE)/Stable
Karnataka Neeravari Nigam Ltd Bonds IND 5000 Affirmed
AA-(CE)/Stable
Kashipur Sitarganj Highways PvtSenior LT rupee loans IND D 4220 -
Ltd (LT)
(Issuer Not Cooperating) Maintained in non-cooperating category
Pahal Foods Pvt Ltd TL IND A/Positive 20 Assigned
Pahal Foods Pvt Ltd FB limits IND A/Positive 180 Assigned
Porbandar Dwarka Expressway PvtSenior secured rupee TLIND AA/Positive 6720* Upgraded
Ltd
* Total final debt availed was INR6,600 million and the current debt outstanding as of 18
November 2020 was INR6,421.8 million
Rajkamal Builders FB WC limit (as a WD 230.8 -
Infrastructure Pvt Ltd sublimit of NFB WC
limits) *
Migrated to the non-cooperating category and withdrawn,*Migrated to ‘IND BBB+(ISSUER NOT
COOPERATING)’ before being withdrawn
Rajkamal Builders Non-FB WC limit** WD 1950 -
Infrastructure Pvt Ltd
Migrated to the non-cooperating category and withdrawn,**Migrated to ‘IND A2+(ISSUER NOT
COOPERATING)’ before being withdrawn
Rajkamal Builders Proposed FB WC limit WD 250 -
Infrastructure Pvt Ltd (as a sublimit of NFB
WC limits) ^
Migrated to the non-cooperating category and withdrawn,^Migrated to ‘Provisional IND BBB+(ISSUER
NOT COOPERATING)’ before being withdrawn
Rajkamal Builders Proposed NFB WC limit^^WD 1300 -
Infrastructure Pvt Ltd
Migrated to the non-cooperating category and withdrawn,^^Migrated to ‘Provisional IND A2+(ISSUER
NOT COOPERATING)’ before being withdrawn
Rccpl Pvt Ltd TL IND AA/Stable 650 Upgraded
(reduced from INR730)
Sansar Trust Sep 2017 Vii’S Second loss credit IND A-(SO)/Stable197.3 Affirmed
(An Asset Backed facility SLCF
Securities Transaction)
Sansar Trust Sep 2017 Vii’S Series A pass-through IND 579.5 Affirmed
(An Asset Backed certificates (PTCs) AAA(SO)/Stable
Securities Transaction)
Singhania Foods International TL IND A- /Positive 185 Affirmed
Outlook revised to Positive from Stable,(increased from INR160.9),The announcement rectifies the
version published on 15 October 2020 to correctly state the Long-Term Issuer Rating in the title
and the first paragraph. The amended version is as above:
Singhania Foods International FB limits IND A- /Positive 60 Affirmed
Outlook revised to Positive from Stable,(increased from INR50),The announcement rectifies the
version published on 15 October 2020 to correctly state the Long-Term Issuer Rating in the title
and the first paragraph. The amended version is as above:
Survival Technologies Pvt. Ltd TL IND BBB 233.19 -
(Issuer Not Cooperating); Migrated to non-cooperating category
Survival Technologies Pvt. Ltd CC IND BBB 120 -
(Issuer Not Cooperating); Migrated to non-cooperating category
Survival Technologies Pvt. Ltd Packing credit IND BBB 140 -
limit/pre-shipment
credit in foreign currency
(Issuer Not Cooperating); Migrated to non-cooperating category
Survival Technologies Pvt. Ltd FB limit IND BBB / IND A3+50 -
(Issuer Not Cooperating); Migrated to non-cooperating category
Tharu & Sons FB limits IND 10 Assigned
BB/Stable/IND A4+
-----------------------------------------------------------------------------------------------
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
