May 10, 2018 / 5:01 AM / in 6 months

India Ratings for Indian debt instruments – May 10

    May 10 (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
May 9, 2018.

COMPANY                         INSTRUMENT             RATING         AMOUNT   MOVEMENT
                                                                    (RS.MLN)
------                          ----------             ------        ------   ---------
SHORT TERM RATINGS:
-------------------
Agarwal Life Sciences Pvt Ltd   Non-FB WC Fac          IND A4+          10       Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Barath Agri International       Non-FB WC              IND A3           205      Migrated to
Trading Pvt Ltd                                                                  non
                                                                                 cooperating 
                                                                                 category
Ceat Specialty Tyres Ltd        CP (carved out of WC   IND A1+          250      Affirmed
                                limits)^
^ Yet to be issued.
Ceat Specialty Tyres Ltd        Proposed unsecured     Provisional IND  250      Assigned
                                non-FB limits*         A1+
* The rating is provisional and shall be confirmed upon the sanction and execution
 of loan documents for the above facilities by CSTL to the satisfaction of Ind-Ra.
Chemcoat India Enterprise Pvt   Non-FB WC facility     IND A4           49       Migrated to
Ltd                                                                              non
                                                                                 cooperating 
                                                                                 category
Dynamatic Technologies Ltd      Non-FB WC limits       IND A2+          230      Affirmed
JKM Ferrotech Ltd               Non-FB WC limits       IND A2+(SO)      21       Affirmed
Joseph Leslie Dynamiks          Non-FB limits          IND A4           68.7     Migrated to
Manufacturing Pvt Ltd                                                            non
                                                                                 cooperating 
                                                                                 category
PC Jeweller Ltd                 CP                     IND A1+          2000     Placed on RWN

LONG TERM RATINGS:
-------------------
Agarwal Life Sciences Pvt Ltd   FB WC Fac              IND BB+ /IND A4+ 60       Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Avalon Technology And Services  Long-TL                IND BB+          163      Migrated to
Pvt Ltd                                                                          non
                                                                                 cooperating 
                                                                                 category
Avalon Technology And Services  FB Fac                 IND BB+ /IND A4+ 100      Migrated to
Pvt Ltd                                                                          non
                                                                                 cooperating 
                                                                                 category
Avani Textiles Ltd              TL                     IND BB-          176.8    Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Avani Textiles Ltd              FB limits              IND BB-/IND A4+  730      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Barath Agri International       FB WC                  IND BBB- /IND A3 200      Migrated to
Trading Pvt Ltd                                                                  non
                                                                                 cooperating 
                                                                                 category
Barath Building Constructions   TL                     IND BBB          920      Migrated to
(I) Pvt Ltd                                                                      non
                                                                                 cooperating 
                                                                                 category
Ceat Ltd                        Non-FB WC limits       IND AA/IND A1+   500      Assigned
Ceat Specialty Tyres Ltd        Unsecured non-FB limits-                250      Withdrawn
Ceat Specialty Tyres Ltd        TL – Yes Bk #          IND AA(SO)       780      Affirmed
# Term loans are backed by an unconditional and irrevocable guarantee by the 
parent, CEAT Limited (‘IND AA’/Stable).
Ceat Specialty Tyres Ltd        TL – ICICI Bk #        IND AA(SO)       1500     Affirmed
# Term loans are backed by an unconditional and irrevocable guarantee by the 
parent, CEAT Limited (‘IND AA’/Stable).
Ceat Specialty Tyres Ltd        FB/non-FB WC limits    IND AA-/IND A1+  500      Affirmed
Chemcoat India Enterprise Pvt   FB WC facility         IND B+ /IND A4   1        Migrated to
Ltd                                                                              non
                                                                                 cooperating 
                                                                                 category
Dynamatic Technologies Ltd      TL                     IND BBB+         3690     Downgraded
Dynamatic Technologies Ltd      FB WC limits           IND BBB+/IND A2+ 1700     Long-term
                                                                                 rating
                                                                                 downgraded;
                                                                                 Short-term
                                                                                 rating
                                                                                 affirmed
Hathway Cable & Datacom Ltd     TL                     IND A- /IND A2+  7000     Assigned
Hathway Digital Pvt Ltd         TL                     IND A- /IND A2+  7750     Assigned
India Standard Loan Trust xlvi  Series A pass-through  IND AA(SO)       295.4    Affirmed
                                certificates (PTCs)
India Standard Loan Trust xlvi  Liquidity facility (LF)IND AAA(SO)      4.2      Affirmed
India Standard Loan Trust xlvi  Second loss credit     IND BBB(SO)      21.2     Affirmed
                                facility (SLCF)
Jkm Ferrotech Ltd               TL (LT debt)           IND BBB+(SO)     265.9    Downgraded
Jkm Ferrotech Ltd               FB WC limits           IND BBB+(SO)/IND 30       Long-term
                                                       A2+(SO)                   rating
                                                                                 downgraded;
                                                                                 Short-term
                                                                                 rating
                                                                                 affirmed
Joseph Leslie Dynamiks          FB limits              IND B+           97       Migrated to
Manufacturing Pvt Ltd                                                            non
                                                                                 cooperating 
                                                                                 category
JP Motor Pvt Ltd                FB limit               IND BB           91       Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
JP Motor Pvt Ltd                TL                     IND BB           9        Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Patel Cholopuram-Thanjavur      TL                     IND A-           6458.9   Assigned
Highway Pvt Ltd
PC Jeweller Ltd                 CP                     -                3000     Withdrawn
Rajyalakshmi Healthcare Pvt Ltd TL                     IND BB+          500      Assigned
Regenerative Medical Services   TL                     IND B+           22.033   Downgraded
Pvt Ltd
Regenerative Medical Services   FB WC limit            IND B+/IND A4    30       Downgraded
Pvt Ltd
Sansar Trust March 2018 IV      Second loss credit     IND A-(SO)       339.71   Assigned
                                facility (SLCF)
Sansar Trust March 2018 IV      Series A pass-through  IND AAA(SO)      5709.25  Assigned
                                certificates (PTCs)
Sarvejana Healthcare Pvt Ltd    TL                     IND BBB-         233.57   Assigned
Sarvejana Healthcare Pvt Ltd    FB WC limits           IND BBB-/IND A3  280      Assigned
Shri Vasudeva Weaving Mills Pvt Long-TL                -                136.7    Withdrawn
Ltd
Shri Vasudeva Weaving Mills Pvt FB WCFac               -                130      Withdrawn
Ltd
Shri Vasudeva Weaving Mills Pvt Non-FB WC Fac          -                3.3      Withdrawn
Ltd
Walwhan Solar Tn Pvt Ltd        Senior project Bk loan -                4300     Withdrawn
-----------------------------------------------------------------------------------------------
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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