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India Ratings for Indian debt instruments – Feb 10
February 10, 2017 / 4:36 AM / 10 months ago

India Ratings for Indian debt instruments – Feb 10

    Feb 10 (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 9, 2017.

COMPANY                         INSTRUMENT             RATING         AMOUNT     MOVEMENT
------                          ----------             ------         ------     ---------
Exim Logistics Pvt Ltd          Non-FB limit           IND A3+          10       Assigned
Multitex Filtration Engineers   Non-FB limits          IND A3           600      Affirmed
(increased from INR525)

Vnm Jewel Crafts Ltd            FB WC                  IND B /IND A4    50       Assigned
Exim Logistics Pvt Ltd          FB limit               IND BBB          100      Assigned
Harbansh Lal Foods Pvt Ltd      FB WC limits           IND BB+ /IND A4+ 200      Assigned
Mirambika Agro Industries       LT loans               IND B+           4.56     Assigned
Mirambika Agro Industries       FB Fac                 IND B+/ IND A4   60       Assigned
Multitex Filtration Engineers   FB limits              IND BBB- /IND A3 140      Affirmed
Punjab National Bank            Additional Tier I      IND AA+          15       Affirmed
                                (AT1) bonds PNB-PDI-I
Punjab National Bank            Proposed AT1 bonds     IND AA+          15       Assigned
Punjab National Bank            Basel III Tier 2 bonds*IND AAA          30       Affirmed
*Details of Basel III Tier 2 bonds are given in Annexure. 
Punjab National Bank            Senior Infrastructure  IND AAA          20       Affirmed
Punjab National Bank            Certificates of        WD               150      Withdrawn
                                deposit programme
Punjab National Bank            Basel II Lower Tier 2  WD               10       Withdrawn
                                subordinated bonds
Saraswati Educational           TL, Union Bk           IND BB           208.4    Affirmed
Charitable Trust
 (reduced from INR230)
Saraswati Educational           TL, Union Bk           IND BB           149.8    Affirmed
Charitable Trust
(reduced from INR150)
Saraswati Educational           WC facility, Union Bk  IND BB           20       Assigned
Charitable Trust
Saraswati Educational           Proposed TL, Union Bk  Provisional IND  300      Assigned
Charitable Trust                                       BB
Solar Print Process Pvt Ltd     TL                     IND BB           29.9     Affirmed
Solar Print Process Pvt Ltd     Line of credit (TL)    IND BB           18.6     Affirmed
Solar Print Process Pvt Ltd     FB limits              IND BB /IND A4+  80       Affirmed
Solar Print Process Pvt Ltd     Letter of guarantee    IND BB /IND A4+  5        Affirmed
Suryamitra Exim Pvt Ltd         Long-TL                IND BBB          10.04    Assigned
Suryamitra Exim Pvt Ltd         Long-TL                IND BBB          7.96     Assigned
Suryamitra Exim Pvt Ltd         Long-TL                IND BBB          56       Assigned
Suryamitra Exim Pvt Ltd         FB Fac                 IND BBB/ IND A3+ 1080     Assigned
Suryamitra Exim Pvt Ltd         Non-FB Fac             IND BBB/ IND A3+ 300      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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