February 21, 2017 / 4:54 AM / 9 months ago

India Ratings for Indian debt instruments – Feb 21

    Feb 21 (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 20, 2017.

COMPANY                         INSTRUMENT             RATING         AMOUNT   MOVEMENT
------                          ----------             ------         ------   ---------
Goyal Glassware Pvt Ltd         Non-FB WC limits       IND A4+          42.5     Assigned
Shri Ram Rubtech Pvt Ltd        NFBL                   IND A4           20       Assigned
Virendra Kumar Singh            Non-FB limits          IND A4+          20       Assigned

Bangalore Elevated Tollway Pvt  LT senior RTL          IND AA-          4860     Assigned
Bses Rajdhani Power Ltd         TL                     IND BB-          11500    Assigned
Bses Rajdhani Power Ltd         FB limits              IND BB- /        2970     Assigned
                                                       IND A4+
Bses Rajdhani Power Ltd         Non-FB limits          IND BB- /        4120     Assigned
                                                       IND A4+ 
Bses Rajdhani Power Ltd         Proposed unallocated   IND BB- /        2820     Assigned
                                WC limits*             IND A4+

* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by BRPL to the satisfaction of Ind-Ra.

Essel Lucknow Raebareli Toll    NCDs                   IND AAA(SO)      5760     Affirmed
Roads Ltd
Goyal Glassware Pvt Ltd         TL                     IND BB+          106.48   Assigned
Goyal Glassware Pvt Ltd         FB WC limits           IND BB+ /        180      Assigned
                                                       IND A4+ 
Ree Gurudeva Charitable And     FB WC Fac              IND BB-          70       Assigned
Educational Trust
Ree Gurudeva Charitable And     Bk loans               IND BB-          13.22    Assigned
Educational Trust’S
Shri Ram Rubtech Pvt Ltd        FB limits              IND B+           30       Assigned
Shri Ram Rubtech Pvt Ltd        TL                     IND B+           0.41     Assigned
Virendra Kumar Singh            FB limits              IND BB-          40       Assigned
Virendra Kumar Singh            Proposed FB limits*    IND BB-          10       Assigned
* The above rating is provisional and final rating shall be confirmed upon the sanction and
execution of the loan documents for the above facilities by VKS to the satisfaction of Ind-Ra.
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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