December 15, 2017 / 5:31 AM / 6 months ago

India Ratings for Indian debt instruments – Dec 15

   Dec 15 (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 14, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Alkem Laboratories Ltd          CP*                    IND A1+          7000     Assigned
*The CP is not carved out of Alkem’s fund-based working capital limits.
Axis Rail India Ltd             Non-FB Fac             IND A3           415      Assigned
Bla Infrastructure Pvt. Ltd     Non-FB limits          IND A4+          140      Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Celon Laboratories Pvt Ltd      Non-FB WC limits       IND A3           50       Assigned
Citibank, N.A. - India Branch’S Certificates of        IND A1+          50       Affirmed
(Citi India)                    deposit*
* No active issuances since the last surveillance
Citibank, N.A. - India Branch’S ST Bk loan             IND A1+          19.5     Affirmed
(Citi India)
* No active issuances since the last surveillance
Hills Trade Agencies            Non-FB limit           IND A4           180      Affirmed
Malwa Agro Foods Pvt Ltd        Non-FB limits          IND A3           0.6      Affirmed
S S Offshore Pvt Ltd            Non-FB limit           IND A4+          30       Affirmed
Viva Servitrade Pvt Ltd         Non-FB WC limits       IND A4+          150      Affirmed
Wellknown Polyesters Ltd        CP*                    IND A1           1000     Assigned
*Yet to be issued, to be carved out of working capital facility

LONG TERM RATINGS:
-------------------
Apollo Hospitals Educational &  Bk loans               IND BBB          4376.1   Assigned
Research Foundation
Apollo Hospitals Educational &  FB WC                  IND BBB          150      Assigned
Research Foundation
Apollo Hospitals Educational &  Non-FB WC (BG)         IND BBB          240      Assigned
Research Foundation
Axis Rail India Ltd             FB Fac                 IND BBB-/IND A3  30       Assigned
Bla Infrastructure Pvt. Ltd     FB limits              IND BB-          70       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Celon Laboratories Pvt Ltd      FB WC limits           IND BBB-/IND A3  100      Assigned
Celon Laboratories Pvt Ltd      Proposed FB WC limits* Provisional IND  50       Assigned
                                                       BBB-/Provisional
                                                       IND A3
*The ratings are provisional and shall be confirmed upon the sanction and 
 execution of loan documents for the above facilities by Celon
 to the satisfaction of Ind-Ra.
Dredging Corporation Of India   LT Issuer Rating       IND A+                    Assigned
Ltd
Gautam International Pratisthan Bk loans               IND BBB-         740.4    Assigned
Gautam International Pratisthan FB WC (overdraft)      IND BBB-         552.7    Assigned
Hills Trade Agencies            FB limit               IND B+/ IND A4   100      Affirmed
Malwa Agro Foods Pvt Ltd        TL                     IND BBB-         9.25     Affirmed
Malwa Agro Foods Pvt Ltd        FB limits              IND BBB-         133      Affirmed
Mm Trust Sep 15                 Series A PTCs          IND AA+(SO)      347.52   Affirmed
Mm Trust Sep 15 I               Series A pass-through  IND AA+(SO)      464.32   Affirmed
                                certificates (PTCs)
Platinum Trust December 2016    Series A pass-through  IND AAA(SO)      1094.5   Affirmed
                                certificates (PTCs)
Platinum Trust December 2016    Second loss credit     IND BBB(SO)      83.6     Affirmed
                                facility 
Ravindra Bharathi Educational   Bk loans               IND BBB          1495.46  Migrated to
Society                                                                          Non
                                                                                 Cooperating 
                                                                                 Category
Ravindra Bharathi Educational   FB WC                  IND BBB          250      Migrated to
Society                                                                          Non
                                                                                 Cooperating 
                                                                                 Category
S S Offshore Pvt Ltd            TL                     IND BB           213.9    Affirmed
S S Offshore Pvt Ltd            FB WC limit            IND BB/IND A4+   30       Affirmed
Shiv Shakti Wahan Pvt Ltd       FB limits              IND BB+          113.9    Affirmed
Viva Servitrade Pvt Ltd         FB WC limits           IND BB-          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
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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