November 21, 2017 / 6:26 AM / 7 months ago

India Ratings for Indian debt instruments – Nov 21

    Nov 21 (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
November 20, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Aryan Enterprise                Non-FB WC Fac          IND A3           400      Assigned
Foram Exim                      Non-FB WC Fac          IND A3           450      Assigned
Golden Globe Impex              Non-FB limits          IND A4+          120      -
Migrated to Non-Cooperating Category
Kamal Timbers India             Non-FB Fac             IND A4+          190      -
Migrated to Non-Cooperating Category
Ktl                             Non-FB WC limit        IND A4+          25       -
Migrated to Non-Cooperating Category
Mayur Seeds And Agritech        Non-FB WC limits       IND A4           10       -
Migrated to Non-Cooperating Category
Migrates Tejinder Kaur          Non-FB limits          IND A4+          1        -
Migrated to Non-Cooperating Category
S.M. Corporation                Proposed non-FB WC Fac Provisional IND  400      Assigned
                                                       A3
Safeguard’S Bank Facilities     Non-FB limits          IND A1           520      Affirmed
(increased from INR280)
Sangeeth Textiles               Non-FB WC limit        IND A3           100      -
Migrated to Non-Cooperating Category
Windals Precision               Non-FB Fac WC limit    IND A2+          157.5    Assigned

LONG TERM RATINGS:
-------------------
B. K. Exports                   FB Fac                 IND B- / IND A4  240      Assigned
Blue Duck Textiles              TL                     IND BB-          18.36    -
Migrated to Non-Cooperating Category
Blue Duck Textiles              FB WC limit            IND BB- / A4+    60       -
Migrated to Non-Cooperating Category
Caravel Logistics               FB WC limits           IND B- / IND A4  104      Downgraded
                                                                                 from IND BB- /
                                                                                 Affirmed
Caravel Logistics               Non-FB WC limits       IND B- / IND A4  15       Downgraded
                                                                                 from IND BB- /
                                                                                 Affirmed
Foram Exim                      FB WC Fac              IND BBB- / IND A350       Assigned
Gajanand Foods                  Long-TL                IND B+           52.46    -
Migrated to Non-Cooperating Category
Gajanand Foods                  FB Fac                 IND B+ / A4      20       -
Migrated to Non-Cooperating Category
Golden Globe Impex              FB limits              IND BB / IND A4+ 60       -
Migrated to Non-Cooperating Category
Kamal Timbers India             FB Fac                 IND BB           60       -
Migrated to Non-Cooperating Category
Kingswood Suppliers             FB Fac                 IND BBB- / A3    400      Assigned
Ktl                             FB WC limit            IND BB / IND A4+ 590      -
Migrated to Non-Cooperating Category
Malwa Automobiles               FB WC limit            IND BB-/ IND A4+ 186      -
Migrated to Non-Cooperating Category
Mayur Seeds And Agritech        FB WC limits           IND B+           90       -
Migrated to Non-Cooperating Category
Migrates Tejinder Kaur          FB limits              IND BB-          13.9     -
Migrated to Non-Cooperating Category
Migrates Tejinder Kaur          TL                     IND BB-          40.38    -
Migrated to Non-Cooperating Category
Mohan Tobaccos                  FB Fac                 IND B- / IND A4  88       Assigned
Prabhat Dairy                   TL                     WD               375      Withdrawn
Prabhat Dairy                   CC limits              WD               1100     Withdrawn
Prabhat Dairy                   Non-FB limits          WD               200      Withdrawn
Rr Cottons                      TL                     IND B            30       -
Migrated to Non-Cooperating Category
Rr Cottons                      FB WC limit            IND B            150      -
Migrated to Non-Cooperating Category
Safeguard’S Bank Facilities     TL                     IND A            1150     Affirmed
(increased from INR850)
Safeguard’S Bank Facilities     FB limits              IND A / IND A1   580      Affirmed
(reduced from INR630)
Safeguard’S Bank Facilities     Proposed TL            WD               370      Withdrawn
Sanatan Merchants               FB limits              IND BB+ / IND A4+90       Affirmed
Sangeeth Textiles               TL                     IND BBB-         158.7    -
Migrated to Non-Cooperating Category
Sangeeth Textiles               FB WC limit            IND BBB-         300      -
Migrated to Non-Cooperating Category
Shree Saibaba Green Power       TL                     IND BBB-         210      -
Migrated to Non-Cooperating Category
Shrini Softex India             TL                     IND BB           74.2     -
Migrated to Non-Cooperating Category
Shrini Softex India             FB WC limit            IND BB / IND A4+ 200      -
Migrated to Non-Cooperating Category
Sunfresh Agro                   CC limits              WD               1500     Withdrawn
Sunfresh Agro                   Non-FBL                WD               500      Withdrawn
Windals Precision               FB Fac WC limit        IND BBB+         540      Assigned
Windals Precision               TL                     IND BBB+         275.3    Assigned
Writer Business Services        TL                     IND A            1650     Affirmed
Writer Business Services        FB limits              IND A / A1       750      -
Long-term rating affirmed; Short-term rating assigned
Writer Business Services        FB limits #            IND A / A1       200      Assigned
# The assignment of final ratings (long term) follows the receipt of sanction letters. 
-----------------------------------------------------------------------------------------------
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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