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India Ratings for Indian debt instruments – Sep 25
September 25, 2017 / 4:25 AM / 3 months ago

India Ratings for Indian debt instruments – Sep 25

    Sep 25 (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 22, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Advance Infrastructures Pvt Ltd Non- FB WC limit       IND A4           115      Assigned
Avanti Feeds Ltd                Non- FB WC Fac         IND A1+          665.8    Affirmed
(reduced from 680)
Avanti Frozen Foods Pvt Ltd     Non- FB WC limits      IND A1+(SO)      172.5    Affirmed
(increased from 72.5)
Avanti Frozen Foods Pvt Ltd     Proposed non- FB WC    Provisional IND  127.5    Assigned
                                Limits                 A1+(SO)
Jubilant Generics Ltd           Non- FB WC limits      IND A1+          2500     Affirmed
Jubilant Generics Ltd           Shot- term debt/CP     IND A1+          1500     Affirmed
                                (CP) programme
Jubilant Life Sciences Ltd      Non- FB WC limits      IND A1+          8000     Affirmed
Jubilant Life Sciences Ltd      Shot- term debt/ CP    IND A1+          4000     Affirmed
                                programme
(reduced from 4,500)
Minera Steel & Power Pvt Ltd    Non- FB WC limits      IND A3+          408      Assigned
Sandhar Technologies Ltd        CP programme           INDA1+           200      Affirmed
Sandhar Technologies Ltd        CP programme           INDA1+           200      Affirmed
Visakha Trades                  Non- FB Fac            IND A4+          20       Affirmed

LONG TERM RATINGS:
-------------------
Advance Infrastructures Pvt Ltd FB WC limit            IND B            115      Assigned
Andhra Pradesh Expressways Ltd. Series D to G Senior   IND AAA(SO)      2658     Affirmed
                                NCDs
Andhra Pradesh Expressways Ltd. Series C NCDs          WD               1147     Withdrawn
                                                                                 (paid in full)
Avanti Feeds Ltd                FB WC Fac              IND AA-          750      Upgraded
Avanti Frozen Foods Pvt Ltd     TL                     IND AA- (SO)     149      Upgraded
(reduced from 300)
Avanti Frozen Foods Pvt Ltd     FB WC limits           IND AA- (SO)     400      Upgraded
(increased from 250)
Avanti Frozen Foods Pvt Ltd     Proposed FB WC limits  Provisional IND  500      Assigned
                                                       AA- (SO)
Chandrakona Cold Storage Pvt LtdFB limits              IND B            72.5     Assigned
(increased from 50)
Dilip Buildcon Ltd              FB Fac                 IND A/ RWP/ IND  17931    Placed on RWP
                                                       A1/ RWP
Dilip Buildcon Ltd              Non- FBL               IND A/ RWP/ IND  30120    Placed on RWP
                                                       A1/ RWP
Dilip Buildcon Ltd              Proposed non- FBL      Provisional IND  2899     Placed on RWP
                                                       A/ RWP/
                                                       Provisional IND A1/ RWP
Garg Granites Pvt Ltd           FB WC limits           IND B+/ IND A4   60       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Jaydeep Tubes Pvt Ltd           FB WC limit            IND B+           20       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Jubilant Generics Ltd           FB WC limits           IND AA- / IND A1+2500     Affirmed
Jubilant Life Sciences Ltd      Long- TL               IND AA-          2178     Affirmed
(reduced from 12,050)
Jubilant Life Sciences Ltd      NCDs (NCDs)#           IND AA-          4950     Affirmed
Jubilant Life Sciences Ltd      FB WC limits           IND AA- / IND A1+5500     Affirmed
Minera Steel & Power Pvt Ltd    TL limits              IND BBB          1274     Assigned
Minera Steel & Power Pvt Ltd    FB WC limits           IND BBB/ IND A3+ 250      Assigned
Nhc Foods Ltd                   TL                     IND BB+          22.6     Downgraded and
                                                                                 Maintained in
                                                                                 Non-
Cooperating Category
(ISSUER NOT COOPERATING)
Nhc Foods Ltd                   FB Fac                 IND BB+/ IND A4+ 240      Downgraded and
                                                                                 Maintained in
                                                                                 Non-
Cooperating Category
(ISSUER NOT COOPERATING)
Ram Coir Mills                  TL limits              IND B+           38.4     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Ram Coir Mills                  FB WC limits           IND B+/ IND A4   130      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Sandhar Technologies Ltd        Long- TL               IND A+           856.9    Affirmed
Sandhar Technologies Ltd        FB WC limits           IND A+/ IND A1+  650      Affirmed
Sandhar Technologies Ltd        Non- FB WC limits      IND A+/ IND A1+  52       Affirmed
Sandhar Technologies Ltd        Non- FB WC limits      IND A+/ IND A1+  EUR9     Affirmed
Sushee Infra & Mining Ltd       FB WC limits           IND BBB+/ IND A2 1000     Downgraded
Sushee Infra & Mining Ltd       Non- FB limits         IND BBB+/ IND A2 3800     Downgraded
Sushee Infra & Mining Ltd       Non- FB limits         IND BBB+/ IND A2 1520     Assigned
Sushee Infra & Mining Ltd       Proposed FB WC limits* Provisional IND  200      Downgraded
                                                       BBB+/
                                                       Provisional IND A2
* The final ratings will be assigned subject to the execution of sanction letters for the rated
facilities.
Sushee Infra & Mining Ltd       Proposed non- FB       Provisional IND  2680     Downgraded
                                limits*                BBB+/
                                                       Provisional IND A2
* The final ratings will be assigned subject to the execution of sanction letters for the rated
facilities.
Visakha Trades                  FB Fac                 IND BB- / IND A4+40       Affirmed
Visakha Trades                  Long- TL               WD               3.25     Withdrawn
                                                                                 (repaid in
                                                                                 full)
Zen Shipping & Ports India Pvt  TL                     IND BBB-         600      Assigned
Ltd
Zen Shipping & Ports India Pvt  FB WC  Fac             IND BBB- / IND A3100      Assigned
Ltd

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