January 22, 2013 / 5:14 AM / 5 years ago

India Ratings for Indian debt instruments-Jan 22

Jan 22 (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
January 21, 2013.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Kandui Industries Pvt. Ltd      Non-FB limits               IND A4+      32.5     Assigned
Kandui Industries Pvt. Ltd      Non-FB limits               IND A4+      57.5     Assigned
Mani Exports                    Non-FBL ST                  IND A4+      2        Assigned
Pvn Tex                         Non-FB limits ST            IND A4       60       Assigned
Sandhar Technologies Ltd        CP ,ST                      IND A1       100      Affirmed
(within fund-based working capital limits)
Tata Steel Ltd                  CP/ST debt ST               IND A1+      9750     Assigned
Tata Steel Ltd                  Non-FB limits ST            IND A1+      5000     Assigned

LONG TERM RATINGS:
-------------------
India Structured Asset          Series A7 PTCs              IND AAA(SO)  250.1    Affirmed
Trust-Series XII
India Structured Asset          Series A8 PTCs              IND AAA(SO)  240      Affirmed
Trust-Series XII
India Structured Asset          Series A9 PTCs              IND AAA(SO)  230.3    Affirmed
Trust-Series XII
India Structured Asset          Series A10 PTCs             IND AAA(SO)  221      Affirmed
Trust-Series XII
India Structured Asset          Series A11 PTCs             IND AAA(SO)  212.1    Affirmed
Trust-Series XII
India Structured Asset          Series A12 PTCs             IND AAA(SO)  203.6    Affirmed
Trust-Series XII
India Structured Asset          Series A13 PTCs             IND AAA(SO)  195.3    Affirmed
Trust-Series XII
India Structured Asset          Series A14 PTCs             IND AAA(SO)  187.5    Affirmed
Trust-Series XII
India Structured Asset          Series A15 PTCs             IND AAA(SO)  179.9    Affirmed
Trust-Series XII
India Structured Asset          Series A16 PTCs             IND AAA(SO)  172.7    Affirmed
Trust-Series XII
India Structured Asset          Series A17 PTCs             IND AAA(SO)  165.7    Affirmed
Trust-Series XII
India Structured Asset          Series A18 PTCs             IND AAA(SO)  159      Affirmed
Trust-Series XII
India Structured Asset          Series A19 PTCs             IND AAA(SO)  152.6    Affirmed
Trust-Series XII
India Structured Asset          Series A20 PTCs             IND AAA(SO)  146.5    Affirmed
Trust-Series XII
India Structured Asset          Series A21 PTCs             IND AAA(SO)  140.5    Affirmed
Trust-Series XII
India Structured Asset          Series A22 PTCs             IND AAA(SO)  134.9    Affirmed
Trust-Series XII
India Structured Asset          Series A23 PTCs             IND AAA(SO)  129.4    Affirmed
Trust-Series XII
India Structured Asset          Series A24 PTCs             IND AAA(SO)  124.2    Affirmed
Trust-Series XII
India Structured Asset          Series A25 PTCs             IND AAA(SO)  17.3     Affirmed
Trust-Series XII
Indo Farm Equipment Ltd         TL LT                       IND BBB      137.1    Affirmed
(reduced from INR154m)
Indo Farm Equipment Ltd         FB WC limits LT             IND BBB      600      Affirmed
(enhanced from INR550m)
Indo Farm Equipment Ltd         Non-FB WC limits            IND BBB /    40       Affirmed
                                                            IND A3+
Kandui Industries Pvt. Ltd      TL                          IND BB-      21.9     Assigned
Kandui Industries Pvt. Ltd      FB limits                   IND BB-      45       Assigned
Kandui Industries Pvt. Ltd      TL                          IND BB-      137.5    Assigned
Kandui Industries Pvt. Ltd      FB limits                   IND BB-      160      Assigned
Mani Exports                    FB facility LT              IND BB-      438      upgrade
                                                                                  from
(reduced from INR440m )                                                           IND B+
Novo IV Trust-Locomotive        Series I                    IND AAA(SO)  774.6    Affirmed
Novo Iv Trust-Locomotive        Series J                    IND AAA(SO)  774.6    Assigned
Pvn Tex                         FB limits                   IND B+       20       Assigned
Pvn Tex                         Non-FB limits               IND B+       10       Assigned
Pvn Tex                         TL LT                       IND B+       41       Assigned
Pvn Tex                         FB limits LT                IND B+       120      Assigned
Sandhar Technologies Ltd        TL                          IND A-       1201.2   Affirmed
(enhanced from INR1,136.9m)
Sandhar Technologies Ltd        FB WC limits LT/ST          IND A- /     600      Affirmed
(enhanced from INR440m)                                     IND A1 
Sandhar Technologies Ltd        Non-FB WC                   IND A- /     112      Affirmed
(reduced from INR122m)                                      IND A1
Shriram City Union Finance      Purchaser Payouts           IND AAA(SO)  1647.9   Affirmed
Srei Equipment Finance Pvt Ltd  Series A2 PTCs              IND AAA(SO)  332.4    Affirmed
Srei Equipment Finance Pvt Ltd  Series A3 PTCs              IND AAA(SO)  232.7    Affirmed
Srei Equipment Finance Pvt Ltd  Series A5 PTCs              IND AAA(SO)  48.6     Affirmed
Srei Equipment Finance Pvt Ltd  Series A6 PTCs              IND AAA(SO)  368.3    Affirmed
Srei Equipment Finance Pvt Ltd  Series A7 PTCs              IND AAA(SO)  148.1    Affirmed
Srei Equipment Finance Pvt Ltd  Series A9 PTCs              IND AAA(SO)  376.9    Affirmed
Srei Equipment Finance Pvt Ltd  Series A10 PTCs             IND AAA(SO)  753.2    Affirmed
Tata Steel Ltd                  NCD                         IND AA       30000    Assigned
Tata Steel Ltd                  NCD LT                      IND AA       20000    Assigned
Tata Steel Ltd                  NCD LT                      IND AA       12500    Assigned
Tata Steel Ltd                  LT debt LT                  IND AA       53490    Assigned
Tata Steel Ltd                  FB CC limits LT             IND AA       15000    Assigned
Tata Steel Ltd                  FB limits LT /ST            IND AA /     7250     Assigned
                                                            IND A1+
Tata Steel Ltd                  Non-FB limits LT /ST        IND AA /     89870    Assigned
                                                            IND A1+
-----------------------------------------------------------------------------------------------
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.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222, E-mail at
rru.data@thomsonreuters.com)

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