July 17, 2017 / 4:14 AM / a month ago

India Ratings for Indian debt instruments – Jul 17

    Jul 17 (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
July 14, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Bir Steels Pvt Ltd              Non- fund- based limitsIND A4+          15       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Cipla Ltd                       CP (CP)                IND A1+          10000    Rating
                                                                                 affirmed; Off
                                                                                 RWN
Falcon Marine Exports Ltd       Fund- based limits     IND A1           1330     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Falcon Marine Exports Ltd       Non- fund- based limitsIND A1           305      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Falcon Marine Exports Ltd       Proposed Fund- based   PROVISIONAL IND  65       Migrated to
                                limits                 A1                        Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Fine Wood Products Pvt Ltd      Non- fund- based Fac   IND A4+          350      Affirmed
Hind Energy & Coal Benefication Non- fund- based limitsIND A2+          780      Migrated to
(I) Ltd                                                                          Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Rhc Holding Pvt Ltd             Secured short- term Bk IND A4; WD       2500     Downgraded;
                                loans                                            Withdrawn
                                                                                 (paid in full)
Southco Utility                 Non- fund- based limitsIND A4+          720      Assigned
The Indian Wood Products Co. LtdNon- fund- based limit IND A3+          250      Assigned

LONG TERM RATINGS:
-------------------
Akansha Shipbreaking Pvt Ltd    Non- fund- based limitsIND B- / IND A4  350      Affirmed
Allied Associates               Fund- based WC limit   IND B+/ IND A4   70       Assigned
Allied Associates               Proposed fund- based   Provisional IND  40       Assigned
                                WC limit*              B+/ IND A4
Atibir Hi- Tech Pvt Ltd         Fund- based limits     IND BB+          91       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Bir Steels Pvt Ltd              Fund- based limits     IND BB           20       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
                                                                                 
(ISSUER NOT COOPERATING)
Cipla Ltd                       Proposed non-          Provisional IND  10000    Rating
                                convertible debentures AAA                       affirmed; Off
                                (NCDs)*                                          RWN; Outlook
Stable
reduced from 20,000 mln
Fine Wood Products Pvt Ltd      Fund- based Fac        IND BB+          50       Affirmed
Hind Energy & Coal Benefication Fund- based limits     IND BBB+         600      Migrated to
(I) Ltd                                                                          Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Hind Energy & Coal Benefication Proposed fund- based   PROVISIONAL IND  200      Migrated to
(I) Ltd                         limits                 BBB+                      Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Oscar Investments Ltd           NCDs*                  IND C            1500     Downgraded
*Unutilised
Oscar Investments Ltd           Long- term Bk loan     IND C            5000     Downgraded
Parayil Food Products Pvt Ltd   TL                     IND BB           15.17    Assigned
Parayil Food Products Pvt Ltd   Fund- based WC limits  IND BB/  IND A4+ 120      Assigned
Religare Enterprises Ltd        Senior secured non-    IND A/ RWN       7000     Downgraded;
                                convertible debentures                           placed on RWN
                                (NCDs)
Religare Enterprises Ltd        Short- term debt       IND A1/ RWN      7000     Downgraded;
                                                                                 placed on RWN
Religare Finvest Ltd            Lower Tier 2 sub- debt IND A/ RWN       7500     Downgraded;
                                                                                 Placed on RWN
Religare Finvest Ltd            Long- term Bk loans    IND A/ RWN       150000   Downgraded;
                                                                                 Placed on RWN
Religare Finvest Ltd            Long- term debentures  IND A/ RWN       30000    Downgraded;
                                                                                 Placed on RWN
Religare Finvest Ltd            CP (CP)                IND A1/ RWN      30000    Downgraded;
                                                                                 Placed on RWN
Religare Finvest Ltd            Short- term Bk loans   IND A1/ RWN      30000    Downgraded;
                                                                                 Placed on RWN
Religare Housing Development    Long- term Bk loan     IND A/ RWN       10000    Downgraded;
Finance Corporation Ltd                                                          Placed on RWN
Religare Housing Development    Non- convertible       IND A/ RWN       1000     Downgraded;
Finance Corporation Ltd         debentures (NCDs)                                Placed on RWN
Religare Housing Development    CP                     IND A1/ RWN      2000     Downgraded;
Finance Corporation Ltd                                                          Placed on RWN
Religare Housing Development    Short- term Bk loan    IND A1/ RWN      2000     Downgraded;
Finance Corporation Ltd                                                          Placed on RWN
Rhc Holding Pvt Ltd             Secured long- term Bk  IND C            750      Downgraded
                                loans
reduced from 1,500 mln
Rhc Holding Pvt Ltd             Secured long- term NCDsIND C; WD        500      Downgraded;
                                                                                 Withdrawn
                                                                                 (paid in full)
Rhc Holding Pvt Ltd             Secured long- term NCDsIND D            2000     Downgraded
reduced from 3,000 mln
Rug Resources                   Fund- based Fac        IND B+/ IND A4   100      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Shirke Infrastructure           TL                     IND BBB-         360      Affirmed
reduced from 574.54 mln
Shirke Recreation Enterprise    TL                     IND BB           145.2    Affirmed
reduced from 388.24 mln
Shree Krishna Steels            Non- fund- based Fac   IND BB+/ IND A4+ 500      Rating
                                                                                 affirmed;
Outlook revised to Negative from Stable
reduced from 803 mln
Southern Electricity Supply     Non- fund- based limitsWD               650      Withdrawn
Company Of Odisha Ltd
Southern Electricity Supply     Proposed non- fund-    WD               70       Withdrawn
Company Of Odisha Ltd           based limits
T. M. Motors                    Fund- based WC limits  IND BB- /IND A4+ 110      Affirmed
The Indian Wood Products Co. LtdFund- based limit      IND BBB          383.75   Assigned
The Indian Wood Products Co. LtdTL                     IND BBB          64.4     Assigned
Tm Motors Pvt Ltd               Fund- based WC limits  IND BB+/IND A4+  120      Affirmed

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