Acuite Ratings & Research Limited

RESEARCH & OPINION

Overweight food basket driving India’s CPI trajectory
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Overweight food basket suppressing Indian Headline Inflation, which slips to an eighteen-month low of 2.06% in January 2019
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MPC rate cut hints frontloading the system in order to stimulate the growth momentum but external realities deserve cognizance as well
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Mild performance of energy sector leads core sector growth to 18 month low in December
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Weekly Macro Data Coverage February 04, 2019
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Interim Union Budget Analysis 2019-20
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Cotton prices are expected to normalize on the back of slowing demand from China and the resultant supply glut. Related Indian exports may be therefore impacted.”
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Weekly Macro Data Coverage January 28, 2019
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Indian Economy’s 1 Year Challenge: January FY18 Vs. January FY19
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Cement price: We see cement prices to remain low in the foreseeable future due to lower capacity utilization levels as well as subsiding input cost pressures
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Unaccepted Ratings
(DISCLOSURE AS PER SEBI CIRCULAR SEBI/ HO/ MIRSD/ DOP2/ CIR/ P/ 2018/ 86)

Acuité discloses the ratings that remain unaccepted 30 days after the communication of Rating. In compliance with SEBI circular effective May 30, 2018, all non-accepted ratings shall be disclosed on the website of Acuité for a period of 12 months from the date of such rating being disclosed as a non-accepted rating on the website.

Name of the Issuer	Sector	Instrument Type	Issue Size (In Cr.)	Rating Communication Date	Listing Status	Long Term Rating	Outlook	Short Term Rating
3B FILMS PRIVATE LIMITED	Plastic films & flexible packaging	Bank Facilities	39.00	21 Jun 18	Unlisted	ACUITE B+	Stable	-
A G BABU SAH	Retail Trading	Bank Facilities	9.00	25 Oct 18	Unlisted	ACUITE B-	Stable	-
A G CONSTRUCTION	Infrastructural construction	Bank Facilities	60.00	29 Jun 18	Unlisted	ACUITE BB	Stable	ACUITE A4+
A ONE FOOTWEARS PRIVATE LIMITED	Footwear	Bank Facilities	15.60	1 Oct 18	Unlisted	ACUITE BB	Stable	ACUITE A4+
A P REFINERY PRIVATE LIMITED	Vegetable oils & products	Bank Facilities	100.00	12 Dec 18	Unlisted	ACUITE BBB-	Stable	-
AAA ROLLER FLOUR MILLS PRIVATE LIMITED	Other agricultural products	Bank Facilities	23.00	11 Sep 18	Unlisted	ACUITE BB	Stable	-
AAACORP EXIM INDIA PRIVATE LIMITED	Wholesale trading	Bank Facilities	34.50	3 Jan 19	Unlisted	ACUITE D	-	ACUITE D
AADHAVAN SPINNERS PRIVATE LIMITED	Textile processing	Bank Facilities	6.90	24 Sep 18	Unlisted	ACUITE B+	Stable	-
AANCHAL ISPAT LIMITED	Steel	Bank Facilities	25.00	15 May 18	Listed	ACUITE BB+	Stable	-
AASTHA SPINTEX PRIVATE LIMITED	Cotton & blended yarn	Bank Facilities	77.00	16 Nov 18	Unlisted	ACUITE BB-	Stable	-
ABHI DIAGNOSTICS IMAGINGS PRIVATE LIMITED	Health services	Bank Facilities	20.38	11 May 18	Unlisted	ACUITE D	-	-
ABHIBUS SERVICES INDIA PRIVATE LIMITED	Online marketplaces	Bank Facilities	15.00	13 Apr 18	Unlisted	ACUITE BB-	Stable	-
ABN TOWER AND TRANSMISSION PRIVATE LIMITED	Generators, transformers & switchgears	BLR	25.00	10 Jan 19	Unlisted	ACUITE BB	Stable	ACUITE A4+
ACCORD CHEMICAL CORPORATION	Other chemical products	Bank Facilities	25.00	29 Aug 18	Unlisted	ACUITE B+	Stable	-
ACETECH PEB SYSTEMS PRIVATE LIMITED	Engines	Bank Facilities	10.00	30 Jul 18	Unlisted	ACUITE B+	Stable	ACUITE A4
ACME EXCELLENT MANAGEMENT PRIVATE LIMITED	Business services & consultancy	Bank Facilities	13.00	1 Oct 18	Unlisted	ACUITE BB+	Stable	ACUITE A4+
ACME ODISHA SOLAR POWER PRIVATE LIMITED	Renewable electricity	Bank Facilities	166.00	3 Sep 18	Unlisted	ACUITE A	Stable	-
ACME RAIPUR SOLAR POWER PRIVATE LIMITED	Renewable electricity	Bank Facilities	146.00	3 Sep 18	Unlisted	ACUITE A	Stable	-
ACME SOLAR TECHNOLOGIES GUJARAT PRIVATE LIMITED	Renewable electricity	Bank Facilities	128.00	30 Oct 18	Unlisted	ACUITE A	Stable	-
ACME YAMUNANAGAR SOLAR POWER PRIVATE LIMITED	Renewable electricity	Bank Facilities	110.00	1 Nov 18	Unlisted	ACUITE A-	Stable	-
ADARSH FOOD PRODUCTS PRIVATE LIMITED	Other agricultural products	Bank Facilities	13.00	3 Dec 18	Unlisted	ACUITE BB-	Stable	-
ADISON GRANITO PRIVATE LIMITED	Ceramic products	Bank Facilities	99.40	17 Oct 18	Unlisted	ACUITE B+	Stable	ACUITE A4
ADITYA ANAGHA MULTISTATE CREDIT COOPERATIVE SOCIETY LIMITED	Other fund based financial services	Bank Facilities	20.00	23 Mar 18	Unlisted	ACUITE BB-	Stable	-
ADITYA PACK PLAST PRIVATE LIMITED	Plastic films & flexible packaging	Bank Facilities	10.00	25 Jul 18	Unlisted	ACUITE B-	Stable	-
ADITYA THERMOPACK PRIVATE LIMITED	Plastic furniture, floorings & miscellaneous items	Bank Facilities	10.00	7 Jun 18	Unlisted	ACUITE D	-	-

Our exciting journey started in 2005 with rating of bank borrowers most of whom were small and medium enterprises. At that time, credit rating was a concept known only to large issuers of capital market instruments. Since then, like a caterpillar transforms itself into a beautiful butterfly, we transformed to rate bonds, bank facilities of large corporates and issuers across industries. Along came many achievements - SEBI Registration in 2011, RBI accreditation in 2012, 50,000 ratings in 2018, 5,000 Bond and Bank Loan Ratings in 2017, launch of India's first Android and iPhone app to disseminate rating, tamper-proof QR-code-enabled rating rationales, and SMERA Terminal to name a few.

Now is the time to re-emphasize our increasing footprint across all segments of ratings through the launch of our new name - 'Acuité'.

The name has changed. The spirit of upholding highest standards of analytical rigour, continuous improvement, excellence in our processes and quest for innovation remains the same. We would like to re-emphasize that we will continue to work hard to provide independent, unbiased and timely opinion of highest standard.

Acuité means 'sharpness and clarity of thought and vision'. Let our research and ratings help you take decisions with confidence.

Sankar Chakraborti
CEO