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India Ratings for Indian debt instruments – Oct 12
October 12, 2017 / 4:53 AM / in 12 days

India Ratings for Indian debt instruments – Oct 12

    Oct 12 (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
October 11, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Bajaj Finance Ltd.              ST Bk loans            IND A1+          50000    Affirmed
Bajaj Housing Finance Ltd       ST Bk loans            IND A1+          5000     Affirmed
Bajaj Housing Finance Ltd       CP*                    IND A1+          5000     Affirmed
* Unutilised/(reduced from INR15,000mln)
Birmi International Pvt Ltd     Non-FB WC limit        IND A4+          13       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Geetanjali Graphics             Non-FB Fac             IND A4+          15       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Highway Infrastructure Pvt Ltd  Non-FB WC limit        IND A3           579      Assigned
Hindustan Petroleum Corporation CP (CP)#               IND A1+          150000   AFfirmed
Ltd
# The proceeds from the CP programme are to be utilised for general corporate purposes.
M.P. Board And Paper Mills Pvt  Non-FB limits          IND A4+          4        Migrated to
Ltd                                                                              Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Modulus Cosmetics               Non-FB WC limit        IND A4+          6.3      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Nanu Ram Goyal & Co             Non-FB WC limit        IND A4+          200      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Olive Tex Silk Mills Pvt Ltd    Non-FB Fac             IND A4+          22.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Sk Wheels Pvt Ltd               Non-FB WC Fac          IND A3           60       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Sri Lakshmi Motors Service Pvt. Non-FB WC limits       IND A4+          86       Migrated to
Ltd.                                                                             Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Ud Solution Pvt Ltd             Non-FB limits          IND A4+          140      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
LONG TERM RATINGS:
-------------------
Bagori Polymers Pvt Ltd         FB WC limits           IND BB-          40       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Bagori Polymers Pvt Ltd         Long-TL                IND BB-          49.7     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Bajaj Finance Ltd.              Unsecured subordinated IND AAA          20000    Affirmed
                                debt
Bajaj Finance Ltd.              LT Bk loans            IND AAA          250000   Affirmed
Bajaj Finance Ltd.              NCDs                   IND AAA          100000   Affirmed
Bajaj Housing Finance Ltd       LT Bk loans            IND AAA          15000    Upgraded from
                                                                                 IND AA+
(reduced from INR30,000mln)
Bajaj Housing Finance Ltd       LT debt (secured NCDs  IND AAA          5000     Upgraded from
                                and unsecured Tier-II                            IND AA+
                                debt)*
* Unutilised /(reduced from INR20,000mln)
Birmi International Pvt Ltd     TL                     IND BB+          94       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Birmi International Pvt Ltd     Fund based WC limit    IND BB+ /IND A4+ 110      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Geetanjali Graphics             TL                     IND BB-          20.71    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Geetanjali Graphics             FB Fac                 IND BB-          30       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Harbansh Lal Foods Pvt Ltd      FB WC limit            WD               200      Withdrawn
Highway Infrastructure Pvt Ltd  FB WC limit            IND BBB-         181      Assigned
Hindustan Petroleum Corporation NCDs (NCDs)            IND AAA          9750     AFfirmed
Ltd
Hindustan Petroleum Corporation WC limits              IND AAA/IND A1+  450000   Assigned
Ltd
Jindal Rice & Gen. Mills        TL                     IND B            36.55    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Jindal Rice & Gen. Mills        FB WC limit            IND B /IND A4    210      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
M.P. Board And Paper Mills Pvt  FB limits              IND BB-          50       Migrated to
Ltd                                                                              Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Meghalaya Power Generation      NCDs                   IND BBB+(SO)     1200     Affirmed
Corporation Ltd
Meghalaya Power Generation      NCDs                   IND BBB+(SO)     500      Affirmed
Corporation Ltd
Modulus Cosmetics               FB WC limit            IND BB+ /IND A4+ 131.244  Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Nanu Ram Goyal & Co             Fund based WC limit    IND BB- /IND A4+ 47.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Olive Tex Silk Mills Pvt Ltd    Long-TL                IND BB           12.8     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Olive Tex Silk Mills Pvt Ltd    FB Fac                 IND BB /IND A4+  343.4    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Ratnagiri Ceramics Pvt Ltd      FB WC limits           WD               72.2     Withdrawn
Ratnagiri Ceramics Pvt Ltd      Non-FB WC limits       WD               26.2     Withdrawn
Ratnagiri Ceramics Pvt Ltd      Proposed FB WC limits  WD               11.6     Withdrawn
Saraswati Motors                FB limits              IND B            25       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Saraswati Motors                Long-TL                IND B            35       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Shyama Agro Foods & Exports Pvt FB WC limit            IND BB-          45       Migrated to
Ltd                                                                              Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Shyama Agro Foods & Exports Pvt LT loan                IND BB-          37.76    Migrated to
Ltd                                                                              Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Sk Wheels Pvt Ltd               TL                     IND BBB-         318      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Sk Wheels Pvt Ltd               FB WC Fac              IND BBB-         1200     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Sk Wheels Pvt Ltd               Proposed TL            Provisional IND  130      Migrated to
                                                       BBB-                      Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Sk Wheels Pvt Ltd               Proposed FB WC Fac     Provisional IND  70       Migrated to
                                                       BBB-                      Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Sri Lakshmi Motors Service Pvt. FB WC limit            IND BB-          35       Migrated to
Ltd.                                                                             Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Sri Lakshmi Motors Service Pvt. Long-TL                IND BB-          7.7      Migrated to
Ltd.                                                                             Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Statcon Power Controls Ltd      FB limits              IND BBB /IND A2  144.5    AFfirmed
Statcon Power Controls Ltd      Non-FB limits          IND BBB /IND A2  210.2    AFfirmed
Statcon Power Controls Ltd      TL                     WD               20.33    Withdrawn
Suvarna Shilpi Jewellers Pvt LtdFB Fac                 IND BBB-/IND A3  240      Upgraded from
                                                                                 IND BB
(increased from INR95mln)
Ud Solution Pvt Ltd             FB Limits              IND BB+          20       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Vega Infrastructure’S           FB WC limit            IND B+ /IND A4   147.5    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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