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India Ratings for Indian debt instruments – Dec 18
December 18, 2017 / 5:00 AM / a month ago

India Ratings for Indian debt instruments – Dec 18

    Dec 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
December 15, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Allied Blenders And Distillers  Non-FB limits          IND A2+          200      Affirmed
Pvt. Ltd.
Bpl Ltd                         Non-FB limits          IND A4+          280      Assigned
Globe Forex & Travels Ltd       Non-FB limits          IND A2+          70       Affirmed
Quality Care India Ltd          CP program*            IND A1+          250      Affirmed
* The CP will be carved out of QCIL’s fund-based working capital limits.
Ramnik Power And Alloys Pvt Ltd Non-FB limits          IND A4           10       Assigned
Skm Infraventure Pvt Ltd        Non-FB limit           IND A4+          10       Assigned
Welspun Global Brands Ltd       Non-FB limits          IND A1+          435.4    Affirmed
Welspun India Ltd               Non-FB limits          IND A1+          3.9      Affirmed
Welspun India Ltd               CP                     IND A1+          3        Affirmed

LONG TERM RATINGS:
-------------------
Aizant Drug Research Solutions  Long-TL                IND BBB-         234.7    Assigned
Pvt Ltd
Aizant Drug Research Solutions  FB WC limits           IND BBB-/ IND A3 115      Assigned
Pvt Ltd
Allied Blenders And Distillers  TL                     IND A-           4979.1   Affirmed
Pvt. Ltd.
increased from 4,347.0 mln
Allied Blenders And Distillers  WC Fac                 IND A-           5103.6   Affirmed
Pvt. Ltd.
reduced from 5,150.0 mln
Allied Blenders And Distillers  Bill discounting Fac   IND A-           2000     Affirmed
Pvt. Ltd.
Allied Blenders And Distillers  Bill discounting Fac#  IND A-           1000     Assigned
Pvt. Ltd.
# The final rating has been assigned following the receipt of the sanction letter.
Allied Blenders And Distillers  Proposed WC Fac*       Provisional IND  200      Affirmed
Pvt. Ltd.                                              A-
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by ABDPL to
Anand Teknow Aids Engineering   TL (LT)                IND D            350      Downgraded
India Ltd
(ISSUER NOT COOPERATING)
Anand Teknow Aids Engineering   FB limit (LT)          IND D            710      Downgraded
India Ltd
(ISSUER NOT COOPERATING)
Anand Teknow Aids Engineering   Non-FB limit (ST)      IND D            970      Downgraded
India Ltd
(ISSUER NOT COOPERATING)
Anand Teknow Aids Engineering   NCDs (NCDs) (LT)*      IND D            250      Rating
India Ltd                                                                        downgraded;
                                                                                 final rating
assigned
* Ind-Ra has not received final documentation for the NCDs.; (ISSUER NOT COOPERATING)
Anand Teknow Aids Engineering   Proposed non-FB limit  Provisional IND D 80      Downgraded
India Ltd                       (LT/ST)#
# The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by ATAEIL to the satisfaction of Ind-Ra.; (ISSUER NOT
COOPERATING)
Ashok Leyland Defence Systems   FB WC limits           IND BBB+/ IND A2 150      Assigned
Ltd
Bpl Ltd                         FB limits              IND BB-          100      Assigned
Can Fin Homes Ltd               CP                     IND A1+/ RWN     45       Placed on RWN
Can Fin Homes Ltd               Subordinated debt      IND AAA/ RWN     3        Placed on RWN
Can Fin Homes Ltd               NCDs (NCDs)*           IND AAA/ RWN     80       Placed on RWN
Globe Forex & Travels Ltd       FB limits              IND A-           230      Rating
                                                                                 affirmed;
                                                                                 Outlook revised
to Positive from Negative
Godhra Expressways Pvt Ltd      Secured, rated,        IND AA-(SO)      3500     Assigned
                                unlisted, redeemable
                                NCDs (NCDs)
Godhra Expressways Pvt Ltd      LT term project Bk loanIND AA-(SO)      1100     Assigned
Godhra Expressways Pvt Ltd      Proposed secured,      WD               3500     Withdrawn*
                                rated, unlisted,
                                redeemable NCDs
*The provisional ratings are withdrawn as the issuer did not proceed with the instrument as
envisaged.
Godhra Expressways Pvt Ltd      Proposed LT term       WD               1100     Withdrawn*
                                project Bk loan
*The provisional ratings are withdrawn as the issuer did not proceed with the instrument as
envisaged.
Iiert September 2017 (An Abs    Series A pass-through  IND AA(SO)       1516.2   Assigned
Transaction)                    certificates (PTCs)
Jammu & Kashmir Bank Ltd        Basel III compliant    IND AA           10000    Assigned
                                Tier 2 bonds*
*yet to be issued
Merlin Ifmr Capital 2017 (An    Series A1 pass-through IND A-(SO)       218.4    Assigned
Abs Transaction)                certificates (PTCs)
Merlin Ifmr Capital 2017 (An    Series A2 PTCs         IND BBB-(SO)     5.1      Assigned
Abs Transaction)
Mfl Securitisation Trust -      Series A1 pass-through IND AA(SO)       2681.54  Assigned
Lviii (An Abs Transaction)      certificates (PTCs)
Mfl Securitisation Trust -      Series A2 PTCs         IND AA(SO)       141.1    Assigned
Lviii (An Abs Transaction)
Mfl Securitisation Trust -      Liquidity facility (LF)IND AAA(SO)      49.4     Assigned
Lviii (An Abs Transaction)
Mfl Securitisation Trust -      Second loss credit     IND BBB(SO)      231.5    Assigned
Lviii (An Abs Transaction)      facility (SLCF)
Prayatna Developers Pvt Ltd     Senior Bk loans        IND A-           9517.9   Upgraded
Prayatna Developers Pvt Ltd     Proposed WC loan*      Provisional IND  376.5    Upgraded
                                                       A-
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by PDPL to
Ramnik Power And Alloys Pvt Ltd FB limit               IND B+           30       Assigned
Ramnik Power And Alloys Pvt Ltd TL                     IND B+           16.78    Assigned
Sahibzada Timber & Ply Pvt Ltd  FB WC limit            WD               200      Withdrawn
Skm Infraventure Pvt Ltd        FB limit               IND BB           50       Assigned
Skm Infraventure Pvt Ltd        Proposed FB limit*     Provisional IND  80       Assigned
                                                       BB
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by SKMIVPL to the satisfaction of Ind-Ra.
Waaneep Solar Pvt Ltd           Senior project TL      WD               3000     Withdrawn
2,267.40 outstanding on 30 November 2017
Welspun Global Brands Ltd       FB WC limits           IND AA-          4126.5   Affirmed
Welspun India Ltd               TL                     IND AA-          22.5     Affirmed
Welspun India Ltd               FB WC limits           IND AA-          8.5      Affirmed
Welspun India Ltd               Proposed NCDs          WD               2        Withdrawn
 (issuer is no longer proceeding with the instrument as envisaged)

-----------------------------------------------------------------------------------------------
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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