December 28, 2017 / 9:22 AM / a year ago

India Ratings for Indian debt instruments – Dec 28

    Dec 28 (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 27, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Air Travel Bureau               Non-FB WC limit        IND A3+          70       Affirmed
Arunoday Construction Company   Non-FB WC limits       IND A4+          130      Affirmed
Crest Cellulose                 Non-FB limits          IND A2+          50       Assigned
Jatson Power                    Non-FB WC limit        IND A4+          32.5     Assigned
Modern Laminators               Non-FB WC limit        IND A4+          60       -
Migrated to Non-Cooperating Category
National Aluminium Company      Non-FB limits          IND A1+          8000     Affirmed
Pravesha Industries             Non-FB limits          IND A2+          500      Affirmed
Sri Vijaya Venkateswara Cotton  Non-FB limit           IND A4           0.2      Assigned
Ultima Swithgears               Non-FB limit           IND A4+          50       Assigned

Air Travel Bureau               FB WC limit            IND BBB/IND A3+  730      Affirmed
Arunoday Construction Company   FB WC limits           IND BB-          118.5    Affirmed
Brahmaputra Biochem             Long-TL                IND B+           612.7    Assigned
Brahmaputra Biochem             FB Fac                 IND B+/IND A4    179.4    Assigned
Brahmaputra Biochem             Non-FB Fac             IND B+/IND A4    37.5     Assigned
Crest Cellulose                 TL                     IND BBB+         605.4    Affirmed
Crest Cellulose                 FB WC limits           IND BBB+/IND     207.8    Affirmed
Genext Hardware & Parks         TL                     -                -        Withdrawn
Genext Hardware & Parks         Short-TL               -                -        Withdrawn
Jatson Power                    Long-TL                IND BB-          0.46     Assigned
Jatson Power                    FB WC limit            IND BB-          42.5     Assigned
Kadam & Kadam Jewellers         FB WC facility         IND BB-/IND A4+  600      -
Migrated to Non-Cooperating Category
Modern Laminators               TL                     IND BB+          14.1     -
Migrated to Non-Cooperating Category
Modern Laminators               FB WC limit            IND BB+/IND A4+  100      -
Migrated to Non-Cooperating Category
National Aluminium Company      FB limits              IND AAA          6000     Affirmed
Nhc Foods                       TL                     IND BB           22.6     Downgraded  
                                                                                 from IND BB+ 
Migrated to Non-Cooperating Category
Nhc Foods                       FB Fac                 IND BB/IND A4+   240      Downgraded 
                                                                                 from IND BB+
Migrated to Non-Cooperating Category
Pravesha Industries             TL                     IND BBB+         892.5    Affirmed
Pravesha Industries             FB WC limits           IND BBB+/IND A2+ 500      Affirmed
Ram Coir Mills                  TL                     IND B+           32       Affirmed
Ram Coir Mills                  FB WC limit            IND B+/IND A4    130      Affirmed
Sri Vijaya Venkateswara Cotton  FB limit               IND B+           45       Assigned
Ultima Swithgears               FB limit               IND BB-/IND A4+  100      Assigned
Yogiraj Spinning                FB WC limit            IND BBB-         100      -
Migrated to Non-Cooperating Category
Yogiraj Spinning                TL                     IND BBB-         263.01   -
Migrated to Non-Cooperating Category

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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