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India Ratings for Indian debt instruments – Dec 8
December 8, 2017 / 5:52 AM / 8 days ago

India Ratings for Indian debt instruments – Dec 8

    Dec 8 (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 7, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Ajay Plastic Industries         Non-FB Fac             IND A4+          31       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not Cooperating)
Amit Capacitors Ltd             Non-FB WC limit        IND A4+          60       Assigned
B.L. Lifesciences Pvt Ltd       Non-FB limit           IND A3+          20       Assigned
D.P. Jagtap And Company         NFBF                   IND A4+          109      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not Cooperating)
Heavy Engineering Corporation   Non-FB limits          IND A4+          1880     Assigned
Ltd
Pre Unique (I) Pvt Ltd          Non-FB limit           IND A4           100      Migrated to
                                                                                 Non -
                                                                                 Cooperating
Category
(Issuer Not Cooperating)
St. Marys Rubbers Pvt Ltd       Non-FB WC facility     IND A3           40       Assigned
Ajay Plastic Industries         FB Fac                 IND BB-          45       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
Amit Capacitors Ltd             FB WC limit            IND BB/IND A4+   100      Assigned
B.L. Lifesciences Pvt Ltd       TL                     IND BBB          333      Assigned
B.L. Lifesciences Pvt Ltd       FB limit               IND BBB/IND A3+  397      Assigned
Cynosure Manik Auto Centre      FBL                    IND BB           125      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not Cooperating)
D.P. Jagtap And Company         FBF                    IND BB           16       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not Cooperating)
G.R. Infrastructure Pvt Ltd     TL                     IND BB           418.3*   Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
*includes buyers credit of INR278 million.
(Issuer Not Cooperating)
G.R. Infrastructure Pvt Ltd     CC limit               IND BB           40       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not Cooperating)
G.R. Infrastructure Pvt Ltd     Non-FB limit           IND BB/IND A4+   25       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not Cooperating)
Heavy Engineering Corporation   FB limits              IND BB           2000     Assigned
Ltd
India Structured Asset          Series A17             IND AAA(SO)      165.7    Affirmed
Trust-Series Xii                pass-through
                                certificates (PTCs)
India Structured Asset          Series A18 PTCs        IND AAA(SO)      159      Affirmed
Trust-Series Xii
India Structured Asset          Series A19 PTCs        IND AAA(SO)      152.6    Affirmed
Trust-Series Xii
India Structured Asset          Series A20 PTCs        IND AAA(SO)      146.5    Affirmed
Trust-Series Xii
India Structured Asset          Series A21 PTCs        IND AAA(SO)      140.5    Affirmed
Trust-Series Xii
India Structured Asset          Series A22 PTCs        IND AAA(SO)      134.9    Affirmed
Trust-Series Xii
India Structured Asset          Series A23 PTCs        IND AAA(SO)      129.4    Affirmed
Trust-Series Xii
India Structured Asset          Series A24 PTCs        IND AAA(SO)      124.2    Affirmed
Trust-Series Xii
India Structured Asset          Series A25 PTCs        IND AAA(SO)      17.3     Affirmed
Trust-Series Xii
Jodhani Exports                 FB limits (ST)         IND D            200      Downgraded
                                                                                 from IND A4+
(Issuer Not Cooperating)
Kotak Mahindra Bank Ltd         Upper tier 2           IND AA+          1.5      Affirmed
                                subordinated bonds#
#unutilised
Kotak Mahindra Bank Ltd         Senior LT debt#        IND AAA          3        Affirmed
#unutilised
Kotak Mahindra Bank Ltd         Lower tier 2           IND AAA          1.9      Affirmed
                                subordinated debt#
#unutilised
Kotak Mahindra Bank Ltd         Lower tier 2           IND AAA          4.25     Affirmed
                                subordinated debt
Life Shine Medical Services Pvt Long-TL                IND BB           110.6    Upgraded from
Ltd                                                                              BB-
(Issuer Not Cooperating),(reduced from 140.73)
Next Education India Pvt Ltd    TL                     WD               511.3    Withdrawn
Next Education India Pvt Ltd    Proposed TL            WD               450      Withdrawn
Next Education India Pvt Ltd    Fund based WC limit    WD               100      Withdrawn
Next Education India Pvt Ltd    Proposed FB WC limit   WD               200      Withdrawn
Novo X Trust - Locomotive (An   Series O pass-through  IND AAA(SO)      236.45   Affirmed
Abs Transaction)                certificates (PTCs)
Novo X Trust - Locomotive (An   Series P PTCs          IND AAA(SO)      236.45   Affirmed
Abs Transaction)
Novo X Trust - Locomotive (An   Series Q PTCs          IND AAA(SO)      236.45   Affirmed
Abs Transaction)
Novo X Trust - Locomotive (An   Series R PTCs          IND AAA(SO)      236.45   Affirmed
Abs Transaction)
Novo X Trust - Locomotive (An   Series S PTCs          IND AAA(SO)      236.45   Affirmed
Abs Transaction)
Novo X Trust - Locomotive (An   Series T PTCs          IND AAA(SO)      236.45   Affirmed
Abs Transaction)
Novo X Trust - Locomotive (An   Series U PTCs          IND AAA(SO)      236.45   Affirmed
Abs Transaction)
Novo X Trust - Locomotive (An   Series V PTCs          IND AAA(SO)      236.45   Affirmed
Abs Transaction)
Novo X Trust - Locomotive (An   Series W PTCs          IND AAA(SO)      161.1    Affirmed
Abs Transaction)
Pre Unique (I) Pvt Ltd          FB WC limit            IND B-/IND A4    10       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not Cooperating)
Sea Hawk Agro Pvt Ltd           TL                     IND BB           38       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not Cooperating)
Sea Hawk Agro Pvt Ltd           FB limits              IND BB/IND A4+   33       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not Cooperating)
St. Marys Rubbers Pvt Ltd       TL                     IND BBB-         267      Assigned
Starburst Motors Pvt Ltd        FB limits              IND B+           265      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not Cooperating)
Starburst Motors Pvt Ltd        TL                     IND B+           46.31    Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not Cooperating)
-----------------------------------------------------------------------------------------------
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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