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India Ratings for Indian debt instruments – Mar 9
March 9, 2017 / 5:03 AM / in 9 months

India Ratings for Indian debt instruments – Mar 9

    Mar 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
March 8, 2017.

COMPANY                         INSTRUMENT             RATING         AMOUNT     MOVEMENT
------                          ----------             ------         ------     ---------
Bmw Industries Ltd.             Non-FB WC limits       IND A2+          631.5    Assigned
Him Teknoforge Ltd              Non-FB Bk Fac          IND A3           350      Affirmed
Parko Commodities (I) Pvt Ltd   BGs                    IND A4           150      Assigned
Prime Focus Ltd                 Non-FB WC limits       IND A2           140      Affirmed
 (reduced from INR175)
Sarthi Construction             Non-FB limit           IND A3           162      Assigned

BMW Industries Ltd.             LT loan                IND A-           2181     Assigned
BMW Industries Ltd.             FB WC limits           IND A-           2380     Assigned
Him Teknoforge Ltd              FB WC limit            IND BBB-         630      Affirmed
Optiflex Industries             FB limit               IND B+           55       Assigned
Prime Focus Ltd                 NCDs#                  IND BBB+         1900     Affirmed
#Details of bank facilities and NCDs are given in Annexure. 
Prime Focus Ltd                 FB WC limits           IND BBB+ /IND A2 220      Affirmed
(reduced from INR432.5)
Prime Focus Ltd                 FB WC limits*          IND BBB+ /IND A2 100      Assigned
*Provisional ratings converted final ratings based on the receipt of sanction letter.
Prime Focus Ltd                 TL                     IND BBB+/        1760     Assigned
Prime Focus Ltd                 TL*                    IND BBB+/        150      Assigned
*Provisional ratings converted final ratings based on the receipt of sanction letter.
Prime Focus Technologies Ltd    TL*                    IND BBB+ / IND   1570     Affirmed
(Increased from INR657.8)/*Provisional ratings converted final ratings based on the receipt of
sanction letter.
Prime Focus Technologies Ltd    Bk loan limits*        IND BBB+ / IND   330      Affirmed
(Increased from INR220)/*Provisional ratings converted final ratings based on the receipt of
sanction letter.
Sarthi Construction             FB limit               IND BBB-         14       Assigned
Shri Agrawal Technical &        TL                     IND BB-          111.75   Affirmed
Education Society
 (increased from INR92.8)
Shri Agrawal Technical &        TL                     IND BB-          69.95    Affirmed
Education Society
(increased from INR56.42)
Shri Agrawal Technical &        FB WC facility         IND BB-          149      Affirmed
Education Society
Vivek Realty & Resorts Pvt Ltd  LT loan                IND BB-          155      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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