April 24, 2017 / 4:59 AM / 5 months ago

India Ratings for Indian debt instruments – Apr 24

    Apr 24 (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 21, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
------                          ----------             ------           ------   ---------
Bla Projects Pvt. Ltd.          Non- FB limit          IND A4+          890      Upgraded
Crbr Industries Pvt Ltd         Non- FB WC             IND A4+          55       Assigned
Itms India Pvt Ltd              Non- FB WC facility    IND A4+          25       Upgraded
P.K. & Company                  Non- FB WC limit       IND A4           150      Assigned
Panda Infra Project Ltd         Non- FB limits         IND A4+          100      Assigned
Smartha Enterprises Pvt Ltd     Non- FB limit          IND A4           150      Affirmed
Srr Projects Pvt Ltd            Non- FB Fac            IND A3+          754      Affirmed
Srr Projects Pvt Ltd            Proposed non- FB Fac   IND A3+          116      Provisional
Sunraj Ceramic Pvt. Ltd         Non- FB WC limits      IND A4+          22.5     Affirmed

Bla Projects Pvt. Ltd.          FB limits              IND BB           226      Upgraded
Crbr Industries Pvt Ltd         FB WC                  IND BB-/ IND A4+ 10       Assigned
Delta Jewellers Pvt Ltd         FB limits              IND BB/ IND A4+  100      Affirmed
Gmr Warora Energy Ltd           WC facility            WD               6200     Withdrawn
Harman Cottex                   FB limits              IND BB-          140      Affirmed
Itms India Pvt Ltd              FB WC facility         IND BB-/ IND A4+ 55       Upgraded
Lvs Power Ltd                   Project loan           IND BBB          750      Affirmed
(outstanding 80.4)
Man Cott Pvt Ltd                FB limits              IND BB           250      Affirmed
Ml Trust - 1                    Series A pass- through IND AA(SO)       199.79   Affirmed
                                certificates (PTCs)
Ml Trust - 2                    Series A pass- through IND AA(SO)       92.71    Affirmed
                                certificates (PTCs)
Mm Trust Feb 15                 Series A pass- through IND AA+(SO)      149.9    Affirmed
                                certificates (PTCs)
Mughalsarai Nagar Palika        LT Issuer Rating       IND BB                    Assigned
P.K. & Company                  FB WC limit            IND B+           50       Assigned
Panda Infra Project Ltd         FB limits              IND BB-          150      Assigned
Silver Enterprise               TL                      IND BB          155.2    Affirmed
(reduced from 250)
Small Business Trust 2015       Series A2 Pass-        IND AAA(SO)      341.3    Affirmed
                                through Certificates
Smartha Enterprises Pvt Ltd     FB limits              IND B+/ IND A4   15       Affirmed
Soubhagya Processor Pvt Ltd     TL                     IND B            42       Assigned
Soubhagya Processor Pvt Ltd     Proposed TL            IND B            13       Provisional
Soubhagya Processor Pvt Ltd     FB limits              IND B/ IND A4    25       Assigned
Srr Projects Pvt Ltd            FB Fac                 IND BBB/ IND A3+ 380      Affirmed
Sunraj Ceramic Pvt. Ltd         FB WC limits           IND BB-          40       Affirmed
Sunraj Ceramic Pvt. Ltd         TL                     IND BB-          7.4      Affirmed
(reduced from 17.6)
Swargiya Dadasaheb Kalmegh      FB WC                  IND BB           20       Migrated to
Smruti Pratishthan              limit                                            Non-
Swargiya Dadasaheb Kalmegh      Non- FB WC             IND BB           30       Migrated to
Smruti Pratishthan              limit                                            Non-

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

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below