December 3, 2018 / 5:07 AM / in 5 months

India Ratings for Indian debt instruments – Dec 3

    Dec 3 (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
November 30, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Aditya Birla Money              CP                     IND A1+          1000     Assigned
Clifton Export                  FBL                    IND A4+          520      Downgraded
Clifton Export                  Non-FB limits          IND A4+          36.5     Downgraded
Idbi Bank                       Certificates of        IND A1           160      Downgraded
Jhajjar Power                   CPs (CPs)*             IND A1+          8000     Affirmed
* Sublimit of the working capital facility
Magick Woods Exports            Non-FB Fac             IND A2           190      -
(Migrated to non-cooperating category)
Magick Woods Exports            Proposed non-FB Fac    Provisional IND  325      -
(Migrated to non-cooperating category)
Parag Milk Foods                Non-FB WC limits       IND A2           290      Affirmed
S.G.S Motors                    Non-FB WC limit        IND A4+          20       Affirmed
Sreekara Organics               Non-FB limit           IND A4+          20       Assigned
Adani Green Energy              Non-FB facility        IND A            600      Assigned
Ana Holdings Ltd’S (Jhl)        Principal protected    IND PP-MLD emr B+1.45     Assigned
                                market linked
Bhagwan Mahaveer Memorial Jain  Bk Loans               IND BB           465.91   Assigned
Clifton Export                  Long-TL                IND BB+          136.1    Downgraded
Gajanand Foods Pvt. Ltd         Long-TL                -                52.46    Withdrawn
Gajanand Foods Pvt. Ltd         FB Fac                 -                20       Withdrawn
Geetanjali Spices               FB WC limits           IND B+           100      Affirmed
Gmr Warora Energy               NCDs                   IND BB           750      Upgraded
Idbi Bank                       Basel III compliant    IND A            20       Downgraded
(Placed on RWN)/*Yet to be issued
Idbi Bank                       Omni infrastructure    IND A            80       Downgraded
(Placed on RWN)
Idbi Bank                       Basel III-complaint    IND A            30       Downgraded
                                Tier II bonds
(Placed on RWN)
Idbi Bank                       Senior debt            IND A            52.22    Downgraded
(Placed on RWN)
Idbi Bank                       Lower Tier II bonds    IND A            37.3     Downgraded
(Placed on RWN)
Idbi Bank                       Upper Tier II          IND BBB-         3.5      Affirmed
                                subordinated bond
(Placed on RWN)
Idbi Bank                       Deposit rating         IND tA           -        Downgraded
(Placed on RWN)
Irb Invit Fund                  LT senior debt         IND AAA          -        Reaffirmed
Jammu & Kashmir Bank            Basel III compliant    IND AA           20000    Affirmed
                                Tier 2 bonds
Jammu & Kashmir Bank            Lower tier 2 bonds     IND AA           6000     Affirmed
Jhajjar Power                   Rupee TL               IND A+           16970    Affirmed
Jhajjar Power                   Foreign currency loan  IND A+           -        Affirmed
Jhajjar Power                   WC facility            IND A+           12500    Affirmed
Jhajjar Power                   NCDs*                  IND A+           4930     Affirmed
* Sublimit of the working capital facility
Jhajjar Power                   NCDs (NCDs)            IND AA+          4760     Affirmed
Magick Woods Exports            Long-TL                IND BBB          105      -
(Migrated to non-cooperating category)
Magick Woods Exports            FB Fac                 IND BBB/A2       330      -
(Migrated to non-cooperating category)
Magick Woods Exports            Proposed long-TL       Provisional IND  200      -
(Migrated to non-cooperating category)
Mumbai International Airport    TL against real estate IND A+           6500     Affirmed
Mumbai International Airport    LT Bk loans            IND AA-          61410    Affirmed
Mumbai International Airport    LT Bk loan against     IND AA-          21550    Affirmed
                                airport development
                                fee (ADF) receivables
Mumbai International Airport    Bk Fac                 IND AA-          11350    Affirmed
National Trust Housing Finance  LT Bk loans            IND BBB          2500     Affirmed
Parag Milk Foods                TL                     IND BBB+         1303.4   Affirmed
Parag Milk Foods                FB WC limits           IND BBB+/A2      2500     Affirmed
Rec Ltd                         GoI fully serviced     IND AAA          150000   Assigned
                                bonds (FY19)
S.G.S Motors                    FB WC limit            IND BB+          300      Affirmed
Samvardhana Motherson           Proposed NCDs (NCDs)   Provisional IND  3500     Assigned
International                                          AA
Sreekara Organics               FB WC limits           IND BB/A4+       65       Assigned
Venus Denim                     Long-TL                IND BBB-         590      Assigned
Venus Denim                     FB Fac                 IND BBB- / IND A3350      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

$: 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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