March 6, 2017 / 4:51 AM / 8 months ago

India Ratings for Indian debt instruments – Mar 6

    Mar 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
March 3, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
------                          ----------             ------          ------    ---------
Barath Agri International       Non-FB WC              IND A3           205      Assigned
Trading Pvt Ltd
International Coil Ltd          Non-FB WC limit        IND A4+          700      Assigned
Mahindra And Mahindra Financial CP                     IND A1+          25000    Affirmed
Services Ltd
Sct Pvt Ltd                     Non-FB WC limit        IND A4+          80       Assigned
Velaven Polymers Pvt Ltd        Non-FB Fac             IND A4           5        Assigned

M/S Patodia Ginning Factory     TL                     IND D            8.69     Assigned
M/S Patodia Ginning Factory     FB Fac                 IND D            141.31   Assigned
Apollo Hospitals Enterprise Ltd NCDs                   IND AA+          8940     Affirmed
Apollo Hospitals Enterprise Ltd Bk Fac                 IND AA+/IND A1+  17500    Affirmed
Bangalore International Airport LT senior rupee TL     IND AA-          13063    Assigned
Ltd                            (RTL)
Bangalore International Airport LT senior rupee TL     IND AA-          5074     Assigned
Ltd                            (RTL)
Bangalore International Airport WC limits              IND AA-          500      Assigned
Barath Agri International       FB WC                  IND BBB- /IND A3 200      Assigned
Trading Pvt Ltd
Indrani Automotive & EngineeringTL                     IND BB           20.73    Assigned
Indrani Automotive & EngineeringFB WC limits           IND BB /IND A4+  22.5     Assigned
International Coil Ltd          FB WC limit            IND BB- /IND A4+ 30       Assigned
International Coil Ltd          Proposed FB WC limit*  Provisional IND  120      Assigned
                                                       BB- /Provisional
                                                       IND A4+
* The rating is provisional and shall be confirmed upon the execution of the sanction letter for
the above facility by ICL to the satisfaction of Ind-Ra.
Jagdamba Fibres Pvt Ltd         FB limit               IND BB-          60       Assigned
Jubilant Generics Ltd           Long-TL                WD               5300     Withdrawn
Mahindra And Mahindra Financial NCDs (NCDs)            IND AAA          150000   Affirmed
Services Ltd
Mahindra And Mahindra Financial Subordinated debt*     IND AAA          24500    Affirmed
Services Ltd
*Details of NCDs and subordinated debt are given in Annexure
Platinum Trust November 2016    Series A pass-through  IND AAA (SO)     2384.9   Assigned
                                certificates (PTCs)
Platinum Trust November 2016     Second loss credit    IND BBB (SO)     125.2    Assigned
                                facility (SLCF)
Rf Trust                        Series A PTCs*         IND BBB (SO)/RWN 610.97   Assigned
*Simultaneous rating actions on PTCs    
Rf Trust                        Series A PTCs*         Provisional IND  933      Downgraded
                                                       BBB(SO)/RWN               from
                                                                                 Prov INDA+(SO)
*Simultaneous rating actions on PTCs
Rkn Retail Pvt Ltd              roposed NCDs (NCDs)*   Provisional IND  12500    Assigned
* The final rating is contingent upon the receipt of final documents conforming to the
information already received.
Satia Industries Ltd            TL                     IND BBB/RWE      1411.5   Placed on RWE
Satia Industries Ltd            FB WC                  IND BBB/RWE/IND  850      Placed on RWE
                                                       A3+/ RWE
Satia Industries Ltd            Non-FB WC              IND BBB/RWE/IND  460      Placed on RWE
                                                       A3+/ RWE
Sct Pvt Ltd                     FB WC limit            IND BB- /IND A4+ 70       Assigned
Sudarshan Beopar Co. Ltd        FB limits              IND BB+          110      Assigned
Sunahri Multi Grain Pvt Ltd     FB limit               IND B+           65       Assigned
Sunahri Multi Grain Pvt Ltd     TL                     IND B+           55       Assigned
Thermal Powertech Corporation   TL                     IND A            50898.4  Assigned
India Ltd
Thermal Powertech Corporation   WC Fac                 IND A            17420    Affirmed
India Ltd
(Increased from INR15,100)
Thermal Powertech Corporation   Non-FB Fac             IND A            7870     Affirmed
India Ltd
(Reduced from INR9,370)
Thermal Powertech Corporation   TL                     WD               67050    Withdrawn
India Ltd
Uco Bank                        Basel III Tier 2 bonds IND AA-          10       Assigned
Velaven Polymers Pvt Ltd        TL                     IND B+           144      Assigned
Velaven Polymers Pvt Ltd        FB Fac                 IND B+ /IND A4   50       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

$: 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

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

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