September 29, 2017 / 4:53 AM / 24 days ago

India Ratings for Indian debt instruments – Sep 29

    Sep 29 (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 28, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Gujarat Borosil Ltd             Non-FB limits          IND A2           80       Upgraded from
                                                                                 IND A2+
(increased from INR70)
Gujarat Borosil Ltd             Buyer s credit         IND A2           150      -
Hindustan Petroleum Corporation CP                     IND A1+          150      Assigned
Ltd
Indian Oil Corporation Ltd      CP Programme           IND A1+          400      Assigned
Nr Agarwal Industries Ltd       Non-FB WC limits       IND A3+          742.3    Upgraded from
                                                                                 IND A4+
Penna Cement Industries Ltd     Non-FB WC limits       IND A1+          1800     Affirmed
Penna Cement Industries Ltd     CP (CP) programme      IND A1+          500      Affirmed

LONG TERM RATINGS:
-------------------
Baba Healthcare Pvt Ltd         FB WC limit            WD               330      Withdrawn
Bharat Heavy Electricals Ltd    FB WC limits           IND AA+ / IND A1+50       Affirmed
Bharat Heavy Electricals Ltd    NFB WC limits          IND AA+ / IND A1+550      Affirmed
Crompton Greaves Consumer       CP programme           WD               5000     Withdrawn
Electricals Ltd
Enes Textile Mills              TL                     IND A-(SO)       56.22    Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Enes Textile Mills              FBF                    IND A-(SO)       500      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
Essos Cv Ifmr Capital 2016      Series A1 pass-through IND A-(SO)       153.7    Affirmed
                                certificates (PTCs)
Essos Cv Ifmr Capital 2016      Series A2 PTCs         IND BB(SO)       240      Affirmed
Gujarat Borosil Ltd             FB CC limits           IND BBB+         80       Upgraded from
                                                                                 IND BBB
(increased from INR30)
Gujarat Borosil Ltd             TL                     WD               202.1    Withdrawn
(limits have been repaid in full)
Hi-Tech Hydraulic Engineers     TL (LT)                IND D            358.6    Downgraded
                                                                                 from IND B+
Hi-Tech Hydraulic Engineers     FB WC limit (LT)       IND D            600      Downgraded
                                                                                 from IND B+
Hi-Tech Hydraulic Engineers     Non-FB WC limit (ST)   IND D            300      Downgraded
                                                                                 from IND A4+
Mahua Bharatpur Expressways Ltd Proposed NCDs          IND AAA(SO)      1920     Assigned
Meghalaya Power Generation      NCD                    IND BBB+         1200     Placed on RWN
Corporation Ltd
Meghalaya Power Generation      NCD                    IND BBB+         500      Placed on RWN
Corporation Ltd
Mm Trust Sep 17 Ii              Series A PTC (PTCs)    IND AA+(SO)      5087     Assigned
Nr Agarwal Industries Ltd       TL                     IND BBB          2533.2   Upgraded from
                                                                                 IND BB+ / A4+
(increased from INR2,057.1)
Nr Agarwal Industries Ltd       FB WC facility         IND BBB / IND A3+980.1    Upgraded from
                                                                                 IND BB+ / IND
                                                                                 A4+
(reduced from INR992.6)
Penna Cement Industries Ltd     NCD                    IND AA-          350      Affirmed
Penna Cement Industries Ltd     TL                     IND AA-          9910     Affirmed
Penna Cement Industries Ltd     TL                     IND AA-          2790     Assigned
Penna Cement Industries Ltd     FB WC limits           IND AA- / IND A1+1700     Affirmed
Sansar Trust Sep 2017 Vii       Second loss credit     IND A-(SO)       197.3    Assigned
                                facility (SLCF)
Sansar Trust Sep 2017 Vii       Series A pass-through  IND AAA(SO)      3945.9   Assigned
                                certificates (PTCs)
Sri Srinivasa Educational &     TL                     IND BBB-         1734     Affirmed
Charitable Trust
(reduced from INR2,680.8)
Ummed Educational Foundation    TL                     IND B            960      Assigned
Vennila Clothing Company        FBF                    IND A-(SO)       100      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING)
-----------------------------------------------------------------------------------------------
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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