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India Ratings for Indian debt instruments - Jan 2
January 2, 2017 / 10:57 AM / a year ago

India Ratings for Indian debt instruments - Jan 2

Jan 2 (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
December 30 and December 31, 2016.

COMPANY                         INSTRUMENT             RATING         AMOUNT    MOVEMENT
                                                                     (RS.MLN)
------                          ----------             ------         ------    ---------
SHORT TERM RATINGS:
-------------------
Action International Pvt Ltd    FB WC Limits           IND A2           120      Affirmed
Action International Pvt Ltd    Non-FB WC Limits       IND A2           90       Affirmed
Adhunik Industries Ltd          Non-FBL                IND A3+          560      Downgraded
Aegis Gas (Lpg) Pvt Ltd         Non-FB WC Fac          IND A1+(SO)      150      Affirmed
Aegis Logistics Ltd             Non-FB Fac             IND INDA1+       4719.8   Affirmed
Increased From INR4,119.8 Million
Amar Ujala Publications Ltd     CP (carved out of WC   IND A1+          500      Affirmed
                                limits);
Amroon Foods Pvt Ltd            FB limits              IND A2                    Upgraded
                                                                                 from
                                                                                 IND A3+
Amroon Foods Pvt Ltd            Non-FB limits:         IND A2                    Upgraded 
                                                                                 from
                                                                                 IND A3+
Andhra Bank                     ST Issuer Rating       IND A1+                   Affirmed
Andhra Bank                     Certificates Of        IND A1+          40000    Affirmed
                                Deposits Programme
Annai Infra Developers Pvt Ltd  FB WC Limits           IND              295      Withdrawn
                                                       A4+(suspended)
Annai Infra Developers Pvt Ltd  Non-FB Limits          IND              100      Withdrawn
                                                       A4+(suspended)
Artson Engineering Ltd          FB WC Limits           IND A3           110      Affirmed
Artson Engineering Ltd          Non-FB Limits          IND A3           50       Affirmed
Balaji Action Buildwell         FB WC Facility         IND A1+          800      Upgraded
Balaji Action Buildwell         Non-FBL                IND A1+          50       Upgraded
Balaji Action Buildwell         Proposed FB WC FacilityIND A1+          300      Upgraded
Ballarpur Industries Ltd        CP (within WC limits): IND A3           2470     Downgraded
                                                                                 from IND A1
Ballyfabs International Ltd     Non-FB limits          IND A3           5        Affirmed
Bambino Pasta Food Industries    Non-FB WC limits:     IND A4+          30       Affirmed
Pvt Ltd
Bilt Graphic Paper Products Ltd CP (within WC limits) IND A3           3880      Downgraded
                                                                                 from IND A1
Ccl Products Ltd                Non-FB Limits          IND A1+          160      Affirmed
Ccl Products Ltd                FB WC Limits           IND INDA1+       1360     Affirmed
Cimmco Ltd                      FBL                    IND A1+          150      Affirmed
Cimmco Ltd                      Non-FBL                IND A1+          600      Affirmed
Reduced From INR900Million
Deepak Spinners Ltd             FBL                    IND A3+          50       Affirmed
Deepak Spinners Ltd             Non-FB Limits          IND A3+          185      Affirmed
Deepak Spinners Ltd             FB Limit               IND A3+          180      Affirmed
Flexituff International Ltd     FB Limits              IND A2+          2762     Withdrawn
Flexituff International Ltd     Non-FB Limits          IND A2+          2200     Withdrawn
Galfar Engineering &            FB WC Fac              IND A3           1150     Affirmed
Contracting (I) Pvt Ltd
Galfar Engineering &            NFB WC Fac             IND A3           1100     Affirmed
Contracting (I) Pvt Ltd
Gallantt Ispat Ltd              NFB WC Limits          IND INDA4+       480      Affirmed
Gaurav Worldwide Trading Pvt LtdFB WC Facility         IND A4           300      Withdrawn
Global Ispat Ltd               Non-FB limits          IND A4+          95        Withdrawn
Gms Elegant Builders India Pvt  ST Non-FB WC Limits    IND A4+          90       Withdrawn
Ltd
Grainspan Nutrients Pvt Ltd     Non-FB limits          IND A3+          53       Assigned
Irb Infrastructure Developers   Non-FB Limits          IND A1           11000    Assigned
Ltd
Irb Infrastructure Developers   TL                     IND A1           9410     Assigned
Ltd
Reduced From INR13.99 Billion
IFB Industries Ltd              Non-FB limits          IND A1+          900      Affirmed
IFB Industries Ltd              FB limits              IND A1+          100      Assigned
Payal Polyplast Pvt Ltd         Non-FB WC limits       IND A4+          450      Withdrawn
Irb Infrastructure Developers   TL                     IND A1           11000    Assigned
Ltd
Jai India Weaving Mills Pvt Ltd FB WC Fac              IND A3           182.5    Downgraded
Jai India Weaving Mills Pvt Ltd Non-FB WC Limits       IND A3           65.8     Downgraded
Increased From 50.3 Million
Jai India Weaving Mills Pvt Ltd FB WC Fac              IND A4+          37.5     Downgraded
Decreased From INR80.0 Million
Kamladityya Constructions Pvt   Non-FBL                IND A1           750      Upgraded from
Ltd                                                                              IND A2+.
Kannappan Iron And Steel        FB WC Limit            IND A4+          300      Affirmed
Company Pvt. Ltd.
Kannappan Iron And Steel        Non-FB WC Limit        IND A4+          334      Affirmed
Company Pvt. Ltd.
L&T Howden Pvt Ltd              Non-FB Limits          IND A1           600      Assigned
L&T Howden Pvt Ltd              Forward Contract Limit IND A1           100      Assigned
Lalwani Ferro Alloys Ltd        Non-FB Limits          IND A3+          1025     Affirmed
Lalwani Ferro Alloys Ltd        WC Limits*             IND A3+          75       Affirmed
*can be used as either Fund based or non-Fund based
Perfect Alloy Components Pvt LtdNon-FB limits          IND A2           2.5      Withdrawn
Religare Housing Development    CP                     IND A1+          2000     Affirmed
Finance Corporation Ltd
Sivanssh Infrastructure         Non-FB limits          IND A4+          450      Withdrawn
Development Pvt Ltd
Sri Varsha Food Products India  Non-Fund Limits        IND A4+          160      Withdrawn
Ltd
Sundaram Finance Ltd             Shortterm Issuer      IND A1+                   Affirmed
                                Rating
Sundaram Finance Ltd            Shortterm Bk Loans     IND A1+          6000     Affirmed
Superior Drinks Pvt Ltd         Non-FB limits:         IND A3+          501.5    Withdrawn
Time Technoplast Ltd            LOC                    IND A1+          1029.15  Affirmed
Titagarh Agrico Pvt Ltd         Non-FB Limits          IND A1+          80       Assigned
Titagarh Agrico Pvt Ltd         FB Limits              IND A1+(SO)      170      Assigned
Titagarh Agrico Pvt Ltd         Non-FB Limits          IND A1+(SO)      337.2    Assigned
Titagarh Wagons Ltd             FB Limits              IND A1+          1400     Affirmed
Titagarh Wagons Ltd             Non-FB Limits          IND A1+          6008     Affirmed
Increased From INR6,002 Million
Udaipur Beverages Ltd           Non-FB limits (reduced  IND A3+         45       Affirmed
                                from INR90.00 million)
Vasudev Power Pvt Ltd           FB WC Fac              IND A4+          10       Assigned
Vasudev Power Pvt Ltd           Non-FB WC Fac          IND A4+          75       Assigned
Zf Electronics Tvs (I) Pvt Ltd  Non-FB WC Limits       IND A4           8        Withdrawn
Zf Electronics Tvs (I) Pvt Ltd  FB WC Limits           IND IND A4       70       Withdrawn
Zuari Cement Ltd                FB WC Limits           IND A1+          1164     Affirmed
Reduced From INR1,500 Million
Zuari Cement Ltd                NFB WC Limits          IND A1+          836      Affirmed
Increased From INR500 Million

MEDIUM TERM RATINGS:
-------------------
Andhra Bank                     National Fixed Deposit IND tAA+                  Affirmed
                                Programme
LONG TERM RATINGS:
-------------------
Action International Pvt Ltd    LT Issuer Rating       IND BBB+                  Affirmed
Action International Pvt Ltd    TL                     IND BBB+         20.4     Affirmed
Reduced From INR67 Million
Adhunik Industries Ltd          LT Issuer Rating       IND BBB                   Downgraded
Adhunik Industries Ltd          Long-TL                IND BBB          59.4     Downgraded
Reduced From INR143.8 Million
Adhunik Industries Ltd          FBL                    IND BBB          905.5    Downgraded
Aegis Gas (Lpg) Pvt Ltd         NCD                    IND AA (SO)      557      Affirmed
reduced from INR600 million
Aegis Gas (Lpg) Pvt Ltd         TL                     IND AA(SO)       93.7     Affirmed
reduced from INR250 million
Aegis Logistics Ltd             LT Issuer Rating       IND AA                    Affirmed
Aegis Logistics Ltd             TL                     IND AA           176.7    Affirmed
Reduced From INR359.4 Million
Aegis Logistics Ltd             FB WC Fac              IND AA           98.2     Affirmed
Aegis Logistics Ltd             NCDs                   IND AA           250      Affirmed
Air Works India Engineering     LT Issuer Rating       IND A-                    Assigned
Pvt. Ltd
Air Works India Engineering     FB WC facility         IND A-/IND A1    650      Assigned
Pvt. Ltd
Air Works India Engineering     Non-FB WC facility     IND A-/IND A1    250      Assigned
Pvt. Ltd
Air Works India Engineering     Non-FB stand-by LOC    IND A-/IND A1             Assigned
Pvt. Ltd                        facility
Air Works India Engineering     Non-FB stand-by LOC    IND A-/IND A1             Assigned
Pvt. Ltd                        facility:
Air Works India Engineering     long-TL                IND A-/IND A1    600      Assigned
Pvt. Ltd
Akin Chemicals Pvt. Ltd         LT Issuer Rating       IND BBB-                  Affirmed
Akin Chemicals Pvt. Ltd         Non-FB limits          IND BBB- /IND A3.1100     Affirmed
                                (including INR150
                                million CC sublimit) 
Amar Ujala Publications Ltd      LT Issuer Rating       IND A+                   Assigned
Amar Ujala Publications Ltd     TL                      IND A+          2180     Assigned
Amar Ujala Publications Ltd     FB and NFB WC limits   IND A+/ IND A1+  1150     Assigned
Amroon Foods Pvt Ltd            LT Issuer Rating       IND BBB+                  Upgraded from
                                                                                 IND BBB
Amroon Foods Pvt Ltd            Long-TL (reduced from  IND BBB+         6.8      Upgraded 
                                INR63.2 million)                                 from IND BBB
Amroon Foods Pvt Ltd            FB limits              IND BBB+         1188.2   Upgraded from
                                                                                 IND BBB
 (increased from INR700 million) 
Amroon Foods Pvt Ltd            Non-FB limits:         IND BBB+         5        Upgraded from
                                                                                 IND BBB
Andhra Bank                     LT Issuer Rating       IND AA                    Affirmed
Andhra Bank                     Subordinated bonds     IND AA           13000    Affirmed
Annai Infra Developers Pvt Ltd  Longterm Issuer Rating IND                       Withdrawn
                                                       BB-(suspended)
Annai Infra Developers Pvt Ltd  Longterm Issuer Rating IND BBB                   Assigned
Artson Engineering Ltd          LT Issuer Rating       IND BBB-                  Affirmed
Artson Engineering Ltd          Term Debt              IND BBB-         150      Affirmed
Aveda Ventures Pvt. Ltd.        LT Issuer Rating       IND BB-                   Withdrawn
Aveda Ventures Pvt. Ltd.        Proposed TL            IND BB-          500      Withdrawn
Azure Urja Pvt Ltd              Senior Project Bk Loan IND BBB+         1740     Assigned
Balaji Action Buildwell         LT Issuer Rating       IND A                     Upgraded
Balaji Action Buildwell         Long-TL                IND A+           2000     Upgraded
Balaji Powertronics             Longterm Issuer Rating IND A                     Affirmed
Ballarpur Industries Ltd         LT Issuer Rating      IND BBB-                  Downgraded
                                                                                 from IND A-
Ballarpur Industries Ltd        TL                     IND BBB-         490      Downgraded
                                                                                 from IND A-
Ballarpur Industries Ltd        NCDs                   IND BBB-         5000     Downgraded
                                                                                 from IND A-
Ballarpur Industries Ltd        Fund- and Non-FB WC    IND BBB- /IND A3 7520     Downgraded
                                limits                                           from IND A-
                                                                                 and IND A1
Ballyfabs International Ltd      LT Issuer Rating      IND BBB-                  Affirmed
Ballyfabs International Ltd     FB limits              IND BBB-;/ IND A375       Affirmed
Bambino Pasta Food Industries   LT Issuer Rating       IND BB                    Affirmed
Pvt Ltd
Bambino Pasta Food Industries    TL                    IND BB           316.5    Affirmed
Pvt Ltd
(reduced from INR428.9 million)
Bambino Pasta Food Industries   FB WC limits           IND BB / IND A4+ 200      Affirmed
Pvt Ltd
Bhumya Pvt Ltd                  LT Issuer Rating       IND B-                    Withdrawn
Bhumya Pvt Ltd                  FB Limits (CCs)        IND B-           325      Withdrawn
Bilt Graphic Paper Products LtdLT Issuer Rating       IND BBB-                   Downgraded
                                                                                 from IND A-
Bilt Graphic Paper Products LtdTL                     IND BBB-         4760      Downgraded
                                                                                 from IND A-
Bilt Graphic Paper Products LtdNCDs:                  IND BBB-         7500      Downgraded
                                                                                 from IND A-
Bilt Graphic Paper Products LtdNCDs                   IND BBB-         1000      Assigned
Bilt Graphic Paper Products LtdFund- and Non-FB WC    IND BBB- / IND A38700      Downgraded
                                limits:                                          from IND A-
                                                                                 /IND A1
Ccl Products Ltd                LT Issuer Rating       IND A+                    Affirmed
Central Bank Of India           Longterm Issuer Rating IND AA                    Affirmed
Central Bank Of India           Infrastructure Bonds   IND AA           30000    Affirmed
Chenani Nashri Tunnelway Ltd    Subordinated LT Bk     IND BBB          3720     Affirmed
                                Loans
Chenani Nashri Tunnelway Ltd    Senior LT Bk Loans     IND BBB+         29760    Affirmed
Chhattisgarh State Power        Bonds                  IND A(SO)        2575     Affirmed
Distribution Co. Ltd
Chhattisgarh State Power        Bonds                  IND A(SO)        2425     Affirmed
Distribution Co. Ltd
Chhattisgarh State Power        Bk Loans               IND A            42250    Affirmed
Generation Co. Ltd
Chhattisgarh State Power        WC Fac                 IND A /A1        8500     Affirmed
Generation Co. Ltd
Chhattisgarh State Power        WC Facility            IND A            1050     Affirmed
Transmission Co. Ltd
Chhattisgarh State Power        LT Loans               IND A            7150     Affirmed
Transmission Co. Ltd
Cimmco Ltd                      LT Issuer Rating       IND AA-                   Affirmed
Cimmco Ltd                      LT Loans               IND AA-          400      Reduced from
                                                                                 INR566.7
                                                                                 million)
Creamy Foods Ltd                LT Issuer Rating       IND BBB+                  Affirmed
Creamy Foods Ltd                long-TL                IND BBB+         429.3    Affirmed
                                (increased  from INR
                                190.9 million)
Creamy Foods Ltd                 LT loans              IND BBB+         89.1     Affirmed
Creamy Foods Ltd                FBL (increased from    IND BBB+ /IND A2 1180     Affirmed
                                INR 1,100 million)
Creamy Foods Ltd                FB limits              IND BBB+ /IND A2 70       Affirmed
Crompton Greaves Ltd            Longterm Issuer Rating IND AA                    RWN
Deepak Spinners Ltd             LT Issuer Rating       IND BBB                   Affirmed
Deepak Spinners Ltd             LT Loans               IND BBB          1026     Affirmed
Reduced From INR1289.5 Million
Deepak Spinners Ltd             FBL                    IND BBB          600      Affirmed
Dixcy Textiles Pvt Ltd          Longterm Issuer Rating IND BBB+                  Withdrawn
Dixcy Textiles Pvt Ltd          FB WC Limits           IND BBB+ /A2     1610     Withdrawn
Fair Exports India Pvt Ltd      LT Issuer Rating       IND BBB+                  Upgraded from
                                                                                 IND BBB
Fair Exports India Pvt Ltd      long-TL                IND BBB+         59.5     Upgraded 
                                                                                 from
                                                                                 IND BBB
 (reduced from INR205.8 million)
Fair Exports India Pvt Ltd      FB limits              IND BBB+         1405.5   Upgraded  
                                                                                 from
                                                                                 IND BBB
Fair Exports India Pvt Ltd      Non-FB limits          IND BBB+         35       Upgraded
                                                                                 from
                                                                                 IND BBB
Fateh Chand Charitable Trust    TL                     IND BB           181.6    Downgraded
Fateh Chand Charitable Trust    Non-FB Facility        IND BB           70.5     Downgraded
Federal Bank Ltd                Lower Tier Ii          IND AA-          2000     Withdrawn
                                Subordinated Debt
Flexituff International Ltd     LT Issuer Rating       IND A-                    Withdrawn
Flexituff International Ltd     Long-TL                IND A-           1157.3   Withdrawn
Galfar Engineering &            LT Issuer Rating       IND BBB-                  Affirmed
Contracting (I) Pvt Ltd
Gallantt Ispat Ltd              LT Issuer Rating       IND BB+                   Affirmed
Gallantt Ispat Ltd              FB Limits              IND BB+          550      Affirmed
Ganges Green Energy Pvt Ltd     Senior project Bk loansIND BBB+         1815.8   Affirmed
(INR1,690 million outstanding as on 30 November 2016)
Gaurav Worldwide Trading Pvt LtdLT Issuer Rating       IND B                     Withdrawn
Global Ispat Ltd               LT Issuer Rating       IND BB-                    Withdrawn
Global Ispat Ltd               FB limits:             IND BB-          120       Withdrawn
Global Ispat Ltd               TL:                    IND BB-          20.5      Withdrawn
Gms Elegant Builders India Pvt  LT Issuer Rating       IND BB+                   Withdrawn
Ltd
Gms Elegant Builders India Pvt  LT FB WC Limits        IND BB+          120      Withdrawn
Ltd
Golden Cellars Pvt Ltd          LT Issuer Rating       IND B                     Withdrawn
Golden Cellars Pvt Ltd          FB WC Limit            IND B            50       Withdrawn
Grainspan Nutrients Pvt Ltd     LT Issuer Rating       IND BBB                   Assigned
Grainspan Nutrients Pvt Ltd     TL:                    IND BBB          561.6    Assigned
Grainspan Nutrients Pvt Ltd     FB limits              IND BBB; / IND   650      Assigned
                                                       A3+
Haryana Vidyut Prasaran Nigam   Bonds                  IND A+ (SO)      2657     Affirmed
Ltd
Inabensa Bharat Pvt Ltd         LT Issuer Rating       IND D                     Downgraded
                                                                                 from IND B+
Inabensa Bharat Pvt Ltd         Fund Based WC Fac      IND D /D         150      Downgraded
                                                                                 from IND B+/A4
Inabensa Bharat Pvt Ltd         NFB WC Fac:            IND D /D         50       Downgraded
                                                                                 from IND B+/A4
India Infradebt Ltd             Tier II subordinated   IND AAA          1600     Affirmed
                                NCDs
IFB Industries Ltd              LT Issuer Rating       IND A+                    Affirmed
IFB Industries Ltd              long-TL                IND A+           300      Affirmed
IFB Industries Ltd              LOC (for capex and     IND A+           200      Affirmed
                                capital gooptionally
                                convertible debentures; reduced from INR310 million)
IFB Industries Ltd              FB limits              IND A+/ IND A1+  350      Affirmed
Payal Polyplast Pvt Ltd         LT Issuer Rating:      IND BB-                   Withdrawn
Payal Polyplast Pvt Ltd         FB WC limits           IND BB- /IND A4+ 200      Withdrawn
SMC Foods Ltd                   LT loans               IND BBB+         40.4     Affirmed
SMC Foods Ltd                   LT loans:              IND BBB+         21.4     Assigned
SMC Foods Ltd                   FBL                    IND BBB+;/IND A2.800      Affirmed
SMC Foods Ltd                   LT Issuer Rating       INR BBB+                  Affirmed
Irb Infrastructure Developers   LT Issuer Rating       IND A-                    Assigned
Ltd
Jai India Weaving Mills Pvt Ltd LT Issuer Rating       IND BBB-                  Downgraded
Jai India Weaving Mills Pvt Ltd TL                     IND BBB-         251.3    Decreased from
                                                                                 INR315.0
                                                                                 million
Kamuthi Renewable Energy Ltd    Non-FB Fac (interim    IND BBB-.        46.6     Affirmed
                                LOC Fac)
(reduced from INR1.93 billion) 
Kamuthi Solar Power Ltd         Non-FB Fac             IND BBB-         2480     Affirmed
Kannappan Iron And Steel        LT Issuer Rating       IND BB+                   Affirmed
Company Pvt. Ltd.
Krishnapatnam Railway Co. Ltd   Senior Project Bk Loan IND B-           9330     Upgraded
L&T Howden Pvt Ltd              LT Issuer Rating       IND A                     Assigned
L&T Howden Pvt Ltd              FB WC Limits           IND A            250      Assigned
Lalwani Ferro Alloys Ltd        LT Issuer Rating       IND BBB                   Affirmed
Lalwani Ferro Alloys Ltd        LT Loan                IND BBB          25.9     Affirmed
Lalwani Ferro Alloys Ltd        FBL                    IND BBB          676      Affirmed
Reduced From INR741 Million
Lodha Developers Pvt Ltd        Bk loans               IND BBB+         825      Downgraded
                                                                                 from IND A-
M.V. Waghadkar & Sons Jewellers LT Issuer Rating:      IND B+                    Withdrawn
Pvt Ltd
M.V. Waghadkar & Sons Jewellers FB WC limit:           IND B+           85       Withdrawn
Pvt Ltd
M.V. Waghadkar & Sons Jewellers TL                     IND B+           14.84    Withdrawn
Pvt Ltd
M/S Sk Elite Industries (I) Ltd LT Issuer Rating       IND BB-                   Assigned
Mayur Ply Industries Pvt Ltd    FB Limits              IND D            430      Withdrawn
Mayur Ply Industries Pvt Ltd    WC Fac                 IND D            50       Withdrawn
Mayur Ply Industries Pvt Ltd    Non-FB Limits          IND D            1065     Withdrawn
Mayur Ply Industries Pvt Ltd    Proposed FB Limits     IND D            130      Withdrawn
Mayur Ply Industries Pvt Ltd    Proposed Non-FB Limits IND D            120      Withdrawn
Mita India Pvt Ltd              LT Issuer Rating       IND A-                    Affirmed
Nagarjuna Fertilisers And       LT Issuer Rating       IND D                     Affirmed
Chemicals Ltd
Nagarjuna Fertilisers And       FB Limits              IND D            8200     Affirmed
Chemicals Ltd
Nagarjuna Fertilisers And       Non-FB Limits          IND D            11811.1  Affirmed
Chemicals Ltd
Nagarjuna Fertilisers And       Long-TL                IND D            2315     Affirmed
Chemicals Ltd
Narmada Drinks Pvt Ltd          LT Issuer Rating       IND BBB                   Affirmed
Narmada Drinks Pvt Ltd          TL (reduced from INR   IND BBB          100      Affirmed
                                34.50 million)
Narmada Drinks Pvt Ltd          FB limits (reduced     IND BBB          900      Affirmed
                                from INR95.00 million)
Perfect Alloy Components Pvt LtdLT Issuer Rating       IND BBB                   Withdrawn
Perfect Alloy Components Pvt Ltd TL                    IND BBB          45.46    Withdrawn
Perfect Alloy Components Pvt LtdFB limits              IND BBB / IND A2 1750     Withdrawn
Perfect Alloy Components Pvt LtdFB limits:             IND BBB / IND A2 65       Withdrawn
Platinum Trust December 2016    Series A PTC           IND AAA(SO)      1429.9   Provisional
Platinum Trust December 2016    Second Loss Credit     IND BBB(SO)      83.6     Provisional
                                Facility
Precious Energy Services Ltd    Senior project Bk loansIND BBB+         1186.3   Affirmed
(INR1050.4 million as on November 30 2016)
Pune Municipal Corporation      Loans                  IND AA+          1048.2   Upgraded
Rajasthan Patrika Pvt Ltd       LT Issuer Rating       IND A+                    Affirmed
Rajasthan Patrika Pvt Ltd       long-TL:               IND A+           637      Affirmed
Rajasthan Patrika Pvt Ltd       FB WC limits           IND A+/ IND A1+  650      Affirmed
Rajasthan Patrika Pvt Ltd        Non-FB WC limits      IND A+/ IND A1+  525      Affirmed
Rajasthan Patrika Pvt Ltd        Non-FB WC limits      IND A+/ IND A1+  95       Assigned
Ramnad Renewable Energy Ltd     Non-FB Fac (interim    IND BBB-         742      Affirmed
                                LOC Fac)
 (reduced from INR2.39 billion)
Ramnad Solar Power Ltd          Non-FB Fac             IND BBB-         620.8    Affirmed
Regal Shipping Pvt Ltd          Longterm Issuer Rating IND BB+                   Withdrawn
Regal Shipping Pvt Ltd          Fundbased WC Limits    IND BB+          250      Withdrawn
Regal Shipping Pvt Ltd          TL                     IND BB+          100      Withdrawn
Religare Housing Development    NCD                    IND AA-          10000    Affirmed
Finance Corporation Ltd
Renew Wind Energy Ltd           NCDs (NCDs;            IND AA+(SO)      4510     Affirmed
                                outstanding is
                                INR4,360 million)
Revised to Negative from Stable
Sansar Trust December 2016 -    Second Loss Credit     IND A-(SO)       218.6    Assigned
Iii                             Facility (Slcf)
Sansar Trust December 2016 -    Series A PTC (Ptcs)    IND AAA(SO)      3802.1   Assigned
Iii
Satin Creditcare Network Ltd    NCD                    --               270      RWE
Sivanssh Infrastructure          LT Issuer Rating      IND BB+                   Withdrawn
Development Pvt Ltd
Sivanssh Infrastructure         FB limits              IND BB+          150      Withdrawn
Development Pvt Ltd
Sri Varsha Food Products India  LT Issuer Rating       IND BB+                   Withdrawn
Ltd
Sri Varsha Food Products India  FB Limits              IND BB+          250      Withdrawn
Ltd
Sri Varsha Food Products India  TL                     IND BB+          90       Withdrawn
Ltd
Sundaram Finance Ltd            Longterm Issuer Rating IND AA+                   Affirmed
Sundaram Finance Ltd            Longterm Bk Loans      IND AA+          10000    Affirmed
Sundaram Finance Ltd            Lower Tier 2 Bonds     IND AA+          1500     Affirmed
                                Programme
Superior Drinks Pvt Ltd         LT Issuer Rating       IND BBB                   Affirmed
Superior Drinks Pvt Ltd         TL (increased from     IND BBB          804      Affirmed
                                INR445.00 million)
Superior Drinks Pvt Ltd         FB limits (increased   IND BBB / IND A3+150      Affirmed
                                from INR127.50 million)
Sutip Ltd                       Senior project Bk      IND BBB          1844.3   Affirmed
                                loans
Revised to Negative from Stable
Tata Teleservices (Maharashtra) LT Issuer Rating       IND A            7500     Downgraded 
Ltd
The Punjab State Cooperative    LT Issuer Rating       IND BBB                   Affirmed
Milk Producers Federation Ltd
The Punjab State Cooperative    FB limits              IND BBB          1650     Affirmed
Milk Producers Federation Ltd
The Punjab State Cooperative     Non-FB limits         IND BBB / IND A2.200      Affirmed
Milk Producers Federation Ltd
Titagarh Agrico Pvt Ltd         LT Issuer Rating       IND AA-                   Assigned
Titagarh Agrico Pvt Ltd         FB Limits              IND AA-          20       Assigned
Titagarh Wagons Ltd             LT Issuer Rating       IND AA-                   Affirmed
Udaipur Beverages Ltd           TL (reduced from       IND BBB          30       Affirmed
                                INR120.61 million)
Udaipur Beverages Ltd           FB limits:             IND BBB / IND A3+45       Affirmed
Udaipur Beverages Ltd           LT Issuer Rating       IND BBB;                  Affirmed
Ujjawala Power Pvt Ltd          Senior project Bk loansIND BBB          1584.7   Affirmed
(INR1,476.2 million outstanding as on 30 November 2016)
Vasudev Power Pvt Ltd           LT Issuer Rating       IND BB                    Assigned
Velankani Information Systems   Series B NCDs          IND A-(SO)       350      Withdrawn
Ltd
Velankani Information Systems   Series D NCDs          IND A-(SO)       150      Withdrawn
Ltd
Velankani Information Systems   Series A NCDs          IND AA(SO)       1850     Withdrawn
Ltd
Velankani Information Systems   Series C NCDs          IND AA(SO)       550      Withdrawn
Ltd
Velankani Information Systems   Series E NCDs          IND AA(SO)       190      Withdrawn
Ltd
Velankani Information Systems   Series F NCDs          IND AA(SO)       60       Withdrawn
Ltd
Zf Electronics Tvs (I) Pvt Ltd  LT Issuer Rating       IND B                     Withdrawn
Zuari Cement Ltd                LT Issuer Rating       IND AA                    Affirmed
Zuari Cement Ltd                Outstanding TL         IND AA           5966.66  Affirmed
Reduced From INR7,980 Million
-----------------------------------------------------------------------------------------------
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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