December 7, 2017 / 8:51 AM / in 6 months

India Ratings for Indian debt instruments – Dec 7

    Dec 7 (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 6, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Basf India'S                    CP*                    IND A1+          7500     Assigned
* CP outstanding to be within drawing power
Camlin Fine Sciences            Non-FB limits          IND A2+          1458     Downgraded
                                                                                 from IND A1
Camlin Fine Sciences            CP programme*          IND A2+          644.5    Downgraded
                                                                                 from IND A1
* To be carved out of fund-based limits
Elin Electronics                Non-FB WC limits       IND A2+          107.5    Affirmed
Ica Edu Skills                  Proposed non-FB limits Prov IND A4+     165      Assigned
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by ICA to the satisfaction of Ind-Ra.
Mantram Technofab               Non-FB WC limit        IND A4+          2.5      -
Migrated to Non-Cooperating Category
Metro Telworks                  Non-FB WC  Fac         IND A3+          310      Assigned
Shivam Infra-Tech               Non-FB WC limit        IND A4+          100      Assigned
Shivam Infra-Tech               Proposed non-FB WC     Provi IND A4+    50       Assigned
K Raheja It Park (Hyderabad)    NCDs                   IND AAA          5000     Affirmed

Ankit International             TL                     IND A-           79       Assigned
Camlin Fine Sciences            TL                     IND A-           239.8    Downgraded
                                                                                 from IND A
Camlin Fine Sciences            FB limits              IND A- / A2+     2200     Downgraded
                                                                                 from IND A / A1
Camlin Fine Sciences            Proposed TL#           Prov IND A-      1282     Downgraded
                                                                                 from Prov IND A
# The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by CFSL to the satisfaction of Ind-Ra.
Elin Electronics                Long-TL                IND A-           456      Affirmed
Elin Electronics                FB WC limits           IND A- / A2+     350      Affirmed
Elin Electronics                Proposed FB WC limits *Prov IND A- /    50       Assigned
                                                       Prov IND A2+
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by EEL to the satisfaction of Ind-Ra.
Ica Edu Skills                  Non-FB limit           IND BB+ / INDA 4+50       Affirmed
Jindal Overseas Corporation     FB limits              -                100      Withdrawn
Jindal Overseas Corporation     Non-FB limits          -                750      Withdrawn
Mantram Technofab               FB WC limit            IND BB-          200      -
Migrated to Non-Cooperating Category
Mantram Technofab               Long-TL                IND BB-          89.52    -
Migrated to Non-Cooperating Category
Metro Telworks                  TL                     IND BBB          21.13    Assigned
Metro Telworks                  FB WC  Fac             IND BBB / IND A3+60       Assigned
Metro Telworks                  Proposed TL *          Provisional IND  28.35    Assigned
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by MTPL to the satisfaction of Ind-Ra.
Salcomp Manufacturing           Long-TL                IND A-           300      Affirmed
Salcomp Manufacturing           FB WC limits           IND A- / A1      300      Affirmed
Shivam Infra-Tech               FB WC limit            IND BB / IND A4+ 20       Assigned
Shivam Infra-Tech               Proposed FB WC limit   Prov IND BB /    50       Assigned
                                                       Provi IND A4+
Shri Mookambiga Spinning Mills  FB WC limit            IND B+           230      -
Migrated to Non-Cooperating Category
Shri Mookambiga Spinning Mills  TL                     IND B+           24.5     -
Migrated to Non-Cooperating Category
Sjlt Spinning Mills             TL                     -                284.4    Withdrawn
Sjlt Spinning Mills             FB WC Fac              -                330      Withdrawn
Sjlt Spinning Mills             Non-FB WC Fac          -                100      Withdrawn
Sjlt Textiles                   TL                     -                467.7    Withdrawn
Sjlt Textiles                   FB WCFac               -                450      Withdrawn
Sjlt Textiles                   Non-FB WC Fac          -                180.4    Withdrawn
Telugu Cine Workers Cooperative FB WC                  IND B+           500      Assigned
Housing Society
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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