March 17, 2017 / 5:02 AM / 9 months ago

India Ratings for Indian debt instruments – Mar 17

    Mar 17 (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 16, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Clp Wind Farms (I) Pvt Ltd      CP (CP)                IND A1+          40000    Affirmed
Natraj Electro Casting Pvt Ltd  Non- FB limits         IND A4           15.35    Assigned
Oswal Traders And Travels       FB WC limit            IND A4+          400      Affirmed
Oswal Traders And Travels       Non-FB BG              IND A4+          40       Affirmed
Sri Vaishnavi Spintex (I) Pvt   Non FB Fac             IND A4+          10       Assigned
The West India Power Equipments Non-FB limits          IND A3           6        Upgraded IND
Pvt Ltd                                                                          A4+

Arena Lifestyle Pvt Ltd         FB WC limits LT/ST     IND BB-/         290      Affirmed
(reduced from INR400)                                  IND A4+ 
Clp Wind Farms (I) Pvt Ltd      NCDs (NCDs; bond       IND AA           6000     Affirmed
Clp Wind Farms (I) Pvt Ltd      Rupee TL (RTL)*        IND AA           13556.5  Affirmed
(increased from INR11,256.5 outstanding INR8,218)
Goodwin Jewellers Pvt Ltd’S     FB WC limit            IND BBB-/        700      Upgraded IND
                                                       IND A3                    BB+ / IND A4+
(increased from INR400 CR)
Mintech Global Pvt Ltd          TL                     IND B+           220      Assigned
Mintech Global Pvt Ltd          FB WC limits           IND B+/          25       Assigned
                                                       IND A4
Natraj Electro Casting Pvt Ltd  FBL                    IND B+           80       Assigned
Natraj Electro Casting Pvt Ltd  Long-TL                IND B+           200      Assigned
Oswal Traders And Travels       FB WC limit            IND BB+          400      Upgraded IND BB
Sri Vaishnavi Spintex (I) Pvt   FB Fac                 IND BB-/         130      Assigned
Ltd                                                    IND A4
The West India Power Equipments Long-TL                IND BBB-         90.67    Upgraded IND
Pvt Ltd                                                                          BB+
The West India Power Equipments FB limits              IND BBB-/        265      Upgraded IND
Pvt Ltd                                                IND A3                          BB+ / IND
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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