February 3, 2017 / 5:21 AM / 10 months ago

India Ratings for Indian debt instruments - Feb 3

Feb 3 (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 2, 2017.

COMPANY                         INSTRUMENT             RATING         AMOUNT     MOVEMENT
------                          ----------             ------         ------     ---------
Amrit Lal Khatri                Non-FB limits          IND A4+          60       Assigned
Bhola Ram Steel Pvt Ltd         Non-FB limits          IND A4+          7.5      Assigned
Ceat Specialty Tyres Ltd        Unsecured non-FB limitsIND A1+          250      Assigned
Ceat Specialty Tyres Ltd        CP (carved out of  WC  IND A1+          250      Assigned
Chhabra Ispat Pvt Ltd           Non-FB limits          IND A4+          82       Affirmed
 (increased from INR72mln)
Pongalur Pioneer Textiles Pvt   Non-FB limits          IND A4+          215      Affirmed
Prince S.W.R Systems            Non-FB WC              IND A3           407.3    Affirmed
 (increased from INR370mln)

Aanchal Collections             FB limits              IND B+           135      Assigned
Amrit Lal Khatri                FB WC limits           IND BB /IND A4+  30       Assigned
Anant Steels                    FB WC limits           IND B+           60       Affirmed
Axis Clinicals Ltd              TL                     IND BBB+         100      Assigned
Bhola Ram Steel Pvt Ltd         FB limits              IND BB           100      Assigned
Capital Ventures Pvt Ltd        FB WC                  IND BB- /IND A4+ 180      Assigned
Ceat Specialty Tyres Ltd        TL - Yes Bk            IND AA (SO)      780      Assigned
Ceat Specialty Tyres Ltd        TL - ICICI Bk          IND AA (SO)      1500     Assigned
Ceat Specialty Tyres Ltd        FB/Non-FB WC limits    IND AA- /IND A1+ 500      Assigned
Chhabra Ispat Pvt Ltd           FB limits              IND BB+          180      Affirmed
Chhabra Ispat Pvt Ltd           TL                     IND BB+          12.8     Affirmed
 (reduced from INR13.19mln)
Kisan Oleochem & Derivatives    FB limits              IND BB- /INDA4+  345      Assigned
Pongalur Pioneer Textiles Pvt   FB limits              IND BB+          57.5     Affirmed
Pongalur Pioneer Textiles Pvt   TL                     IND BB+          184.82   Affirmed
 (reduced from INR194.83mln)
Prince S.W.R Systems            TL                     IND BBB-         81.6     Affirmed
 (reduced from INR180mln)
Prince S.W.R Systems            FB CC                  IND BBB-         827.2    Affirmed
 (increased from INR650mln)
R.R. Energy Ltd                 TL                     IND D            447.47   Assigned
R.R. Energy Ltd                 FB WC limits           IND D            240      Assigned
R.R. Energy Ltd                 Non-FB limits          IND D            191      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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