March 26, 2018 / 4:23 AM / a year ago

India Ratings for Indian debt instruments – Mar 26

    Mar 26 (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 23, 2018.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
------                          ----------             ------          ------    ---------
Andhra Bank                     CDs programme          IND A1+          40000    Affirmed
Athulitha Laboratories Pvt Ltd  Non-FB WC limits       IND A4           30       Upgraded
 (increased from INR20mln)
Hindustan Agencies              Non-FB WC limits       IND A3           4        Affirmed
Nik-San Engineering Co. Ltd     Non-FB limits          IND A4+          280      Assigned
Ramkrishna Agencies             Non-FB WC limits       IND A3           60       Affirmed
Rrr Constructions & Projects    NFB WC limit           IND A4+          42       Assigned
Pvt Ltd
Tirupati Structures (I) Pvt Ltd Non-FB limits          IND A4+          5        Migrated to
                                                                                 Non Cooperating
Andhra Bank                     National fixed deposit IND tAA+         -        Affirmed
Andhra Bank                     Subordinated bonds     IND AA           13000    Affirmed
Athulitha Laboratories Pvt Ltd  FB WC limits           IND B-           45       Upgraded from
                                                                                 IND D
(increased from INR25mln)
Athulitha Laboratories Pvt Ltd  TL                     IND B-           42       Upgraded from
                                                                                 IND D
(reduced from INR52.6mln)
Azure Hospitality Pvt Ltd       FB WC limits           WD               15       Withdrawn
Azure Hospitality Pvt Ltd       TL                     WD               40       Withdrawn
Hindustan Agencies              FB WC limits           IND BBB-         206      Affirmed
(increased from INR150mln)
Hindustan Distributors          FB WC limits           IND BBB-         132      Affirmed
Kisan Proteins Pvt Ltd          FB limits              IND BB-          95       Migrated to
                                                                                 Non Cooperating
Max International               FB WC limits           IND BBB-         165      Affirmed
 (increased from INR140mln)
Neckar Cv Northern Arc 2018     Series A1 pass-through Provisional IND  165.3    Assigned
                                certificates (PTCs)    A(SO)
Nik-San Engineering Co. Ltd     TL                     IND BB-          19.2     Assigned
Nik-San Engineering Co. Ltd     FB limits              IND BB- /IND A4+ 82       Assigned
Patel Motors (Indore) Pvt Ltd   FB WC limits           IND BB+          410      Upgraded from
                                                                                 IND BB
Pinakee Engineers & Developers  FB WC limit            IND B+ /IND A4   90       Affirmed
Posco-Poggenamp Electrical      FB WC limit            IND BB+ /IND A4+ 200      Assigned
Steel Pvt Ltd
Ramkrishna Agencies             FB WC limits           IND BBB-         430      Affirmed
Reliance Infrastructure Ltd     NCDs*                  IND A            10000    Assigned
Rrr Constructions & Projects    FB WC limit            IND BB /IND A4+  35       Assigned
Pvt Ltd
Sai Shakti Agencies             FB WC limits           IND BBB-         250      Affirmed
Sansar Trust March 2018 Iv      Second loss credit     Provisional IND  339.7    Assigned
                                facility (SLCF)        A-(SO)
Sansar Trust March 2018 Iv      Series A pass-through  Provisional IND  5709.25  Assigned
                                certificates (PTCs)    AAA(SO)
Shakti Agencies Pvt Ltd         FB WC limits           IND BBB-         495      Affirmed
(increased from INR440mln)
Shree Kuberji Leisure And       TL                     IND BBB-         500      Assigned
Infraspace Llp
Tirupati Structures (I) Pvt Ltd FB limits              IND BB-          120      Migrated to
                                                                                 Non 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

$: 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

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
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