April 4, 2017 / 5:16 AM / 4 months ago

India Ratings for Indian debt instruments – Apr 4

    Apr 4 (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
April 3, 2017.

COMPANY                         INSTRUMENT             RATING         AMOUNT    MOVEMENT
                                                                     (RS.MLN)
------                          ----------             ------         ------    ---------
SHORT TERM RATINGS:
-------------------
Agarwalla Teak International    Non-FB WC limit        IND A4+          570      Assigned
Pvt Ltd
Ganpati Rice Mills              FB limit               IND A4           250      Affirmed
Hsbc Investdirect Financial     ST debt (CPs (CPs),    IND A1+          10000    Affirmed
Services (I) Ltd                NCDs)*
* No issuance since last surveillance
Jajoo Surgicals Pvt Ltd         Non-FB limits          IND A4+          40       Assigned
The Hongkong And Shanghai       CDs                    IND A1+          250      Affirmed
Banking Corporation Ltd
The Hongkong And Shanghai       CDs*                   IND A1+          49750    Affirmed
Banking Corporation Ltd
* Not yet issued 

LONG TERM RATINGS:
-------------------
Agarwalla Teak International    TL                     IND BB           30       Assigned
Pvt Ltd
Agarwalla Teak International    FB WC limit            IND BB /IND A4+  40       Assigned
Pvt Ltd
Ganpati Rice Mills              TL                     IND B+           20.77    Upgraded from
                                                                                 IND B
Ganpati Rice Mills              FB limit               IND B+           250      Upgraded from
                                                                                 IND B
General Computer Services       Bk loans               IND BBB+         290      Assigned
International
General Computer Services       FB WC Fac              IND BBB+         32.4     Assigned
International
Hsbc Investdirect Financial     LT debt (NCDs; (NCDs))*IND AAA          5000     Affirmed
Services (I) Ltd
* No issuance since last surveillance
Jajoo Surgicals Pvt Ltd         FB limits              IND BB-          30       Assigned
Jajoo Surgicals Pvt Ltd         TL                     IND BB-          9.62     Assigned
Jnd Edu-Reality Pvt Ltd         Bk loans               IND BBB+         500      Affirmed
Maharashtra Samaj Ghatkopar     Bk loans               IND BBB+         161      Affirmed
Mehadia Sales Trade Corporation FB limit               IND D            150      Downgraded and
Pvt Ltd                                                                          Migrated to
                                                                                 Non-Cooperating
                                                                                 Category
Mehadia Sales Trade Corporation Non FB limit           IND D            200      Downgraded and
Pvt Ltd                                                                          Migrated to
                                                                                 Non-Cooperating
                                                                                 Category
Mehadia Sales Trade Corporation Proposed FB limit      Provisional      350      Downgraded and
Pvt Ltd                                                IND D                     Migrated to
                                                                                 Non-Cooperating
                                                                                 Category
Mehadia Sales Trade Corporation Proposed non-FB limit  Provisional      300      Downgraded and
Pvt Ltd                                                IND D                     Migrated to
                                                                                 Non-Cooperating
                                                                                 Category
National Education Society      Bk loans               IND BBB+         599.4    Affirmed
(increased from INR535.81)
Prime Focus World Creative      TL*                    IND BBB+         600      Assigned
Services Pvt Ltd
*New term loan sanctioned but yet to be availed
Prime Focus World Creative      FB WC Fac              IND BBB+ /IND A2 600      Assigned
Services Pvt Ltd
Primus Trust                    Bk loans               IND BBB+         600      Assigned
Saa Edu-Infra Services Llp      Bk loans               IND BBB+         280      Affirmed
Sansar Trust March 2017 Iv      Pass-through           Provisional IND  1584.7   Assigned
                                certificates           AAA (SO)
                                (PTCs)-Series A*
*The final ratings are contingent upon the receipt of final documents conforming to information
already received
Sansar Trust March 2017 Iv      Second loss credit     Provisional IND  95.1     Assigned
                                facility (SLCF)*       BBB (SO)
*The final ratings are contingent upon the receipt of final documents conforming to information
already received
Sml Edu-Infra Pvt Ltd           Bk loans               IND BBB+         625      Affirmed
 (increased from INR445)
Sml Properties Pvt Ltd          Bk loans               IND BBB+         150      Affirmed
Super Value Properties Pvt Ltd  Bk loans               IND BBB+         381.58   Affirmed
(increased from INR277.5)
Universal Edu Infra Services    FB WC Fac              IND BBB+         70       Assigned
Pvt Ltd
Vidya Vikas Education Trust     Bk loans               IND BBB+         654.8    Affirmed
(increased from INR591)
-----------------------------------------------------------------------------------------------
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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