March 7, 2018 / 5:52 AM / in 8 months

India Ratings for Indian debt instruments – Mar 7

    Mar 7 (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
March 6, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Emdee Digitronics               Non-FB limits          IND A4+          96.5     Assigned
Emdee Digitronics               Proposed non-FB limits Provisional  IND 83.5     Assigned
M.R. Gupta & Company            BG                     IND A4+          50       Affirmed
Reliance Infrastructure         CP                     IND A1+          450      Affirmed

Aavas Financiers                NCDs*                  IND A+           600      Reassigned
* The company redeemed NCDs worth INR750 million in December 2017.
Anant Steels                    FB WC limits           IND B+           60       -
Migrated to Non-Cooperating Category
Anmol Bakers                    FB limits              -                50       Withdrawn
Anmol Biscuits                  TL                     -                993.8    Withdrawn
Anmol Biscuits                  FB limits              -                340      Withdrawn
Anmol Industries                Long-TL                IND A+           451.06   Assigned
Anmol Industries                FB limits              IND A+           640      Assigned
Bansal Biscuits                 FB limits              -                50       Withdrawn
Bansal Biscuits                 TL                     -                100      Withdrawn
Emdee Digitronics               FB WC limits           IND BB           25       Assigned
Emdee Digitronics               Proposed FB WC limits  Provisional IND  35       Assigned
Indera Garments                 FB limits              IND BB-          60       -
Migrated to Non-Cooperating Category
Kals Distilleries               Fund based WC limits   IND BBB+         575      Upgraded
Kals Distilleries               TL (Corporate loan)    IND BBB+         74       Upgraded
Kals Distilleries               Proposed FB limits     WD               250      Withdrawn
(the issuer did not proceed with the instrument as envisaged)
M.R. Gupta & Company            FB WC limit*           IND BB- / IND A4+488.5    Affirmed
* Comprises bank overdraft and cash credit limit
Reliance Jio Infocomm           Non-FB WC limits       IND AAA / IND A1+94.86    Affirmed
Reliance Jio Infocomm           FB WC limits           IND AAA / IND A1+5        Affirmed
Samrat Irons                    TL                     IND BB+          12.5     Affirmed
Samrat Irons                    FB WC limit            IND BB+ / IND A4+660      Affirmed
Ujaas Energy                    FB limits              -                95       Withdrawal
Ujaas Energy                    Non-FB limits          -                790      Withdrawal
Ujaas Energy                    TL                     -                939      Withdrawal
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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