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India Ratings for Indian debt instruments - Dec 20
December 20, 2016 / 5:40 AM / a year ago

India Ratings for Indian debt instruments - Dec 20

Dec 20 (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 19, 2016.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
------                          ----------             ------           ------   ---------
Akhil Infra Projects Pvt. Ltd.  Non-FB limit           IND A4+          30       Withdrawn
Ask Home Furnishing Pvt Ltd     Non-FB Fac             IND A4+          5        Assigned
Jayachitra Garments             Non-FB WC limit        IND A4           1        Withdrawn
King Refineries Pvt Ltd         Non-FB WC limit        IND A4           40       Withdrawn
Rgtl Industries Ltd             Non-FB WC limits       IND A3+          10       Withdrawn
Twincity Sunlife Pvt. Ltd       Non-FB WC limit        IND A4           35       Withdrawn
Vasudha Pharma Chem Ltd         Non-FB WC Fac          IND A1           240      Affirmed
Vibfast Pigment Pvt Ltd         Non-FB WC limit        IND A4+          11       Affirmed

Akhil Infra Projects Pvt. Ltd.  FB limit               IND BB-          30       Withdrawn
Ask Home Furnishing Pvt Ltd     TL Fac                 IND BB+          60.8     Assigned
Ask Home Furnishing Pvt Ltd     FB Fac                 IND BB+/         160      Assigned
                                                       IND A4+ 
Hbl Power Systems Ltd           TL                     IND BBB+         1037.5   Withdrawn
Hbl Power Systems Ltd           FB WC limits           IND BBB+         3650     Withdrawn
Hbl Power Systems Ltd           non-FB limits          IND BBB+/        7000     Withdrawn
                                                       IND A2 
Jayachitra Garments             FBL                    IND BB           125      Withdrawn
Jayachitra Garments             LT loans               IND BB           13.74    Withdrawn
King Refineries Pvt Ltd         FBL                    IND B+           30       Withdrawn
M/S Vibfast Pigments            FB WC limits           IND BB-/         98.2     Affirmed
                                                       IND A4+
N.A.M. Expressway Ltd           LT senior project Bk   IND D            10600    Affirmed
Rgtl Industries Ltd             LT Bk loans            IND BBB          312.9    Withdrawn
Rgtl Industries Ltd             FB WC limits           IND BBB/         800      Withdrawn
                                                       IND A3+
S S Developers                  TL.                    IND B            264.3    Withdrawn
Sol Ifmr Capital 2015           Series A1 PTCs         IND A-(SO)       11.5     Affirmed
Sol Ifmr Capital 2015           Series A2 PTCs         IND BB-(SO)      10.5     Affirmed
Twincity Sunlife Pvt. Ltd       FB WC limit            IND B+           65       Withdrawn
Ubl Trust 3'                    Series A PTC           IND A+(SO)       785.4    Assigned
Vasudha Pharma Chem Ltd         FB WC limits           IND A /          1010     Upgraded from
                                                       IND A1                    IND A-/
(increased from INR910 million)
Vibfast Pigment Pvt Ltd         FB WC limit            IND BB- /        93.5     Affirmed
                                                       IND A4+
Yes Bank Ltd                    Basel-III Additional   IND AA           21000    Assigned
                                Tier-1 (AT1) bonds
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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