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India Ratings for Indian debt instruments – Sep 13
September 13, 2017 / 5:44 AM / 9 days ago

India Ratings for Indian debt instruments – Sep 13

    Sep 13 (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
September 12, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
Chiddarwar Construction Company NFB WC limit           IND A4+          30       Assigned
Pvt Ltd
Dembla Timber Company Pvt Ltd   Non-FB limits          IND A4           166.1    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Galva Decoparts Pvt Ltd         NFB WC Fac             IND A4+          42       Assigned
Galva Decoparts Pvt Ltd         Proposed non-FB Fac*   Prov IND A4+     8        Assigned
* The ratings are Prov and shall be confirmed upon the sanction and execution of loan documents
for the above facilities by GDPL to the satisfaction of Ind-Ra.
Parag Milk Foods Ltd            Non-FB WC limits       IND A2           290      Migrated to
                                                                                 Non Cooperating
                                                                                 Cooperating 
Issuer Not Cooperating
The West Coast Paper Mills Ltd  Non-FB limits          IND A1+          2850     Upgraded from
                                                                                 IND A1
(increased from INR2,350mln)
The West Coast Paper Mills Ltd  Non-FB limits          IND A1+          500      Upgraded from
                                                                                 IND A1
The West Coast Paper Mills Ltd  Short-TL               IND A1+          320      Upgraded from
                                                                                 IND A1
LONG TERM RATINGS:
-------------------
Adhunik Industries Ltd          Long-TL                IND D            59.4     Downgraded
                                                                                 from BBB-
Adhunik Industries Ltd          FB WC limit (LT)       IND D            905.5    Downgraded
                                                                                 from BBB-
Adhunik Industries Ltd          Non-FB WC limit (ST)   IND D            560      Downgraded
                                                                                 from BBB-
Ali Agency’S                    FB limit (LT)          IND D            197      Downgraded
                                                                                 from IND BBB-
Chiddarwar Construction Company FB WC limit            IND BB-/IND A4+  120      Assigned
Pvt Ltd
Dembla Timber Company Pvt Ltd   FB WC limits           IND B /IND A4    30       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Dwarikamayee Bhandar            FB limit (LT)          IND D            95       Downgraded
                                                                                 from IND BBB-
Extramarks Education India Pvt  FB limits              IND A-/ IND A2+  50       Reaffirmed
Ltd
 (reduced from INR90mln)
Extramarks Education India Pvt  Non-FB limits          IND A-/IND A2+   724.2    Reaffirmed
Ltd
(reduced from INR801.2mln)
Galva Decoparts Pvt Ltd         FB WC Fac              IND BB+/IND A4+  190      Assigned
Galva Decoparts Pvt Ltd         Proposed long-TL*      Prov IND BB+     600      Assigned
* The ratings are Prov and shall be confirmed upon the sanction and execution of loan documents
for the above facilities by GDPL to the satisfaction of Ind-Ra.
Galva Decoparts Pvt Ltd         Proposed FB Fac*       Prov IND         210      Assigned
                                                       BB+/Prov IND A4+
* The ratings are Prov and shall be confirmed upon the sanction and execution of loan documents
for the above facilities by GDPL to the satisfaction of Ind-Ra.
Grace Suppliers Pvt Ltd         FB limits              IND BB           394      Upgraded from
                                                                                 IND BB-
(increased from INR230mln)
Grace Suppliers Pvt Ltd         TL                     IND BB           8.2      Upgraded from
                                                                                 IND BB-
 (reduced from INR10mln)
Jain Overseas                   FB limit               IND D            330      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Karnataka Water And Sanitation  Proposed TL            Prov IND AA-(SO) 3000     Assigned
Pooled Fund Trust
Kohenoor Industries             FB limit (LT)          IND D            175      Downgraded
                                                                                 from IND BBB-
Maa Kalika Bhandar              FB limit (LT)          IND D            225      Downgraded
                                                                                 from IND BBB-
Madhav Stores                   TL                     IND B+           24.28    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Madhav Stores                   FB limit               IND B+/IND A4    40       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Mahavir Enterprises             FB limit (LT)          IND D            184      Downgraded
                                                                                 from IND BBB-
Parag Milk Foods Ltd            TL                     IND BBB+         1303.4   Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Parag Milk Foods Ltd            FB WC limits           IND BBB+ /IND A2 2500     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Remi Sales And Engineering Ltd  FB WCFac               -                67.5     Withdrawn
Remi Sales And Engineering Ltd  Non-FB WC Fac          -                16.5     Withdrawn
Royale Manor Hotels And         TL                     IND BB           9.28     Migrated to
Industries Ltd                                                                   Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Royale Manor Hotels And         FB limits              IND BB /IND A4+  79.55    Migrated to
Industries Ltd                                                                   Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Sansar Trust Sep 2017 Ii        Second Loss Credit     Prov IND A-(SO)  86.1     Assigned
                                Facility (SLCF)
Sansar Trust Sep 2017 Ii        Series A Pass-Through  Prov IND AAA(SO) 1721     Assigned
                                Certificates (PTCs)
Shri Guru Ram Dass Educational  TL                     IND A            715      Migrated to
Society                                                                          Non Cooperating
                                                                                 Category
Issuer Not Cooperating
The West Coast Paper Mills Ltd  Long-TL                IND A+           992.9    Upgraded from
                                                                                 IND A
 (reduced from INR1,893.1mln)
The West Coast Paper Mills Ltd  FB limits              IND A+/IND A1+   2900     Upgraded from
                                                                                 IND A/IND A1
The West Coast Paper Mills Ltd  Proposed Bk loan*      Prov IND A+/Prov 837.1    Upgraded from
                                                       IND A1+                   Prov IND
                                                                                 A/Prov IND A1
(increased from INR756.9mln) * The rating is Prov and shall be confirmed upon the sanction and
execution of loan documents for the above facilities by WCPM to the satisfaction of Ind-Ra.
Winsome International Ltd       FB limit (LT/ST)       IND D            160      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
-----------------------------------------------------------------------------------------------
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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