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India Ratings for Indian debt instruments – May 29
May 29, 2017 / 4:24 AM / 6 months ago

India Ratings for Indian debt instruments – May 29

    May 29 (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
May 26, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
M P Agarwala                    Non-FB limit           IND A4+          110      Migrated to
                                                                                 Non -
Rajbir Construction             Non-FB limit           IND A3+          710      Assigned
Shivam Iron & Steel             Non-FB WC limit        IND A4           381      Assigned
Vishal Infraglobal              Non-FB limit           IND A4+          390      Assigned

Purvanchal Flour Mill           TL                     IND BB           55       Assigned
Purvanchal Flour Mill           FB WC limit            IND BB / IND A4+ 20       Assigned
Disha Microfin                  NCDs                   IND A-           750      Assigned
Disha Microfin                  Subordinated debt      IND A-           250      Assigned
Imi Mobile                      FB WC limits           IND BBB- / IND A3100      Assigned
J.P Infra (Mumbai)              NCDs                   IND BBB-         1050     Migrated to
                                                                                 Non -
M P Agarwala                    FB limit               IND BB-          70       Migrated to
                                                                                 Non -
M R Real Food                   FB WC limit            IND BB           90       Assigned
M R Real Food                   TL                     IND BB           51.45    Assigned
Rajbir Construction             FB limit               IND BBB          35       Assigned
Shivam Iron & Steel             FB WC limit            IND B            1250     Assigned
Shivam Iron & Steel             Long-TL                IND B            609      Assigned
Vishal Infraglobal              FB limit               IND BB-          190      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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