December 29, 2017 / 3:48 AM / 22 days ago

India Ratings for Indian debt instruments – Dec 29

    Dec 29 (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
December 28, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Dev’S Chem Tec Pvt Ltd          Non-FB WC limit        IND A4+          40       Assigned
Shaarc Projects Ltd             Non-FB limits          IND A4+          40       Affirmed
reduced from 50 mln

LONG TERM RATINGS:
-------------------
Dev’S Chem Tec Pvt Ltd          FB WC limit            IND BB-/ IND A4+ 20       Assigned
Dev’S Chem Tec Pvt Ltd          Proposed FB WC limit   Provisional IND  120      Assigned
                                                       BB-/
                                                       Provisional IND A4+
Ifmr Capital Ceb I 2017         NCDs                   Provisional IND  200      Assigned
                                                       A(SO)
Ifmr Capital Ceb Ii 2017        NCDs                   Provisional IND  300      Assigned
                                                       A(SO)
K. Palaniappa Memorial          Bk loans               IND BBB-         150      Affirmed
Educational Trust
Kanpur Edibles Pvt Ltd          FB limit               IND BBB-/ IND A3 400      Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 category
(ISSUER NOT COOPERATING)
Kanpur Edibles Pvt Ltd          Non-FB limit           IND BBB-/ IND A3 4000     Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 category
(ISSUER NOT COOPERATING)
Kundan Care Products Ltd        FB and non-FB WC limitsIND BB+/ IND A4+ 850      Affirmed;
                                                                                 Outlook revised
Kundan International Pvt Ltd    FB WC limits           IND BB/ IND A4+  450
Long- term rating Downgraded; Short- term rating affirmed
Kundan International Pvt Ltd    Non-FB WC limits       IND BB/ IND A4+  1250
Long- term rating Downgraded; Short- term rating affirmed
Kundan Rice Mills Ltd           FB limit               IND BB/ IND A4+  450
Long- term rating downgraded; Short- term rating affirmed
Kundan Rice Mills Ltd           Non-FB limit           IND BB/ IND A4+  500
Long- term rating downgraded; Short- term rating affirmed
Mfl Securitisation Trust - Lix  Liquidity facility (LF)IND AAA(SO)      22.93    Assigned
(An ABS Transaction)
Mfl Securitisation Trust - Lix  Series A1 pass-through IND AAA(SO)      1436.99  Assigned
(An ABS Transaction)            certificates (PTCs)
Mfl Securitisation Trust - Lix  Series A2 PTCs         IND AAA(SO)      91.72    Assigned
(An ABS Transaction)
Mfl Securitisation Trust - Lix  Second loss credit     IND BBB(SO)      107.01   Assigned
(An ABS Transaction)            facility (SLCF)
Montecarlo Ltd                  Non-FBL                IND A+           1500     Assigned
Mormont Ifmr Capital 2016       Series A1 pass-through IND A-(SO)       73.44    Affirmed
                                certificates (PTCs)
Mormont Ifmr Capital 2016       Series A2 PTCs         IND B+(SO)       24.42    Affirmed
Olive Tex Silk Mills Pvt Ltd    Long-TL                IND BB           4.6      Affirmed
reduced from 12.8 mln
Olive Tex Silk Mills Pvt Ltd    FB Fac                 IND BB/ IND A4+  300      Affirmed
reduced from 343.4 mln
Olive Tex Silk Mills Pvt Ltd    Non-FB Fac             WD               22.5     Withdrawn
                                                                                 (repaid in
                                                                                 full)
Shaarc Projects Ltd             FB limits              IND BB+/ IND A4+ 35
Long- term rating upgraded/Short- term rating affirmed
increased from 25 mln

-----------------------------------------------------------------------------------------------
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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