May 22, 2018 / 3:37 AM / a month ago

India Ratings for Indian debt instruments – May 22

    May 22 (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
May 21, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
N.C.John & Sons (P) Ltd         Non-FB WC facility     IND A4+          26       Assigned
Perfect Infracorp Pvt Ltd       Non-FB WC limit        IND A3+          550      Affirmed
increased from 480 mln
Satnam Industries               Non-FB limit           IND A4           20
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Sitaram Gems                    Non-FBL                IND A4+          20       Affirmed
Surya Electricals & Engineers   Non-FB limit           IND A4+          31
Pvt Ltd
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
Aarohi Constructions Pvt Ltd    FB WC limit            IND B+           100
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Kvk Bio Energy Pvt Ltd          WC facility (LT)       IND D            35
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
N.C.John & Sons (P) Ltd         FB Fac                 IND BB+/ IND A4+ 340      Affirmed
increased from 275 mln
Perfect Infracorp Pvt Ltd       FB WC limit            IND BBB          160      Affirmed
Satnam Industries               FB WC limit            IND B+           50
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Satnam Industries               TL                     IND B+           19.6
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Sitaram Gems                    FB limit               IND BB           350      Affirmed
increased from 250 mln
Sitaram Gems                    TL                     IND BB           9.4      Affirmed
Srinivasan Charitable &         Bk loans (LT)          IND D            2370
Educational Trust
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Srinivasan Health & Educational Bk loans (LT)          IND D            1800
Trust
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Surya Electricals & Engineers   FB limit               IND BB-          69
Pvt Ltd
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)

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