March 24, 2017 / 5:20 AM / 7 months ago

India Ratings for Indian debt instruments – Mar 24

    Mar 24 (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 23, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Hindustan Aeronautics Ltd       Non-FB WC limit        IND A1+          20.5     Affirmed
Kec International Ltd           CP                     IND A1+          8000     Affirmed
M.K. Roy & Bros Projects Pvt LtdNon-FB limits          IND A4+          75       Assigned
National Peroxide Ltd           FB WC limits           IND A1           166      Affirmed
National Peroxide Ltd           Non-FB WC limits       IND A1           210      Affirmed
Saviton Living Concepts         Non-FB limit           IND A4           21       Assigned
Triveni Engicons Pvt Ltd        Non-FB limits          IND A2           1850     Affirmed
increased from INR 1,110
Welspun Renewables Energy Pvt   Proposed CP*           IND A1+(SO)      12       Provisional
Ltd
*The above rating is provisional and shall be confirmed upon the execution of transaction
documents for the above facility by WREPL to the satisfaction of Ind-Ra.

LONG TERM RATINGS:
-------------------
Antech Construction Company     FB Fac                 IND B+/ IND A4   120      Assigned
Brindha Cotton Mills Pvt Ltd    TL                     IND D            16.7     Assigned
Brindha Cotton Mills Pvt Ltd    Non-FB WC limits       IND D            9        Assigned
Brindha Cotton Mills Pvt Ltd    FB WC limits           IND D/ IND D     80       Assigned
Cochin Shipyard Ltd             Tranche I Bond         IND AA+          1000     Affirmed
Cochin Shipyard Ltd             Tranche II Bond        IND AA+          230      Affirmed
Hindustan Aeronautics Ltd       FB WC limit            IND AAA          4.5      Affirmed
Hpcl Biofuels Ltd               TL                     IND AA-          3010.8   Upgraded
reduced from INR3,088
Hpcl Biofuels Ltd               FB limits              IND AA-/ IND A1+ 1000     Upgraded
Karnataka Neeravari Nigam Ltd   Long-TL                IND AA-(SO)      3        Provisional
M.K. Roy & Bros Projects Pvt LtdFB limits              IND BB           81.5     Assigned
National Peroxide Ltd           FB WC limits           IND A+           166      Upgraded
National Peroxide Ltd           TL                     IND A+           100      Assigned
Northway Infratech Pvt Ltd      FB limits              IND BB-          67.7     Assigned
Punjab National Bank            Proposed AT1 bonds     IND AA+          15       Assigned
Saviton Living Concepts         TL                     IND B            2.25     Assigned
Saviton Living Concepts         FB WC limits           IND B/ IND A4    50.5     Assigned
Srimathi Sundaravalli Memorial  Bk loans               IND BBB-         698.4    Affirmed
Educational Trust
Srimathi Sundaravalli Memorial  FB-WC Fac              IND BBB-         12       Affirmed
Educational Trust
Srimathi Sundaravalli Memorial  Proposed  Bk loans*    IND BBB-         939.6    Provisional 
Educational Trust
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by SSMET to the satisfaction of Ind-Ra.
Supreme Ahmednagar Karmala      Bk loans               IND D            4050     Affirmed
Tembhurni Tollways Pvt Ltd
Supreme Best Value Kolhapur     TL - Facility A        IND D            1800     Affirmed
(Shiroli) Sangli Tollways Pvt
Ltd
Supreme Best Value Kolhapur     TL - Facility B        IND D            675      Affirmed
(Shiroli) Sangli Tollways Pvt
Ltd
Supreme Panvel Indapur Tollways Bk loans               IND D            9000     Affirmed
Pvt Ltd
Supreme Vasai Bhiwandi Tollways Bk loans               IND D            1540     Affirmed
Pvt Ltd
T S Realtech Pvt Ltd            TL                     IND BB-          100      Assigned
Tata Power Trading Co. Ltd      TL                     IND A            370      Affirmed
reduced from INR413
Tata Power Trading Co. Ltd      FB limit               IND A/ IND A1    2750     Affirmed
Tata Power Trading Co. Ltd      Non-FBL                IND A/ IND A1    4600     Affirmed
Triveni Engicons Pvt Ltd        FB limits              IND BBB+         150      Affirmed
increased from INR 100
Uflex Ltd                       Proposed NCDs (NCDs)   IND A-           4000     Provisional
Uflex Ltd                       Proposed TL            IND A-           2500     Provisional

-----------------------------------------------------------------------------------------------
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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