January 16, 2018 / 5:48 AM / 6 months ago

India Ratings for Indian debt instruments – Jan 16

    Jan 16 (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
January 15, 2018.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
------                          ----------             ------          ------   ---------
Ch.Gowri Shankar Infra Build    NFBF                   IND A4+          70       Affirmed
(I) Pvt Ltd
(increased from INR60)
Dolswap Business Pvt Ltd        NFBL                   IND A3           30       Affirmed
Emirates Nbd Bank               ST                     IND A1+          -        Assigned
Excellent Moulders              NFBL                   IND A3           85       Affirmed
Pn International                NFBL                   IND A2           100      Assigned
Shakthi Knitting Ltd            NFBF                   IND A4+          231      Migrated to
                                                                                 Non -
Tenty Marketing Company Pvt Ltd NFBL                   IND A3           25       Affirmed

Ag8 Ventures Ltd                LTL                    IND BB-          1379.5   Assigned
Calcutta Radio Service Pvt Ltd  FBL                    IND BB-          105      Assigned
Ch.Gowri Shankar Infra Build    FBF                    IND BB+          80       Upgraded from
(I) Pvt Ltd                                                                      BB
(increased from INR60)
Dolswap Business Pvt Ltd        FBL                    IND BBB-         130      Affirmed
Emirates Nbd Bank               LT                     IND AAA          -        Assigned
Excellent Moulders              FBL                    IND BB           60       Affirmed
Pn International                FBL                    IND BBB+         210      Assigned
Shakthi Knitting Ltd            FBF                    IND BB+          840      Migrated to
                                                                                 Non -
Siddhartha Corporation Pvt Ltd  FBL                    IND BBB +        150      Downgraded 
                                                                                 from IND A -
(increased from INR 1,000)
Tenty Marketing Company Pvt Ltd FBL                    IND BBB-         80       Affirmed
The Mohan Goldwater Breweries   TL                     IND BB           680      Affirmed
(reduced from INR730)
The Mohan Goldwater Breweries   FBWCL                  WD               50       Withdrawn
(the instrument has been paid in full)
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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