India Ratings for Indian debt instruments – Sep 12

Last Updated: Tue, Sep 12, 2017 09:40 hrs

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 (RS.MLN) ------ ---------- ------ ------ --------- SHORT TERM RATINGS: ------------------- 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 Ltd LONG TERM RATINGS: ------------------- Aravind Ceramics Pvt Ltd FB WC facility IND BB /IND A4+ 360 Long-term rating upgraded, Short-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 J M Mhatre Infra Pvt Ltd FBL IND BBB- 700 Upgraded from IND BB+ Map Ltd FB WCL WD 500 Withdrawn Muthoot Microfin Ltd NCD* IND A- 750 Assigned * Yet to be issued Muthoot Microfin Ltd BL IND A- 2000 Assigned Nikita Jewellers Pvt Ltd FBL IND BB 156 Migrated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 Non- Cooperating Category (ISSUER NOT COOPERATING) 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 Non- Cooperating Category (ISSUER NOT COOPERATING) Syrma Technology Pvt Ltd FB WC Fac IND BB+ / IND A4+270 Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING) Syrma Technology Pvt Ltd Non-FB WC limits IND BB+ / IND A4+202 Migrated to Non- Cooperating Category (ISSUER NOT COOPERATING) 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 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

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