November 14, 2012 / 7:33 AM / 5 years 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 12, 2012.

COMPANY                         INSTRUMENT                RATING       AMOUNT     MOVEMENT
                                                                         (RS.MLN)
------                          ----------                ------       ------     ---------
SHORT TERM RATINGS:
-------------------
Admark Polycoat Pvt Ltd         non-FB limits             IND A4+        25       Reaffirmed
Fouress Engineering India Ltd   Non-FB WC                 IND A4+        --
Downgraded from IND A2
Fouress Engineering India Ltd   Treasury limit            IND A4+        --
Downgraded from IND A2
J Kumar Infraprojects Ltd       non-FBL                   IND A1         8250     Reaffirmed
Prime Focus Ltd                 non-FB limits             IND A2+        730      Assigned
Sharmanji Yarns Pvt Ltd         Non-FB WC credit limits   IND A4+        --       Reaffirmed

LONG TERM RATINGS:
-------------------
Admark Polycoat Pvt Ltd         FB limit                  IND BB         35       Reaffirmed
Fouress Engineering India Ltd   FB WC                     IND BB+        110
Downgraded from IND BBB+
Fouress Engineering India Ltd   Non-FB WC                 IND BB+        680
Downgraded from IND BBB+; enhanced from Rs 580 MLN
Fouress Engineering India Ltd   Outstanding TL            IND BB+        61
Downgraded from IND BBB+; enhanced from Rs 9.9 mln
Fouress Engineering India Ltd   Treasury limit            IND BB+        8.4
Downgraded from IND BBB+
J Kumar Infraprojects Ltd       LT Issuer rating          IND A-         --       Reaffirmed
J Kumar Infraprojects Ltd       long-TL                   IND A-         2425     Reaffirmed
increased from Rs 225 mln
J Kumar Infraprojects Ltd       FB limits                 IND A-         3550     Reaffirmed
increased from Rs 2,500 mln
Jyoti Build Tech                FB limits                 IND BBB-       150      Suspended
Jyoti Build Tech                non-FB limits             IND BBB-       700      Suspended
Prime Focus Ltd                 LT Issuer rating          IND A-         --
Upgraded from IND BBB; Removed it from Rating Watch Evolving
Prime Focus Ltd                 NCD                       IND A-         1901
Upgraded from IND BBB; Reduced from Rs 1,925 mln
Prime Focus Ltd                 long-TL                   IND A-         180      Assigned
Prime Focus Ltd                 FB limits                 IND A- /A2+    600      Assigned
Psl Ltd                         FB WC limits              IND A3+ /RWN   --
Downgraded from IND A2+
Psl Ltd                         non-FB WC limits          IND A3+ /RWN   26.44
Downgraded from IND A2+
Psl Ltd                         LT debt                   IND BBB /RWN   6.43
Downgraded from IND A-
Psl Ltd                         FB WC limits              IND BBB /RWN   25.22
Downgraded from IND A-
Sharmanji Yarns Pvt Ltd         LT Issuer rating          IND BB+        --
Upgraded from IND BB
Sharmanji Yarns Pvt Ltd         TL                        IND BB+        447.42
Upgraded from IND BB; Reduced from Rs 447.42 mln
Sharmanji Yarns Pvt Ltd         FB WC credit limits       IND BB+        500
Upgraded from IND BB
Sharmanji Yarns Pvt Ltd         Non-FB WC credit limits   IND BB+        27
Upgraded from IND BB
--------------------------------------------------------------------------------------------
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.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222, E-mail at
rru.data@thomsonreuters.com)

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