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India Ratings for Indian debt instruments – Jun 29
June 29, 2017 / 4:25 AM / 6 months ago

India Ratings for Indian debt instruments – Jun 29

    Jun 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
June 28, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
------                          ----------             ------           ------   ---------
Omax Autos Ltd                  Non-FB WC limits       IND A1           150      Rating affirmed
reduced from 250 mln
Sagar Cements (R) Ltd           Non-FB WC limit        IND A2+          150      Assigned
Ultratech Cement Ltd            Non-FB limits          IND A1+          30000    Assigned
Claris Injectables Ltd          TL                     IND A/ RWE       3621.1   Maintained on
reduced from 4,175.6 mln
Claris Injectables Ltd          FB CC limits           IND A/ RWE       900      Maintained on
Claris Injectables Ltd          Non-FB limits          IND A1/ RWE      440      Maintained on
Claris Injectables Ltd          FB limits              IND A1/ RWE      100      Maintained on

Claris Lifesciences Ltd         TL                     IND A/ RWE       180      Rating
                                                                                 assigned and
                                                                                 placed on RWE
Hindustan Cleanenergy Ltd       NCDs (NCDs)*           IND BBB-         8500     Migrated to
Category; Outlook revised to Negative from Stable
*Issuer did not cooperate; Based on best available information; Ratings were last reviewed on 4
April 2016
Kalanjiam Development Financial Bk loans               IND BB-          340      Assigned
Nirjharaa Industries Pvt Ltd    TL                     IND BB-          33.13    Upgraded
reduced from 41.1 mln
Nirjharaa Industries Pvt Ltd    FB WC limits           IND BB-/ IND A4+ 38       Upgraded
Om Sons Marketing Pvt Ltd       FB limits              WD               610      Withdrawn
Om Sons Marketing Pvt Ltd       Non-FBL                WD               13.4     Withdrawn
Om Sons Marketing Pvt Ltd       TL                     WD               326.6    Withdrawn
Omax Autos Ltd                  TL                     IND A-           640.9
Rating affirmed; Outlook revised to Negative from Stable
reduced from 709 mln
Omax Autos Ltd                  FB WC limits           IND A-/ IND A1   725
Rating affirmed; Outlook revised to Negative from Stable
increased from 390 mln
Sagar Cements (R) Ltd           TL                     IND A-(SO)       500      Assigned
Sagar Cements (R) Ltd           NCDs (NCDs)            IND A-(SO)       1500     Assigned
Sagar Cements (R) Ltd           FB WC limit            IND BBB+/ IND A2+400      Assigned
Ultratech Cement Ltd            NCDs (NCDs)            IND AAA          5000     Affirmed
Ultratech Cement Ltd            FB limits              IND AAA/ IND A1+ 20000    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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