June 4, 2018 / 5:45 AM / in 5 months

India Ratings for Indian debt instruments – Jun 4

    Jun 4 (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
June 1, 2018.

COMPANY                         INSTRUMENT              RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------              ------         ------    --------
SHORT TERM RATINGS:
-------------------
Aic Infrastructures             Non-FB Fac             IND A4           60       -
Maintained in non-cooperating category; (Issuer Not Cooperating)
Api Pvt Ltd                     Non-FB WC limits       IND A2           850      Affirmed
Gypsum Structural India Pvt Ltd Non-FB WC              IND A4+          20       -
Maintained in non-cooperating category; (Issuer Not Cooperating)
M.G. Industries                 Non-FB WC              IND A4           5        -
Maintained in non-cooperating category; (Issuer Not Cooperating)
Mahakaleshwar Infratech Pvt Ltd Non-FB limits          IND A3           450      -
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Rajendrakumar & Co              Non-FB WC limits       IND A4           95       -
Maintained in non-cooperating category; (Issuer Not Cooperating)
Saab Engineering                Non-FB WC limits       IND A4+          10       -
Maintained in non-cooperating category; (Issuer Not Cooperating)
Sanghi Industries Ltd           Non-FB limits          IND A1           150      Upgraded from
                                                                                 IND A2+
Srinivasa Construction          Non-FB limits          IND A4+          250      -
Corporation Pvt Ltd
Maintained in non-cooperating category; (Issuer Not Cooperating)
Vallabhaneni Constructions Pvt  Non-FB WC limits       IND A4+          260      -
Ltd
Maintained in non-cooperating category; (Issuer Not Cooperating)
Vinir Engineering Pvt Ltd       Non-FB WC limits       IND A3           170      -
Maintained in non-cooperating category; (Issuer Not Cooperating)
Wrc Engineering Company Pvt Ltd Non-FB limits          IND A4           40       -
Maintained in non-cooperating category; (Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
Aditya Housing And              TL                     IND BB           330      Assigned
Infrastructure Development
Corporation Pvt Ltd
Aditya Housing And              Non-FB limits          IND BB/IND A4+   100      Assigned
Infrastructure Development
Corporation Pvt Ltd
Aic Infrastructures             FB Fac                 IND B+           140      -
Maintained in non-cooperating category; (Issuer Not Cooperating)
API Pvt Ltd                     TL                     IND BBB+         520.9    Affirmed
(reduced from 631.10)
API Pvt Ltd                     TL                     IND BBB+         400      Assigned
API Pvt Ltd                     FB WC limits           IND BBB+/IND A2  1100     Affirmed
(increased from 1,000.00)
API Pvt Ltd                     FB WC limits (sales    IND BBB+/IND A2  100      Assigned
                                invoice discounting)
API Pvt Ltd                     Proposed FB WC limits* Provisional      189      Assigned
                                                       IND BBB+ /
                                                       Provisional
                                                       IND A2
* The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by MAPL to the satisfaction of Ind-Ra.
B.R. Oil Industries Pvt Ltd     TL                     IND BB+          2.7      -
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
B.R. Oil Industries Pvt Ltd     FB WC limits           IND BB+          60       -
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Gypsum Structural India Pvt Ltd FB WC limit            IND BB-/IND A4+ 40       -
Maintained in non-cooperating category; (Issuer Not Cooperating)
Haritha Bio Products India Pvt  FB WC limits           IND C/IND A4   130      -
Ltd
Maintained in non-cooperating category; (Issuer Not Cooperating)
Haritha Bio Products India Pvt  TL (LT)                IND D            326      -
Ltd
Maintained in non-cooperating category; (Issuer Not Cooperating)
Hope Healthways                 Long-TL                IND D            80       -
Maintained in non-cooperating category; (Issuer Not Cooperating)
M.G. Industries                 TL                     IND B+           19.1     -
Maintained in non-cooperating category; (Issuer Not Cooperating)
M.G. Industries                 FB WC                  IND B+           35.5     -
Maintained in non-cooperating category; (Issuer Not Cooperating)
Mahakaleshwar Infratech Pvt Ltd FB limits              IND BBB-/IND A3  50       -
Migrated to Non Cooperating Category; (Issuer Not Cooperating)
Nagabhushanam & Co              Fund based WC          IND D            -        Downgraded
                                limit(LT/ ST)                                    from IND BB-
Nagabhushanam & Co              Non fund based WC      IND D            -        Downgraded
                                limit(ST)                                        from IND BB-
Rajendrakumar & Co              CC limits              IND B+           25       -
Maintained in non-cooperating category; (Issuer Not Cooperating)
Saab Engineering                Long-TL                IND BB+          96.785   -
Maintained in non-cooperating category; (Issuer Not Cooperating)
Saab Engineering                FB WC limits           IND BB+/IND A4+  92.31    -
Maintained in non-cooperating category; (Issuer Not Cooperating)
Sanghi Industries Ltd           FB limits              IND A            1500     Upgraded from
                                                                                 IND A-
Sanghi Industries Ltd           FB limits              IND A            350      Upgraded from
                                                                                 IND A-
Sanghi Industries Ltd           TL                     IND A            84000    Upgraded from
                                                                                 IND A-
Sathyam Green Power Pvt Ltd     Senior Bk loans        IND BB-          358.4    -
Maintained in non-cooperating category; (Issuer Not Cooperating)
Sathyam Green Power Pvt Ltd     FB WC limit            IND BB-          97.5     -
Maintained in non-cooperating category; (Issuer Not Cooperating)
Shilpi Cable Technologies Ltd   FB limit (LT/ST)       IND D            2660     Affirmed
(Issuer Not Cooperating)
Shilpi Cable Technologies Ltd   Non-FB limit (LT/ST)   IND D            7790     Affirmed
(Issuer Not Cooperating)
Shilpi Cable Technologies Ltd   Proposed WC limit      IND D            2050     Affirmed
                                (LT/ST)
(Issuer Not Cooperating)
Srf Ltd                         FB and non-FBL         IND AA/IND A1+   -        Assigned
Sri Ganesh Electricals          FB WC limits           IND BB-          60       -
Maintained in non-cooperating category; (Issuer Not Cooperating)
Srinivasa Construction          FB limits              IND BB           500      -
Corporation Pvt Ltd
Maintained in non-cooperating category; (Issuer Not Cooperating)
Vallabhaneni Constructions Pvt  FB WC limits           IND BB/IND A4+   50       -
Ltd
Maintained in non-cooperating category; (Issuer Not Cooperating)
Vinir Engineering Pvt Ltd       TL                     IND BBB-         36.2     -
Maintained in non-cooperating category; (Issuer Not Cooperating)
Vinir Engineering Pvt Ltd       FB WC limits           IND BBB- /IND A3 250      -
Maintained in non-cooperating category; (Issuer Not Cooperating)
Wrc Engineering Company Pvt Ltd TL                     IND B-           3        -
Maintained in non-cooperating category; (Issuer Not Cooperating)
Wrc Engineering Company Pvt Ltd FB limits              IND B-           28       -
Maintained in non-cooperating category; (Issuer Not Cooperating)
-----------------------------------------------------------------------------------------------
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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