September 14, 2018 / 6:06 AM / 4 months ago

India Ratings for Indian debt instruments – Sep 14

    Sep 14 (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
September 12 & 13, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Haigreeva Infratech             Non-FB WC limits       IND A4+          1400     -
(Downgraded and Migrated to Non-Cooperating Category)
Haigreeva Infratech             Proposed non-FB WC     Provisional IND  617      -
                                limits                 A4+
(Downgraded and Migrated to Non-Cooperating Category)
Rankas Texfab                   Non-FB Fac             IND A4+          15       Affirmed
Religare Broking                ST Issuer              IND A3           -        Assigned
Sanatan Logistics               Non-FB limit           IND A4+          21       -
(Migrated to Non-Cooperating Category)
Siddapur Distilleries           Non-FB Fac             IND A4+          40       Assigned
Spica Projects                  Non-FB limits          IND A4+          138.5    -
(Migrated to Non-Cooperating Category)
Vega Conveyors And Automation   Non-FB WC limits       IND A4+          40       -
(Maintained in non-cooperating category)
Vega Conveyors And Automation   Proposed non-FB WC     Provisional IND  20       -
                                limits                 A4+
(Maintained in non-cooperating category)


LONG TERM RATINGS:
-------------------
Air India                       NCD-1                  IND AAA          74       Affirmed
Air India                       NCD-2                  IND AAA          7        Affirmed
Air India Express               NCDs                   IND AAA          950      Affirmed
Ceekay Associates               FB limits              IND BB-          60       -
(Maintained in Non-Cooperating Category)
Ghanshyam Udhyog                FB limits              IND B+           87.5     -
(Maintained in Non-Cooperating Category)
Ghanshyam Udhyog                TL                     IND B+           15       -
(Maintained in Non-Cooperating Category)
Goa Natural Gas                 Non-FB limits          IND BBB+ / IND   30       Assigned
                                                       A2+
Haigreeva Infratech             TL                     IND BB+          33       -
(Downgraded and Migrated to Non-Cooperating Category)
Haigreeva Infratech             FB WC limits           IND BB+/A4+      750      -
(Downgraded and Migrated to Non-Cooperating Category)
Haigreeva Infratech             Proposed FB WC limits  Provisional IND  100      -
                                                       BB+/A4+
(Downgraded and Migrated to Non-Cooperating Category)
India Grid Trust                Bk loan                IND AAA          1000     Assigned
India Grid Trust                Proposed NCDs (NCDs)*  Provisional IND  2500     Assigned
                                                       AAA
*The provisional rating has been assigned based on a signed term sheet. The assignment of a
final rating is subject to signing of a debenture trustee deed, sponsor undertakings, supplement
to trust and retention agreement, etc in line with the term sheet considered for the provisional
rating. The NCD proceeds were received on 31 August 2018.
India Standard Loan Trust – LI  Liquidity facility (LF)IND AAA          8.28     Affirmed
India Standard Loan Trust – LI  Series A pass-through  IND AAA          594.5    Affirmed
                                certificates (PTCs)
India Standard Loan Trust – LI  Second loss credit     IND BBB          41.39    Affirmed
                                facility (SLCF)
Laxai Life Sciences             TL                     IND BB-          120      -
(Migrated to non-cooperating category)
Laxai Life Sciences             FB WC limits           IND BB-/A4+      30       -
(Migrated to non-cooperating category)
Manpuria Agro Products          FB limit (LT)          IND D            70       Affirmed
Manpuria Agro Products          Proposed FB limit(LT)  Provisional IND D180      Affirmed
Manpuria Consortium             FB limit (LT)          IND D            50       Affirmed
Manpuria Consortium             Proposed FB limit (LT) Provisional IND D200      Affirmed
Manpuria Realators              FB limit (LT)          IND D            50       Affirmed
Manpuria Realators              Proposed FB limit (LT) Provisional IND D200      Affirmed
Mfl Securitisation Trust Lviii  Series A1 pass-through IND AA           1916.2   Affirmed
                                certificates (PTCs)
Mfl Securitisation Trust Lviii  Series A2 PTCs         IND AA           100.9    Affirmed
Mfl Securitisation Trust Lviii  Liquidity facility (LF)IND AAA          49.4     Affirmed
Mfl Securitisation Trust Lviii  Second loss credit     IND BBB          231.5    Affirmed
                                facility (SLCF)
Phorotech Surfin (I)            TL Fac                 IND BB+          52.3     -
(Maintained in Non-Cooperating Category)
Phorotech Surfin (I)            FB Fac                 IND BB+/A4+      30       -
(Maintained in Non-Cooperating Category)
Phorotech Surfin (I)            Proposed long-TL       Provisional IND  24.7     -
                                                       BB+
(Maintained in Non-Cooperating Category)
Pkp Feed Mills                  FB Fac (long-/ST)      IND D            57       -
(Maintained in Non-Cooperating Category)
Pkp Feed Mills                  TL (LT)                IND D            112.9    -
(Maintained in Non-Cooperating Category)
Platinum Trust September 2016   Series A pass-through  IND AAA          1317.3   Affirmed
Tranche Ii                      certificates (PTCs)
Platinum Trust September 2016   Second loss credit     IND BBB          125.6    Affirmed
Tranche Ii                      facility (SLCF)
Rankas Texfab                   TL                     IND BB           66       Downgraded
Rankas Texfab                   FB Fac                 IND BB/A4+       148      -
(Long-term rating downgraded & Short-term rating affirmed)
Rupnarayan Vanjiya              FB limit (LT)          IND D            10       Affirmed
Rupnarayan Vanjiya              Proposed FB limit(LT)  Provisional IND D240      Affirmed
Saishakti Polysacks             TL                     IND B+           87       -
(Migrated to Non-Cooperating Category)
Saishakti Polysacks             FB WC limits           IND B+/A4        23.5     -
(Migrated to Non-Cooperating Category)
Sanatan Logistics               TL                     IND BB+          9.03     -
(Migrated to Non-Cooperating Category)
Sanatan Logistics               FB limit               IND BB+/A4+      255      -
(Migrated to Non-Cooperating Category)
Siddapur Distilleries           TL                     IND BB+          44.4     Assigned
Siddapur Distilleries           FB WC Fac              IND BB+ / IND A4+100.6    Assigned
Spica Projects                  FB limits              IND BB           48.7     -
(Migrated to Non-Cooperating Category)
Spica Projects                  TL                     IND BB           8.3      -
(Migrated to Non-Cooperating Category)
Spica Projects                  Non-FB limits          IND BB/A4+       150      -
(Migrated to Non-Cooperating Category)
Sri Agarwal Ispat               FB WC limit            IND BB           410      -
(Maintained in Non-Cooperating Category)
Srs Modern Sales                FB WC limits (LT/ST)   IND D            750      Affirmed
(Migrated to Non-Cooperating Category)
Vega Conveyors And Automation   Long-TL                IND BB+          21.08    -
(Maintained in non-cooperating category)
Vega Conveyors And Automation   FB WC limits           IND BB+/A4+      32.5     -
(Maintained in non-cooperating category)
Vega Conveyors And Automation   Proposed FB WC limits  Provisional IND  30       -
                                                       BB+/Provisional
                                                       IND A4+
(Maintained in non-cooperating category)


-----------------------------------------------------------------------------------------------
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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