December 4, 2017 / 10:29 AM / a year ago

India Ratings for Indian debt instruments – Dec 4

   Dec 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
December 1, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
------                          ----------             ------          ------   ---------
Jhajjar Power Ltd.              CPs (CPs)              IND A1+          8000     Affirmed
Religare Enterprises Ltd        ST debt (CP)           IND A1/RWN       500      Affirmed
Maintained on RWN

Athani Sugars Ltd               TL                     IND BBB-         1160     Assigned
Athani Sugars Ltd               FB WC Fac              IND BBB- /IND A3 2000     Assigned
Athani Sugars Ltd               Short-TL               IND BBB- /IND A3 550      Assigned
Athani Sugars Ltd               Proposed TL*           Provisional IND  290      Assigned
*The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by ASL to the satisfaction of Ind-Ra.
Geetashree Pulses               FB limits              IND B            100      Migrated to
                                                                                 Non Cooperating
Issuer Not Cooperating
Gp Wind (Jangi) Pvt Ltd         NCDs                   IND AA-(SO)      3000     Assigned
India Standard Loan Trust Lii   Series A pass-through  IND A (SO)       1577.04  Assigned
                                certificates (PTCs)
India Standard Loan Trust Lii   Liquidity facility (LF)IND AAA(SO)      15.78    Assigned
India Standard Loan Trust Lii   Second loss credit     IND BBB(SO)      56.78    Assigned
                                facility (SLCF)
Jhajjar Power Ltd.              Rupee TL               IND A+           16970    Affirmed
Jhajjar Power Ltd.              WC facility            IND A+           12500    Affirmed
Jhajjar Power Ltd.              NCDs                   IND A+           4930     Affirmed
Jhajjar Power Ltd.              NCDs (NCDs)            IND AA+(SO)      4760     Affirmed
Platinum Trust November 2017    Pass-through           Provisional IND  3374.87  Assigned
                                certificates (PTCs) -  AAA(SO)
                                Series A
Platinum Trust November 2017    Second loss credit     Provisional IND  185.62   Assigned
                                facility (SLCF)        BBB(SO)
Religare Enterprises Ltd        Senior secured NCDs    IND A/RWN        1760     Affirmed
Maintained on RWN
Sansar Trust June 2017 Ii       Second loss credit     IND A-(SO)       125.2    Assigned
                                facility (SLCF)
Sansar Trust June 2017 Ii       Series A pass-through  IND AAA(SO)      2504.6   Assigned
                                certificates (PTCs)
Sansar Trust Sep 2017 Ii        Second Loss Credit     IND A-(SO)       86.1     Assigned
                                Facility (SLCF)
Sansar Trust Sep 2017 Ii        Series A pass-through  IND AAA(SO)      1721     Assigned
                                certificates (PTCs)
Sansar Trust Sep 2017 Vii       Second loss credit     IND A-(SO)       197.3    Assigned
                                facility (SLCF)
Sansar Trust Sep 2017 Vii       Series A pass-through  IND AAA(SO)      3945.9   Assigned
                                certificates (PTCs)
Sanshu Green Corn Pvt Ltd       TL                     IND BB           4.7      Affirmed
 (reduced from INR7.7mln)
Sanshu Green Corn Pvt Ltd       FB WC limits           IND BB /IND A4+  172.5    Affirmed
Satyam Developers Ltd           TL                     IND BB           450      Assigned
Vanilla Clean Power Pvt Ltd     TL                     IND BBB-         2300     Assigned
Vanilla Clean Power Pvt Ltd     Overdraft              IND BBB-         210      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

$: 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

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
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