February 24, 2017 / 6:00 AM / a year ago

India Ratings for Indian debt instruments – Feb 24

   Feb 24 (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
February 23, 2017.

COMPANY                         INSTRUMENT             RATING         AMOUNT    MOVEMENT
------                          ----------             ------         ------    ---------
Ballarpur Industries Ltd        CP                     IND A4           2470     Downgraded
Bilt Graphic Paper Products Ltd CP                     IND A4           3880     Downgraded
Hamd Foods Pvt Ltd              FB limits              IND A4+          108      Assigned
Haryana State Warehousing       Short-TL               IND A1           1500     Assigned
Shree Sita Ram Paper Mills Ltd  Non-FB WC              IND A4           6        Assigned
Shri Krishna Steelage Pvt Ltd   Non-FB limits          IND A4+          40       Assigned

Ballarpur Industries Ltd        Non-convertible        IND C            5000     Downgraded
                                debenture (NCDs)
Ballarpur Industries Ltd        TL                     IND D            490      Downgraded
                                                                                 from from IND
Ballarpur Industries Ltd        FB and Non-FB WC limitsIND D            7520     Downgraded
                                                                                 from from IND
Bilt Graphic Paper Products Ltd NCDs                   IND C            8500     Downgraded
Bilt Graphic Paper Products Ltd TL                     IND D            4760     Downgraded
                                                                                 from IND BBB-
Bilt Graphic Paper Products Ltd FB and non-FB WC limitsIND D            8700     Downgraded
                                                                                 from IND BBB-
Haryana State Warehousing       FB WC facility         IND A            17500    Assigned
Haryana State Warehousing       TL                     IND A+(SO)       438.5    Assigned
Haryana State Warehousing       TL                     IND A+(SO)       501.8    Assigned
Modigold Pipes Pvt Ltd          FB WC limit            IND BB-          58       Assigned
Platinum Trust March 2015       Second loss credit     IND AA- (SO)     100.8    Affirmed
                                facility (SLCF)
Platinum Trust March 2015       Series A pass-through  IND AAA (SO)     722.4    Affirmed
                                certificates (PTCs)
Shillong Expressway Ltd         Subordinate loan       IND AA (SO)      444.7    Affirmed
 (INR368.2 outstanding as on 31 January 2017)
Shillong Expressway Ltd         Senior LT project Bk   IND AA+ (SO)     1627     Affirmed
(INR1,347 outstanding as on 31 January 2017)
Shree Sita Ram Paper Mills Ltd  FB WC                  IND B /IND A4    81.5     Assigned
Shri Krishna Steelage Pvt Ltd   FB WC limits           IND BB /IND A4+  130      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

$: 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

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
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