December 19, 2017 / 4:17 AM / in a year

India Ratings for Indian debt instruments – Dec 19

    Dec 19 (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
December 18, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Calderys India Refractories Ltd Non- fund- based WC FacIND A1+          450      Affirmed
(reduced from INR650)

Calderys India Refractories Ltd CC Fac*                IND AA/IND A1+   450      Affirmed
(increased from INR350); * The facility is fully interchangeable with the fund-based limits.
This facility includes the INR150 million fund-based limits rated earlier. 

Darbhanga- Motihari             Proposed unsecured     Provisional IND  8600     Assigned
Transmission Co. Ltd            NCDs^                  AAA(SO)
^ The final rating will be assigned following the closure of the issue upon the receipt of final
documentation, conforming to the information already received by Ind-Ra. The agency would look
into all final documents, including debenture trust deed, debenture trustee agreement, other
security documents, and no dues certificate from all banks/non-banking financial institutions
before assigning the final rating.
Darbhanga- Motihari             Proposed WC facility#  Provisional IND  180      Assigned
Transmission Co. Ltd                                   AAA(SO)
# The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by DMTCL to the satisfaction of Ind-Ra. 

Hyderabad Educational           Bk loans (long- term)  IND D            584.88   Migrated to
Institutions Pvt Ltd                                                             Non-
Mosavi Enterprises Pvt Ltd      Non- convertible       IND BBB-         960      Assigned
                                debentures (NCDs)
Shrihari Ginning And Oil        Proposed long- TL      Provisional IND  69.9     Migrated to
Industries                                             B+                        Non-
Shrihari Ginning And Oil        Proposed fund- based   Provisional IND  30       Migrated to
Industries                      limits                 B+                        Non-
Sunlite Industries              Long- TL               IND B+           13.07    Migrated to
Sunlite Industries              Fund- based WC limit   IND B+/IND A4    40       Migrated to
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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