Reuters logo
India Ratings for Indian debt instruments - Aug 13
August 13, 2014 / 5:28 AM / 3 years ago

India Ratings for Indian debt instruments - Aug 13

Aug 13 (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
August 12, 2014.

COMPANY                         INSTRUMENT                 RATING       AMOUNT   MOVEMENT
------                          ----------                 ------       ------   ---------
Sarju Impex Ltd (Sarju)         Non-FB WC limits           IND A4       60       Affirmed
(reduced from INR100m)
Sudarshan Chemical Industries   non-FB limits              IND A1       1000     Affirmed
Ltd (SCIL)
Balaji Powertronics (BP)        FB WC Fac:                 IND A- / IND 750      Affirmed
Balaji Powertronics (BP)        non-FB WC Fac              IND A-/ IND  150      Affirmed
(reduced from INR250m)
Corporate Power Ltd (CPL)       senior project TL Phase 1  IND C        20300    Suspended
Corporate Power Ltd (CPL)       senior project TL Phase 2  IND C        23870    Suspended
Corporate Power Ltd (CPL)       Subordinate project TL     IND C        1450     Suspended
                                phase 1
Himachal Power Products (HPP)   FB WC Fac                  IND A- / IND 250      Affirmed
Himachal Power Products (HPP)   non-FB WC Fac              IND A- / IND 110      Affirmed
Microtek International Pvt Ltd  FB WC Fac                  IND A- / IND 350      Affirmed
(MIPL)                                                     A1 
Microtek International Pvt Ltd  non-FB WC Fac              IND A- /IND  243      Affirmed
(MIPL)                                                     A1 
Sarju Impex Ltd (Sarju)         TL                         IND B+       109      Upgraded from
                                                                                 IND B-
 (reduced from INR203.6m)
Sarju Impex Ltd (Sarju)         CC limits                  IND B+       90       Upgraded from
                                                                                 IND B-
(reduced from INR 180m)
SH-Haryana Wires Ltd (SHW)      TL                         IND BB+      31.6     Upgraded from
                                                                                 IND BB-
 (reduced from INR73.5m)
SH-Haryana Wires Ltd (SHW)      FB WC limits               IND BB+/     110      Upgraded from
                                                           IND A4+               IND BB-
SH-Haryana Wires Ltd (SHW)      Non-FB WC limits           IND BB+/     171.2    Upgraded from
                                                           IND A4+               IND BB-/
Shivalik Industries (SI)        non-FB WC Fac               IND A- /IND 105      Affirmed
Shivalik Industries (SI)        FB WC Fac:                 IND A- / IND 250      Affirmed
Sudarshan Chemical Industries   FB limits                  IND A        2250     Affirmed
Ltd (SCIL)
(increased from INR1,850m)
Sudarshan Chemical Industries   long-TL                    IND A        1950     Affirmed
Ltd (SCIL)
 (reduced from INR2,413.4m):
Sudarshan Chemical Industries   term depoSIt programme     IND tA+      550      AsSIgned
Ltd (SCIL)
Universal Power Products (UPP)  non-FB WC Fac              IND A- / IND 80       Affirmed
Universal Power Products (UPP)  FB WC Fac                  IND A- / IND 160      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.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222, E-mail at

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below