January 9, 2018 / 4:51 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, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Annu Infra Construct India      NFB WC limit           IND A3           230      Assigned
Annu Infra Construct India      Proposed non-FB WC     Provisional IND  30       Assigned
                                limit*                 A3
*The rating is provisional and shall be confirmed upon the execution of the loan documents for
the above facility by AICPL to the satisfaction of Ind-Ra.
Best Agrochem                   Non -FB WC limit       IND A4+          180      -
Migrated to Non-Cooperating Category
Best Agrochem                   Proposed non-FB WC     Provisional IND  220      -
                                limit                  A4+
Migrated to Non-Cooperating Category
India Glycols                   Non-FB limit           IND A2           14003    Upgraded from
                                                                                 IND A3+
Magnum Estates                  Non-FB WC limit        IND A3+          13.5     Assigned
Mahindra Holidays & Resorts     Non-FB WC limits       IND A1           100      Affirmed
Mallcom (I)                     FB WC limit            IND A3+          750      Upgraded from
                                                                                 IND A3
Mallcom (I)                     Non-FB WC limit        IND A3+          4        Upgraded from
                                                                                 IND A3
Maya Construction Company       Non-FB WC limit        IND A4+          150      -
Migrated to Non-Cooperating Category
Omni Auto                       Non-FB limit           IND A3           102      Assigned
S.S. Infrazone                  Non-FB WC limit        IND A4+          495      -
Migrated to Non-Cooperating Category
Tomar Builders & Contractors    Non-FB WC limits       IND A3           300      Upgraded from
                                                                                 IND A4+
Udaipur Beverages               Non-FB limits          IND A3+          45       -
Migrated to Non-Cooperating Category
V. S. Metallic                  Non-FB WC limit        IND A4           100      -
Migrated to Non-Cooperating Category
Vayhan Coffee                   Non-FB WC limits       IND A3           58.5     Affirmed
LONG TERM RATINGS:
-------------------
Annu Infra Construct India      FB WC limit            IND BBB-/IND A3  40       Assigned
Best Agrochem                   FB WC limit            IND BB / IND A4+ 100      -
Migrated to Non-Cooperating Category
Budhia Agencies                 FB WC limit            IND BB           195      Affirmed
Caltron Info Trade              FB limit               IND BB-          145      Assigned
Dashmesh Weaving & Dyeing Mills TL                     IND BB           12       -
Migrated to Non-Cooperating Category
Dashmesh Weaving & Dyeing Mills FB limit               IND BB / IND A4+ 120      -
Migrated to Non-Cooperating Category
Galfar Engineering &            FB WC limit            IND BBB-/IND A3  1150     -
Contracting (I)
Migrated to Non-Cooperating Category
Galfar Engineering &            Non-FB WC limit        IND BBB- /IND A3 1100     -
Contracting (I)
Migrated to Non-Cooperating Category
Haryana Vidyut Prasaran Nigam   Bonds                  IND A+           6.657    Affirmed
India Glycols                   TL                     IND BBB+         1400     Upgraded from
                                                                                 IND BBB
India Glycols                   FB limit               IND BBB+/ IND A2 4150     Upgraded from
                                                                                 IND BBB/A3+
K. Maganlal Impex               FB WC limit            IND BB+          110      Affirmed
K.K. Duplex & Paper Mills       FB WC limit (long-/ST) IND D            32.5     -
Migrated to Non-Cooperating Category
K.K. Duplex & Paper Mills       Non-FB WC limit (ST)   IND D            2.5      -
Migrated to Non-Cooperating Category
K.K. Duplex & Paper Mills       TL (LT)                IND D            77       -
Migrated to Non-Cooperating Category
Mahindra Holidays & Resorts     FB WC limits           IND A            600      Affirmed
Mahindra Holidays & Resorts     Purchase payouts       IND A            111.28   Affirmed
Maya Construction Company       FB WC limit            IND BB / IND A4+ 50       -
Migrated to Non-Cooperating Category
MHR Holdings (Mauritius)’S      FB and non-FB WC limitsIND A            360*     Assigned
* EUR4.75 million at EUR1 = INR75.79
Narmada Drinks                  TL                     IND BBB          10       -
Migrated to Non-Cooperating Category
Narmada Drinks                  FB limits              IND BBB / A3+    90       -
Migrated to Non-Cooperating Category
Neogrowth Credit                CP                     WD               100      Withdrawn
Rajat Buildtech                 Long-TL                IND BB-          60       -
Migrated to Non-Cooperating Category
S.S. Infrazone                  FB WC limit            IND BB+ /IND A4+ 5        -
Migrated to Non-Cooperating Category
Superior Drinks                 TL                     IND BBB          804      -
Migrated to Non-Cooperating Category
Superior Drinks                 FB limits              IND BBB /A3+     150      -
Migrated to Non-Cooperating Category
Udaipur Beverages               TL                     IND BBB          30       -
Migrated to Non-Cooperating Category
Udaipur Beverages               FB limits              IND BBB / A3+    45       -
Migrated to Non-Cooperating Category
V. S. Metallic                  FB WC limit            IND BB / IND A4+ 100      -
Migrated to Non-Cooperating Category
Vayhan Coffee                   TL                     IND BBB-         13.3     Affirmed
Vayhan Coffee                   FB WC limits           IND BBB- /IND A3 355.3    Affirmed
Vayhan Coffee                   Proposed FB WC limit   WD               70       Withdrawn
(The company did not proceed with the instrument as envisaged)

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