September 8, 2017 / 4:42 AM / 15 days ago

India Ratings for Indian debt instruments – Sep 8

     Sep 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
September 7, 2017.

COMPANY                         INSTRUMENT             RATING         AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------         ------   ---------
SHORT TERM RATINGS:
-------------------
Jonson Rubber Industries Ltd    Non-FB limits          IND A4+          380      Assigned
Rites Ltd                       Non-FB WC              IND A1+          5100     Affirmed
Spica Projects &                Non-FB WC limit        IND A4+          138.5    Affirmed
Infrastructures Pvt. Ltd.

LONG TERM RATINGS:
-------------------
B.V.L Exports Pvt Ltd           FB WC limits           IND BB-/IND A4+  1250     Assigned
Dish Infra Services Pvt Ltd     Proposed Bk  Fac*      Prov IND         2000     Assigned
                                                       A+/RWE/Prov IND
                                                       A1/RWE
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by DISPL to the satisfaction of Ind-Ra. 
Ghanshyam Pulses                FB limits              IND B+           87.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Ghanshyam Pulses                TL                     IND B+           17.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Ghanshyam Udhyog                FB limits              IND B+           87.5     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Ghanshyam Udhyog                TL                     IND B+           15       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Iiert March 2016                Series A pass-through  IND AA(SO)       508.51   Affirmed
                                certificates
Jonson Rubber Industries Ltd    TL                     IND BB           9.1      Assigned
Jonson Rubber Industries Ltd    FB limits              IND BB /IND A4+  220      Assigned
Laxai Life Sciences Pvt Ltd     TL                     IND BB-          120      Upgraded from
                                                                                 IND B+
(increased from INR1.1mln)
Laxai Life Sciences Pvt Ltd     FB WC limit            IND BB-/IND A4+  30       Upgraded from
                                                                                 IND B+/IND A4
(increased from INR25mln)
Laxai Life Sciences Pvt Ltd     Non-FB WC limit        -                5.5      Withdrawn
Psk Developers Pvt Ltd          TL                     IND B+           1850     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Rajapur Minerals                Long-TL                IND B+           21       Assigned
Rajapur Minerals                FB WC limits           IND B+/IND A4    29       Assigned
Sansar Trust June 2016 Iii      Second loss credit     IND A-(SO)       240.2    Affirmed
                                facility (SLCF)
Sansar Trust June 2016 Iii      Series A pass-through  IND AAA(SO)      2277.9   Affirmed
                                certificates (PTCs)
Shri Shanti Solvex Pvt Ltd      TL                     IND BB-          61.94    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Shri Shanti Solvex Pvt Ltd      FB WC limit            IND BB-          100      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Silver Star Group               Proposed FB Fac        Provisional IND B100      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Spica Projects &                FB WC limit            IND BB           48.7     Affirmed
Infrastructures Pvt. Ltd.
Spica Projects &                TL                     IND BB           8.3      Affirmed
Infrastructures Pvt. Ltd.
(reduced from INR20.0crs)
Spica Projects &                Non-FB WC limit        IND BB /IND A4+  150      Affirmed
Infrastructures Pvt. Ltd.
Sri Agarwal Ispat               FB WC limit            IND BB           410      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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