December 13, 2016 / 4:47 AM / a year ago

India Ratings for Indian debt instruments - Dec 13

Dec 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
December 12, 2016.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
------                          ----------             ------           ------   ---------
Jkm Ferrotech Ltd               Fund Based WC Limit    IND A2+(SO)      30       Assigned
Jkm Ferrotech Ltd               NFB WC Limit           IND A2+(SO)      21       Assigned
Marksans Pharma Ltd             NFB WC Limit           IND A1           960      Affirmed

ISMT Ltd                        LT Issuer Rating       WD                        Withdrawn
ISMT Ltd                        Debenture              WD               3000     Withdrawn
ISMT Ltd                        Debenture              WD               USD121.3 Withdrawn
ISMT Ltd                        Debenture              WD               EUR12.7  Withdrawn
ISMT Ltd                        Fund Based WC Limit    WD               4000     Withdrawn
ISMT Ltd                        Fund Based WC Limit    WD               4000     Withdrawn
ISMT Ltd                        NFB WC Limit           WD               9600     Withdrawn
JKM Ferrotech Ltd               Fund Based WC Limit    IND A-(SO)       30       Assigned
JKM Ferrotech Ltd               TL                     IND A-(SO)       266.5    Assigned
Marksans Pharma Ltd             LT Issuer Rating       IND A-                    Downgraded
                                                                                 from IND A
Marksans Pharma Ltd             Fund Based WC Limit    IND A-           1300     Downgraded
                                                                                 from IND A
Marksans Pharma Ltd             NFB WC Limit           WD               150      Withdrawn
Marksans Pharma Ltd             TL                     WD               42       Withdrawn
Multitude Infrastructures Pvt   LT Issuer Rating       WD                        Withdrawn
Multitude Infrastructures Pvt   TL                     WD               140      Withdrawn
Society For Higher Education    TL                     WD               79.91    Withdrawn
And Practical Application
Suryataap Energies And          TL                     IND BBB-         275      Assigned
Infrastructure Pvt 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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