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Bambino Agro Industries Ltd FB WC limit WD 417 Withdrawn(Paid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Bambino Agro Industries Ltd Non-FB WC limit WD 18.5 Withdrawn(Paid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Bambino Agro Industries Ltd TL WD 143.5 Withdrawn(Paid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Bambino Agro Industries Ltd Standby line of credit WD 33 Withdrawn(Paid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)