March 7, 2017 / 5:05 AM / 8 months ago

India Ratings for Indian debt instruments – Mar 7

    Mar 7 (Reuters) - 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
March 6, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Avani Textiles                  FB Bk Fac              IND A4+          730      Affirmed
Kirti Solar                     Non-FB limits          IND A4+          40       Affirmed
Krishna Institute Of Medical    Non-FB limit           IND A2           36       Upgraded from
Sciences                                                                         IND A3
Lalwani Industries              Non-FB limits          IND A4+          91       Affirmed
Pekon Electronics               Non-FB limits          IND A4+          110      Affirmed
Poddar Car World                Non-FB WC limits       IND A4+          2.5      Assigned

LONG TERM RATINGS:
-------------------
Avani Textiles                  FB Bk Fac              IND BB-          730      Downgraded
                                                                                 from IND BB+
Avani Textiles                  TL                     IND BB-          176.8    Downgraded
                                                                                 from IND BB+
B.D. Memorial Institute         Bk loans               IND BBB-         88.87    Affirmed
B.D. Memorial Institute         Proposed Bk loan *     Provisional IND  50.6     Affirmed
                                                       BBB-
* The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the proposed facilities by GAIPL to the satisfaction of Ind-Ra.
Gopal Chakraborty Charitable    Bk loans               IND BB-          275.6    Upgraded
Trust
Gopal Chakraborty Charitable    Proposed Bk loan *     Provisional IND  2.3      Assigned
Trust                                                  BB-
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by GCCT to the satisfaction of Ind-Ra.
Govardanagiri Agro Industries   Proposed  TL*          Provisional IND  140      Assigned
                                                       B+
* The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the proposed facilities by GAIPL to the satisfaction of Ind-Ra.
Govardanagiri Agro Industries   Proposed FB Fac*       Provisional IND  100      Assigned
                                                       B+ / IND A4
* The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the proposed facilities by GAIPL to the satisfaction of Ind-Ra.
Kims Hospital Enterprises       TL                     IND BBB          200      Assigned
Kims Hospital Enterprises       FB WC limits           IND BBB / IND A3+50       Upgraded from
                                                                                 IND BBB-/A3
Kirti Solar                     FB limits              IND BB-          60       Affirmed
Krishna Institute Of Medical    TL                     IND BBB+         2358.5   Upgraded from
Sciences                                                                         IND BBB-
Krishna Institute Of Medical    FB Limits              IND BBB+/A2      184      Upgraded from
Sciences                                                                         IND BBB-/A3
Ksc Engineers                   FB Limits              IND BB+/A4+      80.4     Assigned
Lalwani Industries              FB limits              IND BB-          14       Downgraded
                                                                                 from IND BB
Pekon Electronics               FB limits              IND BB-          40       Affirmed
Pekon Electronics               TL                     IND BB-          24.34    Assigned
Poddar Car World                Long-TL                IND BB+          48.6     Assigned
Poddar Car World                Long-TL                IND BB+          13       Assigned
Poddar Car World                FB WC limits           IND BB+ / IND A4+385.9    Assigned
-----------------------------------------------------------------------------------------------
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@thomsonreuters.com)

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