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India Ratings for Indian debt instruments – Jul 7
July 7, 2017 / 4:38 AM / 5 months ago

India Ratings for Indian debt instruments – Jul 7

    Jul 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
July 6, 2017.

COMPANY                         INSTRUMENT             RATING         AMOUNT    MOVEMENT
------                          ----------             ------         ------    ---------
Ntpc-Sail Power Co. Ltd         Non-convertible        IND AA           15000    Assigned
                                redeemable bonds
Octal Sales Pvt Ltd             FB WC limit            IND B            70       Migrated to
                                                                                 Non Cooperating
Saral Home Finance Ltd          Bk loans               IND BB+          207.55   Downgraded
                                                                                 from IND BBB-/
Shivani Trendz Pvt Ltd          FB WC limit            IND BB / IND A4+ 160      Assigned
Shivani Trendz Pvt Ltd          Proposed FB limit*     Provisional IND  40       Assigned
                                                       BB /
                                                       Provisional  IND A4+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by STPL to the satisfaction of Ind-Ra.
Sri Vinay Agro Rice Industries  TL                     IND B            41.3     Assigned
Sri Vinay Agro Rice Industries  FB Fac                 IND B /IND A4    45       Assigned
Trading Engineers               Non-FB WC limits       IND B+ /IND A4   435      Affirmed
(International) Ltd
Trading Engineers               FB WC limits           IND B+ /IND A4   492.5    Affirmed
(International) Ltd
Ubl Trust 4                     Series A pass-through  IND A+ (SO)      1513.58  Assigned
                                certificates (PTCs)
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 The withdrawn criteria are now available on India Ratings' website at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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