July 24, 2018 / 5:34 AM / a year ago

India Ratings for Indian debt instruments – Jul 24

    Jul 24 (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 23, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Bajaj Finance                   ST Bk Loan             IND A1+          50000    Outlook Stable
Dembla Timber Company           Non-FBL                IND A4           166.1    Assigned
International Commerce          Non-FB limits          IND A3           600      Assigned
Malbros International           NFB WC limits          IND A4+          19.3     Affirmed
Midwest Granite                 Non-FB WC limits       IND A3           22.5     Withdrawn
Oasis Distilleries              Non-FB WC limits       IND A4+          54.1     Affirmed
P. C. Snehal Construction Co    non-FB Fac             IND A3           810.5    Assigned
Priya’S Existing                non-FBL                IND A4+          210      Affirmed
Rhc Holding                     Secured ST Bk loans    IND A1           2500     Affirmed
Ud Solution                     Non fund based         IND A4+          140      Assigned

Bajaj Finance                   LT NCDs                IND AAA          100000   Outlook Stable
Bajaj Finance                   LT unsecured           IND AAA          20000    Outlook Stable
                                subordinated debt
Bajaj Finance                   LT Bk Loan             IND AAA          250000   Outlook Stable
Calyx Container Terminals       LT loans.              IND BB-          72.5     Withdrawn
Dembla Timber Company           FB WC limits           IND B/A4         30       Assigned
International Commerce          FB WC limits           IND BBB-/A3      150      Assigned
K.B.N. Jewellery                WC Limits              IND B/A4         80       Withdrawn
Kamal International             Fund Based WC Limits   IND B+/A4        90.3     Suspended
Kedia Pipes                     FB WC limits           IND BB/A4+       210      Assigned
Lily Hotels                     Long-TL                IND D            254.6    Assigned
Lite Bite Foods                 TL                     IND A            272.5    Affirmed
Lite Bite Foods                 FB WC limits           IND A            100      Assigned
Lite Bite Foods                 Non-FB WC credit limitsIND A            260      Affirmed
Malbros International           TL                     IND BB+          102.8    Affirmed
Malbros International           Fund based WC limits   IND BB+          270      Affirmed
Mangla Apparels                 LT Ratings             IND BBB-         250      Suspended
Midwest Granite                 FB WC limits           IND BBB/A3       120      Withdrawn
Mokama-Munger Highway           TL                     IND A-           3550     Suspended
Oasis Distilleries              TL                     IND BB+          161.9    Affirmed
Oasis Distilleries              WC limits              IND BB+          180      Affirmed
P. C. Snehal Construction Co    FB Fac                 IND BBB-/A3      135      Assigned
Punjabi University              WC limit               IND BBB-         43       Assigned
Rhc Holding                     NCD                    IND A            500      Affirmed
Rhc Holding                     Secured LT Bk loans    IND A            1500     Affirmed
Thdc India                      NCDs                   IND AA+          6000     Assigned
Ud Solution                     FB WC limit            IND BB+          20       Assigned
Vms International               FB WC limits           IND B+           55       Upgraded from
                                                                                 IND B-
Vms International               TL                     IND B+           7.5      Upgraded from
                                                                                 IND B-
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
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below