October 6, 2016 / 3:47 AM / a year ago

India Ratings for Indian debt instruments - Oct 6

Oct 6 (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
October 5, 2016.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Andhra Pradesh Expressways Ltd. NCD                    IND A1+(SO)      1147     Affirmed
Axis Clinicals Ltd              Fund Based WC Limit    IND A2           270      Affirmed
Axis Clinicals Ltd              NFB WC Limit           IND A2           166.5    Affirmed
Birmi International Pvt Ltd     Fund Based WC Limit    IND A4+          110      Assigned
Birmi International Pvt Ltd     NFB WC Limit           IND A4+          13       Assigned
Edac Engineering Ltd            NFB WC Limit           IND A3           250      Assigned
Modulus Cosmetics               Fund Based WC Limit    IND A4+          131.244  Assigned
Modulus Cosmetics               NFB WC Limit           IND A4+          6.3      Assigned
Nilshikhaa Infraa India Ltd     NFB WC Limit           IND A4+          250      Assigned
Prithvi Polymers Industries     NFB WC Limit           IND A4           7.25     Affirmed
Pvt. Ltd
Rajalaxmi Agrotech (I) Pvt Ltd  NFB WC Limit           IND A4           90       Upgraded from
                                                                                 IND D
MEDIUM TERM RATINGS:
-------------------
Aarvee Denims And Exports Ltd   Fixed Deposit          IND tA-          750      Affirmed


LONG TERM RATINGS:
-------------------
Airflow Equipments (I) Pvt Ltd  LT Issuer Rating       IND D                     Affirmed
Airflow Equipments (I) Pvt Ltd  Fund Based WC Limit    IND D            100      Affirmed
Airflow Equipments (I) Pvt Ltd  TL                     IND D            52.26    Affirmed
Andhra Pradesh Expressways Ltd. NCD                    IND AAA(SO)      2658     Affirmed
Andhra Pradesh Expressways Ltd. NCD                    IND WD           1147     Withdrawn
Axis Clinicals Ltd              LT Issuer Rating       IND BBB+                  Affirmed
Axis Clinicals Ltd              Fund Based WC Limit    IND BBB+         270      Affirmed
Axis Clinicals Ltd              TL                     IND BBB+         150      Affirmed
Axis Clinicals Ltd              TL                     IND BBB+         100      Provisional
Birmi International Pvt Ltd     LT Issuer Rating       IND BB+                   Assigned
Birmi International Pvt Ltd     Fund Based WC Limit    IND BB+          110      Assigned
Birmi International Pvt Ltd     TL                     IND BB+          94       Assigned
Canaan Engineering Pvt Ltd      LT Issuer Rating       IND D                     Affirmed
Canaan Engineering Pvt Ltd      Fund Based WC Limit    IND D            50       Affirmed
Canaan Engineering Pvt Ltd      NFB WC Limit           IND D            80       Affirmed
Canaan Engineering Pvt Ltd      TL                     IND D            146.2    Affirmed
Edac Engineering Ltd            LT Issuer Rating       IND BBB-                  Assigned
Edac Engineering Ltd            NFB WC Limit           IND BBB-         250      Assigned
Indraprastha Gas Ltd            LT Issuer Rating       IND AAA                   Affirmed
Indraprastha Gas Ltd            Bond                   IND AAA          4000     Provisional
Modulus Cosmetics               LT Issuer Rating       IND BB+                   Assigned
Modulus Cosmetics               Fund Based WC Limit    IND BB+          131.244  Assigned
Nilshikhaa Infraa India Ltd     LT Issuer Rating       IND BB+                   Assigned
Nilshikhaa Infraa India Ltd     Fund Based WC Limit    IND BB+          40       Assigned
Prithvi Polymers Industries     LT Issuer Rating       IND B                     Affirmed
Pvt. Ltd
Prithvi Polymers Industries     Fund Based WC Limit    IND B            25       Affirmed
Pvt. Ltd
Prithvi Polymers Industries     TL                     IND B            60       Affirmed
Pvt. Ltd
Prithvi Polymers Industries     TL                     IND B            10       Affirmed
Pvt. Ltd
Rajalaxmi Agrotech (I) Pvt Ltd  LT Issuer Rating       IND B-                    Upgraded from
                                                                                 IND D
Rajalaxmi Agrotech (I) Pvt Ltd  Fund Based WC Limit    IND B-           145      Upgraded from
                                                                                 IND D
Rajalaxmi Agrotech (I) Pvt Ltd  NFB WC Limit           IND B-           90       Upgraded from
                                                                                 IND D
-----------------------------------------------------------------------------------------------
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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