March 21, 2018 / 3:43 AM / in 8 months

India Ratings for Indian debt instruments – Mar 21

    Mar 21 (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 20, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Ajay Hiralal Thakur             Non-FB limits          IND A4+          30       Assigned
Eastman Exports Global Clothing Non-FB WC limits       IND A1           270      Affirmed
(P) Ltd
Himalayan Road Construction Pvt Non-FB limits          IND A4+          170      Affirmed
Ltd
India Dyeing Mills Pvt. Ltd.    Non-FB WC limits       IND A1           91.9     Affirmed
Metalloys Recycling Ltd         Non-FB WC limits       IND A3           50       Assigned
Metalloys Recycling Ltd         Proposed non- fund     Provisional IND  250      Assigned
                                based WC limit         A3

LONG TERM RATINGS:
-------------------
Ajay Hiralal Thakur             FB limits              IND BB/ IND A4+  25       Assigned
Dheepti Exports And Imports     FB WC limits           IND B/ IND A4    54       Affirmed
Eastman Exports Global Clothing TL                     IND A            303.7    Affirmed
(P) Ltd
increased from 264 mln
Eastman Exports Global Clothing FB WC limits           IND A/ IND A1    6106     Affirmed
(P) Ltd
increased from 5,656 mln
G.G. Exports                    FB WC  Fac             IND BB+/ IND A4+ 1000     Affirmed
increased from 250 mln
Himalayan Road Construction Pvt FB limits              IND BB/ IND A4+  60       Affirmed
Ltd
India Dyeing Mills Pvt. Ltd.    TL                     IND A            157.5    Affirmed
reduced from 259.8 mln
India Dyeing Mills Pvt. Ltd.    FB WC limits           IND A/ IND A1    50       Affirmed
India Standard Loan Trust – Xx  Series A pass-through  IND AA(SO)       224.39   Affirmed
(An Abs Transaction)            certificates (PTCs)
India Standard Loan Trust – Xx  Liquidity facility (LF)IND AAA(SO)      8.9      Affirmed
(An Abs Transaction)
India Standard Loan Trust – Xx  Second loss credit     IND BBB(SO)      35.19    Affirmed
(An Abs Transaction)            facility (SLCF)
Indostar Capital Finance Ltd    NCDs (NCDs)            IND AA-          4.85     Affirmed
reduced from 6.19 mln
Kinjal Chemical Pvt Ltd         FB Fac                 IND BB/ IND A4+  140      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Metalloys Recycling Ltd         FB WC limits           IND BBB-/ IND A3 100      Assigned
Metalloys Recycling Ltd         Proposed FB WC limit   Provisional IND  50       Assigned
                                                       BBB-/
                                                       Provisional IND A3
Modigold Pipes Pvt Ltd          FB WC limits           IND BB-          58       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Navi Mumbai Municipal           LT Issuer Rating       IND AA+                   Affirmed
Corporation
Nufuture Digital (I) Ltd        FB WC Fac              IND BBB-/ IND A3 250      Affirmed
increased from 100 mln
Qube Cinema Technologies Pvt LtdTL                     IND A-/ RWE      401.0    Maintained on
                                                                                 RWE
increased from 240.9 mln
Qube Cinema Technologies Pvt LtdFB WC limits           IND A-/ RWE/ IND 450      Maintained on
                                                       A1/ RWE                   RWE
increased from 300 mln
Qube Cinema Technologies Pvt LtdNon-FB limits          IND A1/ RWE      50       Maintained on
                                                                                 RWE
Rushabh Flour Mills Pvt Ltd     FB WC Limit            IND BB/ IND A4+  90       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Torque Automotive Pvt Ltd       FB Fac                 IND BB+/ IND A4+ 380      Assigned
Western U.P. Power Transmission Rupee TL               WD               37717.2  Withdrawn
Co. 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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