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India Ratings for Indian debt instruments – Nov 15
November 15, 2017 / 6:21 AM / a month ago

India Ratings for Indian debt instruments – Nov 15

    Nov 15 (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 14, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Fino Paytech Ltd                BG                     IND A2           50       Affirmed
Fino Paytech Ltd                Non-FB limits          IND A2           100      Affirmed
Fino Paytech Ltd                LOC facility           IND A2           100      Affirmed
Mehta Intertrade Steels Pvt Ltd Non-FB limits          IND A4+          700      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not cooperating)
S.G.S Motors Pvt Ltd            Non-FB WC limit        IND A4+          20       Affirmed
Shyama Power India Ltd          Non-FB WC limit        IND A3           7480     Affirmed
Smr Plantation Pvt Ltd          Non FB WC              IND A3           30       Assigned

LONG TERM RATINGS:
-------------------
Arfin India Ltd                 WC Fac                 WD               375      Withdrawn
Bhaskar Shrachi Alloys Ltd      FB limits (LT)         IND D            290      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not cooperating)
Bhaskar Shrachi Alloys Ltd      TL (LT)                IND D            192      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not cooperating)
Bhaskar Shrachi Alloys Ltd      Non-FB limits (ST)     IND D            150      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not cooperating)
Celogen Pharma Pvt Ltd          FB WC limits           IND B+/IND A4    60       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not cooperating)
Fino Paytech Ltd                CC facility            IND BBB          600      Affirmed
(reduced from 900)
Fino Paytech Ltd                TL                     WD               248.4    Withdrawn
                                                                                 (repaid in
                                                                                 full)
Fino Paytech Ltd                WC demand loan         WD               500      Withdrawn
                                                                                 (repaid in
                                                                                 full)
Indraprastha Gas Ltd            Bond programme         IND AAA          4000     Affirmed
Jk Tyre & Industries Ltd        Long-TL/ Bk Fac        IND A+           19811    Downgraded
                                                                                 from IND AA-
(reduced from 21,840)
Jk Tyre & Industries Ltd        FB and non-FB limits   IND A+/IND A1+   26810    Downgraded
                                                                                 from IND AA-
                                                                                 Short-term
                                                                                 Rating
                                                                                 affirmed; 
                                                                                 Off RWN
Long-term rating downgraded; Outlook Negative; Short-term rating affirmed; Off RWN
Jk Tyre & Industries Ltd        TD                     IND tAA-         600      Downgraded
                                                                                 from tAA
Lamane Infrastructure Pvt Ltd   TL                     IND BB-          200      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not cooperating)
Mehta Intertrade Steels Pvt Ltd TL                     IND BB           45       Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not cooperating)
Mehta Intertrade Steels Pvt Ltd FB limits              IND BB/IND A4+   100      Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
(Issuer Not cooperating)
Platinum Trust June 2016        Series A pass-through  IND AAA(SO)      1717.5   Affirmed
Tranche Ii                      certificates (PTCs)
Rgs Healthcare Pvt Ltd          TL                     IND BBB-         9        Assigned
Rgs Healthcare Pvt Ltd          FB WC limits           IND BBB-//IND A3 60       Assigned
Rgs Healthcare Pvt Ltd          Proposed TL*           IND BBB-         131      Assigned

*The rating is provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by RGSPL to the satisfaction of Ind-Ra.

Rupa & Co. Ltd                  TL                     WD               273.3    Withdrawn
Rupa & Co. Ltd                  FB limits              WD               1980     Withdrawn
Rupa & Co. Ltd                  Non-FB limit           WD               50       Withdrawn
S.G.S Motors Pvt Ltd            FB WC limit            IND BB+          300      Affirmed
(increased from 150)
Sansar Trust Feb 2017 (An Abs   Series A pass-through  IND AAA(SO)      5806.3   Affirmed
Transaction)                    certificates (PTCs)
Sansar Trust Feb 2017 (An Abs   Second loss credit     IND BBB(SO)      360.3    Affirmed
Transaction)                    facility (SLCF)
Shyama Power India Ltd          FB WC limit            IND BBB-/IND A3  1400     Affirmed
Smr Plantation Pvt Ltd          Long-TL                IND BBB-         300      Assigned
Smr Plantation Pvt Ltd          FB WC                  IND BBB- / IND A3355      Assigned
Vector Green Surya Urja Ltd     NCDs                   IND A-           611      Assigned
Vector Green Surya Urja Ltd     NCDs                   IND A-           611      Assigned
-----------------------------------------------------------------------------------------------
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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