March 10, 2017 / 4:03 AM / 5 months ago

India Ratings for Indian debt instruments – Mar 10

    Mar 10 (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
March 9, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Alpha Pacific Systems           Non-FB BG              IND A4+          22       Assigned
Anindita Steels                 Non-FB WC limit        IND A4+          23.2     Affirmed
M V Omni Projects               Non-FB WC limits       IND A2           1500     Assigned
M V Omni Projects               Forward contract limitsIND A2           10       Assigned
M V Omni Projects               Proposed non-FB WC     Provisional IND  400      Assigned
                                limits*                A2
* The final ratings will be assigned upon receipt of sanction letter by the agency.
Prasanna Purple Mobility        Non-FBL                IND A3           166      Assigned
Sowil                           Non-FB limits          IND A4+          50       Affirmed
Starwing Plastic And Chemicals  Non FB Fac             IND A4           110      Assigned

Air Works India Engineering     FB limit               IND BBB+ / IND   700      Downgraded
                                                       A2+                       from IND
                                                                                 A-/RWN/ A1
Air Works India Engineering     Non-FBL                IND BBB+ / IND   100      Downgraded
                                                       A2+                       from IND
                                                                                 A-/RWN/ A1
Air Works India Engineering     Non-FB stand-by LOC    IND BBB+ / IND   -        Downgraded
                                                       A2+                       from IND
                                                                                 A-/RWN/ A1
Alpha Pacific Systems           FB CC limits           IND BB / IND A4+ 45       Assigned
Anindita Steels                 FB WC limit            IND BB+          200      Affirmed
Ell Dee Foods                   FB WC                  IND B- / IND A4  40       Assigned
Export-Import Bank Of India     Term deposit programme IND tAAA         -        Affirmed
Indian Infrastructure Equipment Series A pass-thr      IND AA(SO)       1936.2   Affirmed
M V Omni Projects               Corporate loan         IND BBB+         18.8     Assigned
M V Omni Projects               FB WC limits           IND BBB+         1200     Assigned
M V Omni Projects               Proposed corporate     Provisional IND  120      Assigned
                                loan*                  BBB
* The final ratings will be assigned upon receipt of sanction letter by the agency.
Prasanna Purple Mobility        FB WC limits           IND BBB- / IND A341.5     Assigned
Rashmi Motors                   FB limits              IND BB           168      Upgraded from
                                                                                 IND BB-
Solve Plastic Products          Non-FB Fac             IND A            7.5      Assigned
Solve Plastic Products          TL                     IND B            21.993   Assigned
Solve Plastic Products          FB Fac                 IND B / IND A4   86       Assigned
Sowil                           FB limits              IND BB           20       Affirmed
Sowil                           TL                     IND BB           10.47    Affirmed
Starwing Plastic And Chemicals  FB Fac                 IND B / IND A4   40       Assigned
Vashudev Trading Company        FB WCs                 IND B+ / IND A4  50       Assigned

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

$: 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

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

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