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India Ratings for Indian debt instruments – Sep 27
September 27, 2017 / 7:27 AM / in 23 days

India Ratings for Indian debt instruments – Sep 27

    Sep 27 (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 26, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Karavali Ocean Products         FB limits              IND A4+          40       -
Migrated to Non-Cooperating Category
Lal Baba Seamless Tubes         Non-FB limits          IND A4+          25.9     Upgraded from
                                                                                 IND A4
Mahindra & Mahindra Financial   CP@                    IND A1+          50000    Assigned
Services
@unutilised
Simplex Castings                Non-FB limits          IND A4+          550      Downgraded
                                                                                 from IND A3
Sneha Marketing                 Non-FB WC limit        IND A4           60       -
Migrated to Non-Cooperating Category



LONG TERM RATINGS:
-------------------
D.S.P. Knitting Company         Long-TL                IND BB-          15       -
Migrated to Non-Cooperating Category
D.S.P. Knitting Company         FB WC limit            IND BB-          52.5     -
Migrated to Non-Cooperating Category
Gangakhed Sugar And Energy      Long-TL (LT)           IND D            2446.6   -
Migrated to Non-Cooperating Category
Gangakhed Sugar And Energy      CC limits (LT)         IND D            1500     -
Migrated to Non-Cooperating Category
Gangakhed Sugar And Energy      Non-FB limits (ST)     IND D            1170     -
Migrated to Non-Cooperating Category
Ghodawat Realty                 TL                     IND BBB-         1018.8   -
Migrated to Non-Cooperating Category
Karavali Ocean Products         TL                     IND BB           20.87    -
Migrated to Non-Cooperating Category
Lal Baba Seamless Tubes         TL                     -                1.2      Withdrawn
Lal Baba Seamless Tubes         FB limits              IND BB-          155      Upgraded from
                                                                                 IND B+
Madhav Engineers                Non-FB Fac             IND BBB-/ IND A3 200      Upgraded from
                                                                                 IND BB+ / A4+
Mahindra & Mahindra Financial   NCDs@                  IND AAA          10000    Assigned
Services
@unutilised
Map Cotton                      TL                     IND BB           18.9     Affirmed
Map Cotton                      FB WC limits           IND BB / IND A4+ 460      Affirmed
Maruti Ferrous                  FB WC limits           IND BBB- / IND A3320      Assigned
Nirmala Infra Projects          FB limits (LT)         IND D            35       -
Migrated to Non-Cooperating Category
Nirmala Infra Projects          TL (LT)                IND D            12       -
Migrated to Non-Cooperating Category
Nirmala Infra Projects          Non-FB limits (ST)     IND D            83       -
Migrated to Non-Cooperating Category
Panchshil Corporate Park        Proposed NCDs tranche 2Provisional IND  500      Assigned
                                                       AAA
Remi Process Plant & Machinery  FB WCFac               -                50       Withdrawn
Remi Process Plant & Machinery  Non-FB WC Fac          -                80       Withdrawn
Ricoh India                     NCDs (NCDs)            IND BBB-         2000     Affirmed
S.B. Cold Storage               TL (LT)                IND D            55.5     -
Migrated to Non-Cooperating Category
S.B. Cold Storage               FB WC limit (LT/ST)    IND D            78.7     -
Migrated to Non-Cooperating Category
S.B. Cold Storage               Non-FB WC limit (ST)   IND D            2        -
Migrated to Non-Cooperating Category
Sansar Trust Sep 2017           Second loss credit     Provisional IND  187.5    Assigned
                                facility (SLCF)        A-
Sansar Trust Sep 2017           Series A pass-through  Provisional IND  3440.5   Assigned
                                certificates (PTCs)    AAA
Shri Shyam Oil Extraction       FB limits              IND BB           50       Affirmed
Shri Shyam Oil Extraction       TL                     IND BB           28.75    Affirmed
Simplex Castings                FB limit               IND BB+          500      Downgraded
                                                                                 from IND BBB-
Simplex Castings                TL                     IND BB+          146.4    Downgraded
                                                                                 from IND BBB-
Sinha Cold Storage & Warehouse  TL (LT)                IND D            12       -
Company
Migrated to Non-Cooperating Category
Sinha Cold Storage & Warehouse  FB WC limit (LT/ST)    IND D            45.1     -
Company
Migrated to Non-Cooperating Category
Sinha Cold Storage & Warehouse  Non-FB WC limit (ST)   IND D            1.5      -
Company
Migrated to Non-Cooperating Category
Sneha Marketing                 FB WC limit            IND B            39.5     -
Migrated to Non-Cooperating Category
Standard Loan Trust             Series A pass-through  Provisional IND  827.8    Assigned
                                certificates (PTCs)    AA
Standard Loan Trust             Liquidity facility (LF)Provisional IND  8.28     Assigned
                                                       AAA
Standard Loan Trust             Second loss credit     Provisional IND  41.39    Assigned
                                facility (SLCF)        BBB
Western Transco Power’          Proposed TL            Provisional IND  4991     Assigned
                                                       AA+

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