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India Ratings for Indian debt instruments – Sep 28
September 28, 2017 / 2:02 PM / in 25 days

India Ratings for Indian debt instruments – Sep 28

    Sep 28 (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 27, 2017.

COMPANY                         INSTRUMENT             RATING         AMOUNT    MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Sjlt Spinning Mills Pvt Ltd     Non-FB WC Fac          IND A4+          100      Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Smartchem Technologies Ltd      Bk Fac                 IND A1+          1000     Assigned
Yash Exports (I) Pvt Ltd        Non-FB facility        IND A2+(SO)      20       Assigned

LONG TERM RATINGS:
-------------------
Cholamandalam Investment &      Lower tier 2           IND AA           5        Assigned
Finance Co. Ltd.                Subordinated debt
Cholamandalam Investment And    Perpetual debt (tier 1 IND AA           1000     Upgraded
Finance Co. Ltd                 instrument)
Cholamandalam Investment And    NCDs (NCDs)            IND AA+          5000     Upgraded from
Finance Co. Ltd                                                                  IND AA
Cholamandalam Investment And    Lower tier 2           IND AA+          17750    Upgraded from
Finance Co. Ltd                 subordinated debt*                               IND AA
* Limits stand unutilised
India Standard Loan Trust L     Series A pass-through  IND A (SO)       1393.29  Assigned
                                certificates (PTCs)
India Standard Loan Trust L     Liquidity facility     IND AAA(SO)      13.93    Assigned
India Standard Loan Trust L     Second loss credit     IND BBB(SO)      50.16    Assigned
                                facility
Indian Receivable Trust         Series A1 pass-through IND AAA(SO)      829.1    Affirmed
September 2016 – C              certificates (PTCs)
Indian Receivable Trust         Series A2 PTCs         IND AAA(SO)      1705.9   Affirmed
September 2016 – C
Indian Receivable Trust         Second loss credit     IND BBB(SO)      424.4    Affirmed
September 2016 – C              facility (SLCF)
Karavali Freezers & Exporters   FB limits              IND BB-/IND A4+  50.5     Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Lords Mark Industries Pvt Ltd   TL                     IND BB+          17       Affirmed
Lords Mark Industries Pvt Ltd   FB WC limit            IND BB+ /IND A4+ 230      Affirmed
Lords Mark Industries Pvt Ltd   Non-FB WC limit                         50       Withdrawn
Mm Trust Jun 16                 Series A PTC (PTCs)    IND AA+(SO)      564      Affirmed
Mm Trust Sep 17                 Series A PTC (PTCs)    IND AA+(SO)      2548.8   Assigned
Mn Bio-Technology Pvt Ltd       NCDs                   IND BB-(SO)               Affirmed
Mn Takshila Industries Pvt. Ltd NCDs                   IND BB-(SO)      1651     Affirmed
Morning Staar Apparels          FB WC limits           IND BB           15       Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Morning Staar Apparels          Non-FB WC limits       IND BB           20       Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Nava Bharath Educational Trust  SBk loans              IND BB           84.08    Downgraded
Nava Bharath Educational Trust  SFB WC                 IND BB           30       Downgraded
North Karnataka Expressway Ltd  NCDs                   IND AAA(SO)      4,636*   Affirmed
* outstanding: INR787 million on 31 August 2017.
Ramkrishna Cotspin Pvt Ltd      Long-TL                IND BB           610      Assigned
Ramkrishna Cotspin Pvt Ltd      FB Fac                 IND BB/ IND A4+  75       Assigned
Savani Transports Pvt Ltd       TL                                      12.57    Withdrawn
Savani Transports Pvt Ltd       FB WC Fac                               175      Withdrawn
Savani Transports Pvt Ltd       Non-FB WC Fac                           11.5     Withdrawn
Sjlt Spinning Mills Pvt Ltd     TL                     IND BB+          284.4    Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Sjlt Spinning Mills Pvt Ltd     FB WC Fac              IND BB+          330      Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Tunic Fashion Apparels          FB WC limits           IND BB+          20       Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Yash Exports (I) Pvt Ltd        TL                     IND A-(SO)       350      Assigned
Yes Bank Ltd                    Proposed Basel III     IND AA+          40       Assigned
                                Tier 2 bonds
-----------------------------------------------------------------------------------------------
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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