September 6, 2017 / 7:14 AM / 18 days ago

India Ratings for Indian debt instruments – Sep 6

    Sep 6 (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 5, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Aarohan Builders                Non-FB limit           IND A4           30       Assigned
Advatech Cera Tiles             Non-FB limit           IND A4+          32.9     Assigned
Digiflic Controls               BG                     IND A4           40       -
Migrated to Non-Cooperating Category
Rusan Pharma                    Non-FB limit           IND A3           100      -
Migrated to Non-Cooperating Category
Souhardha Infra-Tech            Non-FB limit           IND A4           10       -
Migrated to Non-Cooperating Category
Uttamenergy                     Non-FB WC limits       IND A2           630      Assigned
Wagad Infraprojects             Non-FB Fac             IND A3           250      Affirmed
Wagad Infraprojects             Proposed non-FB Fac*   Provisional IND  500      Affirmed
                                                       A3
* The rating is provisional and shall be confirmed upon the sanction and execution of loan 
documents for the above facilities by WIPL to the satisfaction of Ind-Ra.

LONG TERM RATINGS:
-------------------
Aarohan Builders                FB limit               IND B+           14       Assigned
Aditya Birla Finance            NCDs*                  IND AA+          20       Assigned
* Yet to be issued
Advatech Cera Tiles             FB limit               IND BB-          125      Assigned
Advatech Cera Tiles             TL                     IND BB-          21.9     Assigned
Bangalore International Airport LT senior rupee TL     IND AA+          13063    Upgraded from
                                                                                 IND AA-
Bangalore International Airport LT senior rupee TL     IND AA+          5074     Upgraded from
                                                                                 IND AA-
Bangalore International Airport WC limits              IND AA+          500      Upgraded from
                                                                                 IND AA-
Classic Mall                    Series 1 NCDs*         IND AA+          -        Affirmed
*Outstanding as of July 2017
Classic Mall                    Series 2 NCDs          IND AA+          -        Affirmed
Digiflic Controls               Long –TL               IND B+           16.79    -
Migrated to Non-Cooperating Category
Digiflic Controls               FB limit               IND B+           60       -
Migrated to Non-Cooperating Category
Filatex India                   FB limit               WD               1400     Withdrawn
Filatex India                   Non-FB limit           WD               3000     Withdrawn
Filatex India                   TL                     WD               1933.4   Withdrawn
Jain Sarvodaya Vidhya Gyanpith  TL (LT)                IND D            1041     -
Samiti
Migrated to Non-Cooperating Category
Manpuria Consortium             FBL (LT)               IND D            50       Downgraded
                                                                                 from IND BB
Manpuria Consortium             Proposed FBL (LT)      Provisional IND D200      Downgraded
                                                                                 from
                                                                                 Provisional 
                                                                                 IND BB
Manpuria Realators              FB limit (LT)          IND D            50       Downgraded
                                                                                 from IND BB
Migrated to Non-Cooperating category
Manpuria Realators              Proposed FB limit (LT) Provisional IND D200      Downgraded
                                                                                 from
                                                                                 Provisional 
                                                                                 IND BB
Migrated to Non-Cooperating category
Mnc Electricals                 FB WC limit            IND BB           70       -
Migrated to Non-Cooperating Category
Mnc Electricals                 Non-FB WC limit        IND BB           80       -
Migrated to Non-Cooperating Category
Mnc Electricals                 Proposed FB WC limit   Provisional IND  10       -
                                                       BB
Migrated to Non-Cooperating Category
Mnc Electricals                 Proposed non-FB WC     Provisional IND  25       -
                                limit                  BB
Migrated to Non-Cooperating Category
Nrss Xxxi (B)                   NCDs*                  Provisional IND  6800     Assigned
                                                       AAA
*The rating is provisional and shall be confirmed upon the receipt of executed documents and no
dues certificate
Rupnarayan Vanjiya              FB limit (LT)          IND D            10       Downgraded
                                                                                 from IND BB
Migrated to Non-Cooperating category
Rupnarayan Vanjiya              Proposed FB limit (LT) Provisional IND D240      Downgraded
                                                                                 from
                                                                                 Provisional 
                                                                                 IND BB
Migrated to Non-Cooperating category
Rusan Pharma                    FB limit               IND BBB-         320      -
Migrated to Non-Cooperating Category
Rusan Pharma                    Long-TL                IND BBB-         35.3     -
Migrated to Non-Cooperating Category
Saishakti Polysacks             TL                     IND B+           87       Assigned
Saishakti Polysacks             FB WC limits           IND B+ / IND A4  23.5     Assigned
Shruthi Milk Products           TL Fac                 IND BB+          24.8     -
Migrated to Non-Cooperating Category
Shruthi Milk Products           CC limit               IND BB+ /A4+     60       -
Migrated to Non-Cooperating Category
Souhardha Infra-Tech            FB limit               IND B-           40       -
Migrated to Non-Cooperating Category
Uttamenergy                     Long-TL                IND BBB          40       Assigned
Venkata Bhagyalakshmi Raw &     TL                     IND B            61       -
Boiled Rice Mill
Migrated to Non-Cooperating Category
Venkata Bhagyalakshmi Raw &     FB WC limits           IND BB+ /A4      50       -
Boiled Rice Mill
Migrated to Non-Cooperating Category
Wagad Infraprojects             FB Fac                 IND BBB-         100      Affirmed
-----------------------------------------------------------------------------------------------
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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