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India Ratings for Indian debt instruments – Oct 30
October 30, 2017 / 5:10 AM / 23 days ago

India Ratings for Indian debt instruments – Oct 30

    Oct 30 (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
October 27, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Gagan Polycot India Ltd         Non-FB WC limit        IND A4+          5
Migrated to Non-Cooperating Category
Shri Ramalinga Textiles         Non-FB WC limit        IND A4+          44       Assigned
Ski Himalayas Ropeway Pvt Ltd   Non-FB WC limit        IND A4+          5.6      Assigned
Svg Granites Ltd                Non-FB limits          IND A4           32.5     Affirmed
Vsoft Technologies Pvt Ltd      Non-FB WC  Fac         IND A2+          40       Upgraded


LONG TERM RATINGS:
-------------------
Ankit International             FB limit               IND A-/IND A2+   505      Upgraded
Ankit International             TL                                      34.7     Withdrawn
Bansal Super Market             Long-TL                IND BB-          100      Assigned
Bansal Super Market             FB WC limits           IND BB-/IND A4+  153.5    Assigned
Campus Activewear Pvt Ltd       TL                     IND A-           50.1     Assigned
Campus Activewear Pvt Ltd       FB limit               IND A-/IND A2+   1260     Assigned
Campus Activewear Pvt Ltd       Non-FBL                IND A-/IND A2+   110      Assigned
Cholamandalam Investment And    NCDs                   IND AA+          10000    Assigned
Finance Co. Ltd 
Creo Education Pvt Ltd          Bk loan                IND A-           241.67   Upgraded
Eduspark International Pvt Ltd  Bk loan                IND A-           712.52   Upgraded
Eduspark International Pvt Ltd  WC limit               IND A-           20       Upgraded
Eduspark International Pvt Ltd  Bk loan^               IND A-           194.81   Assigned
^Facility of Kare Edumin Pvt Ltd (now merged with EIPL)
Eduspark International Pvt Ltd  Proposed Bk loan*      Provisional IND  1431     Assigned
                                                       A-
*The ratings are provisional and shall be confirmed upon the sanction and 
execution of loan /transaction documents for the above instruments to the 
satisfaction of Ind-Ra. The proceeds are proposed to be utilised for 
refinancing existing debt and meeting immediate and future capex requirements. 
Eduspark International Pvt Ltd  Proposed NCD (NCD)*    Provisional IND  1000     Assigned
                                                       A-
*The ratings are provisional and shall be confirmed upon the sanction and 
execution of loan /transaction documents for the above instruments to the 
satisfaction of Ind-Ra. The proceeds are proposed to be utilised for 
refinancing existing debt and meeting immediate and future capex requirements. 
Gagan Polycot India Ltd         TL                     IND BB           0.6
Migrated to Non-Cooperating Category
Gagan Polycot India Ltd         FB WC limit            IND BB /IND A4+  50
Migrated to Non-Cooperating Category
Indo Shell Automotive Systems   TL                     IND BB+          197
India Pvt Ltd
Migrated to Non-Cooperating Category
Kabeer Textiles Pvt Ltd         FB limit               -                270      Withdrawn
Kabeer Textiles Pvt Ltd         Non-FBL                -                41       Withdrawn
Kare Edumin Pvt Ltd             Bk loan                -                338.62   Withdrawn
Kare Edumin Pvt Ltd             WC limits              -                20       Withdrawn
Kare Enterprise Pvt Ltd         WC limit               -                90       Withdrawn
Karnataka Neeravari Nigam Ltd   Bond                   IND AA-(SO)      5000     Affirmed
Karnataka Neeravari Nigam Ltd   TL                     IND AA-(SO)      25600    Affirmed
Karnataka Neeravari Nigam Ltd   TL*                    IND AA-(SO)      2650     Assigned
* The assignment of the final ratings is based on the receipt of the sanction 
 letter, tripartite agreement and government order.
Kosamattam Finance Ltd          Bk loans               IND BBB-         6        Affirmed
Kosamattam Finance Ltd          NCDs*                  IND BBB-         10       Affirmed
* Secured: INR9.45 billion and unsecured: INR0.55 billion
Maxima Education Pvt Ltd        Bk loan                -                191.86   Withdrawn
Nikhil International’S          FB limits              -                800      Withdrawn
Nikhil International’S          Non-FBL                -                410      Withdrawn
Nikhil International’S          TL                     -                97.2     Withdrawn
Sansar Trust Sep 2017           Second loss credit     IND A-(SO)       187.5    Assigned
                                facility (SLCF)
Sansar Trust Sep 2017           Series A pass-through  IND AAA(SO)      3440.5   Assigned
                                certificates (PTCs)
Seagull Trust Ii                Series A1 pass-through IND AA+(SO)      2711.6   Assigned
                                certificates (PTCs)
Seagull Trust Ii                Series A2 PTCs         IND B+(SO)       301.3    Assigned
Shri Ramalinga Textiles         FB WC limit            IND BB-/IND A4+  150      Long-term
                                                                                 rating
                                                                                 downgraded; 
Short-term rating affirmed
Ski Himalayas Ropeway Pvt Ltd   TL                     IND BB+          71.45    Affirmed
Ski Himalayas Ropeway Pvt Ltd   FB WC limit            IND BB+/IND A4+  1.5      Assigned
Svg Granites Ltd                FB WC limits           IND B            110      Affirmed
Vincent Edukare Pvt Ltd         Bk loan                -                263.29   Withdrawn
Vincent Edukare Pvt Ltd         WC limits              -                20       Withdrawn
Vsoft Technologies Pvt Ltd      FB WC  Fac             IND BBB+/IND A2+ 70       Upgraded
Vsoft Technologies Pvt Ltd      Proposed TL*           Provisional IND  50       Assigned
                                                       BBB+
* The ratings are provisional and shall be confirmed upon the sanction and execution 
of loan documents for the above facilities by VTPL to the satisfaction of Ind-Ra.
Vsoft Technologies Pvt Ltd      Proposed FB WC  Fac*   Provisional IND  50       Assigned
                                                       BBB+/Provisional
                                                       IND A2+
* The ratings are provisional and shall be confirmed upon the sanction and execution 
of loan documents for the above facilities by VTPL to the satisfaction of Ind-Ra.
-----------------------------------------------------------------------------------------------
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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