March 29, 2018 / 5:09 AM / a month ago

India Ratings for Indian debt instruments – Mar 29

    Mar 29 (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 28, 2018.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Akshar Spintex Ltd              Non-FB WC limits       IND A4+          13.5     Affirmed
Anand Mine Tools Pvt Ltd        Non-FB limits          IND A4+          16       Assigned
Axis Finance Ltd                CP (CP)                IND A1+          100000   Affirmed
Axis Finance Ltd                ST Bk loan             IND A1+          7000     Affirmed
Rural Electrification           ST borrowing programme IND A1+          70000    Assigned
Corporation Ltd                 (FY19)*
*including commercial paper and bank guarantee
Sangam Forgings Pvt Ltd         Non-FB limits          IND A4           15       Affirmed
 (reduced from INR45mln)
Synergene Active Ingredients    Non-FB WC limits       IND A3           60       Affirmed
Pvt Ltd
Tasec Ltd                       Non-FBL                IND A1+          400      Upgraded
(increased from INR350)
Tata Advanced Systems Ltd       Non-FBL                IND A1+          691      Upgraded
(reduced from INR697.5mln)
Tata Lockheed Martin            Non-FBL                IND A1+          1155     Upgraded
Aerostructures Ltd
Tata Sikorsky Aerospace Ltd     Non-FB limits          IND A1+          900      Upgraded from
                                                                                 IND A1
(increased from INR150mln)
LONG TERM RATINGS:
-------------------
Akshar Spintex Ltd              TL                     IND BB+          242.7    Upgraded from
                                                                                 IND BB
Akshar Spintex Ltd              FB WC limits           IND BB+          60       Upgraded from
                                                                                 IND BB
Anand Mine Tools Pvt Ltd        FB WC limits           IND BB           130      Affirmed
 (increased from INR60mln)
Anand Mine Tools Pvt Ltd        TL                     IND BB           27.5     Affirmed
(reduced from INR40.15mln)
Anand Mine Tools Pvt Ltd        Proposed FB WC limits* Provisional IND  40       Assigned
                                                       BB
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by AMTPL to the satisfaction of Ind-Ra.
Axis Finance Ltd                LT Bk loan             IND AAA          33000    Affirmed
Axis Finance Ltd                Tier II subordinated   IND AAA          8000     Affirmed
                                bonds
Axis Finance Ltd                NCDs (NCDs)            IND AAA          9146     Affirmed
Axis Finance Ltd                NCDs                   IND AAA          8000     Assigned
Bambino Agro Industries Ltd     TL                     IND BBB-         472      Assigned
Bambino Agro Industries Ltd     FB WC limit            WD               417      Withdrawn(Paid
                                                                                 in full)
Bambino Agro Industries Ltd     Non-FB WC limit        WD               18.5     Withdrawn(Paid
                                                                                 in full)
Bambino Agro Industries Ltd     TL                     WD               143.5    Withdrawn(Paid
                                                                                 in full)
Bambino Agro Industries Ltd     Standby line of credit WD               33       Withdrawn(Paid
                                                                                 in full)
Blue Wheel National Health Care Bk loans               IND BB-          540      Assigned
& Educational Trust
Cholamandalam Investment And    Lower tier 2 sub-debt  IND AA+          7000     Assigned
Finance Co. Ltd
Ford India Pvt Ltd              WC Bk Fac              IND AAA /IND A1+ 11000    Assigned
Ford India Pvt Ltd              Proposed WC Bk Fac*    Provisional IND  5000     Assigned
                                                       AAA /Provisional
                                                       IND A1+
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by FIPL to the satisfaction of Ind-Ra.    
Ford Motor Pvt Ltd              Proposed WC Bk Fac     Provisional IND  2000     Assigned
                                                       AAA/ Provisional
                                                       IND A1+
Idfc Bank Ltd                   Bonds*                 IND AAA/RWN      312610   Maintains RWN
 (reduced from INR325.2bln)/*denotes non-convertible debentures
Idfc Bank Ltd                   Infra bonds*           IND AAA/RWN      100000   Maintains RWN
(increased from INR90.7bln)/*denotes non-convertible debentures
Manohar Infrastructure And      TL                     IND BBB          900      Assigned
Constructions Pvt Ltd
Mittal Clothing Pvt Ltd         TL                     IND BB-          14.27    Downgraded
                                                                                 from IND BB
(reduced from INR17.5mln)
Mittal Clothing Pvt Ltd         FB WC facility (CC)    IND BB-          43.23    Downgraded
                                                                                 from IND BB
Mm Trust Dec 15                 Series A PTCs          IND AA+(SO)      421.91   Affirmed
Mytrah Vayu (Krishna) Pvt Ltd   Rupee TL               IND A(SO)        6550     Assigned
Mytrah Vayu (Krishna) Pvt Ltd   WC facility            IND A(SO)        235.4    Assigned
Mytrah Vayu (Pennar) Pvt Ltd    Rupee TL               IND A(SO)        2672     Assigned
Mytrah Vayu (Pennar) Pvt Ltd    WC facility            IND A(SO)        120      Assigned
Nova Integrated Systems Ltd     TL                     IND AA-          100      Upgraded
Nova Integrated Systems Ltd     FB WC limits           IND AA- /IND A1+ 100      Upgraded
Nova Integrated Systems Ltd     Non-FBL                IND AA- /IND A1+ 590      Upgraded
Rico Auto Industries Ltd        TL/LOC                 IND A-           1200     Assigned
Rural Electrification           LT annual borrowing    IND AAA          530000   Assigned
Corporation Ltd                 programme (FY19)
Saa Vishnu Bakers Pvt Ltd       FB WC limit            IND BB+          40       Affirmed
Saa Vishnu Bakers Pvt Ltd       FB WC limit*           IND BB+          37.5     Assigned
* The final rating is based on the receipt of sanction letter by Ind-Ra./(reduced from INR50mln)
Saa Vishnu Bakers Pvt Ltd       TL                     IND BB+          346.2    Affirmed
(increased from INR118.24mln)
Sangam Forgings Pvt Ltd         FB  limits             IND B            30       Affirmed
(reduced from INR60mln)
Sansar Trust Feb 2016 Ii        Second loss credit     IND A-(SO)       74.3     Affirmed
                                facility SLCF
Sansar Trust Feb 2016 Ii        Series A pass-through  IND AAA(SO)      217.79   Affirmed
                                certificates (PTCs)
Satia Industries Ltd            TL                     IND BBB+         1416     Upgraded from
                                                                                 IND BBB
Satia Industries Ltd            FB Bk limits           IND BBB+ /IND A2 850      Upgraded
Satia Industries Ltd            Non-FB Bk limits       IND BBB+ /IND A2 460      Upgraded
Sm-Jdb Estate Pvt. Ltd.         TL                     IND BB-          800      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
ISSUER NOT COOPERATING
Sunahri Multi Grain Pvt Ltd     FB WC limits           IND BB-          65       Upgraded from
                                                                                 IND B+
Sunahri Multi Grain Pvt Ltd     TL                     IND BB-          39.18    Upgraded from
                                                                                 IND B+
Synergene Active Ingredients    FB WC limits           IND BBB-         200      Affirmed
Pvt Ltd
Synergene Active Ingredients    Long-TL                IND BBB-         54       Affirmed
Pvt Ltd
 (reduced from INR62.3mln)
Tasec Ltd                       FB WC limits           IND AA- /IND A1+ 200      Upgraded
(increased from INR150)
Tata Advanced Systems Ltd       FB WC limits           IND AA-          1050     Upgraded from
                                                                                 IND A
Tata Advanced Systems Ltd       TL                     IND AA-          655.5    Upgraded from
                                                                                 IND A
(reduced from INR752.5mln)
Tata Lockheed Martin            FB WC limits           WD               600      Withdrawn(Paid
Aerostructures Ltd                                                               in full)
Tata Sikorsky Aerospace Ltd     FB WC limits           IND AA-          1180     Upgraded from
                                                                                 IND A
(increased INR930mln)
Tata Sikorsky Aerospace Ltd     TL                     IND AA-          629      Upgraded from
                                                                                 IND A
Tata Sikorsky Aerospace Ltd     TL                     IND AA-          700      Upgraded from
                                                                                 IND A
Ubl Trust 4                     Series A pass-through  IND A+(SO)       486.76   Affirmed
                                certificates (PTCs)
Vivriti Timo 003 2018           Series A1 pass-through Provisional IND  392.03   Assigned
                                certificates (PTCs)    A(SO)
Vivriti Timo 003 2018           Series A2 PTCs         Provisional IND  4.36     Assigned
                                                       BBB+(SO)
-----------------------------------------------------------------------------------------------
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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