May 11, 2017 / 4:27 AM / 3 months ago

India Ratings for Indian debt instruments – May 11

10 Min Read

    May 11 (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
May 10, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Anand Motor Agencies            Non- FB WC limits      IND A4+          30       Migrated to
                                                                                 Non-
                                                                                 Cooperating 
                                                                                 Category
Mahindra & Mahindra             Non-FB WC limits: LOC  IND A1+          8000     Affirmed
                                / BG
Mahindra & Mahindra             CP                     IND A1+          7000     Affirmed
Power & Instrumentation         Non-FB limits          IND A4+          160      Affirmed

LONG TERM RATINGS:
-------------------
Aarohi Constructions            FB WC limit            IND B+           100      Migrated to
                                                                                 Non-
                                                                                 Cooperating 
                                                                                 Category
Anand Motor Agencies            FB WC limits           IND BB           198      Migrated to
                                                                                 Non-
                                                                                 Cooperating 
                                                                                 Category
Asha Stone Crusher              FB limit               IND B            30       Migrated to
                                                                                 Non-
                                                                                 Cooperating 
                                                                                 Category
Asha Stone Crusher              TL                     IND B            20       Migrated to
                                                                                 Non-
                                                                                 Cooperating 
                                                                                 Category
Centre For Digestive And Kidney TL                     IND A+(SO)/RWN   2200     Placed on RWN
Diseases
Cheer Sagar Exports             FB limit               IND BB           96       Migrated to
                                                                                 Non-
                                                                                 Cooperating 
                                                                                 Category
India Standard Loan Trust Xlvi  Series A pass-through  Provisional IND  424.64   Assigned
                                certificates (PTCs)    AA
India Standard Loan Trust Xlvi  Liquidity facility (LF)Provisional IND  4.25     Assigned
                                                       AAA
India Standard Loan Trust Xlvi  Second loss credit     Provisional IND  21.23    Assigned
                                facility (SLCF)        BBB
Kbs Industries                  FB limit               IND B            100      Migrated to
                                                                                 Non-
                                                                                 Cooperating 
                                                                                 Category
Kbs Industries                  TL                     IND B            9.9      Migrated to
                                                                                 Non-
                                                                                 Cooperating 
                                                                                 Category
Mahasemam Trust                 Bk loans               IND BBB-         439.39   Affirmed
Mahasemam Trust                 Bk loans               IND BBB-         200*     Assigned
*The assignment of final ratings follows the receipt of transaction confirmation by Ind-Ra from
the issuer. 
Mahindra & Mahindra             NCDs (NCDs)            IND AAA          4750     Affirmed
Natural Product Bio Tech        Proposed TL*           Provisional IND  200      Assigned
                                                       BB-
* The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by NPBL to the satisfaction of Ind-Ra. The maturity date for
the facility is as per the proposal submitted to the bank.
Platinum Trust February 2015    Second loss credit     IND A+           129      Affirmed
                                facility (SLCF)
Platinum Trust February 2015    Series A2 PTCs         IND AAA          517.9    Affirmed
Platinum Trust March 2015 –     Second loss credit     IND A+           97.3     Affirmed
Tranche Ii                      facility (SLCF)
Platinum Trust March 2015 –     Series A2 PTCs         IND AAA          472.8    Affirmed
Tranche Ii
Power & Instrumentation         FB limits              IND BB-          140      Affirmed
Power & Instrumentation         Non-FB limits*         IND BB-/A4+      100      Affirmed
*Includes fund-based sublimit
Ravindranath Ge Medical         TL                     IND A+/RWN       1600     Placed on RWN
Associates
Shiv Shakti Rice Mills          FB WC limit            IND B            150      Migrated to
                                                                                 Non-
                                                                                 Cooperating 
                                                                                 Category
Tarun Oils                      FB WC limit            IND B+           81.5     Migrated to
                                                                                 Non-
                                                                                 Cooperating 
                                                                                 Category
Yedeshi Aurangabad Tollways     Bk loans               IND BBB-         17560    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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