January 18, 2018 / 4:56 AM / 7 months ago

India Ratings for Indian debt instruments – Jan 18

    Jan 18 (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 17, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Khokhar Infrastructure Pvt Ltd  Non FB WC limits       IND A4+          300      Affirmed
Lal Baba Industrial Corporation Non-FB limits          IND A4+          30       Affirmed
Pvt Ltd
Manas Flour Mills Ltd           Non-FB limits          IND A3           20       Affirmed
Rajasthan Communications        Proposed NFB WC limit  Provisional IND  25       Assigned
                                                       A4
Sara Spintex India Pvt Ltd      Non-FB WC limits       IND A4           20       Assigned

LONG TERM RATINGS:
-------------------
Ananda Exports                  FB limit               IND B+/ IND A4   70       Assigned
Choudhary Fashions              Long-TL                IND BB+          23.31    Assigned
Choudhary Fashions              FB Fac                 IND BB+/ IND A4+ 197.5    Assigned
Delhi Transco Ltd               Long-TL                IND A+           6.2      Rating
                                                                                 upgraded;
Outlook revised (reduced from 6.73 mln)
Delhi Transco Ltd               Bond programme         IND A+           1.6      Rating
                                                                                 upgraded;
Outlook revised
Delhi Transco Ltd               FB limits              IND A+/ IND A1   1.75     Rating
                                                                                 upgraded;
Outlook revised; Short- term rating  affirmed
Delhi Transco Ltd               Non-FB limits          IND A+/ IND A1   1        Rating
                                                                                 upgraded;
Outlook revised; Short- term rating  affirmed
Ess Kay Fincorp Ltd             NCDs                   Provisional IND  350      Assigned
                                                       A(SO)
Jain Sarvodaya Vidhya Gyanpith  TL (LT)                IND D            1041     Affirmed
Samiti
Khokhar Infrastructure Pvt Ltd  FB WC limits           IND BB-          50       Affirmed
Khushiya Industries Pvt Ltd     FB limits              IND BBB-         215      Assigned
Khushiya Industries Pvt Ltd     TL 1                   IND BBB-         27.5     Assigned
Khushiya Industries Pvt Ltd     TL 2                   IND BBB-         37.6     Assigned
Lal Baba Industrial Corporation FB  limits             IND BB           114      Affirmed
Pvt Ltd
Lincon Polymers Pvt Ltd         FB WCFac               WD               180      Withdrawn
Lincon Polymers Pvt Ltd         Non-FB WC Fac          WD               5        Withdrawn
M/S. Mittal Fibers              FB WC limits           IND B+           60       Affirmed
M/S. Mittal Fibers              Long-TL                IND B+           3.3      Affirmed
(reduced from 7.04 mln)
Manas Flour Mills Ltd           Long-TL                IND BBB-         123.4    Affirmed
(increased from 101.79 mln)
Manas Flour Mills Ltd           FB limits              WD               3        Withdrawn
                                                                                 (paid in full)
Om Gram Udyog Samiti            TL (LT)                IND D            9.74     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Om Gram Udyog Samiti            WC facility (LT)       IND D            15       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Rajasthan Communications        FB WC limit            IND B+/ IND A4   25       Assigned
Religare Enterprises Ltd        ST debt (CP)           IND A3/ RWN      500      Downgraded;
                                                                                 Maintained on
                                                                                 RWN
Religare Enterprises Ltd        Senior secured NCDs    IND BBB-/ RWN    1760     Downgraded;
                                (NCDs)                                           Maintained on
                                                                                 RWN
Religare Finvest Ltd            CP^                    IND A3+/ RWN     30000    Downgraded;
                                                                                 maintained on
                                                                                 RWN
^ Unutilised as on 17 January 2018
Religare Finvest Ltd            ST Bk loans            IND A3+/ RWN     30000    Downgraded;
                                                                                 maintained on
                                                                                 RWN
Religare Finvest Ltd            Lower Tier 2 sub-debt  IND BBB/ RWN     7500     Downgraded;
                                                                                 maintained on
                                                                                 RWN
Religare Finvest Ltd            LT Bk loans            IND BBB/ RWN     150000   Downgraded;
                                                                                 maintained on
                                                                                 RWN
Religare Finvest Ltd            LT debentures          IND BBB/ RWN     30000    Downgraded;
                                                                                 maintained on
                                                                                 RWN
Religare Housing Development    CP^                    IND A3/ RWN      2000     Downgraded;
Finance Corporation Ltd                                                          Maintained on
                                                                                 RWN
Religare Housing Development    ST Bk loan             IND A3/ RWN      2000     Downgraded;
Finance Corporation Ltd                                                          Maintained on
                                                                                 RWN
Religare Housing Development    LT Bk loan             IND BBB-/ RWN    10000    Downgraded;
Finance Corporation Ltd                                                          Maintained on
                                                                                 RWN
Religare Housing Development    NCDs (NCDs)            IND BBB-/ RWN    1000     Downgraded;
Finance Corporation Ltd                                                          Maintained on
                                                                                 RWN
Responsive Sutip Ltd            Senior project Bk loan IND BBB          1844.3   Migrated to
                                                                                 Non-
                                                                                 Cooperating
Category
(ISSUER NOT COOPERATING)
Sara Spintex India Pvt Ltd      Long-TL                IND B-           287.3    Assigned
Sara Spintex India Pvt Ltd      FB WC limits           IND B-           150      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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