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India Ratings for Indian debt instruments – Jul 4
July 4, 2017 / 4:34 AM / 5 months ago

India Ratings for Indian debt instruments – Jul 4

    Jul 4 (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
July 3, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
------                          ----------             ------          ------   ---------
Auronext Pharma Pvt Ltd         Non-FB WC              IND A1+          100      Affirmed
(reduced from INR110mln)
Go Airlines (I) Ltd             Non-FB WC facility     IND A3+          10150    Assigned
Lucky Yarn Tex India Pvt Ltd    Non-FB Bk Fac          IND A3           30       Assigned
Silicon Life Sciences Pvt Ltd   Non-FB WC              IND A1+          150      Affirmed

Auronext Pharma Pvt Ltd         FB WC                  IND AA- /IND A1+ 100      Reaffirmed
Go Airlines (I) Ltd             TL                     IND BBB          208.3    Assigned
Go Airlines (I) Ltd             FB WC facility         IND BBB /IND A3+ 11650    Assigned
Go Airlines (I) Ltd             Proposed FB WC limit*  Provisional IND  6341.7   Assigned
                                                       BBB /Provisional
                                                       IND A3+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the proposed facilities by Go Air to the satisfaction of Ind-Ra. 
Iiert June 2016                 Series A pass-through  IND AA(SO)       1094.2   Affirmed
                                certificates (PTCs)
Iot Utkal Energy Services Ltd   Series II - NCDs       IND AAA(SO)      4860     Affirmed
Iot Utkal Energy Services Ltd   Series III - NCDs      IND AAA(SO)      15250    Affirmed
Iot Utkal Energy Services Ltd   Series IV - NCDs       IND AAA(SO)      3350     Affirmed
Iot Utkal Energy Services Ltd   Series V - NCDs        IND AAA(SO)      469.96   Affirmed
Lucky Yarn Tex India Pvt Ltd    TL facility            IND BBB-         220.1    Assigned
Lucky Yarn Tex India Pvt Ltd    FB WC limit            IND BBB- /IND A3 66       Assigned
Meghaaarika International Pvt   FB limit               IND BB- /IND A4+ 100      Affirmed
Meghaaarika International Pvt   Non-FB limits          IND BB- /IND A4+ 430      Affirmed
Nirma Ltd                       Perpetual NCDs         IND AA-          15000    Assigned
Rank Silicon And Industries Pvt FB limits              IND BBB-         40       Assigned
Sunshakti Oil Refinery Pvt Ltd  TL                     -                17       Withdrawn
Sunshakti Oil Refinery Pvt Ltd  FB Fac                 -                50       Withdrawn
Sunshakti Oil Refinery Pvt Ltd  Non-FB Fac             -                30       Withdrawn
Ujjval Power Pvt Ltd            Proposed NCDs*         Provisional IND  9000     Assigned
*The final rating will be assigned upon the issuance of NCDs and receipt of transaction
documents including a corporate guarantee deed by the agency. The proposed NCDs have a tenor of
seven years with annual coupon payment and structured repayment.
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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