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India Ratings for Indian debt instruments – Jun 23
June 23, 2017 / 4:19 AM / 6 months ago

India Ratings for Indian debt instruments – Jun 23

    Jun 23 (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 22, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
------                          ----------             ------          ------   ---------
Apicore Pharmaceuticals Pvt Ltd Non-FB WC limits       IND A4+          15       Affirmed
Next Radio Ltd                  Non-FB limit           IND A3           136      Migrated to
                                                                                 Non Cooperating
Poddar Global Pvt Ltd           NFB WC limit           IND A2           210      Affirmed
(increased from INR140)
S. Narendra                     FB limits              IND A3           387.5    Affirmed
(increased from INR267.5)

Alka Fashions Company           FB Fac                 IND B+ /IND A4   50       Assigned
Apicore Pharmaceuticals Pvt Ltd TL limits              IND BB+          38.6     Affirmed
(reduced from INR54.7)
Apicore Pharmaceuticals Pvt Ltd FB WC limits           IND BB+/IND A4+  25       Affirmed
Bank Note Paper Mill India Pvt  Bk loans               IND AAA          8900     Affirmed
Citibank: Royal Trust July 2004 Senior PTC (PTCs)      IND AAA (SO)     37.53    Affirmed
Citibank: Royal Trust June 2004 Senior PTCs            IND AAA (SO)     5.54     Affirmed
Citibank: Royal Trust May 2004  Series A2 PTC (PTCs)   IND AAA (SO)     3.38     Affirmed
New Delhi Municipal Council     Proposed NCDs          Provisional IND  5000     Assigned
Next Radio Ltd                  TL                     IND BBB-         760      Migrated to
                                                                                 Non Cooperating
Next Radio Ltd                  FB limit               ND BBB-/IND A3   100      Migrated to
                                                                                 Non Cooperating
Poddar Global Pvt Ltd           FB WC limit            IND BBB /IND A2  550      Affirmed
(increased from INR300) 
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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