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India Ratings for Indian debt instruments – Nov 10
November 10, 2017 / 4:58 AM / a month ago

India Ratings for Indian debt instruments – Nov 10

    Nov 10 (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
November 9, 2017.

COMPANY                         INSTRUMENT             RATING         AMOUNT    MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------         ------    ---------
SHORT TERM RATINGS:
-------------------
Balaji Coal Pvt Ltd             Non-FB WC limit        IND A4+          400      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not cooperating
Dignity Innovations             Non-FB WC limits       IND A4           10       Assigned
Dignity Innovations             Proposed non-FB WC     Provisional IND  30       Assigned
                                limits*                A4
Proposed non-fund-based working capital limits*
R K Enterprise                  Non-FB WC limit        IND A4+          -        Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not cooperating
Turtle Ltd                      Non-FB limits          IND A2           30       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not cooperating
    
LONG TERM RATINGS:
-------------------
R K Enterprise                  FB WC limit            IND BB-          10.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not cooperating
R K Enterprise                  TL                     IND BB-          56.26    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not cooperating
Shri Guru Ram Dass Educational  TL                     IND A            599.9    Affirmed
Society
(reduced from INR715.00mln)
Balaji Coal Pvt Ltd             FB WC limit            IND BB+          75       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not cooperating
Darbhanga-Motihari Transmission Rupee TL               IND AA-          8000     Assigned
Co. Ltd
Darbhanga-Motihari Transmission WC facility (CC)       IND AA-          180      Assigned
Co. Ltd
Darbhanga-Motihari Transmission Non-FBL                IND AA-          220      Assigned
Co. Ltd
Desai Infra Projects (I) Pvt LtdFB WC  Fac             IND BB+/ IND A4+ 150      Assigned
Dignity Innovations             FB WC limits           IND B+/IND A4    75       Assigned
Dignity Innovations             Proposed FB WC limits* Provisional IND  65       Assigned
                                                       B+ /Provisional
                                                       IND A4
* The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by DI to the satisfaction of Ind-Ra. 
Indiabulls Housing Finance Ltd  CP                     WD               20000    Withdrawn
Muppa Projects India Pvt Ltd    TL                     WD               90.2     Withdrawn
Nspira Management Services Pvt  Bk loans               IND AA-          1250     Assigned
Ltd
Parampujya Solar Energy Pvt Ltd Bk loans               IND A-           16505    Assigned
Parampujya Solar Energy Pvt Ltd FB Fac                 IND A-           475      Assigned
Parampujya Solar Energy Pvt Ltd Loan equivalent risk   IND A-           1640     Assigned
Ricoh India Ltd                 NCDs (NCDs)            IND D            2000     Downgraded
                                                                                 from IND BB+
Off RWN
The South Indian Bank Ltd       Lower Tier II          IND A+           2000     Affirmed
                                subordinated debt
The South Indian Bank Ltd       Basel III Tier 2 debt  IND A+           10000    Affirmed
Turtle Ltd                      FB limits              IND BBB+         480      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not cooperating
Turtle Ltd                      Proposed FB limits     Provisional IND  100      Migrated to
                                                       BBB+                      Non Cooperating
                                                                                 Category
Issuer Not cooperating
Vaibhav Gems                    Long-TL                IND BBB          10.48    Upgraded from
                                                                                 IND BBB-
Vaibhav Gems                    FB WC limit            IND BBB/IND A3+  268      Upgraded from
                                                                                 IND BBB- /IND
                                                                                 A3
-----------------------------------------------------------------------------------------------
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
www.indiaratings.co.in

$: 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
category.

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
rru.data@thomsonreuters.com)

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