July 10, 2017 / 4:51 AM / 2 months ago

India Ratings for Indian debt instruments – Jul 10

    Jul 10 (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 7, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Allied Medical Ltd              Non-FB WC limits       IND A4+          50       Affirmed
Gmw Engineers Pvt Ltd           Non-FB Fac             IND A4+          105      Assigned
Kec Bikaner Sikar Transmission  Non-FB limit (BG)#     IND A3+          100      Upgraded
Pvt Ltd
# The bank guarantee has been carved out of senior secured term loan.
Mangalam Drugs And Organics Ltd Non-FB limits          IND A2           255.6    Upgraded

LONG TERM RATINGS:
-------------------
Allied Medical Ltd              FB WC limits           IND BB /IND A4+  100      Affirmed
Amri Hospitals Ltd              TL                     IND A-(SO)       1000     Assigned
Amri Hospitals Ltd              Proposed TL            Provisional IND  2100     Assigned
                                                       A-(SO)
Ayodhya Nagar Palika Parishad   LT Issuer Rating       IND BB-                   RWP
Barwa Adda Expressway Ltd       TL                     IND BBB-         14400    Assigned
Bgr Mining & Infra Pvt Ltd      TL                     IND BBB          4830.6   Assigned
Bhatia Wine Merchants Pvt Ltd   FB WC limit            IND BBB          250      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Bhatia Wine Merchants Pvt Ltd   TL                     IND BBB          250      Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Extol Education Society         TL                     IND BB           37.04    Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Extol Education Society         Bk overdraft facility  IND BB           60       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Gmw Engineers Pvt Ltd           TL                     IND BB+          3        Assigned
Gmw Engineers Pvt Ltd           FB Fac                 IND BB+ /IND A4+ 17       Assigned
Gulzar Educational & Charitable TL                     IND BB-          358.4    Migrated to
Trust                                                                            Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Gulzar Educational & Charitable FB WC Fac              IND BB-          41.6     Migrated to
Trust                                                                            Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Institute Of Foreign Trade &    TL                     IND BBB-         70       Migrated to
Management Society                                                               Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Institute Of Foreign Trade &    WC facility            IND BBB-         100      Migrated to
Management Society                                                               Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Kec Bikaner Sikar Transmission  Rupee TL*              IND BBB          1710     Upgraded
Pvt Ltd
* Previously, the entire exposure was with ICICI Bank and now some amount has been underwritten.
The entire facility amount has been mentioned as rupee term loan.
Mangalam Drugs And Organics Ltd TL                     IND BBB+         140.3    Upgraded
Mangalam Drugs And Organics Ltd FB limits              IND BBB+ /IND A2 397.9    Upgraded
Orix Auto Infrastructure        FB revolving credit    IND AAA /IND A1+ 4500     Assigned
Services Ltd                    facility
Raj Arcade Homes Pvt Ltd        Proposed LT loan       Provisional IND  1020     Assigned
                                                       BB
Swargiya Bhikam Singh Smriti    Bk loans               IND BB           74.28    Migrated to
Samaj Kalyan Sansthan                                                            Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Tata Steel Ltd                  TL                     IND AA /RWE      37500    Rating
                                                                                 assigned;
                                                                                 placed on
Rating Watch Evolving (RWE)
Tata Steel Ltd                  FB facility            IND AA /RWE      5255     Rating
                                                                                 assigned;
                                                                                 placed on RWE
Tata Steel Ltd                  Non-FB limits#         IND AA /RWE /IND 4500     Rating
                                                       A1+ /RWE                  assigned;
                                                                                 placed on RWE
# Contains sub- limits of fund- based facilities
Vishwa Gyan Punj Trust          Bk loans               IND BB-          67.34    Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)

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