November 5, 2019 / 5:14 AM / 16 days ago

India Ratings for Indian debt instruments – Nov 5

    Nov 5 (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 4, 2019.

COMPANY                         INSTRUMENT              RATING       AMOUNT     MOVEMENT
                                                                     (RS.MLN)
------                          ----------              ------       ------     ---------
SHORT TERM RATINGS:
-------------------
Ambica Jute Mills Ltd           Non-FB limits          IND A3+          250      Affirmed
Bally Jute Co. Ltd              Non-FB limits          IND A3+          230      Affirmed
Gemus Engineering Ltd           Non-FB limits          IND A4+          40       Affirmed
Gour Road Tar Coat Pvt Ltd      Non-FB limits          IND A4+          430
(ISSUER NOT COOPERATING)/Migrated to non-cooperating category
Gour Road Tar Coat Pvt Ltd      Proposed non-FBL       Provisional IND  350
                                                       A4+
(ISSUER NOT COOPERATING)/Migrated to non-cooperating category
Score Information Technologies  Non-FB limit           IND A4+          100      Affirmed
Ltd
Trend Vyapaar Ltd               Non-FB limits          IND A3+          15       Affirmed
Trend Vyapaar Ltd               Non-FB limits*         IND A3+          15       Assigned
* The final rating has been assigned following the receipt of the
 executed financing document by Ind-Ra. (reduced from 105)
Usha Corporation Ltd            Non-FB limit           IND A3           10       Affirmed


LONG TERM RATINGS:
-------------------
Ambica Jute Mills Ltd           FB limits              IND BBB          450      Affirmed
Bally Jute Co. Ltd              FB limits              IND BBB          420      Affirmed
Bally Jute Co. Ltd              TL*                    IND BBB          60       Assigned
* The final rating has been assigned following the receipt of the
 executed financing document by Ind-Ra.
Ballyfabs International Ltd     FB WC limit            IND BBB-/IND A3  100      Affirmed
Gemus Engineering Ltd           FB limits              IND BB-          85       Affirmed
Gemus Engineering Ltd           Long-TL                IND BB-          18.09    Affirmed
(reduced from 23.5)
Gour Road Tar Coat Pvt Ltd      FB limits              IND BB+          50
(ISSUER NOT COOPERATING)/Migrated to non-cooperating category
Jubilant Agri And Consumer      Long-TL                IND BBB          1441.3   Affirmed
Products Ltd
Outlook revised to Positive/(decreased from 1,735)
Jubilant Agri And Consumer      FB WC limits           IND BBB/IND A3+  650      Affirmed
Products Ltd
Outlook revised to Positive
Jubilant Agri And Consumer      Non-FB WC limits       IND BBB/IND A3+  1500     Affirmed
Products Ltd
Outlook revised to Positive
Jubilant Generics Ltd           Non-FB WC limits       IND A1+/RWE      2500     Placed on RWE
Jubilant Generics Ltd           ST debt/CP programme*  IND A1+/RWE      1500     Placed on RWE
* CP has been rated on a standalone basis
Jubilant Generics Ltd           FB WC limits           IND AA/RWE/IND   2500     Placed on RWE
                                                       A1+/RWE
Jubilant Infrastructure Ltd     Non-FB WC limits       IND A2+/RWE      150      Placed on RWE
Jubilant Life Sciences Ltd      Non-FB WC limits       IND A1+/RWE      8400     Placed on RWE
Jubilant Life Sciences Ltd      ST debt/CP programme*  IND A1+/RWE      4000     Placed on RWE
* CP has been rated on a standalone basis
Jubilant Life Sciences Ltd      NCDs (NCDs)            IND AA/RWE       7450     Placed on RWE
Jubilant Life Sciences Ltd      FB WC limits           IND AA/RWE/IND   5500     Placed on RWE
                                                       A1+/RWE
Lifelong India Pvt Ltd          TL                     IND A            97.5     Affirmed
Outlook revised to Negative/(reduced from 142.50)
Lifelong India Pvt Ltd          FB WC limit            IND A//IND A1    228      Affirmed
Outlook revised to Negative/(increased from 82)
Lifelong India Pvt Ltd          Non-FB WC limit        IND A//IND A1    52       Affirmed
Outlook revised to Negative
Mahira Ventures Pvt Ltd         TL                     IND BBB+         5476.7   Affirmed
Mahira Ventures Pvt Ltd         Proposed TL*           Provisional IND  5469.7   Affirmed
                                                       BBB+
* The rating is provisional and shall be confirmed upon the sanction and execution 
of loan documents for the proposed facility by Mahira to the satisfaction 
of Ind-Ra.(reduced from  5,523.3)
Raidurgam Developers Ltd        Long-TL                IND A-           6500     Affirmed
Score Information Technologies  FB WC limit            IND BB           55       Downgraded
Ltd
Trend Vyapaar Ltd               FB limits              IND BBB          270      Affirmed
Trend Vyapaar Ltd               FB limits*             IND BBB          30       Assigned
* The final rating has been assigned following the receipt of the executed financing document by
Ind-Ra.(reduced from 50)
Trend Vyapaar Ltd               TL                     IND BBB          42.5     Assigned
Trend Vyapaar Ltd               TL*                    IND BBB          10       Assigned
* The final rating has been assigned following the receipt of the executed 
financing document by Ind-Ra.
U. S. Srivastava Memorial       TL                     IND BB           42.9
Educational Society
(ISSUER NOT COOPERATING)/Maintained in non-cooperating category
U. S. Srivastava Memorial       Bk overdraft facility  IND BB           30
Educational Society
(ISSUER NOT COOPERATING)/Maintained in non-cooperating category
Usha Corporation Ltd            FB WC limit            IND BBB-         40       Affirmed
Welspun Delhi Meerut Expressway TL                     WD               4000     Withdrawn
Pvt Ltd
-----------------------------------------------------------------------------------------------
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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