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India Ratings for Indian debt instruments – Sep 1
September 1, 2017 / 5:01 AM / 24 days ago

India Ratings for Indian debt instruments – Sep 1

    Sep 1 (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
August 31, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
Gsn Ferro Alloys Pvt Ltd        Non-FB Fac             IND A4           57.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Kasturchand Fertilizers (P) Ltd Non-FB WC limits       IND A4           5.5      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Renata Precision Components Pvt Non-FB WC limit        IND A4+          18       Migrated to
Ltd                                                                              Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Swati Concast & Power Pvt. Ltd  Non-FB WC limits       IND A4+          90       Affirmed
 (increased from INR10mln)
Theni Guru Krishna Textile      Non-FB WC limits       IND A3+          160      Affirmed
Mills Pvt Ltd
Vega Conveyors And Automation   Non-FB WC limits       IND A4+          40       Migrated to
Ltd                                                                              Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Vega Conveyors And Automation   Proposed non-FB WC     Provisional IND  20       Migrated to
Ltd                             limits                 A4+                       Non Cooperating
                                                                                 Category
Issuer Not Cooperating

LONG TERM RATINGS:
-------------------
Amritvarsha Industries Ltd      FB limit               IND BB+ /IND A4+ 200      Affirmed
Amritvarsha Industries Ltd      Non-FB limit           IND BB+ /IND A4+ 45       Affirmed
Amritvarsha Industries Ltd      TL                     WD               8        Withdrawn
Brua Hydrowatt Pvt Ltd          Long-TL                IND BB+          490      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Budhia Agencies Pvt Ltd         FB WC limit            IND BB           195      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Ceekay Associates               FB limits              IND BB-          60       Upgraded from
                                                                                 IND B+
Chandigarh Educational Trust    TL                     IND A            3179.5   Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Chandigarh Educational Trust    FB WC facility         IND A            55       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Everon Castings Pvt Ltd         TL                     IND BB+          86.7     Assigned
Gsn Ferro Alloys Pvt Ltd        TL                     IND B-           668.7    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
issuer Not Cooperating
Gsn Ferro Alloys Pvt Ltd        FB Fac                 IND B- /IND A4   222.5    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
issuer Not Cooperating
Hazaribagh Ranchi Expressway LtdSenior NCDs            IND AAA(SO)      5380     Assigned
Hazaribagh Ranchi Expressway LtdSubordinated NCDs      IND AAA(SO)      1770     Assigned
Heenal Operating Lease Co. Pvt  TL                     IND BBB-         1000     Affirmed
Ltd
India Standard Loan Trust –     Series A pass-through  IND A(SO)        656.39   Affirmed
XXVII                           certificates (PTCs)
India Standard Loan Trust –     Liquidity facility (LF)IND AAA(SO)      10.11    Affirmed
XXVII
India Standard Loan Trust –     Second loss credit     IND BBB (SO)     34.88    Affirmed
XXVII                           facility (SLCF)
Jayveer Enterprise Pvt Ltd      Long-TL                IND B            290      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Kasturchand Fertilizers (P) Ltd CC WC Fac              IND B+           100      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
issuer Not Cooperating
M/S Saka Embroidery Pvt Ltd     Long-TL                IND BB-          72.87    Assigned
M/S Saka Embroidery Pvt Ltd     FB WC limits           IND BB- /IND A4+ 62.5     Assigned
Om Sree Papertek Pvt Ltd        TL                     IND BB           225      Assigned
Renata Precision Components Pvt FB WC limit            IND BB+          87.5     Migrated to
Ltd                                                                              Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Renata Precision Components Pvt TL                     IND BB+          151.9    Migrated to
Ltd                                                                              Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Renata Precision Components Pvt Proposed TL            Provisional IND  25       Migrated to
Ltd                                                    BB+                       Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Stark Cv Ifmr Capital 2016      Series A1 pass-through IND A-(SO)       99.7     Affirmed
                                certificates (PTCs)
Stark Cv Ifmr Capital 2016      Series A2 PTCs         IND BB(SO)       28.4     Affirmed
Swati Concast & Power Pvt. Ltd  FB WC limits           IND BB+          110      Affirmed
(increased from INR90mln)
Theni Guru Krishna Textile      Long-TL                IND BBB          700      Affirmed
Mills Pvt Ltd
(increased from INR697.4mln)
Theni Guru Krishna Textile      FB WC limits           IND BBB /IND A3+ 690      Affirmed
Mills Pvt Ltd
Vega Conveyors And Automation   Long-TL                IND BB+          21.08    Migrated to
Ltd                                                                              Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Vega Conveyors And Automation   FB WC limits           IND BB+ /IND A4+ 32.5     Migrated to
Ltd                                                                              Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Vega Conveyors And Automation   Proposed FB WC limits  Provisional IND  30       Migrated to
Ltd                                                    BB+ /Provisional          Non Cooperating
                                                       IND A4+                   Category
Issuer Not Cooperating
Vodafone Mobile Services Ltd    NCDs (NCDs)            IND AA+          15000    Downgraded
                                                                                 from IND AAA
Vodafone Mobile Services Ltd    NCDs                   IND AA+          25000    Downgraded
                                                                                 from IND AAA
Vodafone Mobile Services Ltd    NCDs                   IND AA+          35000    Downgraded
                                                                                 from IND AAA
----------------------------------------------------------------------------------------------
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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