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India Ratings for Indian debt instruments – Mar 30
March 30, 2017 / 6:26 AM / in 8 months

India Ratings for Indian debt instruments – Mar 30

   Mar 30 (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 29, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
------                          ----------             ------          ------   ---------
Elysium Pharmaceuticals Ltd     Non-FB limits          IND A4+          65       Assigned
J.K. Fenner (I) Ltd             Non-FB WC limits       IND A1+          144      Affirmed
J.K. Fenner (I) Ltd             CP#                    IND A1+          600      Affirmed
# Carved out of existing cash credit facilities
Rural Electrification           ST borrowing           IND A1+          50000    Assigned
Corporation Ltd                 programme (including
                                CP (CP) and BG)
Sitaram Gems                    Non-FB limit           IND A4+          20       Assigned
Sponge Sales India Pvt Ltd      Non-FB limits          IND A4+          260      Affirmed
Welspun Renewables Energy Pvt   CP                     IND A1+ (SO)     12000    Assigned

Banka Woven Sacks Pvt Ltd       FB limits              IND BB-          52.5     Assigned
Banka Woven Sacks Pvt Ltd       TL                     IND BB-          1.48     Assigned
Banka Woven Sacks Pvt Ltd       TL                     IND BB-          6.68     Assigned
Banka Woven Sacks Pvt Ltd       TL                     IND BB-          5.12     Assigned
Elysium Pharmaceuticals Ltd     FB limits              IND BB           150      Assigned
Elysium Pharmaceuticals Ltd     TL                     IND BB           327.31   Assigned
J.K. Fenner (I) Ltd             TL                     IND A+           1044     Affirmed
J.K. Fenner (I) Ltd             FB WC limits           IND A+/IND A1+   800      Affirmed
Patel Agri Industries Pvt Ltd   FB limit               IND BB+          68       Upgraded
Patel Agri Industries Pvt Ltd   TL                     IND BB+          101      Upgraded
Patel Agri Industries Pvt Ltd   Proposed FB limit      WD               82       Withdrawn
 (the company did not proceed with the instrument as envisaged)
Rishab Apparel Pvt Ltd          FB limits              IND BBB-/ IND A3 225      Assigned
Rural Electrification           LT annual borrowing    IND AAA          500000   Assigned
Corporation Ltd                 programme (FY18)
Sansar Trust Feb 2017           Series A pass-through  Provisional IND  6797.7   Assigned
                                certificates (PTCs)*   AAA(SO)
*The final ratings are contingent upon the receipt of final documents 
conforming to information already received by Ind-Ra.
Sansar Trust Feb 2017           Second loss credit     Provisional IND  360.3    Assigned
                                facility (SLCF)*       BBB(SO)
Shree Ramdev Cotton Industries  TL limit               IND B+           4.5      Affirmed
Shree Ramdev Cotton Industries  FB WC limit            IND B+/IND A4    75       Affirmed
Sitaram Gems                    FB limit               IND BB           250      Assigned
Sitaram Gems                    TL                     IND BB           9.4      Assigned
Sponge Sales India Pvt Ltd      FB limits              IND BB/ IND A4+  100      Affirmed
Trigun Enterprise               FB limits              IND B+           40       Assigned
Trigun Enterprise               Proposed FB limits*    Provisional IND  40       Assigned
*The rating is provisional and shall be confirmed upon the sanction 
 and execution of loan documents for the above facilities by SE to
 the satisfaction of Ind-Ra.
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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