October 5, 2017 / 7:29 AM / in 17 days

India Ratings for Indian debt instruments – Oct 5

    Oct 5 (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 4, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Coromandel International        CP                     IND A1+          14       Assigned
Daimler Financial Services IndiaCP (CP)                IND A1+          35000    Affirmed
Fratelli Wines                  Non-FB WC limits       IND A4+          36       Upgraded from
                                                                                 IND A4
Gs Investment & Trade           CP                     IND A1+          8000     Assigned
Gujarat State Fertilisers &     CP                     IND A1+          3000     Assigned
Chemicals
MK                              FB WC limits           IND A4           80       -
Migrated to Non-Cooperating Category
Neelgiri Electricals            Non-FB limits          IND A3           10       Affirmed
Trapti Trading & Investments    CP                     IND A1+          15000    Assigned


LONG TERM RATINGS:
-------------------
Yug International               FB limits              IND BB+/IND A4+  178.2    Affirmed
Yug International               Non-FB limits          IND BB+/IND A4+  408.3    Affirmed
Archana Mines                   TL                     IND BB-          45.2     Assigned
Archana Mines                   FB WC limit            IND BB-/IND A4+  140      Assigned
Avon Ispat                      FB WC limits           IND BBB+/IND     500      Affirmed
                                                       A2+
Avon Ispat                      Non-FB WC limits       IND BBB+/IND     1200     Affirmed
                                                       A2+
Br. Sheshrao Wankhede Shetkari  Bk loans               IND B+           21.4     Affirmed
Sahakari Soot Girni
Br. Sheshrao Wankhede Shetkari  FB WC Fac              IND B+           200      Affirmed
Sahakari Soot Girni
Daimler Financial Services IndiaNCDs (NCDs)            IND AAA          40000    Affirmed
Fratelli Wines                  TL                     IND BB-          24       Upgraded from
                                                                                 IND B+
Fratelli Wines                  FB WC limits           IND BB-/IND A4+  150      Upgraded from
                                                                                 IND B+ / A4
Fratelli Wines                  FB WC limits*          IND BB-/IND A4+  99.2     Assigned
* The final ratings were assigned based on the sanction letters provided by FWPL to Ind-Ra.
Fratelli Wines                  Proposed TL**          Provisional IND  35       Assigned
                                                       BB-
** The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by FWPL to the satisfaction of Ind-Ra.
Fratelli Wines                  Proposed FB WC limits**Provisional IND  55.8     Assigned
                                                       BB- /
                                                       Provisional IND A4+
** The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by FWPL to the satisfaction of Ind-Ra.
Kalpataruvu Spinning Mills      Long-TL                IND BB+          275.2    Assigned
Kalpataruvu Spinning Mills      FB Fac                 IND BB+ / A4+    300      Assigned
Kushal Foods                    TL                     IND BB+          21.2     -
Migrated to Non-Cooperating Category
Kushal Foods                    Fund based WC limit    IND BB+ /IND A4+ 95       -
Migrated to Non-Cooperating Category
Kushal Foods                    Proposed FB WC limit   Provisional IND  33.8     -
                                                       BB / Provisional
                                                       IND A4+
Migrated to Non-Cooperating Category
Mandira Fashions                FB Fac (LT)            IND D            100      Affirmed
Migrated to Non-Cooperating Category
Manipal Energy And Infratech LtdFB WC limits           IND BBB/ Stable  100      Affirmed
                                                       /IND A3+
Manipal Energy And Infratech LtdNon-FB limits          IND              370      Affirmed
                                                       BBB/Stable/IND
                                                       A3+
Manipal Media Network Ltd       TL                     IND BBB          55.1     Affirmed
Manipal Media Network Ltd       FB WC limits           IND              200      Affirmed
                                                       BBB/Stable/IND
                                                       A3+
Manipal Media Network Ltd       Non-FB limits          IND              230      Affirmed
                                                       BBB/Stable/IND
                                                       A3+
Navnitlal                       TL                     IND B            6.7      -
Migrated to Non-Cooperating Category
Navnitlal                       FB WC limits           IND B            140      -
Migrated to Non-Cooperating Category
Neelgiri Electricals            TL                     IND BBB-         132.23   Affirmed
Neelgiri Electricals            FB limits              IND BBB-/IND A   360       Affirmed
Punjabi University              TL                     IND BBB-         43       -
Migrated to Non-Cooperating Category
Punjabi University              WC facility            IND BBB-         440      -
Migrated to Non-Cooperating Category
Reliance Infrastructure         TL                     IND A / RWN      5300     -
Downgraded and maintained on RWN
Reliance Infrastructure         NCDs (NCDs)            IND A/RWN        9750     -
Downgraded and maintained on RWN
Reliance Infrastructure         Bk Fac                 IND A/RWN/IND    180000   -
                                                       A1/RWN
Downgraded and maintained on RWN
Reliance Infrastructure         NCDs**                 IND A+ / RWN     4000     -
Downgraded and maintained on RWN 
** Secured against regulatory asset collection in R-Infra’s Mumbai distributi
Reliance Infrastructure         TL**                   IND A+ / RWN     9000     -
Downgraded and maintained on RWN 
** Secured against regulatory asset collection in R-Infra’s Mumbai distributi
Reliance Infrastructure         ST debt/CP*            IND A1 / RWN     6000     -
Downgraded and maintained on RWN
* Backed by a fund-based facility
Reliance Infrastructure         CP (CP)#               IND A1+ / RWN    1600     Affirmed
# Backed by an irrevocable, unconditional and non-transferable standby letter of credit of ICICI
Bank Ltd (ICICI, Fitch Ratings Ltd: Issuer Default Rating: BBB-/Stable/F3). The payment
mechanism, as defined in the transaction documents, provides for the payment through the
invocation of the standby letter of credit to the beneficiary’s account before/on the due date
of the proposed CP.
Sam Agritech                    FB Fac                 IND BB+          32       -
Migrated to Non-Cooperating Category
Sam Agritech                    Proposed FB Fac        Provisional IND  50       -
                                                       BB+
Migrated to Non-Cooperating Category
Sdu Beverages                   TL (LT)                IND D            210      -
Migrated to Non-Cooperating Category
Shri Lakshmi Ganapathy          FB WC limit            IND B-           165      -
Industries
Migrated to Non-Cooperating Category
Sjvn                            TL                     IND AA+          3001     Affirmed
Srf’S Bank                      FB and non-FB  WC      IND AA / IND A1+ 950      Assigned
                                limits
Vasai Virar Municipal           LT Issuer Rating       IND A-                    migrated
Corporation
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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