May 30, 2017 / 4:11 AM / 7 months ago

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, 2017.

COMPANY                         INSTRUMENT             RATING         AMOUNT     MOVEMENT
                                                                     (RS.MLN)
------                          ----------             ------         ------     ---------
SHORT TERM RATINGS:
-------------------
Altico Capital India Pvt Ltd    CP                     IND A1+          1500     Assigned
Amar Plastic Industries         Non-FB limit           IND A4+          60       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Ashok Bricks Industries Pvt Ltd Non FB limit           IND A4+          200      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
N Swarna Electricals &          Non-FB Fac*            IND A4+          85       Assigned
Contractors
(increased from INR50)/* The final ratings were assigned based on the sanction letters provided
by N Swarna to Ind-Ra.
Scoda Tubes Ltd                 Non-FB limit           IND A4           32.5     Assigned
Swati Concast & Power Pvt. Ltd. Non-FB WC limit        IND A4+          10       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
LONG TERM RATINGS:
-------------------
Ashok Bricks Industries Pvt Ltd FB limit               IND BB+          140      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Ashok Bricks Industries Pvt Ltd TL                     IND BB+          100      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Bank Of Baroda                  Basel III Tier 2 bonds -                10000    Withdrawn
Bank Of Baroda                  Lower Tier 2           -                25000    Withdrawn
                                subordinated debt
Hdfc Da June 10- II             SLCF                   IND AA(SO)       94.9     Affirmed
Hdfc Da June 10- II             Purchaser payouts      IND AAA(SO)      423.6    Affirmed
Hdfc Da June 10- III            Second loss credit     IND AA-(SO)      46.6     Affirmed
                                facility (SLCF)
Hdfc Da June 10- III            Purchaser payouts      IND AAA(SO)      261.2    Affirmed
Hdfc Ltd                        Purchaser payouts      IND AAA(SO)      1958.6   Affirmed
Mahindra And Mahindra Financial Retail subordinated    IND AAA          20000    Assigned
Services Ltd                    debt
N Swarna Electricals &          FB Fac*                IND BB-          15       Assigned
Contractors
(reduced from INR50) * The final ratings were assigned based on the sanction letters provided by
N Swarna to Ind-Ra.
Nandi Cotton Ginning Mill Pvt   TL                     IND BB-          47.5     Affirmed
Ltd
(increased from INR42.6)
Nandi Cotton Ginning Mill Pvt   FB Fac                 IND BB- /IND A4+ 140      Affirmed
Ltd
Patna Bakhtiyarpur Tollway Ltd  Bk loans               IND D            7308.26  Affirmed
(reduced from INR7,491.32)
Ria Hotels Pvt Ltd              TL                     IND B+           53.77    Affirmed
(reduced from INR58.13)
Satyam Spinners Pvt Ltd         FB limits              IND BB           155      Affirmed
Scoda Tubes Ltd                 FB limit               IND B            92.5     Assigned
Shree Hanuman Mosaic & Marble   FB limits              IND BB-          50       Assigned
Shree Hanuman Mosaic & Marble   TL                     IND BB-          5.84     Assigned
Steel Authority Of India Ltd    CP                     IND A1+/RWN      80000    Placed on RWN
Steel Authority Of India Ltd    Non-FB WC limits       IND A1+/RWN      20000    Placed on RWN
Steel Authority Of India Ltd    Bonds                  IND AA/RWN       170000   Placed on RWN
Steel Authority Of India Ltd    Bk loan                IND AA/RWN       20000    Placed on RWN
Steel Authority Of India Ltd    Non-FB limits          IND AA/RWN       70000    Placed on RWN
Steel Authority Of India Ltd    FB WC based limits     IND AA/RWN/IND   45000    Placed on RWN
                                                       A1+/RWN
Steel Authority Of India Ltd    Public deposits        IND tAA/RWN      10000    Placed on RWN
Swati Concast & Power Pvt. Ltd. FB WC limit            IND BB+          90       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Young Brand Apparel Pvt Ltd     TL                     IND BB+          255.5    Affirmed
 (increased from INR213.01)
Young Brand Apparel Pvt Ltd     FB Fac                 IND BB+          354      Affirmed
 (increased from INR200)
Young Brand Apparel Pvt Ltd     Non-FB Fac             IND BB+ /IND A4+ 328.3    Affirmed
 (increased from INR100)
-----------------------------------------------------------------------------------------------
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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