February 13, 2017 / 5:14 AM / 9 months ago

India Ratings for Indian debt instruments – Feb 13

    Feb 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
February 10, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
------                          ----------             ------           ------   ---------
Bhartia Yarns Pvt Ltd           Non-FB WC facility     IND A4+          90       Affirmed
Fine Yarns                      Non-FB WC facility     IND A4+          130      Affirmed
(reduced from 138.5)
Kaizen Cold Formed Steel Pvt LtdNon-FB Fac             IND A4           60.7     Assigned
M K Pine Wood Llp               Non-FB limit           IND A4           90       Assigned
M.E. Infra Projects Pvt Ltd     Non-FB WC limits       IND A3           550      Assigned
M.R. Gupta & Company Pvt Ltd    BG                     IND A4+          50       Affirmed
(increased from 40)
M.R. Gupta & Company Pvt Ltd    LOC                    IND A4+          216      Withdrawn
 (instrument was paid in full)
Mandar Roller Flour Mills Pvt   Non-FB facility        IND A4           175      Assigned
Neolite Zkw Lightings Pvt Ltd   FB limits              IND A4+          320      Affirmed
(increased from 280)
Neolite Zkw Lightings Pvt Ltd   Non-FB limits          IND A4+          97.5     Affirmed
(increased from 87.50)
Nimish Syntex                   Non-FB WC facility     IND A4+          140      Affirmed
(reduced from 150)
Nirvana Fashion Clothing        Non-FB limits          IND A4+          30       Affirmed
Philip D'Costa & Co             Non-FB Fac             IND A4           30       Assigned
Philip D'Costa & Co             Proposed non-FB Fac    Provisional IND  10       Assigned

B.D Textile Mills Pvt Ltd       FB Fac                 IND BB/ IND A4+  230      Affirmed
Bhartia Yarns Pvt Ltd           FB WC facility         IND BB/ IND A4+  10       Affirmed
Bhavya Constructions Pvt Ltd    FB WC limits           IND BB- /IND A4+ 150      Assigned
Fine Yarns                      FB WC facility         IND BB-/ IND A4+ 10       Assigned
Kaizen Cold Formed Steel Pvt LtdFB Fac                 IND B / IND A4   50       Assigned
M K Pine Wood Llp               FB Fac                 IND B+/ IND A4   20       Assigned
M.R. Gupta & Company Pvt Ltd    Bk overdraft           IND BB-/ IND A4+ 488.5    Affirmed
(increased from 272.50)
Madhuri P. Rural Godowns        TL                     IND B+           96.9     Assigned
Mandar Roller Flour Mills Pvt   FB facility            IND B+/ IND A4   15       Assigned
Neolite Zkw Lightings Pvt Ltd   TL                     IND BB+          185.9    Upgraded
(reduced from 340.40)
Neolite Zkw Lightings Pvt Ltd   FB limits              IND BB+          320      Upgraded
(increased from 280)
Nimish Syntex                   FB WC facility         IND BB-/ IND A4+ 10       Assigned
Nirvana Fashion Clothing        FB limits              IND BB-          90       Affirmed
P. Padma Rural Godowns          TL                     IND B+           97.4     Assigned
P. Shiva Raj Goud Rural Godowns TL                     IND B            99.9     Assigned
Philip D'Costa & Co             Long-TL                IND B            6.6      Assigned
Philip D'Costa & Co             FB Fac                 IND B/ IND A4    20       Assigned
Philip D'Costa & Co             Proposed long-TL       Provisional
                                                       IND B            10       Assigned
Philip D'Costa & Co             Proposed FBFac         Provisional IND  5        Assigned
                                                       B/ IND A4
Sagar Business Pvt Ltd          FB limits              IND BB           230      Assigned
Sagar Business Pvt Ltd          Proposed FB limits     Provisional IND  20       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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