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India Ratings for Indian debt instruments - Feb 7
February 7, 2017 / 4:14 AM / 10 months ago

India Ratings for Indian debt instruments - Feb 7

Feb 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
February 6, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
------                          ----------             ------           ------   ---------
Lahoty Brothers Pvt Ltd         Non FB limits          IND A4+          110      Affirmed
Malnady Tea Estate Pvt Ltd      Non-FB limits          IND A4+          100      Assigned
Rural Electrification Corp      ST debt/CP programme   IND A1+          50       Assigned
                                (including BG, FY17)
Seshsayi Foods Pvt Ltd          Non-FB WC limits       IND A4+          7.8      Affirmed

Aishwarya Agriprocessors Pvt.   FB limits              IND BB-/ IND A4+ 100      Assigned
Briseis Cv Ifmr Capital 2016    Series A1 pass-through IND A-(SO)       382.7    Assigned
                                certificates (PTCs)
Briseis Cv Ifmr Capital 2016    Series A2 PTCs         IND BB(SO)       41       Assigned
Gayatri Agro Oil & Food         TL                     IND BB           75.09    Assigned
Gayatri Agro Oil & Food         FB-WC limits           IND BB           70       Assigned
Hercules Automobiles            TL                     IND B+           150      Assigned
International Pvt Ltd
Hercules Automobiles            FB WC limits           IND B+/ IND A4   280      Assigned
International Pvt Ltd
Lahoty Brothers Pvt Ltd         FB limits              IND BB+          75       Affirmed
Malnady Tea Estate Pvt Ltd      TL                     IND BB+          2.51     Assigned
Malnady Tea Estate Pvt Ltd      FB limits              IND BB+          5        Assigned
Ozone Diamonds Pvt Ltd          FB WC                  IND BB-/ A4+     100      Assigned
Price & Buckland (I) Pvt Ltd    TL                     IND B+           15       Assigned
Price & Buckland (I) Pvt Ltd    Proposed FB WC limits* IND B+ / IND A4  7        Provisional
Price & Buckland (I) Pvt Ltd    FB WC limits           IND B+/ IND A4   48       Assigned
Rural Electrification Corp      Borrowing programme    IND AAA          150      Assigned
                                (FY17 LT borrowing
S.K. Agarwal & Co.              FB limits              IND BB/ IND A4+  745      Assigned
S.K. Agarwal & Co.              Proposed Bk Fac*       IND BB/ IND A4+  50       Provisional
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the abo
Sarita Forgings Pvt Ltd         TL                     IND B+           15       Assigned
Sarita Forgings Pvt Ltd         FB limits              IND B+/ IND A4   85       Assigned
Sarita Forgings Pvt Ltd         Proposed FB limits     IND B+/ IND A4   50       Provisional
Seshsayi Foods Pvt Ltd          TL                     IND BB+          171.1    Upgraded
(reduced from INR281.4)
Seshsayi Foods Pvt Ltd          FB WC limits           IND BB+/ IN A4+  300      Upgraded

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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