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India Ratings for Indian debt instruments - Dec 31
December 31, 2013 / 6:07 AM / 4 years ago

India Ratings for Indian debt instruments - Dec 31

Dec 31 (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
December 30, 2013.

COMPANY                         INSTRUMENT                 RATING       AMOUNT   MOVEMENT
------                          ----------                 ------       ------   ---------
Shreem Electric Ltd             Non-FB limits              IND A2+      5300     Upgraded from
                                                                                 IND A2
Shreem Electric Ltd             Non-FB limits              IND A2+(exp) 1650     Assigned

Bhagat Aromatics Ltd            FB WC limits               IND BB/IND   205      Assigned
Bhagat Aromatics Ltd            Non-FB WC limits           IND BB/IND   10       Assigned
Finolex Industries Ltd          NCD(10.90 % NCD)           IND AA-      1000     Assigned
Finolex Industries Ltd          NCD(12.25 % NCD)           IND AA-      1000     Withdrawn
P.N.Writer & Company Pvt Ltd    TL                         IND A-       952.8    Affirmed
(reduced from INR1,600m) 
P.N.Writer & Company Pvt Ltd    FB WC limits               IND A-       720      Affirmed
(reduced from INR800m) 
Rhc Holding Pvt Ltd             Five-year secured NCDs     IND A        3000     Assigned
Shreem Electric Ltd             Long-TL                    IND A-       220      Upgraded from
                                                                                 IND BBB+
Shreem Electric Ltd             FB limits                  IND A-       1850     Upgraded from
                                                                                 IND BBB+
Shreem Electric Ltd             FBL                        IND A-(exp)  950      Assigned
Supreme Housing And             Long-TL                    IND BBB-     3100     Assigned
Hospitality Pvt. Ltd.
Tata Power Trading Co. Ltd      FB WC Fac                  IND A/       500      Upgraded from
                                                           IND A1                IND A-/ IND
(increased from INR400m) 
Tata Power Trading Co. Ltd      NFB WC Bk Fac              IND A/       4600     Upgraded from
                                                           IND A1                IND A-/IND A2+
(increased from INR1,200m) 
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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