September 14, 2017 / 5:03 AM / 9 days 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 13, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Bloom Dekor Ltd                 Non-FB limits          IND A4+          145      Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(Issuer Not Cooperating)
Inventia Healthcare Pvt Ltd     Non-FB limits          IND A2+          50       Affirmed
                                (sublimit of FB limit)
Omniactive Health Technologies  Non-FB limits          IND A2           40       Affirmed
Ltd

LONG TERM RATINGS:
-------------------
Adhunik Corporation Ltd         Non-FB limits          IND A4+/RWN      220      Downgraded
                                                                                 from IND A3
Adhunik Corporation Ltd         FB limits              IND BB+/RWN      550      Downgraded
                                                                                 from IND BBB-
Bloom Dekor Ltd                 FB limits              IND BB- /IND A4+ 180      Migrated to
                                                                                 Non
                                                                                 -Cooperating
                                                                                 Category
(Issuer Not Cooperating)
Caterpillar India Pvt Ltd       FB WC limits           IND AAA / IND A1+37500    Affirmed
Futuregrow Spectrum Radiation   Secured TL             WD               381.3    Withdrawn
Pvt Ltd
Ifmr Capital 2017 (An Abs       Series A1 pass-through IND A-(SO)       218.4    Assigned
Transaction)                    certificates (PTCs)
Ifmr Capital 2017 (An Abs       Series A2 PTCs         IND BBB-(SO)     5.1      Assigned
Transaction) 
Inventia Healthcare Pvt Ltd     TL                     IND BBB+         1003     Affirmed
(increased from INR 493)
Inventia Healthcare Pvt Ltd     FB limits              IND BBB+/IND A2+ 500      Affirmed
Mfl Securitisation Trust – Liii Series A1 pass-through IND AA(SO)       2362.1   Assigned
(An Abs Transaction)            certificates (PTCs)
Mfl Securitisation Trust – Liii Series A2 PTCs         IND AA(SO)       124.3    Assigned
(An Abs Transaction)
Mfl Securitisation Trust – Liii Liquidity facility (LF)IND AAA(SO)      43.5     Assigned
(An Abs Transaction)
Mfl Securitisation Trust – Liii Second loss credit     IND BBB(SO)      198.9    Assigned
(An Abs Transaction)            facility (SLCF)
Mfl Securitisation Trust –      Series A1 pass-through IND AA(SO)       2681.54  Assigned
Lviii (An Abs Transaction)      certificates (PTCs)*
* The final ratings are contingent upon the receipt of final documents conforming to the
information already received.
Mfl Securitisation Trust –      Series A2 PTCs*        IND AA(SO)       141.1    Assigned
Lviii (An Abs Transaction)
* The final ratings are contingent upon the receipt of final documents conforming to the
information already received.
Mfl Securitisation Trust –      Liquidity facility     IND AAA(SO)      49.4     Assigned
Lviii (An Abs Transaction)      (LF)*
* The final ratings are contingent upon the receipt of final documents conforming to the
information already received.
Mfl Securitisation Trust –      Second loss credit     IND BBB(SO)      231.5    Assigned
Lviii (An Abs Transaction)      facility (SLCF)*
* The final ratings are contingent upon the receipt of final documents conforming to the
information already received.
Noslar International Ltd.       FB WC limits (LT/ST)   IND D            172.5    Downgraded
                                                                                 from IND BB
(increased from INR139) (Issuer Not Cooperating)
Noslar International Ltd.       Non-FB limits (ST)     IND D            30       Downgraded
                                                                                 from IND BB
(Issuer Not Cooperating)
Noslar International Ltd.       TL (LT)                IND D            44.1     Downgraded
                                                                                 from IND BB
(Issuer Not Cooperating)
Omniactive Health Technologies  WC Fac                 IND BBB+/IND A2  850      Affirmed
Ltd’S
Omniactive Health Technologies  TL                     WD               229.4    Withdrawn
Ltd’S
(loans paid in full)
Rubbers Pvt Ltd                 FBWCL                  IND BBB- / IND A3175      Assigned
Shree Krushna Enterprises       FB limit (LT)          IND D            85       Downgraded
                                                                                 from IND BBB-
Wadhwagroup Holdings Pvt Ltd    TL (Lease rental       IND BBB          21940.7  Downgraded
                                discounting)                                     from IND BBB+
(increased from INR13,500)
Wadhwagroup Holdings Pvt Ltd    TL                     IND BBB          5777     Downgraded
                                                                                 from IND BBB+
(increased from INR3,500)
Wadhwagroup Holdings Pvt Ltd    FB limits              WD               100      Withdrawn
(paid in full)
Wadhwagroup Holdings Pvt Ltd    Proposed WC limits     WD               2000     Withdrawn
(issuer did not proceed with the instrument as envisaged)
-----------------------------------------------------------------------------------------------
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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