Hi Jain,
The debt reclasificattion rules between long term to short term(current)debt, normally is
<1 year maturity= Short Term
>1 year maturity= Long Term
The logic of this reclasification is due to the accounting Standards. Financial Analysts evaluate different solvency ratios and debt payment capacity, depending in this short/long term debt, in order to analyze default probabilities, debt structure, debt cost, etc.
Regards
Ignacio