July 27, 2017 / 4:32 AM / 7 days ago

CORRECTED (OFFICIAL)-India Ratings for Indian debt instruments – Jul 27

 (Corrects July 27, 2017 item to remove reference to Oren Hydrocarbons after India Ratings
withdrawal of press release)
    May 18 (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
July 26, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
------                          ----------             ------          ------   ---------
Idbi Bank Ltd                   Issuer Rating (ST)     IND A1+          -        Affirmed
Idbi Bank Ltd                   Certificates of        IND A1+          160000   Affirmed
Megha Agrotech Pvt Ltd          Non-FB Fac             IND A4+          5        Assigned
N.E. Trade & Transport          Non-FB limit           IND A4           400      Assigned
Saboo Tor Pvt Ltd               Non-FBL                IND A4+          19.5     Assigned
Tata Projects Ltd               Unsecured ST debt/CPs  IND A1+          2000     Assigned
Volkswagen Finance Pvt Ltd      ST Bk loans            IND A1+          15000    Affirmed
Volkswagen Finance Pvt Ltd      CP                     IND A1+          30000    Affirmed

Bajaj Energy Ltd                TL                     IND A/RWN        14454    Placed on RWN
(reduced from INR15,918mln)
Bajaj Energy Ltd                WC facility            IND A/RWN/IND    9500     Placed on RWN
Bajaj Energy Ltd                Non-FB facility        IND A/RWN/IND    570      Placed on RWN
Hombale Constructions & Estates FB Fac                 -                250      Withdrawn
Pvt Ltd
Hombale Constructions & Estates Non-FB Fac             -                950      Withdrawn
Pvt Ltd
Idbi Bank Ltd                   Issuer Rating (LT)     IND AA           -        Affirmed
Idbi Bank Ltd                   Basel III compliant    IND AA           -        Affirmed
*Yet to be issued
Idbi Bank Ltd                   Omni infrastructure    IND AA           80000    Affirmed
Idbi Bank Ltd                   Basel III-complaint    IND AA           30000    Affirmed
                                Tier II bonds
Idbi Bank Ltd                   Senior debt            IND AA           71200    Affirmed
Idbi Bank Ltd                   Lower Tier II bonds    IND AA           37700    Affirmed
Idbi Bank Ltd                   Upper Tier II          IND BBB+         3500     Downgraded
                                subordinated bond
Idbi Bank Ltd                   AT1 perpetual debt     IND BBB+         50000    Downgraded
Idbi Bank Ltd                   Deposit rating         IND tAA+         -        Affirmed
Iitl-Nimbus The Hyde Park       TL                     IND BBB-         400      Assigned
India Standard Loan Trust Xliii Series A pass-through  IND AA(SO)       1125.53  Assigned
                                certificates (PTCs)
India Standard Loan Trust Xliii Liquidity facility (LF)IND AAA(SO)      11.3     Assigned
India Standard Loan Trust Xliii Second loss credit     IND BBB(SO)      53.46    Assigned
                                facility (SLCF)
India Standard Loan Trust Xlvi  Series A pass-through  IND AA(SO)       424.64   Assigned
                                certificates (PTCs)
India Standard Loan Trust Xlvi  Liquidity facility (LF)IND AAA(SO)      4.25     Assigned
India Standard Loan Trust Xlvi  Second loss credit     IND BBB(SO)      21.23    Assigned
                                facility (SLCF)
M/S Mittal Fibers               FB working limits      IND B+           60       Migrated to
                                                                                 Non Cooperating
M/S Mittal Fibers               Long-TL                IND B+           7.04     Migrated to
                                                                                 Non Cooperating
Megha Agrotech Pvt Ltd          FB Fac                 IND BB+          45       Upgraded from
                                                                                 from IND BB
Minda Corporation Ltd           TL                     IND A+           460      Assigned
Minda Sai Ltd                   TL                     IND A+           250      Assigned
N.E. Trade & Transport          FB limit               IND B+           100      Assigned

Saboo Tor Pvt Ltd               FB limits              IND BB+          180      Upgraded from
                                                                                 IND BB
Vishnu Cars Pvt Ltd             FB working limits      IND B            200      Migrated to
                                                                                 Non Cooperating
Vishnu Cars Pvt Ltd             Long-TL                IND B            66.03    Migrated to
                                                                                 Non Cooperating
Volkswagen Finance Pvt Ltd      LT Bk loans            IND AAA          32000    Affirmed
Volkswagen Finance Pvt Ltd      NCDs (NCDs)            IND AAA          26000    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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