May 25, 2017 / 4:14 AM / 3 months ago

India Ratings for Indian debt instruments – May 25

    May 25 (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 24, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Adani Ports And Special         CPs*                   IND A1+          30000    Affirmed
Economic Zone Ltd
*unutilised as of 24 May 2017
Aditya Birla Fashion And Retail Non- FB WC             IND A1+          1580     Assigned
Ltd
Aditya Birla Fashion And Retail CP***                  IND A1+          12500    Assigned
Ltd
***Outstanding as of March 2017 INR7, 193 million
Batliboi Ltd                    Non- FB Fac            IND A4           541.5    Affirmed
Jbf Industries Ltd              Non- FB WC limits      IND A3           16000    Downgraded
Kundan Industries Ltd           Non- FB Fac            IND A4+          150      Assigned
M S Graphics Pvt Ltd            Non- FB limit          IND A4+          20       Assigned
Vista Pharmaceuticals, Ltd.     Non- FB WC Fac         IND A4+          30       Assigned

LONG TERM RATINGS:
-------------------
Adani Ports And Special         NCDs (NCDs)            IND AA+          5000     Affirmed
Economic Zone Ltd
(reduced from 10,000)
Adani Ports And Special         NCDs                   IND AA+          2000     Affirmed
Economic Zone Ltd
Adani Ports And Special         NCDs                   IND AA+          2520     Affirmed
Economic Zone Ltd
Adani Ports And Special         Proposed NCDs          WD               2480     Withdrawn
Economic Zone Ltd
Aditya Birla Fashion And Retail TL*                    IND AA           273.9    Assigned
Ltd
*Outstanding as of March 2017 is INR234 million
Aditya Birla Fashion And Retail NCDs (NCDs)**          IND AA           12600    Assigned
Ltd
**Details of NCDs are given in Annexure 1
Aditya Birla Fashion And Retail FB WC                  IND AA/ IND A1+  7330     Assigned
Ltd
Aditya Birla Fashion And Retail Proposed WC limits^    Provisional IND  3590     Assigned
Ltd                                                    AA/ Provisional
                                                       IND A1+
^The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by ABFRL to the satisfaction of Ind-Ra.
Amarprakash Developers Pvt Ltd  TL                     IND BBB-         2321.7   Migrated to
                                                                                 Non-
                                                                                 Cooperating
Category
(ISSUER NOT COOPERATING)
Amarprakash Developers Pvt Ltd  TL                     IND BBB-         565      Migrated to
                                                                                 Non-
                                                                                 Cooperating
Category
(ISSUER NOT COOPERATING)
Amarprakash Developers Pvt Ltd  Proposed TL            Provisional IND  750      Migrated to
                                                       BBB-                      Non-
                                                                                 Cooperating
Category
(ISSUER NOT COOPERATING)
Batliboi Ltd                    FB Fac                 IND B            186      Downgraded
Batliboi Ltd                    TL                     WD               6.11     Withdrawn
                                                                                 (repaid in
                                                                                 full)
Ghazipur Nagar Palika Parishad  LT Issuer Rating       IND BB-                   Assigned
Gyankund Trust To Educate And   TL                     IND B            119.76   Assigned
To Serve
Gyankund Trust To Educate And   TL                     IND B            33.98    Assigned
To Serve
Gyankund Trust To Educate And   WC facility            IND B            32.5     Assigned
To Serve
Jbf Industries Ltd              FB WC limits           IND BBB-         4000     Downgraded
Jbf Industries Ltd              TL                     IND BBB-         2800     Downgraded
Jbf Industries Ltd              Proposed TL*           Provisional IND  200      Downgraded
                                                       BBB-
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by JBF to the satisfaction of Ind-Ra
Jbf Petrochemicals Ltd          External commercial    IND BBB- / IND A3USD416   Downgrade
                                borrowings*
*ECBs, including a sub limit of USD326.96 million of letter of credit/ bank guarantee
Kundan Industries Ltd           FB Fac                 IND BB+/ IND A4+ 487.2    Assigned
Lalchand Gems And Jewellers Pvt FB Limit               IND BB+/ IND A4+ 200      Assigned
Ltd
M S Graphics Pvt Ltd            FB limit               IND BB           160      Assigned
Meenamani Ganga Builder Llp     FB limits               IND BB+         500      Assigned
Meraki Cv Ifmr Capital 2016     Series A2 PTCs         IND BB- (SO)     26.8     Assigned
Meraki Cv Ifmr Capital 2016     Series A1 pass-        IND BBB+ (SO)    222.3    Assigned
                                through certificates
                                (PTCs)
Mindchampion Learning Systems   FB WC                  IND AA- (SO)/    300      Assigned
Ltd                                                    IND A1+ (SO)
Mindchampion Learning Systems   Non- FB WC             IND AA- (SO)/    150      Assigned
Ltd                                                    IND A1+ (SO)
Mindchampion Learning Systems   Proposed FB WC*        Provisional IND  200      Assigned
Ltd                                                    AA- (SO)/
                                                       Provisional IND A1+ (SO)
Mindchampion Learning Systems   Proposed non- FB WC*   Provisional IND  350      Assigned
Ltd                                                    AA- (SO)/
                                                       Provisional IND A1+ (SO)
R R Holiday Homes Pvt Ltd       TL                     IND BB           210.8    Assigned
R R Holiday Homes Pvt Ltd       FB WC limits           IND BB/ IND A4+  10       Assigned
Sbt Spintex Pvt Ltd             FB limits              IND BB+          65       Upgraded
(increased from 56)
Sbt Spintex Pvt Ltd             Long- TL               IND BB+          28.76    Upgraded
(reduced from 48)
Vista Pharmaceuticals, Ltd.     TL                     IND BB+          60       Assigned
Vista Pharmaceuticals, Ltd.     FB WC Fac              IND BB+/ IND A4+ 10       Assigned

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