July 19, 2019 / 6:39 AM / in a month

India Ratings for Indian debt instruments – Jul 19

    Jul 19 (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
July 18, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Cmc Textiles Pvt Ltd            Non-FB limits          IND A4+          18.9     -
Migrated to non-cooperating category,Issuer did not cooperate
Etf Liquid Bees                 Reliance ETF Liquid    IND A1+mfs       -        Affirmed
                                BeES
Kiran Industries Pvt Ltd        Non-FB limits          IND A4+          2        -
Migrated to non-cooperating category,Issuer did not cooperate
Rashtriya Ispat Nigam Ltd       Non-FB WC limits       IND A2+          22850    Affirmed
Rashtriya Ispat Nigam Ltd       CP (CP)                IND A2+          20000    Affirmed
Vistaar Financial Services Pvt  ST                     IND A1           -        Assigned
Ltd

LONG TERM RATINGS:
-------------------
Cmc Textiles Pvt Ltd            TL                     IND BB+          68.9     -
Migrated to non-cooperating category,Issuer did not cooperate
Cmc Textiles Pvt Ltd            FB limits              IND BB+          210      -
Migrated to non-cooperating category,Issuer did not cooperate
Exotica Bar And Restaurant Llp  FB WC limit            IND B+           5        -
Migrated to non-cooperating category,Issuer did not cooperate
Exotica Bar And Restaurant Llp  TL                     IND B+           59       -
Migrated to non-cooperating category,Issuer did not cooperate
Kiran Industries Pvt Ltd        FB limits              IND BB+          220      -
Migrated to non-cooperating category,Issuer did not cooperate
Kiran Industries Pvt Ltd        TL                     IND BB+          337      -
Migrated to non-cooperating category,Issuer did not cooperate
Kothari Prima Pvt Ltd           FB limits              IND B            90       -
Migrated to non-cooperating category,Issuer did not cooperate
Kothari Prima Pvt Ltd           Long-TL                IND B            110      -
Migrated to non-cooperating category,Issuer did not cooperate
Rashtriya Ispat Nigam Ltd       Non-FB limits          IND A-           8000     Affirmed
(increased from 5,140)
Rashtriya Ispat Nigam Ltd       TL                     IND A-           106732   Affirmed
(increased from 81,850)
Rashtriya Ispat Nigam Ltd       FB WC limits           IND A-/IND A2+   95248.5  Affirmed
(reduced from 96,614)
Royale Manor Hotels And         TL                     IND BB+          1.94     -
Industries Ltd
Migrated to non-cooperating category,Issuer did not cooperate
Royale Manor Hotels And         FB WC limits           IND BB+/ IND A4+ 74.38    -
Industries Ltd
Migrated to non-cooperating category,Issuer did not cooperate
Securevalue India Ltd           TL#^                   IND A            591.6    Upgraded and
                                                                                 reassigned
# The maturity date range is for vehicle loans, which have been classified under term loans.,^
Reassigned to ‘IND A after being upgraded to IND A(SO),(increased from 492)
Securevalue India Ltd           Non-FB WC Bk Fac* ^^   IND A/IND A1     230      -

Long-term rating upgraded and reassigned; Short-term rating affirmed and reassigned
*Includes an 140 million sublimit of fund-based working capital facilities,^^ Long-term rating
reassigned to ‘IND A after being upgraded to ‘IND A(SO)
^^ Short Term rating reassigned to ‘IND A1’ after being affirmed at ‘IND A1 (SO)’,
(reduced from 280)
Shital Gems Pvt. Ltd.           FB WC limits (LT/ST)   IND D            220      Affirmed
Tvs Automobile Solutions Pvt LtdWC limits              IND A-/IND A2+   2000     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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