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India Ratings for Indian debt instruments – May 23
May 23, 2017 / 4:16 AM / 6 months ago

India Ratings for Indian debt instruments – May 23

    May 23 (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
May 22, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
------                          ----------             ------           ------   ---------
Artemis Auto India Pvt Ltd      Non- fund- based WC    IND A4+          30       Assigned
Veebee Yarnntex Pvt Ltd         Non- fund- based Fac   IND A3           31       Assigned

Artemis Auto India Pvt Ltd      Fund- based WC limits  IND BB/ IND A4+  112.5    Assigned
Bangalore Elevated Tollway Pvt  NCDs                   IND AA-          1991.5   Assigned
Bscpl Aurang Tollway Ltd        Long- term senior Bk   IND B+           8560     Migrated to
                                loans                                            Non-
Fair N Flair Garments           Fund- based WC limits  IND B+           430      Affirmed
(increased from 400)
Fair N Flair Garments           TL                     IND B+           20.1     Affirmed
(reduced from 38)
Flair Garments (P) Ltd          Fund- based limits     IND BB-          20       Upgraded
(reduced from 30)
Flair Garments (P) Ltd          Long- TL               IND BB-          37.4     Upgraded
(reduced from 52.5)
Kalinga Bharati Foundation      Bk loans               IND B            55       Assigned
Karnataka Cooperative Milk      Fund- /non- fund-      IND A            1500     Affirmed
Producers Federation Ltd        based WC limit
Lingard Ifmr Capital 2017       Series A1 PTC (PTCs)   IND A- (SO)      270.4    Assigned
Lingard Ifmr Capital 2017       Series A2 PTCs         IND BB+(SO)      12.7     Assigned
National Education Foundation   TL                     IND BBB-         341.9    Assigned
North Karnataka Expressway Ltd  NCDs                   IND AAA(SO)      4636     Affirmed
Pragathi Hatcheries             TL                     IND B            46.08    Assigned
Pragathi Hatcheries             Fund- based Fac        IND B            75       Assigned
Shri K. K. Jain Educational     TL                     IND BB+          120.4    Migrated to
Trust                                                                            Non-
Shri K. K. Jain Educational     WC facility            IND BB+          100      Migrated to
Trust                                                                            Non-
Sp Jammu Udhampur Highway Ltd   NCDs                   IND AAA(SO)      26100    Affirmed
Uttarakhand Seeds & Tarai       Fund- based WC facilityIND A-           500      Migrated to
Development Corporation Ltd                                                      Non-
Veebee Yarnntex Pvt Ltd         TL                     IND BBB-         534.7    Assigned
Veebee Yarnntex Pvt Ltd         Fund- based Fac        IND BBB- / IND A3485      Assigned
Yadu Sugar Ltd                  Fund- based limits     IND D/ IND D     1020     Assigned
                                (Long- term/Short-
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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