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India Ratings for Indian debt instruments - Nov 7
November 7, 2016 / 5:07 AM / a year ago

India Ratings for Indian debt instruments - Nov 7

Nov 7 (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
November 4, 2016.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Cipla Ltd'S                     CP/ST programme        IND A1+          10000    Assigned
Ford Credit India Pvt Ltd'S     CP                     IND A1+          5000     Assigned
Genext Hardware & Parks Pvt Ltd Short-TL               IND A2+          410      Assigned
H.L. Passey Engineering Pvt Ltd Non-FBL                IND A4+          35       Withdrawn
India Glycols Ltd               Non-FB WC limits       IND A3+          8220     Affirmed
(reduced from INR8,500m) 
Madhu Jayanti International Ltd Non-FB limits          IND A4+          30       Suspended

Cipla Ltd                       NCDs                   IND AAA          20000    Assigned
Cynosure Manik'S Auto Centre    FB WC limits           IND BB           70       Assigned
Genext Hardware & Parks Pvt Ltd TL from Bks            IND BBB+         2014     Assigned
H.L. Passey Engineering Pvt Ltd FB limits              IND BB           55       Withdrawn
Ia Energy'S                     TL                     IND B+           2305.5   Suspended
India Glycols Ltd               Long-TL                IND BBB          1443     Affirmed
(reduced from INR8,812m)  
India Glycols Ltd               FB WC limits           IND BBB / IND A3+4150     Affirmed
(reduced from INR7,350m)
Madhu Jayanti International Ltd FB limits              IND BB / IND A4+ 450      Suspended
Magneti Marelli Motherson Auto  TL                     IND A            388.2    Upgraded from
System Pvt Ltd                                                                   IND A-
(increased from INR381.5m)
Magneti Marelli Motherson Auto  FB WC credit limits    IND A / IND A1   350      Upgraded from
System Pvt Ltd                                                                   IND A- / IND
(increased from INR200m)
Magneti Marelli Motherson Auto  Non-FB WC credit limitsIND A / IND A1   271.8    Upgraded from
System Pvt Ltd                                                                   IND A- / IND
(increased from INR100m)
Maple Hotels & Resorts Pvt Ltd  TL                     IND B+           142.5    Withdrawn
Sangat Printers Pvt Ltd         TL                     IND BB-          16       Assigned
Sangat Printers Pvt Ltd         FB WC limits           IND BB- / IND A4+45       Assigned
Sangat Printers Pvt Ltd         FB limits              IND BB- / IND A4+1        Assigned
Starburst Motors Pvt Ltd        Long-TL                IND B+           463.1    Assigned
Starburst Motors Pvt Ltd        FB Fac                 IND B+           100      Assigned
The Bombay Dyeing &             LT                     IND BBB+         -        Suspended
Manufacturing Co. Ltd
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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