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India Ratings for Indian debt instruments – Jun 21
June 21, 2017 / 5:51 AM / in 6 months

India Ratings for Indian debt instruments – Jun 21

    Jun 21 (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
June 20, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
A B Composites Pvt Ltd          Non-FB WC limits       IND A4+          150      Affirmed
G. Sathyanarayana Reddy         Non-FB WC limits       IND A4+          500      Assigned
Transport
Mahindra Rural Housing Finance  CP                     IND A1+          7000     Affirmed
Ltd
Patdiam Jewels                  FBF                    IND A4+          90       Affirmed
Raj Borax Pvt Ltd               NFBF                   IND A4+          550      Assigned
Siddhi Vinayak Knots & Prints   Non-FB limits          IND A3+          20.7     Migrated to
Pvt. Ltd.                                                                        Non -
                                                                                 Cooperating
                                                                                 Category

LONG TERM RATINGS:
-------------------
A B Composites Pvt Ltd          FB WC limits           IND BB           400      Affirmed
G. Sathyanarayana Reddy         FB WC limits           IND BB- / IND A4+250      Assigned
Transport
Kdm Clothing Co.                TL                     IND BB-          9.25     Affirmed
(reduced from INR20.003)
Kdm Clothing Co.                FB WC                  IND BB- / IND A4+35       Affirmed
Mahindra Rural Housing Finance  BK LOAN                IND AA+          55000    Affirmed
Ltd
(increased from INR 35)
Mahindra Rural Housing Finance  NCD*                   IND AA+          20000    Affirmed
Ltd
(increased from INR 8)
Mahindra Rural Housing Finance  Subordinated debt      IND AA+          8000     Affirmed
Ltd
(increased from INR 3)
Raj Borax Pvt Ltd               FBF                    IND BB+ / IND A4+550      Assigned
Ravi Industries                 TL                     IND B+           2.24     Assigned
Ravi Industries                 FBF                    IND B+ / IND A4  60       Assigned
Sembcorp Gayatri Power Ltd      New rupee TL (RTL)*    IND A            30000    Assigned
* The final ratings have been assigned following the receipt of executed financing documents
including common loan agreement, trust and retention agreement, deed of guarantee and promoter
undertakings. 
Sembcorp Gayatri Power Ltd      WC loan*               IND A            11100    Assigned
* The final ratings have been assigned following the receipt of executed financing documents
including common loan agreement, trust and retention agreement, deed of guarantee and promoter
undertakings. 
Sembcorp Gayatri Power Ltd      Non-FB (BG) facility   IND A            14000    Upgraded from
                                                                                 IND BBB-
Siddhi Vinayak Knots & Prints   FB WC limits           IND BBB          750      Migrated to
Pvt. Ltd.                                                                        Non -
                                                                                 Cooperating
                                                                                 Category
Siddhi Vinayak Knots & Prints   TL                     IND BBB          424      Migrated to
Pvt. Ltd.                                                                        Non -
                                                                                 Cooperating
                                                                                 Category
Subir Diamonds Pvt Ltd.         FBL                    IND B            900      Affirmed
Ubl Trust 1                     Series A PTC (PTCs)    IND A+           34.7     Affirmed
-----------------------------------------------------------------------------------------------
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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