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India Ratings for Indian debt instruments – Aug 11
August 11, 2017 / 4:36 AM / a month ago

India Ratings for Indian debt instruments – Aug 11

    Aug 11 (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
August 10, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Hansraj Agrofresh               Non-FB WC limits       IND A4           2.97     -
Migrated to Non-Cooperating Category
Knr Constructions               Non-FBL                IND A1+          11920    Affirmed
Knr Constructions               CP (CP)^               IND A1+          500      Affirmed
^ The CP has been carved out of existing cash credit facilities. The proceeds of the CP will be
used for funding the working capital requirements of the company.
Knr Constructions               Proposed non- FB       Provisional IND  3080     Affirmed
                                limits#                A1+
# The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by KNRCL to the satisfaction of Ind-Ra.


LONG TERM RATINGS:
-------------------
Gallus Cv Ifmr Capital 2017     Series A1 pass-through Provisional IND  344.5    Assigned
                                certificates (PTCs)    A-
Gallus Cv Ifmr Capital 2017     Series A2 PTCs         Provisional IND  20.8     Assigned
                                                       BB+
Hansraj Agrofresh               TL                     IND B+           92.98    -
Migrated to Non-Cooperating Category
Hansraj Agrofresh               FB WC limits           IND B+           150      -
Migrated to Non-Cooperating Category
Hdfc                            Second loss credit     IND A+           467.8    Affirmed
                                facility (SLCF)
Hdfc                            SLCF                   IND AA-          35.6     Upgraded from
                                                                                 IND BBB
Hdfc                            Purchaser Payouts      IND AAA          2602.3   Affirmed
Hdfc                            Purchaser payouts      IND AAA          190.4    Affirmed
Indo Farm Equipment             FB Bk Fac              IND BBB+ / IND   300      Assigned
                                                       A2+
Isolux Corsan India             FB limits              IND BB+          665      Downgraded
                                                                                 from IND BBB+
Migrated to Non-Cooperating Category
Isolux Corsan India             Non-FB limits          IND BB+ / IND A4+6050     Downgraded
                                                                                 from IND BBB+
                                                                                 / A2
Migrated to Non-Cooperating Category
Isolux Corsan India             Proposed WC Fac        Provisional IND  4285     Downgraded
                                                       BB+                       from IND
                                                                                 ProvisionalBBB+
Migrated to Non-Cooperating Category
Kanakadurga Finance             LT Bk loans            -                150      Withdrawn
Knr Constructions               TL                     IND A+           224.43   Affirmed
Knr Constructions               FB limits              IND A+ / IND A1+ 1230     Affirmed
Knr Constructions               Proposed FB limits#    Provisional IND  1000     Affirmed
                                                       A+ / A1+
# The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by KNRCL to the satisfaction of Ind-Ra.
Knr Constructions               Proposed TL#           Provisional IND  500      Affirmed
                                                       A+ / A1+
# The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by KNRCL to the satisfaction of Ind-Ra.
Ricoh India                     NCDs (NCDs)            IND BBB-         2000     Affirmed
Sarathy Cars                    TL                     IND BB-          19       Assigned
Sarathy Cars                    FB WC limits           IND BB- /IND A4+ 80       Assigned
Shri Vishnuperumaal Spin Yarn   TL                     IND B+           45.5     Assigned
Shri Vishnuperumaal Spin Yarn   FB WC limits           IND B+ / IND A4  63       Assigned
Vnkc Agrocom                    TL                     IND BBB-         40       Assigned
Vnkc Agrocom                    FB WC limit            IND BBB- / INDA3 370      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
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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