January 10, 2018 / 4:43 AM / 8 days ago

India Ratings for Indian debt instruments – Jan 10

    Jan 10 (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
January 9, 2018.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Continental Milkose (I) Ltd     Non-FB limit           IND A4+          125      Affirmed
D. K. Continental               Proposed non-FB WC Fac Provisional IND  500      Assigned
                                                       A3
Ethos Power Pvt Ltd             Non-FBL                IND A4+          240      Affirmed
Fullerton India Credit Co. Ltd  ST debt                IND A1+          2500     Affirmed
J. D. Overseas                  Proposed non-FB WC Fac*Provisional IND  500      Assigned
                                                       A3
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by JDO to the satisfaction of Ind-Ra.
Jsw Cement Ltd                  Non-FB limits          IND A1           900      Assigned
Naturefresh Industries Ltd      Non-FB WC Fac          IND A3+          107.7    Assigned
Naturefresh Industries Ltd      Proposed non-FB WC Fac*Provisional IND  200      Assigned
                                                       A3+
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by NIL to the satisfaction of Ind-Ra.
P.C. Snehal Construction Pvt LtdNon-FB facility        IND A3           810.5    Affirmed
Rajiv Petrochemicals Pvt Ltd    Non-FB limits          IND A4+          336      Assigned
S.A.Aanandan Spinning Mills Pvt Non-FB Fac             IND A4+          60       Affirmed
Ltd
(reduced from INR67mln)

LONG TERM RATINGS:
-------------------
Continental Milkose (I) Ltd     FB limit               IND BB- /IND A4+ 225      Affirmed
Continental Milkose (I) Ltd     Proposed non-FB limit  WD               50       Withdrawn
Creator Poly Extrusions Llp     TL                     IND B            63.9     Assigned
Creator Poly Extrusions Llp     FB WC limits           IND B /IND A4    37       Assigned
Creator Poly Extrusions Llp     Proposed FB WC limits* Provisional IND  9.1      Assigned
                                                       B /Provisional
                                                       IND A4
*The ratings are provisional and shall be confirmed upon the execution of sanction letter for
the above facilities by CPEL to the satisfaction of Ind-Ra.
Ethos Power Pvt Ltd             FB WC limit            IND BB- /IND A4+ 90       Affirmed
Fullerton India Credit Co. Ltd  NCDs (NCDs)            IND AA+          3250     Affirmed
Fullerton India Credit Co. Ltd  Subordinated debt      IND AA+          4250     Affirmed
Imcola Crane Company Pvt Ltd    TL                     IND BBB          243.3    Affirmed
(reduced from INR382.4mln)
Imcola Crane Company Pvt Ltd    TL (buyer’s credit)    IND BBB          316      Assigned
Imcola Crane Company Pvt Ltd    BG                     IND BBB          1461.1   Affirmed
 (increased from INR24.6mln)
Jsw Cement Ltd                  TL                     IND A-           10750    Assigned
Metro Transit Pvt Ltd           TL                     IND BBB          420      Assigned
Mj Logistics Services Ltd       TL                     IND BB+/RWE      22       Placed on RWE
(reduced from INR63.80MLN)
Mj Logistics Services Ltd       FB WC limit            IND BB+/RWE/IND  42.5     Placed on RWE
                                                       A4+/RWE
National Cooperative            Proposed bonds         Provisional IND  2000     Assigned
Development Corporation                                AA+
Naturefresh Industries Ltd      TL                     IND BBB          29.7     Assigned
Naturefresh Industries Ltd      FB WC Fac              IND BBB /IND A3+ 40       Assigned
Naturefresh Industries Ltd      Proposed FB WC Fac*    Provisional IND  30       Assigned
                                                       BBB /Provisional
                                                       IND A3+
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by NIL to the satisfaction of Ind-Ra.
P.C. Snehal Construction Pvt LtdFB facility            IND BBB- /IND A3 135      Affirmed
Rajiv Petrochemicals Pvt Ltd    FB limit               IND BB-          210      Assigned
S.A.Aanandan Spinning Mills Pvt Long-TL                IND BB           84.5     Affirmed
Ltd
(reduced from INR113.7mln)
S.A.Aanandan Spinning Mills Pvt FB Fac                 IND BB /IND A4+  450      Affirmed
Ltd
Suryataap Energies And          Senior project TL      IND BBB-         275      Affirmed
Infrastructure Pvt Ltd
Ucn Cable Network Pvt Ltd       CC facility            IND BBB-         150      Affirmed
Ucn Cable Network Pvt Ltd       Proposed CC facility   WD               50       withdrawn
Ucn Cable Network Pvt Ltd       Proposed TL            WD               50       withdrawn
-----------------------------------------------------------------------------------------------
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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