June 29, 2018 / 5:33 AM / in 5 months

India Ratings for Indian debt instruments – Jun 29

   Jun 29 (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
June 28, 2018.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Batliboi Ltd                    Non-FB Fac             IND A4           541.5
Affirmed and migrated to non-cooperating category(ISSUER NOT COOPERATING)
J C Construction Pvt Ltd        Non-FB WC limit        IND A4+          100
Migrated to non-cooperating category(ISSUER NOT COOPERATING)
Rank Cranes Pvt Ltd             Non-FB WC limits       IND A4+          50
Migrated to non-cooperating category(ISSUER NOT COOPERATING)
Sandhar Technologies Ltd        CP programme *         IND A1+          400      Affirmed
* Carved out of working capital limits
Trident Chemphar Ltd            Non-FB WC loans        IND A2+          4510     Affirmed

LONG TERM RATINGS:
-------------------
Batliboi Ltd                    FB Fac                 IND B-           186
Downgraded and migrated to non-cooperating category(ISSUER NOT COOPERATING)
Clean Sustainable Energy Pvt LtdProposed TL*           Provisional IND  3375     Assigned
                                                       BBB+
* The ratings are based on the facility agreements provided to Ind-Ra. The final ratings are
contingent upon the receipt of the trust and retention account agreement and other financing
documents conforming to the information already received by Ind-Ra.
Clean Sustainable Energy Pvt LtdProposed non-FB        Provisional IND  200      Assigned
                                facility (BG)*         BBB+
* The ratings are based on the facility agreements provided to Ind-Ra. The final ratings are
contingent upon the receipt of the trust and retention account agreement and other financing
documents conforming to the information already received by Ind-Ra.
J C Construction Pvt Ltd        FB WC limit            IND BB           60
Migrated to non-cooperating category(ISSUER NOT COOPERATING)
J C Construction Pvt Ltd        TL                     IND BB           9.39
Migrated to non-cooperating category(ISSUER NOT COOPERATING)
Kalinga Bharati Foundation      Bk loans               IND B            55       Affirmed
Platinum Trust June 2017 –      Series A pass-through  IND AAA(SO)      2588.9   Affirmed
Tranche II                      certificates (PTCs)
Platinum Trust June 2017 –      Second loss credit     IND BBB(SO)      202.12   Affirmed
Tranche II                      facility (SLCF)
Platinum Trust June 2018        Series A pass-through  Provisional IND  4751.6   Assigned
                                certificates (PTCs)    AAA(SO)
Platinum Trust June 2018        Second loss credit     Provisional IND  275.6    Assigned
                                facility (SLCF)        BBB(SO)
Rank Cranes Pvt Ltd             FB WC limits           IND BB+          30
Migrated to non-cooperating category(ISSUER NOT COOPERATING)
Sansar Trust June 2018 IV       Second loss credit     Provisional IND  353.5    Assigned
                                facility (SLCF)        A-(SO)
Sansar Trust June 2018 IV       Series A1 pass-through Provisional IND  1975.8   Assigned
                                certificates (PTCs)    AAA(SO)
Sansar Trust June 2018 IV       Series A2 PTCs         Provisional IND  3818.5   Assigned
                                                       AAA(SO)
Seagull Trust II                Series A1 pass-through IND AAA(SO)      855.7    Upgraded
                                certificates (PTCs)
Seagull Trust II                Series A2 PTCs         IND B+(SO)       301.3    Affirmed
Shri Jagadguru Co-Operative     TL                     IND BB           65
Hospital Society Ltd
Maintained in Non-Cooperating Category(ISSUER NOT COOPERATING)
Trident Chemphar Ltd            FB WC limits           IND A-/IND A2+   520      Affirmed
-----------------------------------------------------------------------------------------------
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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