November 14, 2017 / 5:55 AM / a month ago

India Ratings for Indian debt instruments – Nov 14

   Nov 14 (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
November 13, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
Axis Finance Ltd                CP                     IND A1+          30000    Assigned
Greenply Industries Ltd         CP programme*          IND A1+          300      Affirmed
*Carved out of the existing fund-based working capital banking lines 
Greenply Industries Ltd         Proposed short-TL      Provisional IND  400      Affirmed
                                                       A1+
Steel Impex & Industries        FB Fac                 IND A4           230      Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Bajaj Energy Ltd                TL (LT)                IND D            14446    Downgraded
Bajaj Energy Ltd                WC facility (LT/ST)    IND D            9500     Downgraded
Bajaj Energy Ltd                Non-FB facility (LT/ST)IND D            570      Downgraded
Bostin Engineers Pvt Ltd        FB limits (LT)         IND D            60       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Bostin Engineers Pvt Ltd        TL (LT)                IND D            4.96     Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Bostin Engineers Pvt Ltd        Non-FB limits (ST)     IND D            89       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
LONG TERM RATINGS:
-------------------
Greenply Industries Ltd         Long-TL                IND AA-          2861.7   Affirmed
Greenply Industries Ltd         Bk Fac                 IND AA-/IND A1+  4750     Affirmed
Greenply Industries Ltd         LT capex LOC                            2250     Withdrawn
India Standard Loan Trust – XXXISeries A pass-through  IND AA+(SO)      877      Affirmed
                                certificates (PTCs)
India Standard Loan Trust – XXXILiquidity facility     IND AAA(SO)      21.1     Affirmed
India Standard Loan Trust – XXXISecond loss credit     IND BBB(SO)      126.5    Affirmed
                                facility 
Jorbat Shillong Expressway Ltd  Proposed senior NCDs*  Provisional IND  6412     Assigned
                                                       AAA(SO)
* The final rating is contingent upon the receipt of final documents conforming
  to information already received. The documents include all the finalized
  financing, transaction and project documents, including the legal opinion 
  on the validity of transaction and structure, and an opinion related to taxation.
Jorbat Shillong Expressway Ltd  Proposed subordinated  Provisional IND  2488     Assigned
                                NCDs*                  AAA(SO)
* The final rating is contingent upon the receipt of final documents conforming
  to information already received. The documents include all the finalized
  financing, transaction and project documents, including the legal opinion 
  on the validity of transaction and structure, and an opinion related to taxation.
Lvs Power Ltd                   Project  loan                           750      Withdrawn
Prakash Shellac Factory         FB WC limit            IND B+           50       Migrated to
                                                                                 Non
                                                                                 Cooperating 
                                                                                 Category
Shri Shanti Solvex Pvt Ltd      TL                     IND BB-          45.8     Affirmed
Shri Shanti Solvex Pvt Ltd      FB WC limits           IND BB-          100      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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