January 9, 2019 / 3:57 AM / 6 months ago

India Ratings for Indian debt instruments – Jan 9

    Jan 9 (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 8, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Aditya Birla Finance Ltd        CP (CP)#               IND A1+          170000   Affirmed
# Out of above mentioned limit, INR50 billion pertains to initial public offer financing
Basf India Ltd                  CP*                    IND A1+          7500     Affirmed
* CP outstanding to be within the drawing power
M S Graphics Pvt Ltd            Non-FB limits          IND A4+          20       Affirmed
Quality Care India Ltd          CP programme           WD               250      Withdrawn
S.A.Aanandan Spinning Mills Pvt Non-FB Fac             IND A4+          60
Ltd
(Issuer Not Cooperating); Migrated to  non-cooperating category
Tomar Builders & Contractors    Non-FB WC limits       IND A3           300
Pvt Ltd
(Issuer Not Cooperating); Maintained in non-cooperating category

LONG TERM RATINGS:
-------------------
Achampet Nagar Panchayat        LT Issuer Rating       IND B                     Withdrawn
Aditya Birla Finance Ltd        Perpetual debt         IND AA+          7000     Affirmed
Aditya Birla Finance Ltd        NCDs (NCDs)            IND AAA          157218   Affirmed
(reduced from 163,000 mln)
Aditya Birla Finance Ltd        Bk loans               IND AAA          250000   Affirmed
Aditya Birla Finance Ltd        NCDs                   IND AAA          40000    Assigned
Aditya Birla Finance Ltd        Lower tier 2           IND AAA          21500    Affirmed
                                subordinated debt
Aditya Birla Finance Ltd        Principal protected    IND PP-MLD AAA   10000    Assigned
                                market linked          emr
                                debentures^
^ The suffix emr denotes the exclusion of the embedded market risk from the rating. The rating
of the market linked debentures is an ordinal assessment of the underlying credit risk of the
instrument and does not factor in the market risk that investors in such instruments will
assume. This market risk stems from the fact that coupon payment on the instrument will be based
on the performance of a reference index or equity share (detailed in the information memorandum
of the issue).
Andole-Jogipet Nagara Panchayat LT Issuer Rating       IND B                     Withdrawn
Calcutta Radio Service Pvt Ltd  FB limit               IND BB-          105
(Issuer Not Cooperating); Migrated to non-cooperating category
Caltron Info Trade Pvt Ltd      FB limit               IND BB-          145
(Issuer Not Cooperating); Migrated to non-cooperating category
Choudhary Fashions              Long-TL                IND BB+          23.31
(Issuer Not Cooperating); Migrated to non-cooperating category
Choudhary Fashions              FB Fac                 IND BB+/ IND A4+ 197.5
(Issuer Not Cooperating); Migrated to non-cooperating category
Dubbaka Nagara Panchayat        Issuer rating          IND B-                    Withdrawn
Gajwel-Pragnapur Nagarpanchayat LT Issuer Rating       IND B+                    Withdrawn
Harra Polyflex Pvt Ltd          TL#                    WD               36.66
Affirmed & withdrawn; # Affirmed at ‘IND BB-’/Stable before being withdrawn
Harra Polyflex Pvt Ltd          FB Fac*                WD               50
Affirmed & withdrawn; * Affirmed at ‘IND BB-’/Stable/‘IND A4+’ before being withdrawn
India Infrastructure Finance    Domestic LT bonds      IND AAA          154000   Affirmed
Co. Ltd
India Infrastructure Finance    Unsecured redeemable   IND AAA(SO)      2000     Affirmed
Co. Ltd                         non-convertible
                                taxable rupee bonds (Series I 2007-08)
India Infrastructure Finance    Unsecured redeemable   IND AAA(SO)      4000     Affirmed
Co. Ltd                         non-convertible
                                taxable rupee bonds (Series I and II 2008-09)
M S Graphics Pvt Ltd            FB limits              IND BB           160      Affirmed
Medak Municipality              LT Issuer Rating       IND BB-                   Withdrawn
Mohini Health & Hygiene Ltd     TL                     IND BBB/ Stable  200      Assigned
Mohini Health & Hygiene Ltd     FB limits              IND BBB/ IND A3+ 50       Assigned
National Education Foundation   TL                     WD               341.9    Withdrawn
National Education Foundation   Proposed TL            WD               8.1      Withdrawn
P. Hitesh & Co.                 TL                     IND BB+          18.6
(Issuer Not Cooperating); Migrated to  non-cooperating category
P. Hitesh & Co.                 FB WC  Fac             IND BB+/ IND A4+ 85
(Issuer Not Cooperating); Migrated to  non-cooperating category
P. Hitesh & Co.                 Proposed TL            Provisional IND  35
                                                       BB+
(Issuer Not Cooperating); Migrated to  non-cooperating category
P. Hitesh & Co.                 Proposed FB WC  Fac    Provisional IND  111.4
                                                       BB+/ Provisional
                                                       IND A4+
(Issuer Not Cooperating); Migrated to  non-cooperating category
S.A.Aanandan Spinning Mills Pvt Long-TL                IND BB           84.5
Ltd
(Issuer Not Cooperating); Migrated to  non-cooperating category
S.A.Aanandan Spinning Mills Pvt FB Fac                 IND BB / IND A4+ 450
Ltd
(Issuer Not Cooperating); Migrated to  non-cooperating category
Sahibzada Timbers               FB WC limits           IND BB-/ IND A4+ 170
(Issuer Not Cooperating); Migrated to Non-Cooperating Category
Sansar Trust September 2018 II  Second loss credit     IND A-(SO)       237.13   Assigned
                                facility (SLCF)
Sansar Trust September 2018 II  Series A pass-through  IND AAA(SO)      4742.61  Assigned
                                certificates (PTCs)
Shri Geeta Sacks Pvt Ltd        Non-FB Fac*            WD               150
Affirmed & withdrawn; *Affirmed at ‘IND A4+’ before being withdrawn
Starbigbloc Building Material   TL                     IND BB-          140      Assigned
Pvt Ltd
Starbigbloc Building Material   FB facility            IND BB-/ IND A4+ 35       Assigned
Pvt Ltd
-----------------------------------------------------------------------------------------------
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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