November 14, 2018 / 8:07 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, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
B G Roadlines                   Non-FB WC limit        IND A4+          1        -
(Maintained in Non-Cooperating Category)
Gujarat State Fertilisers &     ST debt programme      IND A1+          8000     Affirmed
Chemicals
Gujarat State Fertilisers &     CP (CP) programme      IND A1+          10000    Affirmed
Chemicals
Ispat Damodar                   Non-FB WC limits       IND A4           260      -
(Migrated to Non-Cooperating Category)
Jatson Power                    Non-FB WC limits       IND A4+          32.5     Affirmed
R K Enterprise                  Non-FB WC limit        IND A4+          1        -
(Maintained in Non-Cooperating Category)
Regent Beers & Wines            Non-FB limits          IND A4+          6        Affirmed
Sona Sati Organics              Non-FB limit           IND A4           40       -
(Migrated to non-cooperating category)
Tgs Investment & Trade          CP                     IND A1+          10.5     Affirmed
Trapti Trading & Investments    CP                     IND A1+          17.5     Affirmed
Priya Ltd                       FB post-shipment       IND D            210      Downgraded
                                export finance credit
                                facility (ST)
Priya Ltd                       Non-FB limits (ST)     IND D            210      Downgraded


LONG TERM RATINGS:
-------------------
B G Roadlines                   FB WC limit            IND BB-          14.3     -
(Maintained in Non-Cooperating Category)
B G Roadlines                   TL                     IND BB-          45.67    -
(Maintained in Non-Cooperating Category)
Gujarat State Fertilisers &     FB WC limits           IND AA+ / IND A1+4630     Affirmed
Chemicals
Gujarat State Fertilisers &     Non-FB WC limits       IND AA+ / IND A1+9972.8   Affirmed
Chemicals
Gujarat State Fertilisers &     Proposed FB WC limits* Provisional IND  20       Affirmed
Chemicals                                              AA+ /
                                                       Provisional IND A1+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by GSFC to the satisfaction of Ind-Ra.
Gujarat State Fertilisers &     Proposed non-FB WC     Provisional IND  27.2     Affirmed
Chemicals                       limits*                AA+ /
                                                       Provisional IND A1+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by GSFC to the satisfaction of Ind-Ra.
Hindustan Cleanenergy           NCDs                   IND BBB-         447      -
(Maintained in non-cooperating category)
Ispat Damodar                   FB WC limit            IND B            648      -
(Migrated to Non-Cooperating Category)
Ispat Damodar                   TL                     IND B            139.378  -
(Migrated to Non-Cooperating Category)
Jatson Power                    TL                     IND BB-          0.09     Affirmed
Jatson Power                    FB WC limits           IND BB-          47.5     Affirmed
Kashipur Sitarganj Highway      Senior LT rupee loans  IND D            4220     Affirmed
                                (LT)
Palsons Derma                   TL                     IND BBB-         9.78     -
(Maintained in non-cooperating category)
Palsons Derma                   FB limits              IND BBB-         140      -
(Maintained in non-cooperating category)
Platinum Trust August 2016 -    Series A pass-through  IND AAA          1203.96  Affirmed
Tranche Ii                      certificates (PTCs)
Platinum Trust August 2016 -    Second loss credit     IND BBB          127.1    Affirmed
Tranche Ii                      facility (SLCF)
Platinum Trust June 2016        Series A pass-through  IND AAA          1226.3   Affirmed
Tranche Ii                      certificates (PTCs)
R K Enterprise                  FB WC limit            IND BB-          10.5     -
(Maintained in Non-Cooperating Category)
R K Enterprise                  TL                     IND BB-          56.26    -
(Maintained in Non-Cooperating Category)
Regent Beers & Wines            Long-TL                IND BB+          15.21    Upgraded
Regent Beers & Wines            FB limits              IND BB+          110      Upgraded
Shriram Epc                     FB WC limits (long-/ST)IND D            4240     Affirmed
Shriram Epc                     Non-FB limits          IND D            6706     Affirmed
                                (long-/ST)
Shriram Epc                     TL (LT)                IND D            18231.7  Affirmed
Sona Sati Organics              FB limit               IND B            100      -
(Migrated to non-cooperating category)
Sona Sati Organics              TL                     IND B            400.74   -
(Migrated to non-cooperating category)
Vena Energy Fatanpur Power      Senior secured project -                4750     Withdrawn
                                Bk loan
(paid in full)
Vena Energy Fatanpur Power      Senior secured project IND A-           6000     Assigned
                                rupee TL

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