May 8, 2018 / 3:37 AM / 19 days ago

India Ratings for Indian debt instruments – May 8

    May 8 (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 7, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Brmsco Garments Pvt Ltd         Non-FB Fac             IND A4+          30       upgraded
Magadh Construction Works       Non-FB Limits          IND A4+          80
Migrated to non-cooperating category; (Issuer Not Cooperating)
Premier Solar Systems Pvt Ltd   Non-FB WC limits       IND A3+          440      Upgraded
Premier Solar Systems Pvt Ltd   Non-FB WC limits#      IND A3+          120      Assigned
# The final ratings have been assigned following the receipt of the sanction letter by Ind-Ra.
Premier Solar Systems Pvt Ltd   Proposed non-FB WC     Provisional IND  140      Upgraded
                                limits*                A3+
reduced from INR 260 MLN; * The ratings are provisional and shall be confirmed upon the sanction
and execution of the loan documents for the above facilities by PSSPL to the satisfaction of
Ind-Ra. 
Raviraj Foils Ltd               Non-FBL                IND A3           67.5     Downgraded
Shree Ganesh Metaliks Ltd       Non-FB limits          IND A4           165      Assigned
Vijai Construction (I) Pvt Ltd  Non-FB limits          IND A3           440
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
A.P. Greig Foundation Trust     Bk loans               IND BBB+         139.68   Assigned
Aditya Birla Housing Finance LtdBk loans               IND AAA          26.45    Assigned
Ajl Edu-Solutions Llp           Bk loans               IND BBB+         234.52   Assigned
Aryan Mining & Trading          Issuer rating          IND B
Corporation Pvt. Ltd
(Issuer Not Cooperating)
Balajee Loha Ltd.               FB limits              IND BBB          88
Migrated to non-cooperating category; (Issuer Not Cooperating)
Bombay Education Trust          Proposed Bk loans      Provisional IND  500      Assigned
                                                       BBB+
Brmsco Garments Pvt Ltd         TL                     IND BB-          82.6     upgraded
reduced from INR 91.5 MLN
Brmsco Garments Pvt Ltd         FB WC                  IND BB-/IND A4+  100      upgraded
Ganpati Rice Mills              TL                     IND B+           20.77
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Ganpati Rice Mills              FB limit               IND B+/IND A4    250
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
General Computer Services       Bk loans               IND BBB+         253.99   Affirmed
International
reduced from INR 290 MLN
General Computer Services       FB WC Fac              IND BBB+         32.4     Affirmed
International
Il&Fs Infrastructure Debt Fund  Series-3 mutual fund   IND AAAidf -mf            Assigned
                                scheme 3B
Indian Pulp & Paper Pvt Ltd     FB limits (LT)         IND D            159.3
Affirmed and Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Indian Pulp & Paper Pvt Ltd     Long-TL (LT)           IND D            455.5
Affirmed and Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Indian Pulp & Paper Pvt Ltd     Non-FB limits (ST)     IND D            85.4
Affirmed and Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Irm Energy Pvt Ltd              TL                     IND BBB+         1930     Upgraded
Jai Jagdamba Dairy              TL                     IND B            7.57
Maintained in the Non-Cooperating Category; (Issuer Not Cooperating)
Jai Jagdamba Dairy              FB WC limit            IND B/IND A4     55
Maintained in the Non-Cooperating Category; (Issuer Not Cooperating)
Jnd Edu-Reality Pvt Ltd         Bk loans               IND BBB+         442.04   Affirmed
reduced from INR 500 MLN
Kundan Care Products Ltd        FB and non-FB WC limitsWD               850      Withdrawn
Magadh Construction Works       FB limit               IND BB-          10
Migrated to non-cooperating category; (Issuer Not Cooperating)
Maharashtra Samaj Ghatkopar     Bk loans               IND BBB+         331.23   Affirmed
increased from INR 161.0 MLN
National Education Society      Bk loans               IND BBB+         571.47   Affirmed
reduced from INR 599.4 MLN
Premier Solar Systems Pvt Ltd   FB WC limits           IND BBB/IND A3+  100      Upgraded
Premier Solar Systems Pvt Ltd   FB WC  limits#         IND BBB/IND A3+  10       Assigned
# The final ratings have been assigned following the receipt of the sanction letter by Ind-Ra.
Premier Solar Systems Pvt Ltd   Proposed FB WC limits* Provisional IND  90        Upgraded
                                                       BBB/Provisional
                                                       IND A3+
reduced from INR 100 MLN; * The ratings are provisional and shall be confirmed upon the sanction
and execution of the loan documents for the above facilities by PSSPL to the satisfaction of
Ind-Ra. 
Primus Trust                    Bk loans               IND BBB+         850      Affirmed
increased from INR 600 MLN
Ramagundam Fertilizers And      Long-TL*               IND A-           39.4     Affirmed
Chemicals Ltd
* Non-fund based limits of INR 11.8 billion sanctioned within the long-term loan limits
Raviraj Foils Ltd               TL                     IND BBB-         93.54    Downgraded
reduced from INR 111.5 MLN
Raviraj Foils Ltd               FB limits              IND BBB-         140      Downgraded
increased from INR 98.5 MLN
Shree Ganesh Metaliks Ltd       Long-TL                IND C            1972     Assigned
Shree Ganesh Metaliks Ltd       FB limits              IND C            350      Assigned
Shreegopal Gobind Agro Tech Pvt TL                     IND B-           150
Ltd
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Shreegopal Gobind Agro Tech Pvt FB WC limit            IND B-/IND A4    85
Ltd
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Sml Edu-Infra Pvt Ltd           Bk loans               IND BBB+         589.21   Affirmed
reduced from INR 625 MLN
Sml Properties Pvt Ltd          Bk loans               IND BBB+         103.13   Affirmed
reduced from INR 150 MLN
Super Value Properties Pvt Ltd  Bk loans               IND BBB+         325.69   Affirmed
reduced from INR 381.58 MLN
Trigun Enterprise               FB limits              IND B+           40
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Trigun Enterprise               Proposed FB limits     Provisional IND  40
                                                       B+
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Universal Edu Infra Services    FB WC Fac              IND BBB+         70       Affirmed
Pvt Ltd
Vidya Vikas Education Trust     Bk loans               IND BBB+         397.05   Affirmed
reduced from INR 654.8 MLN
Vijai Construction (I) Pvt Ltd  FB limits              IND BBB-/IND A3  80
Migrated to 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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