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India Ratings for Indian debt instruments – Feb 22
February 22, 2017 / 3:52 AM / 9 months ago

India Ratings for Indian debt instruments – Feb 22

    Feb 22 (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 21, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Furnace Fabrica                 Non-FB limits          IND A2           2110     Assigned
Plastene India                  Non-FB WC limits       IND A3           410      Assigned
Plastene India                  Forward contract limitsIND A3           15       Assigned
Raviraj Foils                   Non-FB WC limits       IND A3+          67.5     Upgraded from
                                                                                 IND A3
Saatveeka Trading Company       Non-FB limits          IND A4+          20       Affirmed

Bangalore Metro Rail CorporationProposed bonds*        Provisional IND  3000     Assigned
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by BMRCL to the satisfaction of Ind-Ra.
Furnace Fabrica                 FB limits              IND BBB+         450      Assigned
Furnace Fabrica                 TL*                    IND BBB+         210      Assigned
* The details of the term loans are given in Annexure.
Furnace Fabrica                 Proposed non-FB        Provisional IND A1080     Assigned
** The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the proposed facilities by FFIL to the satisfaction of Ind-Ra.
Furnace Fabrica                 Proposed FB limits**   Provisional IND  150      Assigned
** The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the proposed facilities by FFIL to the satisfaction of Ind-Ra.
Gautam Trading Company          FB WC                  IND B/IND A4     250      Affirmed
Ghanta Foods                    TL                     IND BB           18       Assigned
Ghanta Foods                    FB WC limits           IND BB/IND A4+   77       Affirmed
Ghanta Foods                    TL                     WD               5        Withdrawn
Hotel Swosti                    TL                     IND BB           30.79    Affirmed
Hotel Swosti                    FB limits              IND BB           7.5      Affirmed
Il&Fs Education & Technology    NCD Series B           IND AA-          760      Affirmed
Il&Fs Education & Technology    NCD Series C           IND AA-          1986     Affirmed
Nemcare Hospitals               TL                     IND BB           490      Assigned
Neogrowth Credit                NCDs                   IND BBB          325*     Assigned
*This is a part of NeoGrowth's INR500 million NCD programme which was assigned a  Provisional
IND BBB’ rating with a Stable Outlook on 29 November 2016.
Plastene India                  Long-TL                IND BBB-         615      Assigned
Plastene India                  FB WC limits           IND BBB-         1960     Assigned
R.K. Industries                 FB WC                  IND BB-/IND A4+  150      Affirmed
Raviraj Foils                   TL                     IND BBB          111.5    Upgraded from
                                                                                 IND BBB-
Raviraj Foils                   FB WC limits           IND BBB          98.5     Upgraded from
                                                                                 IND BBB-
Saatveeka Trading Company       FB limits              IND BB           100      Affirmed
Satyajeet Traders               FB WC facility         IND BBB-/IND A3  100      Assigned
Sungro Seeds                    FB WC                  IND BB           100      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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