May 4, 2018 / 5:04 AM / in 20 days

India Ratings for Indian debt instruments – May 4

    May 4 (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 3, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Aaditya Finechem Pvt Ltd        Non-FB WC loan         IND A4+          40
Maintained at non-cooperating category; (Issuer Not Cooperating)
Acb (I) Ltd                     CP (CP)***             IND A1           1500     Assigned
***Carved out of fund-based limits and the proceeds will be utilised to meet working capital
requirements
Atul Generators Pvt Ltd         Non-FB WC limit        IND A4           11.18
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Chowdhry Rubber And Chemicals   Non-FB limits          IND A4           95
Pvt Ltd
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Contec Syndicate Pvt Ltd        Non-FB WC limit        IND A4+#         120
Downgraded and reassigned; # Reassigned ‘IND A4+’ after being downgraded to ‘IND D’
Dcdc Health Services Pvt Ltd    Non-FB WC limit        IND A4+          20
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Deepak Agrawal                  Non-FB limits          IND A4           70
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Haldia Nirman Projects Pvt Ltd  Non FB limit           IND A4+          20
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Knnd Associates Pvt Ltd         Non-FB limit           IND A3           90
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Mahalakshmi Infraprojects Ltd   Non-FB limit           IND A3           1100
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Meghalaya Cast & Alloys Pvt Ltd Non-FB limits          IND A4+          21.38    Assigned
Minda Corporation Ltd           CP*                    IND A1+          500      Affirmed
* Carved out from fund-based limits
Sasi Anand Spinning Mills (I)   Non-FB limit           IND A3           11.5
Pvt Ltd
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Saviton Living Concepts         Non-FB WC limit        IND A4           21
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Saviton Metplast Pvt Ltd        Non-FB WC limit        IND A4           24.65
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
Aaditya Finechem Pvt Ltd        FB WC limit            IND BB+/IND A4+  20
Maintained at non-cooperating category; (Issuer Not Cooperating)
Acb (I) Ltd                     TL                     IND A+           14325    Downgraded
Acb (I) Ltd                     NCDs (NCDs)            IND A+           1750     Assigned
Acb (I) Ltd                     FB WC limits           IND A+/IND A1    3500     Downgraded
Acb (I) Ltd                     Non-FB WC limits       IND A+/IND A1    10895    Downgraded
Acb (I) Ltd                     Proposed CP (CP)**     WD               1500
Withdrawn (issuer did not proceed with the instrument as envisaged); **Backed by fund-based
limits
Atul Generators Pvt Ltd         TL                     IND B+           18.82
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Atul Generators Pvt Ltd         FB WC limit            IND B+/IND A4    65
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Bangalore Elevated Tollway Pvt  Rupee TL               IND AA-          2725     Affirmed
Ltd
Bangalore Elevated Tollway Pvt  NCDs (NCDs)            IND AA-          1892     Affirmed
Ltd
Chowdhry Rubber And Chemicals   FB limits              IND B+/IND A4    175
Pvt Ltd
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Clean Wind Power (Piploda) Pvt  Rupee TL*              IND BBB          1950     Assigned
Ltd
*Includes INR1,820 million letter of credit facility as sub-limit
Contec Syndicate Pvt Ltd        FB WC limit            IND BB-          30
Downgraded and reassigned;
Dcdc Health Services Pvt Ltd    TL                     IND BB-          3.13
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Dcdc Health Services Pvt Ltd    FB WC limit            IND BB-/IND A4+  25
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Deepak Agrawal                  FB limits              IND C            20
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Haldia Nirman Projects Pvt Ltd  FB limit               IND BB-          56.5
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Harman Cottex                   FB limit               IND BB-          140
Migrated to non-cooperating category; (Issuer Not Cooperating)
Hindustan Motor Finance         TL                     WD               860      Withdrawn
Corporation Ltd
Hindustan Motor Finance         FB WC limits           WD               200      Withdrawn
Corporation Ltd
Hindustan Motor Finance         Non-FB WC limits       WD               290      Withdrawn
Corporation Ltd
India Grid Trust                Bk loan                IND AAA          10000    Affirmed
Knnd Associates Pvt Ltd         FB limit               IND BBB-         50
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Lalchand Gem And Jewellers Pvt  FB WC limits           IND BB+/IND A4+  200      Affirmed
Ltd
Lalchand Jewellers Pvt Ltd      FB WC limits           IND BB+          350      Affirmed
Ls Rice Exports Pvt Ltd         TL                     IND B            13.1
Maintained in non-cooperating category; (Issuer Not Cooperating)
Ls Rice Exports Pvt Ltd         FB WC limits           IND B/IND A4     40
Maintained in non-cooperating category; (Issuer Not Cooperating)
Mahalakshmi Infraprojects Ltd   Long-TL                IND BBB-         31.7
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Mahalakshmi Infraprojects Ltd   FB limit               IND BBB-         660
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Meghalaya Cast & Alloys Pvt Ltd Long-TL                IND BB           6.52     Assigned
Meghalaya Cast & Alloys Pvt Ltd FB limits              IND BB           60       Assigned
Minda Corporation Ltd           TL                     IND A+           1340.4
Rating affirmed; Outlook revised;
Minda Corporation Ltd           FB WC limits           IND A+/IND A1+   635
Rating affirmed; Outlook revised;
Minda Corporation Ltd           Non-FB WC limits       IND A+/IND A1+   793.6
Rating affirmed; Outlook revised;
Minda Sai Ltd                   TL                     IND A+           634.5    Affirmed
Minda Sai Ltd                   FB WC limits           IND A+/IND A1+   915      Affirmed
Minda Sai Ltd                   Non-FB WC limits       IND A+/IND A1+   110      Affirmed
Montecarlo Asset Holdings Llp   TL                     IND BBB-         420      Assigned
Neelkanth Steel And Alloys      FB WC limits           IND BB-/IND A4+  225      Assigned
Omega Marketing Pvt Ltd         FB limit               IND BB+/IND A4+  80
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Sahyadri Renewable Energy Pvt   TL (LT)                IND D            90.78
Ltd
Migrated to non-cooperating category; (Issuer Not Cooperating)
Sasi Anand Spinning Mills (I)   TL                     IND BBB-         150
Pvt Ltd
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Sasi Anand Spinning Mills (I)   FB limit               IND BBB-/IND A3  180
Pvt Ltd
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Saviton Living Concepts         TL                     IND B            2.25
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Saviton Living Concepts         FB WC limit            IND B/IND A4     50.5
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Saviton Metplast Pvt Ltd        TL                     IND B+           18.35
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Saviton Metplast Pvt Ltd        FB WC limit            IND B+/IND A4    37
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Supreme Vasai Bhiwandi Tollways Bk loan (LT)           IND D            1540
Pvt Ltd
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Vismit Infrastructure           TL                     IND B+           120
Migrated to Non-Cooperating Category; (Issuer Not 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
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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