Jul 21 - 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 20, 2020.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------ ---------- ------ ------ ---------
SHORT TERM RATINGS:
-------------------
Bgr Mining & Infra Ltd Non-FB WC limits (ST) IND D 6000 -
Affirmed and migrated to the non cooperating category(issuer not cooperating)
Gridco Ltd Non-FB WC limit IND A3+ 2250 Downgraded
Muzaffarpur Vidyut Vitaran Ltd Non-FB WC facility (ST)IND D 415.4 -
Migrated to non cooperating category(issuer not cooperating)
Prachi (I) Pvt Ltd Non-FB limits IND A4+ 30 Affirmed
Vistaar Financial Services Pvt ST Issuer Rating IND A1 - Affirmed
Ltd
MEDIUM TERM RATINGS:
-------------------
Sambandam Spinning Mills Ltd Fixed deposit IND tA-/RWN 76.1 Maintained on
programme
RWN
Sambandam Spinning Mills Ltd Proposed fixed deposit Provisional IND 143.9 Maintained on
programme tA-/RWN RWN
LONG TERM RATINGS:
-------------------
Bgr Mining & Infra Ltd FB WC limits (LT/ST) IND D 1250 -
Affirmed and migrated to the non cooperating category(issuer not cooperating)
Bgr Mining & Infra Ltd TL (LT) IND D 7743.1 -
Affirmed and migrated to the non cooperating category(issuer not cooperating)
Bgr Mining & Infra Ltd Proposed TL (LT) WD 837.4 Withdrawn*
* the company has not utilised the facilities, as confirmed by the lenders.
Gridco Ltd FB WC limit IND 6250 Downgraded
BBB/Negative
Gridco Ltd Bonds IND A-(CE)/stable1275 Affirmed
Hpcl Biofuels Ltd TL IND AA-/Stable 2534.4 Affirmed
Off RWN/(reduced from INR2,722.6 mlns)
Hpcl Biofuels Ltd FB limits IND 1250 Affirmed
AA-/Stable/IND
A1+
Off RWN
Johnson Jewelers FB WC limits IND B-/Stable 120 Downgraded
(reduced from INR150 mlns)
M/S Patodia Ginning Factory TL (LT)* WD 8.69 Maintained in
non
cooperating
category and
withdrawn
* Maintained at ‘IND D(ISSUER NOT COOPERATING)’ before being withdrawn
M/S Patodia Ginning Factory FB Fac (LT)* WD 141.31 Maintained in
non
cooperating
category and
withdrawn
* Maintained at ‘IND D(ISSUER NOT COOPERATING)’ before being withdrawn
Muzaffarpur Vidyut Vitaran Ltd TL (LT) IND D 728.2 -
Migrated to non cooperating category(issuer not cooperating)
Muzaffarpur Vidyut Vitaran Ltd FB WC facility (LT) IND D 100 -
Migrated to non cooperating category(issuer not cooperating)
Prachi (I) Pvt Ltd TL IND BB/Negative 103 Affirmed
Outlook revised to Negative from Stable
Prachi (I) Pvt Ltd TL* IND BB/Negative 54.52 Assigned
*The final rating has been assigned upon the receipt of the executed loan documents for the
above facilities by PIPL to the satisfaction
Prachi (I) Pvt Ltd FB limits IND 150 Affirmed
BB/Negative/IND
A4+
Outlook revised to Negative from Stable
Prime Urban Development India FB Fac IND B- /IND A4 210 -
Ltd
Long-term rating downgraded; short-term rating affirmed and migrated to non cooperating category
Sambandam Spinning Mills Ltd FB WC Fac IND 532.5 Maintained on
BBB-/RWN/IND RWN
A3/RWN
Sambandam Spinning Mills Ltd Non FB Fac IND A3/RWN 92.5 Maintained on
RWN
Sambandam Spinning Mills Ltd TL IND BBB-/RWN 102.6 Maintained on
RWN
Vodafone Idea Ltd NCDs (NCDs) WD 35000 Withdrawn
West Bengal State Electricity Long-TL IND BBB+/Stable 542 Downgraded
Transmission Co. Ltd
(reduced from INR0.669 blns)
West Bengal State Electricity FB limits IND BBB+/Stable 3250 Downgraded
Transmission Co. Ltd
West Bengal State Electricity Bonds programme IND BBB+/Stable 2500 Downgraded
Transmission Co. Ltd
West Bengal State Electricity Bonds programme WD 183 Withdrawn
Transmission Co. Ltd
(paid in full)
-----------------------------------------------------------------------------------------------
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)