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India Ratings for Indian debt instruments - Feb 5
February 5, 2015 / 5:49 AM / in 3 years

India Ratings for Indian debt instruments - Feb 5

Feb 5 (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
February 4, 2015.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Anjana Explosives Ltd           NFB WC limits              IND A4       25       Downgraded
                                                                                 from IND A4+
HI-Tech Radiators Pvt. Ltd      LC                         IND A4+      85       Affirmed
HI-Tech Radiators Pvt. Ltd      LC                         IND A4+      15       Assigned
Nandan Denim Ltd                NFBL                       IND A3       144.5    Affirmed

Amar Plastic Industries Ltd     Non-FB WC limits           IND B+       60       Assigned
Anjana Explosives Ltd           FB WC limits               IND B/       30       Downgraded
                                                           IND A4                from IND
                                                                                 BB-/IND A4+
HI-Tech Radiators Pvt. Ltd      TL                         IND BB       17.8     Affirmed
(reduced from INR20.6m)
HI-Tech Radiators Pvt. Ltd      TL                         IND BB       57.8     Assigned
(increased from INR36.8m)
HI-Tech Radiators Pvt. Ltd      CC limit                   IND BB       100      Affirmed
HI-Tech Radiators Pvt. Ltd      CC limit                   IND BB       18.9     Assigned
(reduced from INR20.0m)
HI-Tech Radiators Pvt. Ltd      Usance bills discounted    IND BB       70       Affirmed
                                (UBD) under LOC (LC)
HI-Tech Radiators Pvt. Ltd      UBD under LC               IND BB       15       Assigned
Karnataka Neeravari Nigam Ltd   Debt programme             IND AA-(SO)  6500     Assigned
M/S Manmade                     FBL                        IND BB-/     60       Assigned
                                                           IND A4+
Nandan Denim Ltd                TL                         IND BBB-     1903.4   Affirmed
Nandan Denim Ltd                FBL                        IND BBB-/    730      Affirmed
                                                           IND A3
Silver City Housing &           TL                         IND B-(exp)  500      Withdrawn
Infrastructure Ltd
Spirit Infratech Pvt Ltd        LT                         IND D        125      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 Positive.

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

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