December 26, 2017 / 7:34 AM / a month ago

India Ratings for Indian debt instruments – Dec 26

    Dec 26 (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 22, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Asianet Satellite               NFBF                   IND A1           1075.4   Upgraded from
Communications Ltd                                                               IND A2+
Cadchem Laboratories Ltd        Non-FB WC limit        IND A4+          32.5     Assigned
H N Construction Pvt Ltd        NFBL                   IND A4+          250      Assigned
Neogrowth Credit Pvt Ltd        CP                     IND A3+          100      Affirmed
Prabhu Constructions            Non-FB WC limit        IND A4+          35       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Star Paper Mills Ltd            Non-FB limits          IND A3+          100      Assigned



LONG TERM RATINGS:
-------------------
Asianet Satellite               TL                     IND A            1890.2   Upgraded from
Communications Ltd’S                                                             IND A-
Asianet Satellite               CCL                    IND A / IND A1   160      Upgraded from
Communications Ltd’S                                                             IND A- / IND
                                                                                 A2+
Blp Vayu                        Senior project Bk loan IND A-           30100    Upgraded from
                                                                                 IND BBB+
(outstanding INR2,727.89 as on 30 November 2017)
Bvg India Ltd                   CP                     WD               500      Withdrawn
Cadchem Laboratories Ltd        FB limit               IND BB-          72.5     Assigned
Cadchem Laboratories Ltd        TL                     IND BB-          25.57    Assigned
Cholamandalam Investment And    NCD                    IND AA+          10000    Assigned
Finance Co. Ltd’S
H N Construction Pvt Ltd        FBL                    IND BB+          50       Assigned
India Standard Loan Trust -Xl’S Series A pass-through  IND A(SO)        1050.59  Affirmed
(An Abs Transaction)            certificates (PTCs)
India Standard Loan Trust -Xl’S Liquidity facility (LF)IND AAA(SO)      15.7     Affirmed
(An Abs Transaction)
India Standard Loan Trust -Xl’S Second loss credit     IND BBB(SO)      53.26    Affirmed
(An Abs Transaction)            facility (SLCF)
Maharashtra Patbandhare Vittiya Series IV bond         IND A(SO)        5050     Affirmed
Co. Ltd                         programme
Neogrowth Credit Pvt Ltd        NCD                    IND BBB          1575     Affirmed
Nisa Industrial Services Pvt LtdTL                     IND A-           300      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Nisa Industrial Services Pvt LtdProposed TL            IND A-           100      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Nisa Industrial Services Pvt LtdFB CC limits           IND A- /IND A2+  650      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Padmey Impex Pvt Ltd            FB limits(Long         IND D            100      Migrated to
                                -term/ST)                                        Non -
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Padmey Impex Pvt Ltd            Non-FB limits (ST)     IND D            80       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Platinum Trust December 2017    Series A pass-through  Provisional IND  7192.1   Assigned
(An Abs Transaction)            certificates (PTCs)    AAA(SO)
Platinum Trust December 2017    Second loss credit     Provisional IND  233.7    Assigned
(An Abs Transaction)            facility (SLCF)        BBB(SO)
Prabhu Constructions            FB WC limit            IND BB / IND A4+ 20       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Rr Cottons                      TL Fac                 IND B+           27.2     Upgraded from
                                                                                 IND B
(reduced from INR30.0)
Rr Cottons                      FB WC Fac              IND B+ /IND A4   150      Upgraded from
                                                                                 IND B /
                                                                                 Affirmed
Sai Smaran Foods Ltd            FBF                    IND BBB- / IND A3450      Assigned
Sansar Trust December 2016 (An  Second loss credit     IND A-(SO)       129.5    Affirmed
Abs Transaction)                facility SLCF
Sansar Trust December 2016 (An  Series A pass-through  IND AAA(SO)      1167.4   Affirmed
Abs Transaction)                certificates (PTCs)
Sansar Trust December 2017 V    Second loss credit     IND A-(SO)       225.29   Assigned
(An Abs Transaction)            facility (SLCF)
Sansar Trust December 2017 V    Series A pass-through  IND AAA(SO)      4096.23  Assigned
(An Abs Transaction)            certificates (PTCs)
Star Paper Mills Ltd            FB limits              IND BBB          190      Assigned
The Federal Bank Ltd            Basel III Tier 2 debt  IND AA           5000     Assigned
The Seksaria Biswan Sugar       TL                     IND A            11000    Affirmed
Factory Ltd
Zen Lefin Pvt Ltd               BL                     IND BBB          5000     Assigned
-----------------------------------------------------------------------------------------------
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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