April 9, 2013 / 5:17 AM / 5 years ago

India Ratings for Indian debt instruments-Apr 9

Apr 9 (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 8, 2013.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Gagan Aerospace Ltd             Non-FB limits               IND A4+      820      Assigned
Maharshi Alloys And Steels      Non-FB limits               IND A4       20       Assigned

Gagan Aerospace Ltd             Proposed FB limits          IND BB(exp)  70       Assigned
Maharshi Alloys And Steels      FB limits                   IND B/IND    50       Assigned
Mysore Paper Mill Ltd           Bond issuance               IND AA-SO)   350      Affirmed
Shriram City Union Finance Da   Purchaser payouts           IND AAA(SO)  1139.1   Affirmed
Mar 2011- 01
Vijay Textiles Ltd              Long-TL                     IND B+       716.2    Assigned
Vijay Textiles Ltd              FB limits                   IND B+/IND   815      Assigned
Vijay Textiles Ltd              Non-FB limits               IND B+/IND   38.3     Assigned
West Bengal Infrastructure      Series 2007-08 bonds        IND A+(SO)   10000    Upgraded from
Development Corporation Ltd                                                       IND A-(SO)
West Bengal Infrastructure      Series 2005-06 bonds        IND A+(SO)   10000    Upgraded from
Development Corporation Ltd                                                       IND A-(SO)
West Bengal Infrastructure      Series 2004-05 bonds        IND A+(SO)   8110     Upgraded from
Development Corporation Ltd                                                       IND A-(SO)
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 The withdrawn criteria are now available on India Ratings' website at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wd -Rating Stands Withdrawn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.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222, E-mail at

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