November 23, 2017 / 7:06 AM / 7 months ago

India Ratings for Indian debt instruments – Nov 23

    Nov 23 (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
November 22, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Bhupinder Singh                 Non-FB limits          IND A4+          2.14     -
Migrated to Non-Cooperating Category
Goodwear Fashions               Non-FB limit           IND A4+          1        Affirmed
Venketesh Udyog                 Non-FB limits          IND A4           50       -
Migrated to Non-Cooperating Category
Vodafone Mobile Services        CP*                    IND A1+          20       Assigned
*Yet to be issued

Annai Power                     TL                     IND BB           118.5    Assigned
Bhupinder Singh                 FB limits              IND BB-          64       -
Migrated to Non-Cooperating Category
Bhupinder Singh                 TL                     IND BB-          44.31    -
Migrated to Non-Cooperating Category
Commercial Auto Products        FB limits              IND B+ / IND A4  100      Downgraded
                                                                                 from IND BB- /
Commercial Auto Products        Non-FB limits          WD               21       Withdrawn
Goodwear Fashions               TL                     IND BB           29.4     Affirmed
Goodwear Fashions               FB limits              IND BB / IND A4+ 88       Affirmed
Mahindra Homes                  FB WC limits*          IND AA-          250      Assigned
* The final rating for INR250 million, of the previously rated INR350 million provisional cash
credit, is based on the receipt of the sanction letter, conforming to the information already
received and confirmation from the issuer with respect to its execution.
Mahindra Homes                  FB WC limits           IND AA-          1250     Assigned
Mahindra Homes                  NCDs (NCDs)#           Provisional IND  900      Assigned
# The final rating will be assigned following the closure of the issue and upon the receipt of
final documentation, conforming to the information already received by Ind-Ra.
Multitech Auto                  FB WC limit            IND BB+          55       -
Migrated to Non-Cooperating Category
Multitech Auto                  TL                     IND BB+          75       -
Migrated to Non-Cooperating Category
Sonai Constructions             FB limits              IND B+ / A4      120      -
Migrated to Non-Cooperating Category
Tulip Attire                    FB WC limit            IND BB / A4+     340      -
Migrated to Non-Cooperating Category
Venketesh Udyog                 FB limits              IND B-           100      -
Migrated to Non-Cooperating Category
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

$: 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

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
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