March 13, 2018 / 5:10 AM / 2 months ago

India Ratings for Indian debt instruments – Mar 13

    Mar 13 (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
March 12, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Aym Syntex Ltd                  Non-FB WC limits       IND A1+          1840     Affirmed
(increased from INR1,590)
East West Freight Carriers Ltd  Non-FB WC facility     IND A3           30       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Hdfc Bank Ltd                   Certificates of depositIND A1+          400      Affirmed
Monalisa Engicons               NFBL                   IND A4+          80       Assigned

LONG TERM RATINGS:
-------------------
Aishwarya Agriprocessors Pvt.   FBL                    WD               100      Withdrawn
Ltd
Apco Arasavalli Expressway Pvt  Proposed term  loan    IND A-           6400     Assigned
Ltd
Apco Arasavalli Expressway Pvt  Proposed BG            IND A-           675      Assigned
Ltd
Aym Syntex Ltd                  TL                     IND A            2903.2   Affirmed
(increased from INR2,226.6)
Aym Syntex Ltd                  FB WC facility         IND A            470      Affirmed
Celon Laboratories Pvt Ltd      Proposed FB Fac        IND BBB- /IND A3 100      Assigned
East West Freight Carriers Ltd  FB WC facility         IND BBB- /IND A3 215      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Hdfc Bank Ltd                   Basel-III compliant    IND AA+          150      Affirmed
                                Tier 1 bonds
Hdfc Bank Ltd                   Lower Tier-2 sub debt  IND AAA          139.63   Affirmed
Hdfc Bank Ltd                   Term deposit programme IND tAAA         -        Affirmed
Maa Bhagwati Re-Rolling Mills   FBL                    IND BB-          48.5     Assigned
Pvt Ltd
Maa Bhagwati Re-Rolling Mills   LTL                    IND BB-          25.6     Assigned
Pvt Ltd
Maa Bhagwati Re-Rolling Mills   Proposed-FB limits*    IND BB-          75.9     Assigned
Pvt Ltd
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the abov
Magneti Marelli Motherson Auto  TL                     IND A            200      Assigned
System Pvt Ltd
Magneti Marelli Motherson Auto  TL                     IND A+           561      Upgraded from
System Pvt Ltd                                                                   IND A
(reduced from INR588.2)
Magneti Marelli Motherson Auto  FB WC limits           IND A+ / IND A1+ 500      Upgraded from
System Pvt Ltd                                                                   IND A / IND A1
(increased from INR350)
Magneti Marelli Motherson Auto  Non-FB WC limits       IND A+ / IND A1+ 149      Upgraded from
System Pvt Ltd                                                                   IND A / IND A1
(reduced from INR271.8
Manglam Paper Pvt Ltd           Long-TL                IND BB-          185      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Manglam Paper Pvt Ltd           FB WC loans            IND BB-          110      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Moenus Textile Pvt Ltd          FB WC limit (LT)       IND D            121      Downgraded
                                                                                 from BB-
Moenus Textile Pvt Ltd          TL (LT)                IND D            120      Downgraded
                                                                                 from BB-
Moenus Textile Pvt Ltd          Non-FB WC limit (ST)   IND D            21       Downgraded
                                                                                 from A4+
Monalisa Engicons               FBL                    IND BB-          15       Assigned
Pasighat Municipal Council      LT                     IND BBB-         -        -
(ISSUER NOT COOPERATING)
Platinum Trust March            Series A pass-through  IND AAA(SO)      2365.1   Affirmed
                                certificates (PTCs)
Platinum Trust March            Second loss credit     IND BBB(SO)      162.3    Affirmed
                                facility (SLCF)
Supreme Infrastructure India LtdTL (LT)                IND D            4689     Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Supreme Infrastructure India LtdCC Fac (long-/ST)      IND D            6250     Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Supreme Infrastructure India LtdNon-FB WC              IND D            8000     Migrated to
                                Fac(long-/ST)                                    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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