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India Ratings for Indian debt instruments – Oct 17
October 17, 2017 / 7:32 AM / in 2 months

India Ratings for Indian debt instruments – Oct 17

   Oct 17 (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 16, 2017.

COMPANY                         INSTRUMENT             RATING        AMOUNT      MOVEMENT
                                                                     (RS.MLN)
------                          ----------             ------         ------     ---------
SHORT TERM RATINGS:
-------------------
Ankur Biochem Pvt Ltd           Non-FB WC limits       IND A2+          1        Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
(ISSUER NOT COOPERATING)
B.D. Roadways                   Non-FB WC limits       IND A4+          1        Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
 (ISSUER NOT COOPERATING)
Bharat Construction             Non-FB Fac             IND A4+          230      Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
 (ISSUER NOT COOPERATING)
G.S. Roadlines                  Non-FB WC limits       IND A4+          1        Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
 (ISSUER NOT COOPERATING)
G.S. Roadways                   Non-FB WC limits       IND A4+          1        Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
 (ISSUER NOT COOPERATING)
India Dairy Products Ltd        Non-FB WC limits       IND A3           25       Assigned
Lal Baba Industrial Corporation Non-FB limits          IND A4+          30       Migrated to
Pvt Ltd                                                                          Non -
                                                                                 Cooperating 
                                                                                 Category
(ISSUER NOT COOPERATING)
Mindtree Ltd                    FB WC limits           IND A1+          7235     Affirmed
Mindtree Ltd                    Non-FB WC limits       IND A1+          1800     Affirmed
Mindtree Ltd                    CP*                    IND A1+          3000     Affirmed
* Carved out of the working capital limits
Pp Pandey Infrastructure Pvt LtdNon-FB limits          IND A4+          100      Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
 (ISSUER NOT COOPERATING)
Ultratech Cement Ltd            CP (CP) programme*     IND A1+          25000    Assigned
* Proceeds will be used for working capital requirements/refinancing 
 of debt/bridge finance/capital expenditure.
Ultratech Cement Ltd            Short-TL               IND A1+          15000    Assigned
Westwell Iron And Steel Pvt Ltd Non-FB WC limit        IND A4+          30       Assigned


LONG TERM RATINGS:
-------------------
Ankur Biochem Pvt Ltd           FB WC limit            IND BBB+         230      Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
 (ISSUER NOT COOPERATING)
Ankur Biochem Pvt Ltd           Long-TL                IND BBB+         469      Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
 (ISSUER NOT COOPERATING)
B.D. Roadways                   Long-TL                IND BB-          30.17    Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
 (ISSUER NOT COOPERATING)
B.D. Roadways                   FB WC limits           IND BB-          14.3     Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
 (ISSUER NOT COOPERATING)
Beehive Alcoveb                 FBL                    IND BB / IND A4+ 150      Assigned
Bharat Construction             FB Fac                 IND BB-/ IND A4+ 120      Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
 (ISSUER NOT COOPERATING)
G.S. Roadlines                  TL                     IND BB-          45.43    Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
 (ISSUER NOT COOPERATING)
G.S. Roadlines                  FB WC limits           IND BB-          15.3     Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
 (ISSUER NOT COOPERATING)
G.S. Roadways                   TL                     IND BB-          33.69    Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
ISSUER NOT COOPERATING)
G.S. Roadways                   FB WC limits           IND BB-          13.4     Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
 (ISSUER NOT COOPERATING)
India Dairy Products Ltd        TL                     IND BBB-         168.28   Assigned
India Dairy Products Ltd        FB WC limits           IND BBB-         30       Assigned
Irb Invit Fund’S (Irb Invit)    LT                     IND AAA          -        Affirmed
Lal Baba Industrial Corporation FB limits              IND BB           114      Migrated to
Pvt Ltd                                                                          Non -
                                                                                 Cooperating 
                                                                                 Category
(ISSUER NOT COOPERATING)
Lily Hotels Pvt Ltd             TL (LT)                IND D            254.6    Affirmed
(ISSUER NOT COOPERATING)
Motor Sales Ltd                 TL                     IND B+           65.68    Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
 (ISSUER NOT COOPERATING)
Motor Sales Ltd                 FB WC limit            IND B+ / IND A4  186      Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
 (ISSUER NOT COOPERATING)
Narayanadri Hospitals And       TL                     IND B            104.1    Migrated to
Research Institute Pvt Ltd                                                       Non -
                                                                                 Cooperating 
                                                                                 Category
(ISSUER NOT COOPERATING)
Narayanadri Hospitals And       FB limit               IND B / IND A4   19.5     Migrated to
Research Institute Pvt Ltd                                                       Non -
                                                                                 Cooperating 
                                                                                 Category
(ISSUER NOT COOPERATING)
National Capsules Pvt Ltd       Long-TL                IND BB-          35.2     Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
 (ISSUER NOT COOPERATING)
National Capsules Pvt Ltd       FB WC limits           IND BB-          27.5     Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
 (ISSUER NOT COOPERATING)
Noble Educational Trust         TL                     IND BB           35.29    Assigned
Noble Educational Trust         FB WC                  IND BB           2.5      Assigned
Noble Educational Trust         Proposed TL*           IND BB           55       Assigned
* The final rating will be assigned following the receipt of the 
  sanction letter for the term loan by Ind-Ra.
Pack Paper Agencies Pvt Ltd     FB WC                  IND BB / IND A4+ 205      Assigned
Pp Pandey Infrastructure Pvt LtdTL                     IND BB+          46       Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
 (ISSUER NOT COOPERATING)
PP Pandey Infrastructure Pvt LtdFB limits              IND BB+ / IND A4+80       Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
 (ISSUER NOT COOPERATING)
Samara Cold                     TL                     IND B            188      Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
 (ISSUER NOT COOPERATING)
SME Pool-Series I-August 2015’S Series A2 PTCs         IND A+(SO)       225.4    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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