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India Ratings for Indian debt instruments – Sep 7
September 7, 2017 / 7:51 AM / 19 days ago

India Ratings for Indian debt instruments – Sep 7

    Sep 7 (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 6, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Automark Industries             Non-FB WC  Fac         IND A3+          40       Upgraded from
                                                                                 IND A3
Automark Technologies           Non-FB WC  Fac         IND A3+          150      Upgraded from
                                                                                 IND A3
Casablanca Multiventures        Non FB Fac             IND A4           7.5      -
Migrated to Non-Cooperating Category
Creators Constructions          Non-FB limit           IND A4           60       -
Emjay Steel Udyyog              Non-FB WC limits       IND A3           150      Upgraded from
                                                                                 A4+
Emjay Steel Udyyog              *Proposed Non-FB WC    Provisional IND  250      Upgraded from
                                limits                 A3                        A4+
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by ESUPL to the satisfaction of Ind-Ra.
Geo Sea Foods                   Non-FB limit           IND A4+          20       -
Migrated to Non-Cooperating Category
Trijal Enterprise               Proposed non-FB limits Provisional IND  500      Assigned
                                                       A4+
Ushdev International            Non-FB limits (ST)     IND D            20000    Affirmed

LONG TERM RATINGS:
-------------------
Arya Ship Charterers            Long-TL                IND D            2.04     Downgraded
                                                                                 from IND BB
Migrated to Non-Cooperating Category
Automark Industries             FB WC  Fac             IND BBB          140      Upgraded from
                                                                                 IND BBB-
Automark Technologies           TL                     IND BBB          30       Assigned
Automark Technologies           FB WC  Fac             IND BBB / IND A3+60       Upgraded from
                                                                                 IND BBB-/A3
Casablanca Multiventures        FB Fac                 IND B-           150      -
Migrated to Non-Cooperating Category
Creators Constructions          FB limit               IND B            58.5     -
Emjay Steel Udyyog              FB WC limits           IND BBB- / IND A3100      Upgraded from
                                                                                 IND BB+/A4+
Emjay Steel Udyyog              *Proposed FB WC limits Provisional IND  100      Upgraded from
                                                       BBB- / IND A3             IND
                                                                                 Provisional 
                                                                                 BB+/A4+
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by ESUPL to the satisfaction of Ind-Ra.
Emjay Steel Udyyog              Long-TL                WD               138      Withdrawn
Geo Sea Foods                   FB limit               IND BB+/ IND A4+ 230      -
Migrated to Non-Cooperating Category
Ghanshyam Dall Mill             FB limits              IND BB-          75       -
Migrated to Non-Cooperating Category
Malar Solvent Extraction        FB limit               IND BB-          50       -
Migrated to Non-Cooperating Category
Manpuria Agro Products          FB limit (LT)          IND D            70       Downgraded
                                                                                 from IND BB
Migrated to Non-Cooperating Category
Manpuria Agro Products          Proposed FB limit (LT) Provisional IND D180      Downgraded
                                                                                 from
                                                                                 Provisional 
                                                                                 IND BB
Migrated to Non-Cooperating Category
Mqg Commodities                 Non-FB limits*         IND AAA(SO)/ A1+ 1375     Affirmed
* Interchangeable with cash credit facilities
Muzaffarpur Barauni Tollway     Bk Loans               IND BBB-         3180     Upgraded from
                                                                                 IND BB+
Shiv Shakti Wahan               FB WC limits           IND BB+          120      -
Migrated to Non-Cooperating Category
Shristi Cotspinn                TL                     IND BB+          107.6    -
Migrated to Non-Cooperating Category
Shristi Cotspinn                FB limit               IND BB+/ IND A4+ 160      -
Migrated to Non-Cooperating Category
Sreealankar Gold                Proposed FB limits     Provisional IND  250      Assigned
                                                       B+
Technocast Foundry              Long –TL               IND BB-          57.2     -
Migrated to Non-Cooperating Category
Technocast Foundry              FB limit               IND BB- /A4+     130      -
Migrated to Non-Cooperating Category
Trijal Enterprise               Proposed FB limits     Provisional IND  300      Assigned
                                                       BB
Ushdev International            TL (LT)                IND D            500      Affirmed
Ushdev International            FB limits (LT)         IND D            5000     Affirmed
Ushdev International            Proposed TL (LT)       WD               2000     Withdrawn
-----------------------------------------------------------------------------------------------
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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