January 21, 2019 / 3:54 AM / 4 months ago

India Ratings for Indian debt instruments – Jan 21

    Jan 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
January 18, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Dalmia Cement (Bharat) Ltd      CP (CP)                IND A1+          12000    Affirmed
Divyalakshmi Textiles Pvt Ltd   Non-FB limits          IND A4+          45       Affirmed
reduced from INR102.9 mln
Sri Mouli Textiles Pvt Ltd      Non-FB limit           IND A4+          43.1
(Issuer Not Cooperating); Migrated to non-cooperating category

LONG TERM RATINGS:
-------------------
Andhra Pradesh State Financial  Series III – 2008 bondsWD               1        Withdrawn
Corporation
Bidwal Renewable Pvt Ltd        TL                     IND A-           2795     Assigned
outstanding as on 31 December 2018 INR2,740.6 mln
Centre For Digestive And Kidney TL                     IND A            2200     Assigned
Diseases (I) Pvt Ltd
Centre For Digestive And Kidney TL                     WD               2200
Diseases (I) Pvt Ltd
Withdrawn (repaid in full)
Core Jewellery Pvt Ltd          FB WC limits           IND BB/ IND A4+  200      Assigned
Dalmia Cement (Bharat) Ltd      NCDs (NCDs)            IND AA+          1450     Upgraded
reduced from INR2,700 mln
Divyalakshmi Textiles Pvt Ltd   Proposed TL            *Provisional IND 7.5      Assigned
                                                       BB+
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
/transaction documents for the above instruments to the satisfaction of Ind-Ra.
Divyalakshmi Textiles Pvt Ltd   TL                     IND BB+          102.5    Affirmed
increased from INR52.1 mln
Divyalakshmi Textiles Pvt Ltd   FB limits              IND BB+/ IND A4+ 95       Affirmed
India Glycols Ltd               TL                     IND A-           250      Assigned
Motor Sales Ltd                 FB WC limit            IND B+/ IND A4   91
Migrated  to non-cooperating category
Pugalur Renewable Pvt Ltd       TL                     IND A-           3547     Assigned
outstanding as on 31 December 2018 INR3,489.6 mln
Ravindranath Ge Medical         TL-1                   IND A            1335     Assigned
Associates Pvt Ltd
Ravindranath Ge Medical         TL-2                   IND A            75       Assigned
Associates Pvt Ltd
Ravindranath Ge Medical         FB limits              IND A/ IND A1    240      Assigned
Associates Pvt Ltd
Ravindranath Ge Medical         TL                     WD               1600
Associates Pvt Ltd
Withdrawn (paid in full)
Sri Mouli Textiles Pvt Ltd      TL                     IND BB-          196.9
(Issuer Not Cooperating); Migrated to non-cooperating category
Sri Mouli Textiles Pvt Ltd      FB WC limit            IND BB-/ IND A4+ 120
(Issuer Not Cooperating); Migrated to non-cooperating category
Zuari Agro Chemicals Ltd        Long-TL                IND A-           1300     Assigned
Zuari Agro Chemicals Ltd        Proposed Bk facility*  Provisional IND  700      Assigned
                                                       A-/ Provisional
                                                       IND A2+
* The rating is provisional and shall be confirmed upon the sanction and execution of documents
for the above facility by ZACL 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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