November 27, 2017 / 6:18 AM / in a year

India Ratings for Indian debt instruments – Nov 27

    Nov 27 (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 24, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Axis Finance Ltd                ST Bk loan             IND A1+          7000     Assigned
Balaji Amines Ltd               Non-FB limits          IND A1+          1300     Upgraded from
                                                                                 IND A1
(increased from 1,200 )
Chandra Prabhu International LtdNon-FB limits          IND A4           100      Downgraded
                                                                                 from IND A4+
Granules India Ltd              Non-FB WC limits       IND A1+          960      Affirmed
(reduced from 1,086.4)
Granules India Ltd              Proposed non FB WC     IND A1+          240      Assigned
                                limits*
*The final rating is contingent upon the receipt of final documents conforming to the
information already received.
Hindustan Adhesives Ltd’S       Non-FB limit           IND A3           75       Affirmed
(increased from 60)
Padmavati Ferrous Ltd           NFBL                   IND A3           85       Assigned
Rajinder Infrastructure Pvt Ltd Non-FB limits          IND A3           300      Assigned
Ravindranath                    Non-FB WC limit        IND A4+          100      Migrated to
                                                                                 Non -
                                                                                 Cooperating
Category
Rpl Industries Ltd              Non-FB WC limit        IND A4+          10       Affirmed
Talwandi Sabo Power Ltd         Non-FB limit           IND A1+          3        Affirmed
Talwandi Sabo Power Ltd         CP                     IND A1+(SO)      25       Affirmed

LONG TERM RATINGS:
-------------------
Adani Cma Mundra Terminal Pvt   LOC                    IND AA+(SO)      4480     Affirmed
Ltd
Adani Cma Mundra Terminal Pvt   Sub-limit letter of    IND AA+(SO)      4480     Affirmed
Ltd                             undertaking
Axis Finance Ltd                LT Bk loan             IND AAA(SO)      9750     Assigned
Balaji Amines Ltd               TL                     IND A+           244.48   Upgraded from
                                                                                 IND A
(reduced from 443.6 )
Balaji Amines Ltd               FB limits              IND A+ / IND A1+ 1800     Upgraded from
                                                                                 IND A / IND A1
Bhanu Vyapaar Pvt Ltd           NCD                    IND AA-(SO)      330      Affirmed
Chandra Prabhu International LtdFB limits              IND B+ /IND A4   10       Downgraded
                                                                                 from IND BB- /
                                                                                 IND A4+
Granules India Ltd              TL                     IND A+           5500     Affirmed
(increased from 2,478.3)
Granules India Ltd              FB WC limits           IND A+ / IND A1+ 4560     Affirmed
Granules India Ltd              Proposed  FB WC limits*IND A+ / IND A1+ 1200     Assigned
*The final rating is contingent upon the receipt of final documents conforming to the
information already received.
Gvr Behari Hanumana Tollway Pvt TL                     IND D            1086.9   Downgraded
Ltd                                                                              from IND
                                                                                 C,
                                                                                 Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(Issuer Not Cooperating)
Gvr Panna Amanganj Tollway Pvt  TL                     IND D            870.7    Downgraded
Ltd                                                                              from IND
                                                                                 C,
                                                                                 Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(Issuer Not Cooperating)
Hindustan Adhesives Ltd’S       TL                     IND BBB-         199      Affirmed
(increased from 45)
Iiert September 2016 (An Abs    Series A pass-through  IND AA(SO)       1505.8   Affirmed
Transaction)                    certificates (PTC)
Inabensa Bharat Pvt Ltd         FB WC Fac (LT/ST)      IND D            150      Migrated to
                                                                                 Non -
                                                                                 Cooperating
Category
(Issuer Not Cooperating)
Inabensa Bharat Pvt Ltd         Non-FB WC Fac (LT/ST)  IND D            50       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not Cooperating)
Mm Trust Sep 16                 Series A pass-through  IND AA+          1374.3   Affirmed
                                certificates (PTCs)
Nupur Finvest Pvt Ltd           Proposed LT Bk loans   IND A-(SO)       1800     Assigned
Padmavati Ferrous Ltd           TL                     IND BBB-         63.1     Affirmed
(reduced from INR211.63)
Prabhakar Viniyog Pvt Ltd       NCD                    IND AA-(SO)      380      Affirmed
Rajinder Infrastructure Pvt Ltd FB limits              IND BBB- / IND A3100      Assigned
Ravindranath                    FB WC limit            IND BB           20       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
Rpl Industries Ltd              FB WC limit            IND BB- /IND A4+ 70       Affirmed
Sneha Abasan Pvt Ltd            NCD                    IND AA-(SO)      300      Affirmed
Sneha Enclave Pvt Ltd           NCD                    IND AA-(SO)      180      Affirmed
Suntrack Commerce Pvt Ltd       NCD                    IND AA-(SO)      630      Affirmed
Talwandi Sabo Power Ltd         FB limit               IND A+           7.5      Affirmed
-----------------------------------------------------------------------------------------------
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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