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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 26, 2020.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------ ---------- ------ ------ ---------
SHORT TERM RATINGS:
-------------------
Armstrong Knitting Mills Non-FB facility IND A3 2.5 Assigned
Rajmahal Coal Mining Ltd Non-FB limits IND A2+ 600 Affirmed
LONG TERM RATINGS:
-------------------
Aarish Solar Power Pvt Ltd Unsupported 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.)
Aarish Solar Power Pvt Ltd Proposed NCDs* Provisional IND 2500 Assigned
AA+(CE)/Stable
(*Limit based on management representation. The final rating will be assigned at the time of
issuance of NCDs)
Aashman Energy Pvt Ltd Unsupported 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.)
Aashman Energy Pvt Ltd Proposed NCDs* Provisional IND 2500 Assigned
AA+(CE)/Stable
(*Limit based on management representation. The final rating will be assigned at the time of
issuance of NCDs.)
Armstrong Knitting Mills TL IND BBB-/Stable 20.34 Assigned
Armstrong Knitting Mills FB WC facility IND 650 Assigned
BBB-/Stable/IND
A3
Blde University Proposed Bk loans* IND BBB-/Stable 50 Assigned
(* Unallocated)
Courtyard Real Estate Pvt Ltd NCDs IND A-/Stable 1331.6 Assigned
Divyesh Power Pvt Ltd Unsupported 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.)
Divyesh Power Pvt Ltd Proposed NCDs* Provisional IND 2500 Assigned
AA+(CE)/Stable
(*Limit based on management representation. The final rating will be assigned at the time of
issuance of NCDs.)
Elena Renewable Energy Pvt Ltd Unsupported 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.)
Elena Renewable Energy Pvt Ltd Proposed NCDs* Provisional IND 2500 Assigned
AA+(CE)/Stable
(*Limit based on management representation. The final rating will be assigned at the time of
issuance of NCDs.)
Kross Ltd Rating review exercise - - -
(India Ratings and Research (Ind-Ra) rates Kross Limited at ‘IND BBB’ with a Negative Outlook.
As part of the ongoing rating review exercise and in line with the regulatory requirement,
Ind-Ra had requested the issuer on 5 October 2020, 24 September 2020 and 3 September 2020 for
updated information on the company’s performance. In view of the COVID-19 led lockdown, the
issuer has informed the agency that it needs more time to provide the required data.)
Mansarovar Pearls India Pvt LtdFB WC limits (LT/ ST) IND D 350 -
(Maintained in non-cooperating category.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 17 October 2019. Ind-Ra is
unable to provide an update, as the agency does not have adequate information to review the
ratings.)
Mansarovar Pearls India Pvt LtdProposed FB WC limits WD 150 Withdrawn
(LT/ ST)
(Withdrawn (the company did not proceed with the instrument as envisaged))
Mape Autocomp Holdings Pvt Ltd Proposed NCDs* Provisional IND 1050 Assigned
BBB-/Stable
(*The final rating will be assigned following the closure of the issue upon the receipt of the
final documentation, conforming to the information already received by Ind-Ra.)
Pratyash Renewables Pvt Ltd Unsupported 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.)
Pratyash Renewables Pvt Ltd Proposed NCDs* Provisional IND 2500 Assigned
AA+(CE)/Stable
(*Limit based on management representation. The final rating will be assigned at the time of
issuance of NCDs.)
R.L. Fine Chem Pvt Ltd Proposed NCDs* Provisional IND 800 Assigned
BBB-/Stable
(*The final rating will be assigned following the closure of the issue upon the receipt of the
final documentation, conforming to the information already received by Ind-Ra.)
Raichur Bio-Energies Pvt Ltd TL IND B+/Stable 247 Assigned
Raichur Bio-Energies Pvt Ltd FB Fac IND 75 Assigned
B+/Stable/IND A4
Rajmahal Coal Mining Ltd FB limits IND A-/Stable 300 Affirmed
Sanatan Merchants Pvt Ltd FB Fac IND 130 Affirmed
BB/Stable/IND A4+
Sei Baskara Power Pvt Ltd Unsupported 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.)
Sei Baskara Power Pvt Ltd Proposed NCDs* Provisional IND 2500 Assigned
AA+(CE)/Stable
(*Limit based on management representation. The final rating will be assigned at the time of
issuance of NCDs.)
Sei Enerstar Renewable Energy Unsupported rating^ IND AA+/Stable - Assigned
Pvt 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.)
Sei Enerstar Renewable Energy Proposed NCDs* Provisional IND 2500 Assigned
Pvt Ltd AA+(CE)/Stable
(*Limit based on management representation. The final rating will be assigned at the time of
issuance of NCDs.)
Sei Mihir Energy Pvt Ltd Unsupported 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.)
Sei Mihir Energy Pvt Ltd Proposed NCDs* Provisional IND 2500 Assigned
AA+(CE)/Stable
(*Limit based on management representation. The final rating will be assigned at the time of
issuance of NCDs.)
Shreyas Renewable Energy Pvt Ltd Unsupported 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.)
Shreyas Renewable Energy Pvt Ltd Proposed NCDs* Provisional IND 2500 Assigned
AA+(CE)/Stable
(*Limit based on management representation. The final rating will be assigned at the time of
issuance of NCDs.)
Silvertoss Industries Pvt Ltd FB WC limits* WD 150 -
(Migrated to the non-cooperating category and withdrawn.
* Migrated to ‘IND BB-(ISSUER NOT COOPERATING)’ before being withdrawn.)
Silvertoss Industries Pvt Ltd Non-FB WC limits** WD 430 -
(Migrated to the non-cooperating category and withdrawn.
** Migrated to ‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn.)
Sushee Ivrcl Arunachalhighways Rupee TL (RTL) IND B/Stable 2340 Assigned
Ltd
Sushee Ivrcl Arunachalhighways Performance BG IND B/Stable 143 Assigned
Ltd
Zuvan Energy Pvt Ltd Unsupported 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.)
Zuvan Energy Pvt Ltd Proposed NCDs* Provisional IND 2500 Assigned
AA+(CE)/Stable
(*Limit based on management representation. The final rating will be assigned at the time of
issuance of NCDs.)
-----------------------------------------------------------------------------------------------
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
