April 6, 2018 / 7:17 AM / 13 days ago

RPT-India Ratings for Indian debt instruments – Apr 6

 (Repeating to change the format)
    Apr 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
April 5, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Aanchal Collection Ltd          Non-FB WC limit        IND A4           15       Affirmed
Anupam Udyog                    NFBL                   IND A4+          65       -
(Migrated to Non - Cooperating Category,ISSUER NOT COOPERATING)
Bcits Pvt Ltd                   Non-FB WC limit        IND A3           290      Assigned
Chabbra’S Associates            NFBL                   IND A4+          200      Affirmed
Coromandel Agro Products And    NFBL                   IND A4+          1        Affirmed
Oils Ltd
Housing And Urban Development   CPs#                   IND A1+          65000    Assigned
Corporation Ltd
# Short-term debt
Hsbc Investdirect Financial     ST debt (CPs; CPs)*    IND A1+          10000    Affirmed
Services (I) Ltd
* No active issuances
Ifb Agro Industries Ltd         NFBL                   IND A1+          50       Affirmed
Kribhco Fertilizers Ltd         CP*                    IND A1+          6000     Affirmed
* The CP will be carved out of fund-based limits.
Mahindra Sanyo Special Steel    Non-FB facility        IND A2+          2400     Affirmed
Pvt Ltd
Metal & Tubes Ltd               NFBL                   IND A4+          330      -
(Migrated to Non - Cooperating Category,ISSUER NOT COOPERATING)
Multitex Filtration Engineers   Non-FB limits          IND A3           600      Affirmed
Ltd
Sarthi Construction             NFBL                   IND A3           162      -
(Migrated to Non - Cooperating Category,ISSUER NOT COOPERATING)
LONG TERM RATINGS:
-------------------
Aanchal Collection Ltd          FB WC limit            IND B+           150      Affirmed
(increased from INR135 CR)
Aanchal Collection Ltd          FB limits              IND B+           135      Assigned
Aegis Customer Support Services TL                     IND BB/RWP       60       Assigned
Pvt Ltd
Aegis Customer Support Services FB WC limits           IND BB/RWP/IND   1090     Assigned
Pvt Ltd                                                A4+/RWP
Aegis Customer Support Services Non-FB WC limits       IND BB/RWP/IND   590      Assigned
Pvt Ltd                                                A4+/RWP
Anupam Udyog                    FBL                    IND BB-          15       -
(Migrated to Non - Cooperating Category,ISSUER NOT COOPERATING)
Bcits Pvt Ltd                   Long-TL                IND BBB-         20.7     Assigned
Bcits Pvt Ltd                   FB WC limit            IND BBB- / IND A350       Assigned
Chabbra’S Associates            FBL                    IND BB           135      Affirmed
Coromandel Agro Products And    TL                     IND BB-          10.14    Affirmed
Oils Ltd
(reduced from INR28.657)
Coromandel Agro Products And    FBL                    IND BB-          220      Affirmed
Oils Ltd
Cybercity Builders & Developers TL                     IND BB+          1750     Assigned
Pvt Ltd
Housing And Urban Development   LT borrowing programme IND AAA          724.5    Assigned
Corporation Ltd
Hsbc Investdirect Financial     LT debt (NCDs; NCDs)*  IND AAA          5000     Affirmed
Services (I) Ltd
* No active issuances
Ib - Inabensa                   FB limits              IND B+           110      -
(Migrated to Non - Cooperating Category,ISSUER NOT COOPERATING)
Ib - Inabensa                   Non-FB limits          IND B+           100      -
(Migrated to Non - Cooperating Category,ISSUER NOT COOPERATING)
Ifb Agro Industries Ltd         TL                     IND A+           305      Affirmed
(reduced from INR429)
Ifb Agro Industries Ltd         CCL                    IND A+           500      Affirmed
Ifb Agro Industries Ltd         FBL                    IND A+ / IND A1+ 250      Affirmed
Mahindra Sanyo Special Steel    TL                     IND BBB+         820      Affirmed
Pvt Ltd
Mahindra Sanyo Special Steel    FB WC limits           IND BBB+ / IND   1300     Affirmed
Pvt Ltd                                                A2+
Metal & Tubes Ltd               FBL                    IND BB / IND A4+ 300      -
(Migrated to Non - Cooperating Category,ISSUER NOT COOPERATING)
Multitex Filtration Engineers   FB limits              IND BBB- / IND A3140      Affirmed
Ltd
Nemcare Hospitals Pvt Ltd       TL (LT)                IND D            490      Downgraded
                                                                                 from IND BB
Rashtriya Chemicals And         Proposed NCDs (NCDs)*  IND AA           5000     Assigned
Fertilizers Ltd
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by RCF to the satisfaction of Ind-Ra.
Sarthi Construction             FBL                    IND BBB-         14       -
(Migrated to Non - Cooperating Category,ISSUER NOT COOPERATING)
Shreejee Sarees Pvt. Ltd.       FBL                    IND BB           90       -
(Migrated to Non - Cooperating Category,ISSUER NOT COOPERATING)
Shreejee Sarees Pvt. Ltd.       Proposed FB limit      IND BB           20       -
(Migrated to Non - Cooperating Category,ISSUER NOT COOPERATING)
Speciality Silica Pvt Ltd       TL                     IND BB           14.9     Upgraded from
                                                                                 IND BB-
Speciality Silica Pvt Ltd       TL                     IND BB           34       Assigned
Speciality Silica Pvt Ltd       FB WC                  IND BB / IND A4+ 47.5     Upgraded from
                                                                                 IND
                                                                                 BB-/Affirmed
Speciality Silica Pvt Ltd       FB WC*                 IND BB / IND A4+ 30       Upgraded from
                                                                                 IND
                                                                                 BB-/Affirmed
* The final rating is based on the receipt of sanction letter by Ind-Ra for INR30 Fund-based
working capital as the ratings are assigned from provisional to final.
Speciality Silica Pvt Ltd       TL                     WD               1.61     Withdrawn
(paid in full)
Sv Spinners Pvt Ltd             TL                     IND BB-          162      Assigned
Sv Spinners Pvt Ltd             FB WC limit            IND BB- / IND A4+145      Assigned
Torrent Pharmaceuticals Ltd     NCDs (NCDs)*           IND AA           10000    Assigned
Torrent Pharmaceuticals Ltd     TL                     IND AA           16000    Assigned
Yatharth Hospital And Trauma    TL                     IND BB+          430      Upgraded from
Care Services Pvt Ltd                                                            IND BB
(reduced from INR465)
Yatharth Hospital And Trauma    FBL                    IND BB+ / IND A4+70       Upgraded from
Care Services Pvt Ltd                                                            IND BB /
                                                                                 Affirmed
(increased from INR35)
-----------------------------------------------------------------------------------------------
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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