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India Ratings for Indian debt instruments – Jul 12
July 12, 2017 / 6:25 AM / 4 months ago

India Ratings for Indian debt instruments – Jul 12

    Jul 12 (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 11, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Axles India Ltd                 Non-FB WC limits       IND A1           195      Affirmed
Milano Papers Pvt Ltd           Non-FB Fac             IND A4+          12       Assigned
Saibaba Solvent Industries LLP  Non-FB WC limit        IND A4+          0.73     Assigned

Ali Agency                      FB limit               IND BBB-         197      Assigned
Axles India Ltd                 Long-TL                IND A            54       Affirmed
Axles India Ltd                 FB WC limits           IND A /IND A1    520      Affirmed
Dwarikamayee Bhandar            FB limit               IND BBB-         95       Assigned
Gvr Behari Hanumana Tollway Pvt TL                     IND C            1086.9   Assigned
Gvr Panna Amanganj Tollway Pvt  TL                     IND C            870      Assigned
Institute Of Modern Studies     Proposed Bk loans*     Provisional IND B100      Assigned
* The rating is provisional and shall be confirmed upon the sanction 
 and execution of loan documents for the above facility by IMS to 
 the satisfaction of Ind-Ra.
Kohinoor Hatcheries Pvt Ltd     Long-TL                IND BB+          251.12   Assigned
Kohinoor Hatcheries Pvt Ltd     FB Fac                 IND BB+ /IND A4+ 411      Assigned
Mahavir Enterprises             FB limit               IND BBB-         184      Assigned
Milano Papers Pvt Ltd           TL I                   IND BB           8.8      Assigned
Milano Papers Pvt Ltd           TL II                  IND BB           15.2     Assigned
Milano Papers Pvt Ltd           FB WC Fac              IND BB /IND A4+  150      Assigned
N. N. Saha & Sons Agro          FB limit               IND BB-          240      Assigned
Saibaba Solvent Industries Llp  FB WC limit            IND BB-          100      Assigned
Saibaba Solvent Industries Llp  TL                     IND BB-          86.99    Assigned
Shree Krushna Enterprises       FB limit               IND BBB-         85       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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