May 9, 2018 / 5:59 AM / 16 days ago

India Ratings for Indian debt instruments – May 9

    May 9 (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 8, 2018.

COMPANY                         INSTRUMENT              RATING         AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------              ------         ------   ---------
SHORT TERM RATINGS:
-------------------
Atlantis Products Pvt Ltd       Non-FB WC limit        IND A4+          10       Assigned
Aurobindo Pharma Ltd            Non-FB WC limits       IND A1+          14940    Affirmed
(reduced from INR22,890)
Gujarat Co-Operative Milk       CP                     IND A1+          5000     Affirmed
Marketing Federation Ltd
Ideas Engineers                 Non-FB WC limits       IND A4+          75       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Ideas Engineers                 Proposed non-FB WC     IND A4+          55       -
                                limits
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Mahindra & Mahindra Financial   CP^                    IND A1+          85000    Affirmed
Services Ltd
^unutilised
Savi Leathers                   Non-FB limit           IND A4+          80       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Siksha ‘O’ Anusandhan           NFBL                   IND A3           415.5    Affirmed
(increased from INR115.51)
Suri Shoes Pvt Ltd              Non-FB WC limits       IND A4+          50.5     -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)

LONG TERM RATINGS:
-------------------
Aegis Gas (Lpg) Pvt Ltd         NCDs                   WD               428      Withdrawn
Amul Feed Pvt Ltd               FB WC limit            IND BB           117.5    -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Amul Feed Pvt Ltd               Long-TL                IND BB           19.67    -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Atlantis Products Pvt Ltd       FB WC limit            IND BB           230      Assigned
Aurobindo Pharma Ltd            FB WC limits           IND AA+/IND A1+  50000    Affirmed
(increased from INR42,050)
Aurobindo Pharma Ltd            CP programme           WD               5000     Withdrawn
Banka Woven Sacks Pvt Ltd       TL                     IND B+           5.168    Downgraded
                                                                                 from IND BB-
Banka Woven Sacks Pvt Ltd       FBL                    IND B+           52.5     Downgraded
                                                                                 from IND BB-
Gonda Nagar Palika Parishad     LT                     IND BB-          -        Withdrawn
Guru Nanak International Pvt LtdFB WC limits           IND BB-/IND A4+  115      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Guru Nanak International Pvt LtdProposed FB WC limits  IND BB-/IND A4+  10       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Hindupur Solar Park Pvt Ltd     Rupee TL               IND A(SO)        4715     Assigned
Hpcl Biofuels Ltd               TL                     IND AA-          2817.5   Affirmed
(reduced from INR 3,010.8)
Hpcl Biofuels Ltd               FBL                    IND AA-/IND A1+  1250     Affirmed
(increased from INR1,000)
Ideas Engineers                 FB WC limits           IND BB+/IND A4+  50       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Mahabubnagar Solar Parks Pvt LtdRupee TL               IND A(SO)        562.5    Upgraded from
                                                                                 IND A-(SO)
Mahindra & Mahindra Financial   NCDs (NCDs)*           IND AAA          190000   Affirmed
Services Ltd
*Details are given in Annexure below
Mahindra & Mahindra Financial   Subordinated debt*     IND AAA          44500    Affirmed
Services Ltd
*Details are given in Annexure below
Mirzapur Nagar Palika Parishad  LT                     WD               -        Withdrawn
Nav Bharat Buildcon Pvt Ltd     TL (LT)                IND D            82.5     -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Nav Bharat Buildcon Pvt Ltd     FB WC limit (LT/ST)    IND D            46       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Nav Bharat Buildcon Pvt Ltd     Non-FB WC limit (ST)   IND D            50       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Polepally Solar Parks Pvt Ltd   Rupee TL               IND A(SO)        1342.5   Upgraded from
                                                                                 IND A-(SO)
Prime Focus Technologies Ltd    TL                     IND A-/IND A2+   2170     Upgraded from
                                                                                 IND BBB+ / IND
                                                                                 A2
(increased from INR1,570)
Prime Focus Technologies Ltd    BL                     IND A-/IND A2+   330      Upgraded from
                                                                                 IND BBB+/IND
                                                                                 A2
Saa Edu-Infra Services Llp’S    Bk loans               IND BBB+         350      Affirmed
(Seillp)
(increased from INR280)
Savi Leathers                   Proposed TL            IND BB           55       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Savi Leathers                   FB WC limits           IND BB/IND A4+   150      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Siksha ‘O’ Anusandhan           TL                     IND BBB-         1742.3   Affirmed
(increased from INR1,734.49)
Soubhagya Processor Pvt Ltd     FB limits              IND B            25       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Soubhagya Processor Pvt Ltd     TL                     IND B            42       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Soubhagya Processor Pvt Ltd     Proposed TL            IND B            13       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Suri Shoes Pvt Ltd              FB WC limits           IND BB+/IND A4+  245      -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Swami Yoganand Charitable Trust TL (LT)                IND D            49.5     -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Swami Yoganand Charitable Trust WC facility (LT)       IND D            30       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Tapasya Shiksha Samiti          Proposed TL            IND BB-          60       -
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
The Academy Of Engineering And  Bk loans               IND BB+          108.25   -
Management Trust’S
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
The Academy Of Engineering And  FB WC                  IND BB+          250      -
Management Trust’S
Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING)
Winsol Solar Fields (Polepally) Rupee TL               IND A(SO)        4665     Assigned
Pvt Ltd
-----------------------------------------------------------------------------------------------
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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