June 12, 2018 / 10:48 AM / a year ago

India Ratings for Indian debt instruments – Jun 12

    Jun 12 (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 11, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Akhandalamani Electricals &     Non-FB WC limits       IND A4+          65       Assigned
Ifb Automotive                  Non-FB limits (as a    IND A2+          150      Affirmed
                                sublimit of CC)
Ifb Automotive                  Non-FB limits          IND A2+          50       Affirmed
Shri Senthur Velan Infras       Non-FB Fac             IND A4+          25       -
(Migrated to non-cooperating category)
Vodafone Mobile Services        CP*                    IND A1+          20000    Affirmed
*Yet to be issued

Akhandalamani Electricals &     FB WC limits           IND BB           55       Assigned
Chhapra Municipal Council       LT Issuer              IND BB-          -        Assigned
Ifb Automotive                  Long-TL                IND BBB+         262.1    Downgraded
                                                                                 from IND A-
Ifb Automotive                  FB WC limits           IND BBB+ / IND   400      Downgraded
                                                       A2+                       from IND A- /
India Standard Loan Trust - XviiSeries A pass-through  IND A            328.4    Affirmed
                                certificates (PTCs)
India Standard Loan Trust - XviiSeries A pass-through  IND A            110.24   Affirmed
                                certificates (PTCs)
India Standard Loan Trust - XviiLiquidity facility (LF)IND AAA          10.91    Affirmed
India Standard Loan Trust - XviiLiquidity facility (LF)IND AAA          10.91    Affirmed
India Standard Loan Trust - XviiSecond loss credit     IND BBB          37.6     Affirmed
                                facility (SLCF)
India Standard Loan Trust - XviiSecond loss credit     IND BBB          25.97    Affirmed
                                facility (SLCF)
Makson Nutrition Food (I)       FB limits              IND BB           7.5      -
(Affirmed and migrated to non-cooperating category)
Makson Nutrition Food (I)       TL                     IND BB           237.42   -
(Affirmed and migrated to non-cooperating category)
Shri Ramswaroop Memorial        TL (LT)                IND D            190      -
(Maintained in Non-Cooperating Category)
Shri Ramswaroop Memorial        FB WC facility (LT)    IND D            50       -
(Maintained in Non-Cooperating Category)
Shri Senthur Velan Infras       FB Fac                 IND BB- / A4+    100      -
(Migrated to non-cooperating category)
Super Overseas                  TL                     IND BB+          15.68    -
(Migrated to non-cooperating category)
Super Overseas                  FB WC limit            IND BB+ / A4+    80       -
(Migrated to non-cooperating category)
Western Transmission (Gujarat)’SProposed NCDs* (NCDs)  Provisional IND  1650     Assigned
*The final rating is contingent upon the receipt of all executed financing documents between
WTGL and new lenders, and no dues certificates from existing lenders after the closure of an
external commercial borrowing (ECB) facility with them. The terms of proposed NCDs are similar
to that of the term loan.
Western Transmission (Gujarat)’STL                     Provisional IND  1350     Affirmed
Western Transmission (Gujarat)’SWC facility            Provisional IND  100      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

$: 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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