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India Ratings for Indian debt instruments – Sep 12
September 12, 2017 / 4:09 AM / 2 months ago

India Ratings for Indian debt instruments – Sep 12

    Sep 12 (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
September 11, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
J M Mhatre Infra Pvt Ltd        NFBF                   IND A3           2000     Upgraded from
                                                                                 IND A4+
(increased from INR1,550)
Waves Hotels And Estates Pvt    NFB WCL                IND A3           100      Assigned
Aravind Ceramics Pvt Ltd        FB WC facility         IND BB /IND A4+  360      Long-term
                                                                                 rating affirmed
(reduced from INR430)
Cleansolar Renewable Energy Pvt tl                     IND A-           2122.5   Upgraded from
Ltd                                                                              IND BBB
(current outstanding INR1,856.9)
Irb Ahmedabad Vadodra Super     Senior project Bk loan IND BBB          31769*   Affirmed
Express Tollway Pvt Ltd
(reduced from INR33,000),
*An external commercial borrowing (ECB) of USD29.66 million (USD29.65 million outstanding) as a
sub-limit of the senior project bank loan is included.
J M Mhatre Infra Pvt Ltd        FBL                    IND BBB-         700      Upgraded from
                                                                                 IND BB+
Map Ltd                         FB WCL                 WD               500      Withdrawn
Muthoot Microfin Ltd            NCD*                   IND A-           750      Assigned
* Yet to be issued
Muthoot Microfin Ltd            BL                     IND A-           2000     Assigned
Nikita Jewellers Pvt Ltd        FBL                    IND BB           156      Migrated to
Sekhani Industries Pvt Ltd      TL                     IND BB           322.5    Upgraded from
                                                                                 IND BB-
(reduced from INR370)
Syrma Technology Pvt Ltd        TL                     IND BB+          30.4     Migrated to
Syrma Technology Pvt Ltd        FB WC Fac              IND BB+ / IND A4+270      Migrated to
Syrma Technology Pvt Ltd        Non-FB WC limits       IND BB+ / IND A4+202      Migrated to
Waves Hotels And Estates Pvt LtdTL                     IND BBB-         900      Affirmed
(increased from INR700)
Waves Hotels And Estates Pvt LtdProposed TL*           IND BBB-         2290     Affirmed
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by WHEPL to the satisfaction of Ind-Ra.,
(increased from INR2,000)
Waves Hotels And Estates Pvt LtdFB WCL                 IND BBB- / IND A310       Assigned
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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