October 13, 2017 / 4:24 AM / 9 months ago

India Ratings for Indian debt instruments – Oct 13

    Oct 13 (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
October 12, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
H M Industrial                  Non-FB WC              IND A3           190      Assigned
Malwa Agro Foods                Non-FB limits          IND A3           0.6      -
Migrated to Non-Cooperating Category
Migrates P.E. Erectors          Non-FB WC limits       IND A4+          100      -
Migrated to Non-Cooperating Category

Cachar Alloys                   FB WC limit            IND B            37.5     -
Migrated to Non-Cooperating Category
Cachar Alloys                   Long-TL                IND B            59       -
Migrated to Non-Cooperating Category
Dutta Builder & Developers      LT Loan                IND BB-          20       -
Migrated to Non-Cooperating Category
Eastern Media                   TL                     IND BBB-         40       Assigned
Eastern Media                   FB limits              IND BBB-         299      Assigned
Electronica Finance             NCDs*                  IND A-           100      Assigned
Euro Shoe Components            FB WC limit            IND BBB+         50       -
Migrated to Non-Cooperating Category
Euro Shoe Components            TL                     IND BBB+         34.1     -
Migrated to Non-Cooperating Category
Euro Shoe Components            Non-FB WC limits       IND BBB+         132.5    -
Migrated to Non-Cooperating Category
Gayatri Poultries               FB WC limit            IND B+           30       Assigned
Gayatri Poultries               Long-TL                IND B+           130      Assigned
H M Industrial                  LT-loan                IND BBB-         398.5    Assigned
H M Industrial                  FB WC                  IND BBB- /A3     590      Assigned
Malwa Agro Foods                FB limits              IND BBB-         119      -
Migrated to Non-Cooperating Category
Malwa Agro Foods                Long-TL                IND BBB-         4.25     -
Migrated to Non-Cooperating Category
Migrates P.E. Erectors          FB WC limit            IND BB+          45       -
Migrated to Non-Cooperating Category
Navrang Roadlines               FB WC  Fac             IND BB+ / IND A4+335      Assigned
Shital Diam                     FB Fac (LT/ST)         IND D            220      Downgraded
                                                                                 from IND BB/
                                                                                 IND A4+
Downgraded and 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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