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India Ratings for Indian debt instruments-May 30
May 30, 2013 / 5:17 AM / in 4 years

India Ratings for Indian debt instruments-May 30

May 30 (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 29, 2013.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Gujarat Borosil Ltds (GBL)      Non-FB WC limits            IND A4       40       Affirmed
Hpcl Mittal Energy Ltds (HMEL)  CP programme                IND A1+      15000    Assigned
(within fund-based working capital limits)
Iot Infrastructure & Energy     ST debt/ CP programme       IND A1+      300      Affirmed
Services Ltds
Iot Infrastructure & Energy     LOC                         IND A1+      2000     Affirmed
Services Ltds
(increased from INR1,000m)
Iot Infrastructure & Energy     Short-TL                    IND A1+      500      Withdrawn
Services Ltds
Mayur Ply Industries Pvt Ltd    Non-FB limits               IND A4+      700      Assigned

LONG TERM RATINGS:
-------------------
Gujarat Borosil Ltds (GBL)      External commercial         IND B+       322.5    Affirmed
                                borrowings (ECB)*
  * Note: INR322.5m of ECB is equivalent to USD7.5m as per the conversion rate of INR43/USD.
Gujarat Borosil Ltds (GBL)      CC limits                   IND B+       30       Affirmed
Hpcl Mittal Energy Ltds (HMEL)  TL                          IND AA-      128480   Assigned
Hpcl Mittal Energy Ltds (HMEL)  NCD programme               IND AA-      10200    Assigned
(reduced from INR20 bn):
Hpcl Mittal Energy Ltds (HMEL)  FB WC limits                IND AA- /    51000    Assigned
                                                            IND A1+
Hpcl Mittal Energy Ltds (HMEL)  Non-FB WC limits:           IND AA- /    46000    Assigned
                                                            IND A1+
Hpcl Mittal Energy Ltds (HMEL)  NCD programme               IND AA-(exp) 6500     Assigned
Iot Infrastructure & Energy     TL                          IND AA-      633.7    Affirmed
Services Ltds
(reduced from INR1,162m):
Iot Infrastructure & Energy     CC                          IND AA-      4000     Affirmed
Services Ltds
(increased from INR2,500m):
Iot Infrastructure & Energy     TL                          IND AA- (exp)1250     Assigned
Services Ltds
Iot Infrastructure & Energy     WC facility                 IND AA- /    8400     Affirmed
Services Ltds                                               IND A1+
(reduced from INR8,600m)
Iot Infrastructure & Energy     BG                          IND AA- /    8575     Affirmed
Services Ltds                                               IND A1+
reduced from INR11,075m)
Maximum Synthetics Pvt Ltd      TL                          IND B+       28.84    Withdrawn
Maximum Synthetics Pvt Ltd      FB limits                   IND B+ / IND 115      Withdrawn
                                                            A4
Mayur Ply Industries Pvt Ltd    FB limits                   IND BB-      300      Assigned
Small Business Trust 2013       Second Loss Credit          IND A- (SO)  148.8    Assigned
                                Facility (SLCF)
Small Business Trust 2013       Series A1 PTC (PTCs):       IND AAA (SO) 1290.2   Assigned
Small Business Trust 2013       Series A2 PTCs              IND AAA (SO) 546.4    Assigned
Small Business Trust 2013       Series A3 PTCs              IND AAA (SO) 206.8    Assigned
Stfcl Da March 2012 - 02        Purchaser payouts           IND AAA (SO) 726.4    Affirmed
Stfcl Da March 2012 - 02        Second loss credit          IND BBB (SO) 122.3    Affirmed
                                facility (SLCF)
-----------------------------------------------------------------------------------------------
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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