February 21, 2018 / 6:17 AM / 4 months ago

India Ratings for Indian debt instruments – Feb 21

    Feb 21 (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
February 20, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Aglon Industries                Non-FB limits          IND A4+          10       Assigned
Firestar Diamond International’SNon-FB WC Fac          IND A4           1059     -
Downgraded; Off RWN
Firestar International          Non-FB WC Fac          IND A4           2272     -
Downgraded; Off RWN
Rungta Irrigation’S             Non-FB limits          IND A4+          80       Affirmed
Shree Gajanan Industries        Non-FB limits          IND A4           50       -
Migrated to Non-Cooperating Category


LONG TERM RATINGS:
-------------------
Aglon Industries                TL                     IND BB           509      Assigned
Aglon Industries                FB limits              IND BB/A4+       350      Assigned
Axis Bank                       Basel III AT1 bonds    IND AA+          70       Affirmed
Axis Bank                       Lower Tier-2           IND AAA          37       Affirmed
                                subordinated debt
Axis Bank                       Basel-III compliant    IND AAA          100      Affirmed
                                Tier 2 bonds
Ceat                            TL                     IND AA           3250     Affirmed
Ceat                            FB WC limits           IND AA/ IND A1+  4250     Affirmed
Ceat                            Non-FB WC limits       IND AA/ IND A1+  7430     Affirmed
Ceat                            Proposed TL*           Provisional IND  3300     Assigned
                                                       AA
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by CEAT to the satisfaction of Ind-Ra.
Ceat                            Proposed non-FB WC     Provisional IND  1570     Assigned
                                limits                 AA/ Provisional
                                                       IND A1+
Ceat                            Proposed FB WC limits* Provisional IND  750      Assigned
                                                       AA/ Provisional
                                                       IND A1+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by CEAT to the satisfaction of Ind-Ra.
Firestar Diamond Bvba’S         FB WC Fac              IND C /IND A4    -        -
Downgraded; Off RWN
Firestar Diamond Bvba’S         Proposed WC Fac        WD               -        -
Withdrawn (the company did not proceed with the instrument as envisaged)
Firestar Diamond Fze’S          FB WC Fac              IND C /IND A4    -        -
Downgraded; Off RWN
Firestar Diamond Fze’S          Proposed WC Fac        WD               -        -
Withdrawn (the company did not proceed with the instrument as envisaged)
Firestar Diamond International’SFB WC Fac              IND C /IND A4    3824     -
Downgraded; Off RWN
Firestar Diamond International’SProposed WC Fac        WD               3367     -
Withdrawn (the company did not proceed with the instrument as envisaged)
Firestar Diamond Ltd, Hong      FB WC Fac              IND C /IND A4    -        -
Kong’S
Downgraded; Off RWN
Firestar International          FB WC Fac              IND C /IND A4    17132    -
Downgraded; Off RWN
Firestar International          Proposed WC Fac        WD               5197     -
Withdrawn (the company did not proceed with the instrument as envisaged)
Kosamattam Finance’S            Bk loans               IND BBB-         1000     Assigned
Kosamattam Finance’S            NCDs                   IND BBB-         3000     Assigned
Maa Bhuasuni Roller Flour Mills FB WC limit            IND BB           90       Assigned
Maa Bhuasuni Roller Flour Mills LT loans               IND BB           40       Assigned
Madhuri P. Rural Godowns        TL                     IND B+           96.9     -
Migrated to Non-Cooperating Category
Nagarjuna Fertilizers And       FB limit (LT)          IND D            8030     Affirmed
Chemicals
Nagarjuna Fertilizers And       Non-FB limit (ST)      IND D            11811.1  Affirmed
Chemicals
Nagarjuna Fertilizers And       Long-TL (LT)           IND D            5454.9   Affirmed
Chemicals
Navdurga Ispat                  FBL                    IND BB+          160      -
Migrated to Non-Cooperating Category
P. Padma Rural Godowns          TL                     IND B+           97.4     -
Migrated to Non-Cooperating Category
P. Shiva Raj Goud Rural Godowns TL                     IND B            99.9     -
Migrated to Non-Cooperating Category
Rungta Irrigation’S             FB limits              IND              140      -
                                                       BB-/Negative/IND
                                                       A4+
Rating affirmed; Outlook revised to Negative from Stable
Satyam Auto                     FB WC limits           IND A+/ IND A1+  510      -
Long-term rating Downgraded & Short-term rating affirmed
Satyam Auto                     TL                     IND A+/ IND A1+  680      Downgraded
Satyam Auto Components          TL                     IND AA-          510      Affirmed
Satyam Auto Components          FB WC limits           IND AA-/ IND A1+ 440      Affirmed
Shree Gajanan Industries        FB limits              IND B / A4       450      -
Migrated to Non-Cooperating Category
Zee Fabrics                     FB Fac                 IND BBB- /       170      Affirmed
                                                       IND A3  
Zee Fabrics                     Proposed FB Fac*       Provisional IND  130      Affirmed
                                                       BBB-/
                                                       Provisional IND A3
*The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by ZF to the satisfaction of Ind-Ra.

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