February 20, 2017 / 7:25 AM / in 8 months

India Ratings for Indian debt instruments – Feb 20

    Feb 20 (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
February 17, 2017.

COMPANY                         INSTRUMENT             RATING         AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------         ------   ---------
SHORT TERM RATINGS:
-------------------
Acb (I) Ltd                     Proposed CP programme  Provisional IND  1500     Assigned
                                (CP)**                 A1+
** Backed by fund-based limits and will be utilised to meet working capital requirements
Avi Global Plast Pvt Ltd        Non-FB WC facility     IND A3           180      Affirmed
 (reduced from INR237.5)
East West Freight Carriers Ltd  Non-FB WC facility     IND A3           30       Affirmed
(increased from INR1 million)
Ksp Inc                         Non-FB BG              IND A4+          3        Assigned
Acb (I) Ltd                     CP (CP)                -                1500     Withdrawn

LONG TERM RATINGS:
-------------------
Acb (I) Ltd                     NCDs (NCDs)            -                3500     Withdrawn
Acb (I) Ltd                     Long-TL                IND AA-          14625    Affirmed
Acb (I) Ltd                     Bk Fac                 IND AA- /IND A1+ 12580    Affirmed
Ags Transact Technologies Ltd   TL                     IND A-           2176.9   Assigned
Ags Transact Technologies Ltd   WC Bk lines*           IND A- /IND A1   6100     Assigned
*Working capital bank lines are interchangeable between fund-based and non-fund-based
facilities.
Ags Transact Technologies Ltd   Proposed TL            Provisional IND  3.1      Assigned
                                                       A-
Avi Global Plast Pvt Ltd        FB WC facility         IND BBB- /IND A3 210      Affirmed
Cv Ifmr Capital 2017            Series A1 pass-through Provisional IND  425.6    Assigned
                                certificates (PTCs)    A-(SO)
Cv Ifmr Capital 2017            Series A2 PTCs         Provisional IND  51.3     Assigned
                                                       BB(SO)
East North Interconnection Co.  NCDs                   IND AAA (SO)     1500     Affirmed
Ltd
 (reduced from INR2,125)
East North Interconnection Co.  NCDs                   IND AAA (SO)     2375     Affirmed
Ltd
East North Interconnection Co.  NCDs                   IND AAA (SO)     4750     Affirmed
Ltd
East West Freight Carriers Ltd  FB WC facility         IND BBB- /IND A3 215      Affirmed
Emkay Automobile Industries Ltd Non-FB Bk Fac          IND BBB /IND A3+ 40       Affirmed
Emkay Automobile Industries Ltd FB Bk Fac              IND BBB /IND A3+ 350      Affirmed
India Standard Loan Trust Xlii  PTC (PTCs)- Series A   Provisional IND  1250.3   Assigned
                                                       A(SO)
India Standard Loan Trust Xlii  Liquidity facility (LF)Provisional IND  12.51    Assigned
                                                       AAA(SO)
India Standard Loan Trust Xlii  Second loss credit     Provisional IND  49.39    Assigned
                                facility (SLCF)        BBB (SO)
Jai Bhagwati Tex Print Pvt Ltd  FB limits              IND B+           50       Assigned
Kosamattam Finance Ltd          Bk loans               IND BBB-         3000     Assigned
Kosamattam Finance Ltd          NCDs                   IND BBB-         2500*    Assigned
*Secured: INR2.25 billion and unsecured: INR0.25 billion
Ksp Inc                         FB export related      IND BB /A4+      105      Assigned
                                limits
-----------------------------------------------------------------------------------------------
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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