June 14, 2017 / 4:32 AM / 5 months ago

India Ratings for Indian debt instruments – Jun 14

    Jun 14 (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
June 13, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
------                          ----------             ------           ------   ---------
Arunoday Construction Company   Non-FB WC limit        IND A4+          150      Migrated to
Pvt Ltd                                                                          Non-
Devkiran Paper Mills Pvt Ltd    Non-FB Fac             IND A4+          25       Assigned
Devkiran Paper Mills Pvt Ltd    Proposed non-FB Fac*   IND A4+          64       Provisional
Sudarshan Chemical Industries   CP (CP)*               IND A1+          500      Assigned
*Yet to be issued; Carved out of existing working capital facilities.

Aditya Birla Finance Ltd        Perpetual debt         IND AA           7        Assigned
Aditya Birla Finance Ltd        Lower Tier 2           IND AA+          10       Assigned
                                subordinated debt
Arunoday Construction Company   FB WC limit            IND BB-          140      Migrated to
Pvt Ltd                                                                          Non-
Axis Bank Ltd                   Basel-III compliant    IND AAA          50       Assigned
                                Tier 2 bonds
Devkiran Paper Mills Pvt Ltd    TL                     IND BB-          161      Assigned
Devkiran Paper Mills Pvt Ltd    FB Fac                 IND BB-/ IND A4+ 100      Assigned
Magma Fincorp Ltd               NCDs                   IND AA-          2500     Affirmed
Magma Fincorp Ltd               LT Bk loans            IND AA-          3000     Affirmed
Sudarshan Chemical Industries   Issuer rating          IND A+           -        Affirmed
Sudarshan Chemical Industries   Unsecured Loans        IND A+           900      Assigned
Sudarshan Chemical Industries   TL                     IND A+           1893.6   Affirmed
Sudarshan Chemical Industries   Bk Fac                 IND A+/ IND A1+  3251     Affirmed long-
Ltd                                                                              term rating;
                                                                                 Upgraded short-
term rating
Sudarshan Chemical Industries   Term Deposit           IND tA+          150      Affirmed
(reduced from 534)
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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