May 24, 2017 / 7:22 AM / 3 months ago

India Ratings for Indian debt instruments – May 24

    May 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
May 23, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Bharuch Enviro Infrastructure   Non-FB limit           IND A2           55       Affirmed
Ltd
Durga Krishna Store Pvt Ltd     Non-FB limit           IND A4+          75       Migrated to
                                                                                 Non -
                                                                                 Cooperating  
                                                                                 Category
Durga Krishna Store Pvt Ltd     Proposed non-FB limit  IND A4+          60       Migrated to
                                                                                 Non -
                                                                                 Cooperating  
                                                                                 Category
Ekk Infrastructure              Non-FB WC Facility     IND A2+          2000     Upgraded from
                                                                                 A2
Ekk Infrastructure              Proposed non-FB WC     Provisional IND  600      Assigned
                                limits*                A2+
Exotic Fruits Pvt Ltd           Non-FB limit           IND A3           300      Migrated to
                                                                                 Non -
                                                                                 Cooperating  
                                                                                 Category
Fil Industries Ltd              Non-FB WC limit        IND A3+          280      Affirmed
Hi-Bond Cement                  Non-FB Bk Fac          IND A3+          50       Upgraded from
                                                                                 A3
Parikh Brothers                 FB limits              IND A4+          110      Migrated to
                                                                                 Non -
                                                                                 Cooperating  
                                                                                 Category
Parikh Brothers                 Non-FB limits          IND A4+          5        Migrated to
                                                                                 Non -
                                                                                 Cooperating  
                                                                                 Category
Shri Senthur Velan Infras       Non-FB WC limits       IND A4+          25       Assigned
Siddhayu Ayurvedic              Non-FB limits          IND A3           65       Affirmed
Subburaj Cotton Mills Pvt. Ltd. Non-FB Fac             IND A3           65       Assigned


LONG TERM RATINGS:
-------------------
Apollo Tyres                    Proposed NCD 3*        Provisional IND  4500     Assigned
                                                       AA+
* The final rating will be assigned to the NCDs following the closure of the issue and upon the
receipt of final documentation, conforming to the information already received by Ind-Ra.
Bharuch Enviro Infrastructure   TL                     IND BBB          430.61   Affirmed
Ltd
Dhalavai Pathra Kaliamman       LT loan                IND BB-          9.33     Assigned
Modern Rice Mill 
Dhalavai Pathra Kaliamman       FB Fac                 IND BB- / IND A4+40       Assigned
Modern Rice Mill 
Durga Krishna Store Pvt Ltd     Proposed FB limit      Prov IND BB+     30       Migrated to
                                                                                 Non -
                                                                                 Cooperating  
                                                                                 Category
Ekk Infrastructure              FB WC facility         IND BBB+         650      Upgraded from
                                                                                 BBB
Exotic Fruits Pvt Ltd           TL                     IND BBB-         171.6    Migrated to
                                                                                 Non -
                                                                                 Cooperating  
                                                                                 Category
Exotic Fruits Pvt Ltd           FB limit               IND BBB-/IND A3  1000     Migrated to
                                                                                 Non -
                                                                                 Cooperating  
                                                                                 Category
Fil Industries Ltd              TL                     IND BBB          243.5    Affirmed
Fil Industries Ltd              FB WC limit            IND BBB / IND A3+438.5    Affirmed
Gorakhpur Nagar Nigam           LT Issuer              IND BBB-         -        Assigned
Hi-Bond Cement                  FB WC limit            IND BBB          300      Upgraded from
                                                                                 BBB-
Hi-Bond Cement                  TL facility            WD               74       Withdrawn
Karnataka State Financial       Bond                   IND AA-(SO)      3        Affirmed
Corporation
Karnataka State Financial       Bond                   IND AA-(SO)      1        Affirmed
Corporation
Khammam Spice Specialities      Proposed FB WC limits  Provisional IND  60       Assigned
                                                       BB-/
                                                       Provisional IND A4+
Kwality Feeds Ltd               TL                     IND BB           75.3     Migrated to
                                                                                 Non -
                                                                                 Cooperating  
                                                                                 Category
Kwality Feeds Ltd               FB limit               IND BB /IND A4+  47.5     Migrated to
                                                                                 Non -
                                                                                 Cooperating  
                                                                                 Category
L&T Metro Rail (Hyderabad) Ltd  NCDs                   IND AAA(SO)      2500     Upgraded from
                                                                                 IND AA(SO)
L&T Metro Rail (Hyderabad) Ltd  NCDs                   IND AAA(SO)      2500     Upgraded from
                                                                                 IND AA(SO)
L&T Metro Rail (Hyderabad) Ltd  NCDs                   IND AAA(SO)      2500     Upgraded from
                                                                                 IND AA(SO)
Libra Fabric Designs Pvt Ltd    FB Fac                 IND BB- / IND A4 1500     Migrated to
                                                                                 Non -
                                                                                 Cooperating  
                                                                                 Category
Midas Golden Distilleries Pvt   FB WC limits           IND BBB          300      Upgraded from
Ltd                                                                              IND BBB-
Mm Trust Mar 15 Ii              Series A pass-through  IND AA+(SO)      248.77   Affirmed
                                certificates (PTCs)
Renew Wind Energy               Rupee TL               WD               2391.4   Withdrawn
Sansar Trust                    Pass-through           IND AAA          1584.7   Assigned
                                certificates
                                (PTCs)-Series A
Sansar Trust                    Second loss credit     IND BBB          95.1     Assigned
                                facility (SLCF)
Sansar Trust Feb 2017           Series A pass-through  IND AAA(SO)      6797.7   Assigned
                                certificates (PTCs)
Sansar Trust Feb 2017           Second loss credit     IND BBB(SO)      360.3    Assigned
                                facility 
Sansar Trust March 2017         Pass-through           IND AA+          436.8    Assigned
                                certificates
                                (PTCs)-Series A
Sansar Trust March 2017         Second loss credit     IND BBB          23.2     Assigned
                                facility (SLCF)
Sansar Trust March 2017 Viii    Pass-through           IND AA+ (SO)     436.8    Assigned
                                certificates
                                (PTCs)-Series A
Sansar Trust March 2017 Viii    Second loss credit     IND BBB (SO)     23.2     Assigned
                                facility 
Shri Senthur Velan Infras       FB WC limits           IND BB-/ IND A4+ 100      Assigned
Siddhayu Ayurvedic              TL                     IND BBB-         1350     Affirmed
Siddhayu Ayurvedic              CC limits              IND BBB- / IND A3165      Affirmed
Smit Developers’                TL                     IND B            70       Migrated to
                                                                                 Non -
                                                                                 Cooperating  
                                                                                 Category
Subburaj Cotton Mills Pvt. Ltd. TL                     IND BBB-         79.8     Assigned
Subburaj Cotton Mills Pvt. Ltd. FB Fac                 IND BBB- / IND A3427.5    Assigned
Tirupati Sugars Ltd             FB WC limit                             1570     Withdrawn
Tirupati Sugars Ltd             TL                                      434      Withdrawn

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