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India Ratings for Indian debt instruments - May 26
May 26, 2016 / 5:21 AM / in a year

India Ratings for Indian debt instruments - May 26

May 26 (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 25, 2016.

COMPANY                         INSTRUMENT                 RATING       AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------                 ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Adani Ports And Special         CP programme               IND A1+      30000    Assigned
Economic Zone Ltd
Aqua Plumbing Pvt Ltd           Non-FB limits              IND A3       150      Assigned
Aqua Plumbing Pvt Ltd           Forward contract limits    IND A3       4.8      Assigned
Balaji Coal Pvt Ltd             Non-FB Fac                 IND A4+      400      Assigned
IL&FS Financial Services Ltd    ST Issuer Rating           IND A1+               Assigned
IL&FS Financial Services Ltd    ST debt                    IND A1+      7000     Assigned
Mallikarjun Construction        Non-FB limits              IND A4       70       Assigned
Company
Ricoh India Ltd                 CP programme               IND A1+/RWN  3000     Withdrawn
RGTL Industries Ltd             NFB WC limits              IND A3+      10       Migrated from
                                                           (suspended)           IND A3+

LONG TERM RATINGS:
-------------------
Adani Ports And Special         LT Issuer Rating           IND AA+               Assigned
Economic Zone Ltd
Adani Ports And Special         Proposed NCDs              Provisional  2000     Assigned
Economic Zone Ltd                                          IND AA+
Aqua Plumbing Pvt Ltd           LT Issuer Rating           IND BBB-              Assigned
Aqua Plumbing Pvt Ltd           TL                         IND BBB-     85.5     Assigned
Aqua Plumbing Pvt Ltd           FB limits                  IND BBB-/    300      Assigned
                                                           IND A3
Balaji Coal Pvt Ltd             LT Issuer Rating           IND BB+               Assigned
Balaji Coal Pvt Ltd             FB Fac                     IND BB+      75       Assigned
IL&FS Financial Services Ltd    LT debt                    IND AAA      10000    Assigned
IL&FS Financial Services Ltd    LT Issuer Rating           IND AAA               Assigned
IL&FS Financial Services Ltd    LT debt                    IND AAA      30000    Assigned
(increased from INR20bn)
IL&FS Financial Services Ltd    Lower Tier 2               IND AAA      9000     Assigned
                                subordinated debt
Indo Farm Equipment Ltd         LT Issuer Rating           IND BBB               Migrated from
                                                           (suspended)           IND BBB
Indo Farm Equipment Ltd         TL                         IND BBB      138.8    Migrated from
                                                           (suspended)           IND BBB
Indo Farm Equipment Ltd         FB WC credit limits        IND BBB      750      Migrated from
                                                           (suspended) /         IND BBB / IND
                                                           IND A3+ (suspended)   A3+
Indo Farm Equipment Ltd         Non-FB WC credit limits    IND BBB      50       Migrated from
                                                           (suspended) /         IND BBB / IND
                                                           IND A3+ (suspended)   A3+
Mallikarjun Construction        LT Issuer Rating           IND B-       -        Assigned
Company
Mallikarjun Construction        FB limits                  IND B-       30       Assigned
Company
MM Trust Mar 15 II              Series A PTC               IND AA+(SO)  630.1    Affirmed
Motherson Auto Ltd              TL                         IND BBB      1250     Withdrawn
RGTL Industries Ltd             LT Issuer Rating           IND BBB               Migrated from
                                                           (suspended)           IND BBB
RGTL Industries Ltd             TL                         IND BBB      312.9    Migrated from
                                                           (suspended)           IND BBB
RGTL Industries Ltd             FB WC limits               IND BBB      800      Migrated from
                                                           (suspended)/          IND BBB/ IND
                                                           IND A3+               A3+
                                                           (suspended)
Ricoh India Ltd                 LT Issuer Rating           IND BBB-              Downgraded
                                                                                 from IND AA-
Ricoh India Ltd                 NCDs                       IND BBB-     2000     Downgraded
                                                                                 from IND AA-
Shri K. K. Jain Educational     TL                         IND BB+      120.4    Assigned
Trust
Shri K. K. Jain Educational     WC facility                IND BB+      100      Assigned
Trust
Sriram Compounds                LT Issuer Rating           IND BBB-              Migrated from
                                                           (suspended)           IND BBB-
Sriram Compounds                FB limits                  IND BBB-     25       Migrated from
                                                           (suspended) /         IND BBB- / IND
                                                           IND A3 (suspended)    A3
Sriram Compounds                Non-FB limits              IND BBB-     35       Migrated from
                                                           (suspended) /         IND BBB- / IND
                                                           IND A3 (suspended)    A3
-----------------------------------------------------------------------------------------------
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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