February 19, 2018 / 4:43 AM / a month ago

India Ratings for Indian debt instruments – Feb 19

    Feb 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
February 16, 2018 and February 17, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
------                          ----------             ------           ------   ---------
Anand Construwell Pvt. Ltd.     Non- fund- based limitsIND A4+          80       Affirmed
Mandar Roller Flour Mills Pvt   Non- fund- based WC    IND A4           175      Migrated to
Ltd                             limit                                            Non-
N.N. Global Mercantile Pvt. Ltd.Non- fund- based limitsIND A4+          100      Assigned
Nmc Industries Pvt Ltd          Non- fund- based WC    IND A4+          200      Migrated to
                                limit                                            Non-
Tirumala Balaji Alloys Pvt Ltd  Non- fund- based limitsIND A2+          90       Affirmed

Ahmedabad Municipal Corporation Proposed NCDs*         Provisional IND  2000     Affirmed
*The rating is provisional and shall be confirmed upon issuance of NCDs and receipt of
transaction documents by the agency.
Anand Construwell Pvt. Ltd.     Fund- based limits     IND BB+          130      Affirmed
Joyful Plastics Pvt Ltd         TL                     IND BB-          17.69    Affirmed
increased from 15.76 mln
Joyful Plastics Pvt Ltd         Fund- based limits     IND BB- / IND A4+80.5     Affirmed
increased from 49.5 mln
Lalithaa Jewellery Mart Pvt Ltd Fund- based WC limits  IND A- / IND A2+ 8340     Affirmed
Lalithaa Jewellery Mart Pvt Ltd Proposed fund- based   WD               170
                                WC limits
Withdrawn (because the issuer did not proceed with the instrument as envisaged)
Mandar Roller Flour Mills Pvt   Fund- based WC limit   IND B+/ IND A4   15       Migrated to
Ltd                                                                              Non-
N.N. Global Mercantile Pvt. Ltd.Fund- based WC limits  IND BB-          250      Assigned
Shrini Softex India Ltd         TL                     IND BB           43.8     Affirmed
reduced from 74.20 mln
Shrini Softex India Ltd         Fund- based WC Fac     IND BB/ IND A4+  200      Affirmed
Shriramkrupa Fibres             Fund- based WC limit   IND B+           75       Assigned
Shriramkrupa Fibres             TL                     IND B+           24.23    Assigned
Sri Srinivasa Delinters         Fund- based WC limit   IND B+/ IND A4   70       Migrated to
Supreme Glazes Pvt Ltd          TL                     IND BB-          10       Assigned
Supreme Glazes Pvt Ltd          Fund- based limits     IND BB- /IND A4+ 100      Assigned
Tirumala Balaji Alloys Pvt Ltd  Fund- based limits     IND BBB+         110      Affirmed

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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