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India Ratings for Indian debt instruments – Jun 16
June 16, 2017 / 3:57 AM / 6 months ago

India Ratings for Indian debt instruments – Jun 16

    Jun 16 (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 15, 2017.

COMPANY                         INSTRUMENT             RATING         AMOUNT     MOVEMENT
------                          ----------             ------         ------     ---------
Bhuptani Associates             Non-FB WC limit        IND A4+          70       Affirmed
Innovative Vastunirman Pvt Ltd  Non-FB WC limits       IND A4+          50       Assigned
Kribhco Fertilizers Ltd         CP programme           IND A1+          5000     Affirmed
L.Madanlal (Aluminium) Ltd      Non-FB limits          IND A4+          10       Assigned

Ajanta Manufacturing Pvt Ltd    Non-FB WC limit        IND BBB+/IND A2+ 190      Assigned
Auto Profiles Ltd               TL                     IND BB           287.2    Assigned
Auto Profiles Ltd               FB limits              IND BB/IND A4+   304      Assigned
Auto Profiles Ltd               Proposed FB limit*     Provisional IND  58.8     Assigned
                                                       IND A4+
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by APL to the satisfaction of Ind-Ra.
Balaji Acqua And Agro Products  TL                     IND B            70       Assigned
Pvt Ltd 
Balaji Acqua And Agro Products  FB WC limit            IND B/IND A4     40       Assigned
Pvt Ltd 
Bhuptani Associates             FB WC limit            IND BB- /IND A4+ 30       Affirmed
Innovative Vastunirman Pvt Ltd  FB WC limits           IND BB+/IND A4+  20       Assigned
Kribhco Fertilizers Ltd         Proposed NCDs (NCDs)*  Provisional IND  4000     Affirmed
* The final rating will be assigned following the closure of the issue upon the receipt of final
documentation, conforming to the information already received by Ind-Ra.
Nagpur Seoni Express Way Ltd    NCDs                   IND AAA(SO)      1950*    Affirmed
*amount outstanding on 15 May 2017 was INR1,870 million 
Oppo Mobiles India Pvt Ltd      NCDs (NCDs)            IND BB           7000     Affirmed
Rank Silicon And Industries Pvt FB limits              IND BBB-         90       Upgraded from
Ltd                                                                              IND BB+
Talwandi Sabo Power Ltd         FB limit               IND A+           7500     Reaffirmed
Vivo Mobile India Pvt Ltd       NCDs (NCDs)            IND BB           7000     Affirmed
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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