August 17, 2018 / 4:49 AM / 9 months ago

India Ratings for Indian debt instruments – Aug 17

    Aug 17 (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
August 16, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Altico Capital India            CP                     IND A1+          8.5      Affirmed
Hansraj Agrofresh               Non-FB WC limits       IND A4           2.97     -
(Maintained in non-cooperating category)
India Glycols                   Non-FB limit           IND A2+          14003    Upgraded
Su Solartech Systems            Non-FB WC facility     IND A4+          45       Assigned
Su Solartech Systems            Proposed NFB facility* Provisional IND  35       Assigned
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by SSSPL to the satisfaction of Ind-Ra.

Altico Capital India            NCDs (NCDs)#           IND AA-          4        Assigned
# Yet to be issued
Altico Capital India            NCDs                   IND AA-          16.5     Affirmed
Altico Capital India            Bk loans               IND AA-          44       Affirmed
Altico Capital India            Principal protected    IND PP-MLD       1        Affirmed
                                market-linked          AA-emr/Stable
^The suffix emr denotes the exclusion of the embedded market risk from the rating. Ratings of
the market-linked debentures is an ordinal assessment of the underlying credit risk of the
instrument and do not factor in the market risk that investors in such instruments will assume.
This market risk stems from the fact that coupon payment on these instruments will be based on
the performance of a reference index or equity share (detailed in the information memorandum of
the issue).
Bajaj Energy                    TL (LT)                IND D            13341    Affirmed
Bajaj Energy                    WC facility (LT/ST)    IND D            9500     Affirmed
Bajaj Energy                    Non-FB facility (LT/ST)IND D            570      Affirmed
Hansraj Agrofresh               TL                     IND B+           92.98    -
(Maintained in non-cooperating category)
Hansraj Agrofresh               FB WC  limits          IND B+/A4        150      -
(Maintained in non-cooperating category)
Hindustan Coca-Cola Beverages   FB and non-FB WC limitsIND AAA / IND A1+22000    Affirmed
Hindustan Prefab                Non-FB WC limit        IND BBB/RWE/IND  400      -
(Maintained on RWE)
India Glycols                   TL                     IND A-           1961     Upgraded
India Glycols                   FB limit               IND A- / IND A2+ 4150     Upgraded
Indo Farm Equipment             FB Bk Fac              IND BBB+/A2+     300      -
(Migrated to Non-Cooperating Category)
Motherson Sumi Systems          LT Issuer              IND AAA          -        Assigned
Prins Polytech                  TL                     IND B+           34.5     -
(Maintained in non-cooperating category)
Prins Polytech                  FB limit               IND B+/A4        22.5     -
(Maintained in non-cooperating category)
R. Sheladia Developers          TL                     IND B+           100      Assigned
Rank Silicon And Industries     FB WC limit            IND BBB-         130      Affirmed
Rohit’S Heritage Jewellers      FB limit               IND B+/A4        110      -
(Maintained in Non-Cooperating Category)
Siddhi Vinayak Enterprises      FB limit               IND B/A4         45       -
(Maintained in Non-Cooperating Category)
Su Solartech Systems            FB WC facility         IND BB- / IND A4+15       Assigned
Su Solartech Systems            Proposed fund based WC Provisional IND  10       Assigned
                                facility*              BB-/ Provisional
                                                       IND A4
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by SSSPL to the satisfaction of Ind-Ra.

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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