September 15, 2017 / 6:12 AM / in 3 months

India Ratings for Indian debt instruments – Sep 15

    Sep 15 (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 14, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Alaknanda Sponge Iron Ltd.      Non- fund- based WC    IND A4+          2.5      Migrated to
                                limit                                            Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Calderys India Refractories Ltd Non- fund- based WC FacIND A1+          450      Affirmed
(reduced from 650)
Enginemates Heat Transfer Pvt.  Non- fund- based limitsIND A4           20       Migrated to
Ltd.                                                                             Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Himanchal Construction Company  Non- fund- based limitsIND A4+          20       Migrated to
Pvt Ltd                                                                          Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
K. M. Sugar Mills Ltd           Non- fund- based WC    IND A4+          20       Affirmed
                                limit
Shine Star                      Non- fund- based limitsIND A4+          8.5      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Shri Shyam Agro Biotech Pvt Ltd Non- fund- based limitsIND A4+          11       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Signet Products Pvt Ltd         Proposed non- fund-    Provisional IND  880      Assigned
                                based WC limits        A2
Sure Safety Solutions Pvt Ltd   Non- fund- based Fac   IND A4           105      Affirmed

LONG TERM RATINGS:
-------------------
Aegan Industries Pvt Ltd        TL (Long- term)        IND D            268      Downgraded and
                                                                                 Migrated to
                                                                                 Non-
Cooperating Category
(ISSUER NOT COOPERATING)
Aegan Industries Pvt Ltd        Fund- based Fac (Long- IND D            450      Downgraded and
                                term/Short- term)                                Migrated to
                                                                                 Non-
Cooperating Category
(ISSUER NOT COOPERATING)
Aegan Industries Pvt Ltd        Non- fund- based Fac   IND D            101      Downgraded and
                                (Short- term)                                    Migrated to
                                                                                 Non-
Cooperating Category
(ISSUER NOT COOPERATING)
Alaknanda Sponge Iron Ltd.      Fund- based WC limit   IND BB+          125      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Axis Finance Ltd                Tier II subordinated   IND AAA          3000     Assigned
                                bonds
Bank Of India                   Basel III AT1          IND A+           5        Assigned
                                perpetual bonds
Calderys India Refractories Ltd CC Fac*                IND AA/ IND A1+  450      Affirmed
* The facility is fully interchangeable with the fund-based limits. This facility includes the
INR150 million fund-based limits rated earlier; (increased from 350)
Choksi Imaging Ltd              Fund- based Fac        WD               30       Withdrawn
Choksi Imaging Ltd              Non- fund- based limitsWD               40       Withdrawn
Enginemates Heat Transfer Pvt.  Fund- based limits     IND B+           50       Migrated to
Ltd.                                                                             Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Esn Finance And Capital         Long- TL               WD               135      Withdrawn
Services Ltd
Himanchal Construction Company  TL                     IND BB+          20       Migrated to
Pvt Ltd                                                                          Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Himanchal Construction Company  Fund- based limits     IND BB+/ IND A4+ 90       Migrated to
Pvt Ltd                                                                          Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
K. M. Sugar Mills Ltd           Fund- based WC limit   IND BB+          1005.1   Upgraded
K. M. Sugar Mills Ltd           TL                     IND BB+          279      Upgraded
(reduced from 544)
Kosamattam Finance Ltd          Bk loans               IND BBB-         2        Assigned
Mark International Foods Stuff  Fund- based WC limit   IND BB           60       Migrated to
Pvt Ltd                                                                          Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Minera Steel & Power Pvt Ltd    Fund- based WC limits  IND BBB/ IND A3+ 600      Assigned
Pitambra Books Pvt Ltd          TL                     IND BBB-         9.9      Rating
                                                                                 assigned
                                                                                 final;
Outlook revised to Negative from Stable
(reduced from 18.8)
Pitambra Books Pvt Ltd          Fund- based WC limit   IND BBB- / IND A3550      Rating
                                                                                 affirmed;
Outlook revised to Negative from Stable
Pitambra Books Pvt Ltd          Non- fund- based WC    IND BBB- / IND A31200     Rating
                                limit                                            affirmed;
Outlook revised to Negative from Stable
Pitambra Books Pvt Ltd          TL                     WD               0.84     Withdrawn (the
                                                                                 loan has been
                                                                                 paid in full)
Rajasthan Liquors Ltd           TL                     IND BBB+         320      Assigned
Rajasthan Liquors Ltd           Fund- based WC limit   IND BBB+/ IND A2 500      Assigned
Shine Star                      Fund- based Limits     IND BB-          100      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Shree Ashtvinayak Roller Flour  Fund- based limits     IND D            50       Migrated to
Mills Pvt Ltd                   (Long- term)                                     Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Shree Ashtvinayak Roller Flour  TL (Long- term)        IND D            28.5     Migrated to
Mills Pvt Ltd                                                                    Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Shri Shyam Agro Biotech Pvt Ltd Fund- based limits     IND BB+          140      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Shri Shyam Agro Biotech Pvt Ltd TL                     IND BB+          3.7      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Signet Products Pvt Ltd         Long- TL               IND BBB          25       Assigned
Signet Products Pvt Ltd         Proposed fund- based   Provisional IND  100      Assigned
                                WC limits              BBB/ Provisional
                                                       IND A2
Smartha Enterprises Pvt Ltd     Fund- based limit      WD               15       Withdrawn
Smartha Enterprises Pvt Ltd     Non- fund- based limit WD               150      Withdrawn
Spring Bee Diary Products Pvt   Proposed long- TL      Provisional IND B200      Assigned
Ltd
Spring Bee Diary Products Pvt   Proposed fund- based   Provisional IND  90       Assigned
Ltd                             Fac                    B/ Provisional
                                                       IND A4
Sri Manikanta Industries        Fund- based WC limits  IND B/ IND A4    60       Assigned
Sure Safety Solutions Pvt Ltd   Long- TL               IND B            55       Affirmed
(increased from 2.77 CR)
Sure Safety Solutions Pvt Ltd   Fund- based Fac        IND B            35       Affirmed
Vindeshwari Exim Pvt Ltd        Non- fund- based limit WD               240      Withdrawn
Vishal Infrastructure Ltd       Fund- based Fac        IND BBB/ IND A3+ 300      Upgraded
Vishal Infrastructure Ltd       Non- fund- based Fac   IND BBB/ IND A3+ 900      Upgraded
-----------------------------------------------------------------------------------------------
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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