April 10, 2018 / 4:10 AM / 3 months ago

India Ratings for Indian debt instruments – Apr 10

    Apr 10 (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
April 9, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Amrit Lal Khatri                Non-FB limit           IND A4+          60       -
(Migrated to Non-Cooperating Category)
Anindita Steels                 Non-FB limits          IND A4+          10       Assigned
Atyati Technologies             Non-FB WC limit        IND A3           250      Assigned
Emtelle India                   Non-FB WC limits (ST)  IND D            220      -
(Downgraded and Migrated to Non-Cooperating Category)
Hsbc India Branch               CDs*                   IND A1+          50000    Affirmed
* No active issuances
Indian Pulp & Paper             Non-FB limits (ST)     IND D            85.4
(Affirmed and migrated to non-cooperating category)
M. E. Infra Projects            Non-FB WC limits       IND A3           550      -
(Migrated to Non-Cooperating Category)
Nirvana Fashion Clothing        Non-FB WC limits       IND A4+          30       Affirmed
Tvs Logistics Services          Non-FB limits          IND A1+          250      Assigned
Tvs Logistics Services          CP (CP)*               IND A1+          500      Reaffirmed
*Carved out of existing cash credit facilities
Tvs Logistics Services          CP*                    IND A1+          500      Assigned
*Carved out of existing cash credit facilities

Aegis Gas (Lpg)’S               TL                     IND AA           150      Affirmed
Aegis Gas (Lpg)’S               NCDs                   IND AA           428      Affirmed
Aegis Gas (Lpg)’S               Non-FB WC Fac          IND AA/A1+       240      Affirmed
Aegis Logistics                 TL                     IND AA           143.9    Affirmed
Aegis Logistics                 NCDs (NCDs)            IND AA           250      Affirmed
Aegis Logistics                 FB WC Fac              IND AA           98.2     Affirmed
Aegis Logistics                 Non-FB Fac             IND AA / IND A1+ 4719.8   Affirmed
Aegis Logistics                 Proposed TL*           Provisional IND  2500     Affirmed
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by ALL to the satisfaction of Ind-Ra.
Amrit Lal Khatri                FB WC limits           IND BB/A4+       30       -
(Migrated to Non-Cooperating Category)
Anindita Steels                 FB limiits             IND BB+          50       Assigned
Arena Lifestyle                 FB WC limits           IND BB-/ A4+     290      -
(Migrated to Non-Cooperating Category)
Atyati Technologies             TL                     IND BBB-         330      Assigned
Atyati Technologies             FB WC limits           IND BBB-         100      Assigned
Dex Agro Sweeteners             TL                     IND BB-          24       Assigned
Dex Agro Sweeteners             FB WC limits           IND BB- / IND A4+10.1     Assigned
Emtelle India                   TL (LT)                IND D            26.4     -
(Downgraded and Migrated to Non-Cooperating Category)
Emtelle India                   CC limits (LT)         IND D            375      -
(Downgraded and Migrated to Non-Cooperating Category)
Indian Pulp & Paper             Long-TL (LT)           IND D            455.5
(Affirmed and migrated to non-cooperating category)
Indian Pulp & Paper             FB limits (LT)         IND D            159.3
(Affirmed and migrated to non-cooperating category)
Nirvana Fashion Clothing        FB WC limits           IND BB-          90       Affirmed
Tvs Logistics Services          TL                     IND A+           500      Assigned
Tvs Logistics Services          FB WC limits           IND A+/ IND A1+  1250     Reaffirmed

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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