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India Ratings for Indian debt instruments – Nov 8
November 8, 2017 / 7:24 AM / a month ago

India Ratings for Indian debt instruments – Nov 8

    Nov 8 (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 7, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
AU Small Finance Bank           CDs                    IND A1+          10       Assigned
B G Roadlines                   Non-FB WC limit        IND A4+          1        -
Migrated to Non-Cooperating Category
B T Roadlines                   Non-FB WC limit        IND A4+          1        -
Migrated to Non-Cooperating Category
CLP India                       Non-FB limits          IND A1+          6600     Affirmed
CLP India                       Non-FB limits          IND A1+          6600     Affirmed
Hindustan Enviro Life           Non-FB WC limits       IND A3           150      Assigned
Protection Services
Ketan Construction              Non-FB limits          IND A3+          5010     -
Migrated to Non-Cooperating Category
L B Industries                  Non-FB WC limit        IND A4+          420      -
Migrated to Non-Cooperating Category
R K Enterprise                  Non-FB limits          IND A4+          1        Assigned
R K Enterprise                  Non-FB limits          IND A4+          1        Assigned
R.K Transport                   Non-FB WC limit        IND A4+          1        -
Migrated to Non-Cooperating Category
Sattva Cfs & Logistics          Non-FB limits          IND A3           30       Affirmed
Sattva Hi-Tech And Conware      Non-FB limits          IND A3           90       Affirmed
Sri Textile Erode               Non-FB Fac             IND A4           50       Downgraded
                                                                                 from IND A4+
Studiokon Ventures              Non-FB WC limit        IND A4+          70       -
Migrated to Non-Cooperating Category
Suriya Garments                 Non-FB WC limit        IND A4           1        -
Migrated to Non-Cooperating Category
Suspends Suriya Garments        Non-FB WC limits       IND A4           1        Suspended
Tata Steel                      CP                     IND A1+          60       -
Maintained on RWE
Transworld Furtichem            Non-FB limits          IND A2           850      -
Migrated to Non-Cooperating Category
Transworld Furtichem            Non-FB limi            IND A3           850      -
Migrated to Non-Cooperating Category
Varidhi Hygiene Products        Non- FB WC limits (ST) IND D            25       -
Downgraded and Migrated to Non-Cooperating Category


LONG TERM RATINGS:
-------------------
Apex Steel & Alloys             FB limits              IND BB-/ IND A4+ 50       Assigned
Apex Steel & Alloys             Proposed FB Fac        IND BB-/ IND A4+ 100      Assigned
B G Roadlines                   FB WC limit            IND BB-          14.3     -
Migrated to Non-Cooperating Category
B G Roadlines                   TL                     IND BB-          45.67    -
Migrated to Non-Cooperating Category
B T Roadlines                   FB WC limit            IND BB-          12.7     -
Migrated to Non-Cooperating Category
B T Roadlines                   TL                     IND BB-          38.73    -
Migrated to Non-Cooperating Category
CLP India                       TL                     IND AAA          -        Affirmed
CLP India                       FB limits              IND AAA          1000     Affirmed
CLP India                       FB/non-FB limits       IND AAA / A1+    6150     Affirmed
CLP India                       FB limits*             IND AAA / A1+    1750     Affirmed
*INR1,250 million is fungible with non-fund based limits.
CLP India                       TL                     IND AAA          -        Affirmed
CLP India                       FB limits              IND AAA          1000     Affirmed
CLP India                       FB/non-FB limits       IND AAA / A1+    6150     Affirmed
CLP India                       FB limits*             IND AAA / A1+    1750     Affirmed
*INR1,250 million is fungible with non-fund based limits.
GMR Aero Technic                NCDs                   IND AA           1750     Assigned
GMR Aerospace Engineering       NCDs                   IND AA           1000     Assigned
Hindustan Enviro Life           FB WC limits           IND BBB- / IND A3560      Assigned
Protection Services
JSK Corporation                 FB limits              IND BB-          47.5     -
Migrated to Non-Cooperating Category
JSK Corporation                 TL                     IND BB-          7.5      -
Migrated to Non-Cooperating Category
JSK Corporation                 FB limits              IND BB-          47.5     -
Migrated to Non-Cooperating Category
JSK Corporation                 TL                     IND BB-          7.5      -
Migrated to Non-Cooperating Category
Ketan Construction              FB WC limits           IND BBB          1050     -
Migrated to Non-Cooperating Category
L B Industries                  FB WC limit            IND BB- / A4+    60       -
Migrated to Non-Cooperating Category
Palsons Derma                   TL                     IND BBB-         9.78     -
Migrated to Non-Cooperating Category
Palsons Derma                   FB limits              IND BBB-         140      -
Migrated to Non-Cooperating Category
Qube Cinema Technologies        Non-FB limits          IND A-           50       Placed on RWE
Qube Cinema Technologies        TL                     IND A-           240.9    Placed on RWE
Qube Cinema Technologies        FB WC limits           IND A-/A1        300      Placed on RWE
R K Enterprise                  FB limits              IND BB-          10.5     Assigned
R K Enterprise                  TL                     IND BB-          56.26    Assigned
R K Enterprise                  FB limits              IND BB-          10.5     Assigned
R K Enterprise                  TL                     IND BB-          56.26    Assigned
R.K Transport                   FB WC limit            IND BB-          13.6     -
Migrated to Non-Cooperating Category
R.K Transport                   TL                     IND BB-          45.69    -
Migrated to Non-Cooperating Category
R.S.G Exports                   TL                     IND BB           150      Assigned
R.S.G Exports                   FB limit               IND BB/A4+       200      Assigned
R.S.G Exports                   Proposed FB limit*     Provisional IND  50       Assigned
                                                       BB/A4+
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by REPL to the satisfaction of Ind-Ra.
Ricoh India                     NCDs                   IND BB+          2000     Downgraded
                                                                                 from IND AA-
S J Exports                     FB WC limits           IND B+           190      -
Migrated to Non-Cooperating Category
Sattva Cfs & Logistics          TL                     IND BBB-         120      Assigned
Sattva Cfs & Logistics          FB limits              IND BBB- / IND A330       Assigned
Sattva Cfs & Logistics          TL                     WD               16.8     Withdrawn
Sattva Hi-Tech And Conware      TL*                    IND BBB-         105      Assigned
* The assignment of final rating follows the receipt of final documentation, conforming to the
information already received by Ind-Ra.
Sattva Hi-Tech And Conware      FB limits              IND BBB- / IND A350       Affirmed
Sattva Hi-Tech And Conware      TL                     WD               13.8     Withdrawn
Snowman Logistics               TL                     IND A            1245     Downgraded
                                                                                 from IND A+
Snowman Logistics               FB limits              IND A /A1        80       Downgraded
                                                                                 from IND A+/A1+
Snowman Logistics               Non-FB limits          IND A /A1        50       Downgraded
                                                                                 from IND A+/A1+
Sri Gayatri Cotton Mills        TL                     IND B            38.5     -
Migrated to Non-Cooperating Category
Sri Gayatri Cotton Mills        FB WC limit            IND B            15       -
Migrated to Non-Cooperating Category
Sri Textile Erode               FB Fac                 IND C            350      Downgraded
                                                                                 from IND BB
Sri Textile Erode               TL (LT)                IND C            75.9     Downgraded
                                                                                 from IND BB
Sriram Compounds                FB WC limit            IND BBB-/ A3     25       -
Migrated to Non-Cooperating Category
Sriram Compounds                Non-FB WC limit        IND BBB-/ A3     35       -
Migrated to Non-Cooperating Category
Studiokon Ventures              TL                     IND BB+          60       -
Migrated to Non-Cooperating Category
Suriya Garments                 FB WC limit            IND B+ / A4      66.5     -
Migrated to Non-Cooperating Category
Suspends Suriya Garments        FB WC limit            IND B+           66.5     Suspended
Tata Steel                      NCDs (NCDs)            IND AA           21.51    -
Maintained on RWE
Tata Steel                      Bk Fac                 IND AA/ IND A1+  166.58   -
Maintained on RWE
Tata Steel                      WC Fac                 IND AA/ IND A1+  -        -
Maintained on RWE
The Hi-Tech Gears               FB WC limits           IND A/ IND A1    605      Affirmed
The Hi-Tech Gears               Non-FB WC limits       IND A/ IND A1    50       Assigned
The Hi-Tech Gears               TL                     WD               37.8     Withdrawn
Transworld Furtichem            FB limits              IND BBB+         300      -
Migrated to Non-Cooperating Category
Transworld Furtichem            FB limits              IND BBB+         300      -
Migrated to Non-Cooperating Category
Varidhi Hygiene Products        FB WC limits (LT)      IND D            20       -
Downgraded and Migrated to Non-Cooperating Category
Varidhi Hygiene Products        TL (LT)                IND D            70       -
Downgraded and Migrated to Non-Cooperating Category
Vishwaraj Sugar Industries      Long-TL                IND BBB          90.7     Affirmed
Vishwaraj Sugar Industries      FB WC limits           IND BBB          2150     Affirmed
Vishwaraj Sugar Industries      Long-TL                IND BBB          90.7     Affirmed
Vishwaraj Sugar Industries      FB WC limits           IND BBB          2150     Affirmed

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