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India Ratings for Indian debt instruments - Aug 12
August 12, 2015 / 5:02 AM / 2 years ago

India Ratings for Indian debt instruments - Aug 12

Aug 12 (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
August 11, 2015.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Ballarpur Industries Ltd        CP                         IND A1+      3000     Assigned
(within working capital limits)
Ballarpur Industries Ltd        CP                         IND A1+      250      Assigned
Ballarpur Industries Ltd        CP                         IND A1+      750      Assigned
Ballarpur Industries Ltd        CP                         IND A1+      1000     Assigned
Bhadresh Trading Corporation    Non-FB limit               IND A2       1350     Assigned
Midas Treads India Pvt Ltd      Non-FB limits              IND A3       100      Suspended
Savvy Projects Pvt Ltd          Non-FB WC limit            IND A3       250      Suspended
Siddharth Mercantile Pvt Ltd    NFBL                       IND A4       30       Suspended

Au Financiers (I) Ltd           NCD                        IND A+       3000     Assigned
Ballarpur Industries Ltd        TL                         IND A+       490      Assigned
Ballarpur Industries Ltd        NCD programme              IND A+       5000     Assigned
Ballarpur Industries Ltd        Fund- and non-FB WC        IND A+ /     7520     Assigned
                                Limits                     IND A1+  
Bhadresh Trading Corporation    FB limits                  IND A2 /     8500     Upgraded from
Ltd                                                        IND BBB+              IND A3
 (increase from INR4,350m)
Bhadresh Trading Corporation    Long-TL                    IND BBB+     868.8    Assigned
Indian Acrylics Ltd             TL LT                      IND BBB-     43.3     Withdrawn
Indian Acrylics Ltd             FBL                        IND BBB- /   170      Affirmed
                                                           IND A3
Indian Acrylics Ltd             NFBL                       IND BBB- /   1235     Affirmed
                                                           IND A3
Kunj Behari Lal Charitable      TL                         IND BB       103.9    Withdrawn
Kunj Behari Lal Charitable      BG                         IND BB       95       Withdrawn
Midas Treads India Pvt Ltd      FB limits                  IND BBB-     200      Suspended
Savvy Projects Pvt Ltd          FB WC limit                IND BBB- /   150      Suspended
                                                           IND A3
Shree Renuka Sugars Ltd         NCD                        IND BB-      2500     Downgraded from
                                                                                 IND BBB-
Siddharth Mercantile Pvt Ltd    FBL                        IND B /      70       Suspended
                                                           IND A4
Sky Realty Projects Pvt Ltd     TL                         IND BBB-     1600     Affirmed
(reduced from INR2,000m)
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 Positive.

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

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