February 1, 2018 / 8:04 AM / 18 days ago

India Ratings for Indian debt instruments – Feb 1

    Feb 1 (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
January 31, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Cables & Electricals            Non-FB Bk Fac          IND A3+          60       Upgraded from
                                                                                 IND A3
Cables & Electricals            Non-FB Bk Fac#         IND A3+          70       Assigned
# The final ratings have been assigned following the receipt of the sanction letter by Ind-Ra.
Cables & Electricals            Proposed non- FB WC    Provisional IND  50       Assigned
                                limit*                 A3+
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by ICEPL to the satisfaction of Ind-Ra.
Gmw                             Non-FB limits          IND A4+          725      Assigned
Reliance Infrastructure         CP                     IND A1+          450      Assigned
Samrat Gems Impex               Non-FB WC limit        IND A4+          70       Affirmed




LONG TERM RATINGS:
-------------------
Cables & Electricals            FB WC limit            IND BBB          335      Upgraded from
                                                                                 IND BBB-
Cables & Electricals            FB WC limit#           IND BBB          30       Assigned
# The final ratings have been assigned following the receipt of the sanction letter by Ind-Ra.
Cables & Electricals            Proposed FB WC limit*  Provisional IND  40       Assigned
                                                       BBB
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by ICEPL to the satisfaction of Ind-Ra.
Crystal Cable Industries        TL (LT)                IND D            15.2     Affirmed
Crystal Cable Industries        FB WC limit (LT)       IND D            497.4    Affirmed
Crystal Cable Industries        Non-FB WC limit (ST)   IND D            250      Affirmed
Gmw                             FB limits              IND BB+          155      Assigned
Kalikund Developers             TL                     IND B+           295      -
Migrated to Non-Cooperating Category
M M Polymers                    TL                     IND BB-          30       -
Migrated to Non-Cooperating Category
M M Polymers                    FB limits              IND BB-          60       -
Migrated to Non-Cooperating Category
Mahindra World City Developers  FB WC Fac              IND AA-          250      Assigned
Mfl Securitisation Trust Xliv   Series A1 pass-through IND AAA          764.44   Affirmed
                                certificates (PTCs)
Mfl Securitisation Trust Xliv   Series A2 PTCs         IND AAA          44.49    Affirmed
Mfl Securitisation Trust Xliv   Liquidity facility (LF)IND AAA          27.8     Affirmed
Mfl Securitisation Trust Xliv   Second loss credit     IND BBB+         107.5    Upgraded from
                                facility (SLCF)                                  IND BBB
Mifl Securitisation Trust       Series A1 PTCs         IND AA+          160.97   Upgraded from
                                                                                 IND AA
Mifl Securitisation Trust       Series A2 PTCs         IND AA+          5.83     Upgraded from
                                                                                 IND AA
Mifl Securitisation Trust       Liquidity facility     IND AAA          5.2      Affirmed
Mifl Securitisation Trust       Second loss credit     IND BBB          29.6     Affirmed
                                facility (SLCF)
Mifl Securitisation Trust Xiii  Series A1 PTCs         IND AA+          272.63   Upgraded from
                                                                                 AA
Mifl Securitisation Trust Xiii  Series A2 PTCs         IND AA+          5.56     Upgraded from
                                                                                 AA
Mifl Securitisation Trust Xiii  Liquidity facility (LF)IND AAA          11.3     Upgraded from
                                                                                 AAA
Mifl Securitisation Trust Xiii  SLCF                   IND BBB+         51.51    Upgraded from
                                                                                 BBB
Panchshil Corporate Park        NCDs tranche 1         IND AAA          3750     Assigned
Panchshil Corporate Park        NCDs tranche 2         IND AAA          500      Assigned
Samrat Gems Impex               FB WC limit            IND BB / IND A4+ 299.5    Affirmed
Surendra Steels                 Long-TL                IND BB+          36.1     -
Migrated to Non-Cooperating Category
Surendra Steels                 FB Fac                 IND BB+          410      -
Migrated to Non-Cooperating Category
Umadutt Industries              FB limits              IND C            54       -
Migrated to Non-Cooperating Category
Umadutt Industries              TL (LT)                IND D            76.19    -
Migrated to Non-Cooperating Category
Virinchi                        FB WC limit            IND BBB-/IND A3  130      Downgraded
                                                                                 from IND BBB /
                                                                                 A2
Placed on RWN
Virinchi Healthcare             TL (LT)                IND D            679.5    Downgraded
                                                                                 from IND BBB
-----------------------------------------------------------------------------------------------
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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