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India Ratings for Indian debt instruments – Sep 26
September 26, 2017 / 3:57 AM / 3 months ago

India Ratings for Indian debt instruments – Sep 26

    Sep 26 (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 25, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Indexone Infracon & Logistics   Non-FB Limits          IND A4+          200      -
Migrated to Non-Cooperating Category
Adani Ports And Special         CP                     IND A1+          37       Assigned
Economic Zone’
Arya Fin-Trade Services         Non-FB Fac             IND A4+          70       -
Migrated to Non-Cooperating Category
Arya Tradex                     Non-FB Fac             IND A4           100      -
Migrated to Non-Cooperating Category
Clavecon (I)                    Non-FB limit           IND A4           5        Assigned
Clavecon (I)                    Proposed non-FB limit* Provisional IND  5        Assigned
                                                       A4
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by CIPL to the satisfaction of Ind-Ra.
Idt Clothing                    Non-FB WC limit        IND A4           7.5      -
Migrated to Non-Cooperating Category
P. C. Snehal Construction       Non-FB Fac             IND A3           810.5    -
Migrated to Non-Cooperating Category
Shree Krishan Co.               Non-FB limit           IND A4+          17.5     Affirmed
(Manufacturers)
Steel & Metal Tubes             Non-FB limits          IND A4+          130      Affirmed
Sudarshan Chemical Industries   CP*                    IND A1+          500      Assigned
*Yet to be issued; carved out of existing working capital facilities.
Uflex                           Non-FB Bk Fac          IND A2+          3250     Affirmed
Uflex                           LOC limits for capital IND A2+          600      Affirmed
                                gooptionally
                                convertible debentures

LONG TERM RATINGS:
-------------------
Clavecon (I)                    TL                     IND B+           79.57    Assigned
Clavecon (I)                    FB limit               IND B+/ A4       35       Assigned
Cuttack Resins                  FB limit               IND B            70       Assigned
Eicl'S                          Long-TL                -                287      Withdrawn
Eicl'S                          FB WC limits           -                750      Withdrawn
Eicl'S                          NFB WC limits          -                150      Withdrawn
Embee Agro Food Industries      TL                     IND BB-          86       Assigned
Embee Agro Food Industries      FB WC limits           IND BB-/A4+      140      Assigned
Idt Clothing                    FB WC limit            IND B+           125      -
Migrated to Non-Cooperating Category
K.P. Packaging                  FB WC limit (LT)       IND D            40       -
Migrated to Non-Cooperating Category
K.P. Packaging                  Non-FB WC limit (ST)   IND D            50       -
Migrated to Non-Cooperating Category
Kalpataru Cold Storage          TL (LT)                IND D            41.8     -
Migrated to Non-Cooperating Category
Kalpataru Cold Storage          FB WC limit (LT/ST)    IND D            78.8     -
Migrated to Non-Cooperating Category
Kalpataru Cold Storage          Non-FB WC limit (ST)   IND D            2        -
Migrated to Non-Cooperating Category
P. C. Snehal Construction       FB Fac                 IND BBB- / A3    135      -
Migrated to Non-Cooperating Category
Pashupati Polytex               TL                     IND BBB-         218      Affirmed
Pashupati Polytex               FB WC Fac              IND BBB- / A3    245      Affirmed
Pashupati Polytex               Non-FB WC Fac          IND BBB- / A3    90.8     Affirmed
Prafullya Cold Storage          Long-TL (LT)           IND D            12       -
Migrated to Non-Cooperating Category
Prafullya Cold Storage          FB WC limit (long-/ST) IND D            39.8     -
Migrated to Non-Cooperating Category
Prafullya Cold Storage          Non-FB WC limit (ST)   IND D            1.5      -
Migrated to Non-Cooperating Category
Seagull Trust Ii                Series A1 pass-through Provisional IND  2711.6   Assigned
                                certificates (PTCs)    AA+
Seagull Trust Ii                Series A2 PTCs         Provisional IND  301.3    Assigned
                                                       B+
Shree Krishan Co.               FB WC limit            IND BB           55       Affirmed
(Manufacturers)
Shree Krishan Co.               TL                     IND BB           117.9    Affirmed
(Manufacturers)
Steel & Metal Tubes             FB WC limit            IND BB+/ IND A4+ 90       Affirmed
Tprs Enterprises                TL                     IND BBB-         1.5      Assigned
Tprs Enterprises                FB WC facility         IND BBB-         27.5     Assigned
Tprs Enterprises                Proposed TL*           Provisional IND  77       Assigned
                                                       BBB-
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by TPRS to the satisfaction of Ind-Ra.
Tprs Enterprises                Proposed-FB WC         Provisional IND  20       Assigned
                                facility*              BBB- / A3
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by TPRS to the satisfaction of Ind-Ra.
Uflex                           TL                     IND A-           8632.2   Affirmed
Uflex                           FB Bk Fac              IND A- / IND A2+ 3246     Affirmed
Uflex                           Proposed LT debt       Provisional IND  6500     Affirmed
                                (comprising NCDs and   A-
                                TL)*, ^
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the term loans by Uflex to the satisfaction of Ind-Ra and the closure of the issue
upon the receipt of final documentation, conforming to the information already received by the
agency.
^ The proceeds of the long-term debt will be used to meet normal capex requirement and partly
meet long-term working capital and other corporate needs.
134 Infra                       Proposed TL*           Provisional IND  1210     Assigned
                                                       BB+
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by 134 Infra 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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