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India Ratings for Indian debt instruments - Oct 13
October 13, 2016 / 4:36 AM / a year ago

India Ratings for Indian debt instruments - Oct 13

Oct 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
October 12, 2016.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Athitheya Kshema Hotels Pvt Ltd Non-FB Fac             IND A4+          31.7     Assigned
Bhavya Cements Ltd              Non-FB limits          IND A3-          110      Assigned
Malwa Agro Foods Pvt Ltd        Non-FB WC limit        IND A3           0.6      Assigned
Nanu Ram Goyal & Co.            Non-FB limits          IND A4+          200      Assigned
Tomar Builders & Contractors    ST                     IND A4+          -        Downgraded
Pvt Ltd                                                                          from IND A3
V. M. Matere Infrastructures    Non-FB Fac             IND A2           400      Assigned
V. M. Matere Infrastructures    Non-FB Fac             IND A2           70       Assigned

Abg Shipyard Ltd                NCD                    IND D            2000     Withdrawn
Athitheya Kshema Hotels Pvt Ltd long-TL                IND BB+          103.99   Assigned
Athitheya Kshema Hotels Pvt Ltd FB Fac                 IND BB+          5        Assigned
Bhavya Cements Ltd              FB WC limits           IND BBB-         500      Assigned
Bhavya Cements Ltd              NCDs                   IND BBB-         449.6    Assigned
Bhavya Cements Ltd              Term debt              IND BBB-         435.5    Assigned
India Standard Loan Trust -     Series A PTC           IND AA(SO)       1295.5   Assigned
India Standard Loan Trust -     Liquidity facility     IND AAA(SO)      13       Assigned
India Standard Loan Trust -     Second loss credit     IND BBB(SO)      64.8     Assigned
Xxxiv                           facility
Malwa Agro Foods Pvt Ltd        Long-TL                IND BBB-         4.25     Assigned
Malwa Agro Foods Pvt Ltd        FB WC limit            IND BBB-         119      Assigned
Mhaiskar Infrastructure Pvt Ltd Senior project Bk loansIND AA-          5057     AFfirmed
(INR3.635bn outstanding on 30 June 2016) 
Nanu Ram Goyal & Co.            FB limits              IND BB- /IND A4+ 47.5     Assigned
Tomar Builders & Contractors    Non-FB WC limits       IND BB+          300      Downgraded
Pvt Ltd                                                                          from IND BBB-
V. M. Matere Infrastructures    LT Loan                IND BBB          267.7    Assigned
V. M. Matere Infrastructures    FB Fac                 IND BBB /IND A2  310      Assigned
V. M. Matere Infrastructures    FB Fac                 IND BBB /IND A2  20       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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