December 20, 2017 / 5:14 AM / 6 months ago

India Ratings for Indian debt instruments – Dec 20

    Dec 20 (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
December 19, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
B.C. Bhuyan Constructions Pvt   Non- fund- based WC    IND A3           120      Assigned
Ltd                             limit
Manipal Health Enterprises Pvt  Non- fund- based WC    IND A1           500      Affirmed
Ltd                             limits
Rose Metal                      Non- fund- based WC    IND A4           120      Migrated to
                                limit                                            Non-
                                                                                 Cooperating
Category
(ISSUER NOT COOPERATING)
Salcomp Manufacturing India Pvt Non- fund- based WC    IND A1           285      Assigned
Ltd                             limits
Shubhlaxmi Polytex Ltd          Non- fund- based WC    IND A3+(SO)      35       Assigned
                                facility

LONG TERM RATINGS:
-------------------
Abhimaani Prakashana            LT loans (Long- term)  IND D            60       Affirmed and
                                                                                 Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
(ISSUER NOT COOPERATING); Reduced from 63.9
Ayursundra Healthcare Pvt Ltd   Fund- based WC limits  IND BB-          60       Assigned
Ayursundra Healthcare Pvt Ltd   Long- TL               IND BB-          911.98   Affirmed
increased from 836.33
B.C. Bhuyan Constructions Pvt   Fund- based WC limit   IND BBB-         100      Assigned
Ltd
Bc Power Controls Ltd           Fund- based limits     IND BB/ IND A4+  340      Assigned
Grasim Industries Ltd           Long- Term Issuer      IND AAA                   Assigned
                                Rating
Iiert December 2017 (An Abs     Series A pass- through Provisional IND  1898.4   Assigned
Transaction)                    certificates (PTCs)    AA(SO)
India Standard Loan Trust       Series A pass- through IND AA(SO)       725.28   Affirmed
-Xxxix’S (An Abs Transaction)   certificates (PTCs)
India Standard Loan Trust       Liquidity facility (LF)IND AAA(SO)      9.95     Affirmed
-Xxxix’S (An Abs Transaction)
India Standard Loan Trust       Second loss credit     IND BBB(SO)      48.75    Affirmed
-Xxxix’S (An Abs Transaction)   facility (SLCF)
Kanoria Sugar And General       WC TL (long- term)     IND D            382.4    Assigned
Manufacturing Co. Ltd
Kanoria Sugar And General       Fund- based limit      IND D            316.1    Assigned
Manufacturing Co. Ltd           (long- /short- term)
Kanoria Sugar And General       Non- fund- based limit IND D            24       Assigned
Manufacturing Co. Ltd           (short- term)
Manipal Health Enterprises Pvt  TL                     IND A            14570    Affirmed
Ltd
(reduced from INR14,700)
Manipal Health Enterprises Pvt  Fund- based WC limits  IND A/ IND A1    450      Affirmed
Ltd
Rose Metal                      Fund- based WC limit   IND B/ INDA4     60       Migrated to
                                                                                 Non-
                                                                                 Cooperating
                                                                                 Category
 (ISSUER NOT COOPERATING)
Salcomp Manufacturing India Pvt TL                     IND A-           315      Assigned
Ltd
Sansar Trust Dec 2017 (An Abs   Second Loss Credit     Provisional IND  223.84   Assigned
Transaction)                    Facility (SLCF)        A- (SO)
Sansar Trust Dec 2017 (An Abs   Series A pass- through Provisional IND  4476.81  Assigned
Transaction)                    certificates (PTCs)    AAA(SO)
Sansar Trust December 2016 III  Second loss credit     IND A- (SO)      218.6    Affirmed
(An Abs Transaction)            facility SLCF
Sansar Trust December 2016 III  Series A pass- through IND AAA(SO)      2462.8   Affirmed
(An Abs Transaction)            certificates (PTCs)
Sansar Trust December 2016 IV   Second loss credit     IND A- (SO)      212.5    Affirmed
(An Abs Transaction)            facility SLCF
Sansar Trust December 2016 IV   Series A pass- through IND AA+(SO)      2189.6   Affirmed
(An Abs Transaction)            certificates (PTCs)
Sanstar Biopolymers Ltd         Fund- based WC limit   IND BBB-         450      Downgraded
increased from 250
Shubhlaxmi Polytex Ltd          Fund- based WC facilityIND BBB (SO)/    800      Assigned
                                                       IND A3+(SO)
Shubhlaxmi Polytex Ltd          TL                     IND BBB(SO)      850      Assigned

-----------------------------------------------------------------------------------------------
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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