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India Ratings for Indian debt instruments – May 12
May 12, 2017 / 4:28 AM / 7 months ago

India Ratings for Indian debt instruments – May 12

    May 12 (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
May 11, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
Elkaypee Spinners Pvt Ltd       Non-FB WC limit        IND A4+          6.9      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Gulshan Rai Jain-Ii             Non-FB WC limit         IND A4+         240      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
J Kumar Infraprojects Ltd       Non-FB limit           IND A1           20680    Downgraded
                                                                                 from IND A1+
(increased from INR13,250)
J Kumar Infraprojects Ltd       CP (CP)                IND A1           250      Downgraded
                                                                                 from IND A1+
J Kumar Infraprojects Ltd       Proposed non-FB limit* Provisional IND  1630     Assigned
                                                       A1
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by JKIL to the satisfaction of Ind-Ra.
M.S. Life Drug House Pvt Ltd    Non-FB WC  limit       IND A3           13       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
LONG TERM RATINGS:
-------------------
Shiva Structures Pvt Ltd        NFB WC limits          IND A4+          180      Assigned
Bansal Rice Mills               TL                     IND B            24.4     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Bansal Rice Mills               Fund Based WC Limit    IND B /IND A4    120      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Elkaypee Spinners Pvt Ltd       FB WC limit            IND BB-          60       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Elkaypee Spinners Pvt Ltd       Long-TL                IND BB-          52.6     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Gulshan Rai Jain-Ii             FB WC limit            IND BB           150      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Il&Fs Paradip Refinery Water LtdSenior Bk loans        IND AA           7215     Affirmed
J Kumar Infraprojects Ltd       FB limit               IND A+           4200     Affirmed
(reduced from INR4,700)
J Kumar Infraprojects Ltd       TL                     IND A+           2260     Affirmed
(increased from INR663)
J Kumar Infraprojects Ltd       Proposed TL*           Provisional IND  300      Assigned
                                                       A+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by JKIL to the satisfaction of Ind-Ra.
J Kumar Infraprojects Ltd       Proposed FB limit*     Provisional IND  973      Assigned
                                                       A+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by JKIL to the satisfaction of Ind-Ra.
M.S. Life Drug House Pvt Ltd    FB WC limit            IND BBB-         150      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Neel Kanth Strips Pvt. Ltd      FB WC limit            IND B+           70       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Shiva Structures Pvt Ltd        FB WC limit            IND BB           75       Assigned
Shiva Structures Pvt Ltd        TL                     IND BB           15.09    Assigned
Tata Steel Ltd                  CP                     IND A1+/RWE      60       Maintained on
                                                                                 RWE
Tata Steel Ltd                  NCDs                   IND AA/RWE       21.51    Maintained on
                                                                                 RWE
 (reduced from INR25.68)
Tata Steel Ltd                  LT debt (TL)           IND AA/RWE       20       Maintained on
                                                                                 RWE
(reduced from INR28.49)
Tata Steel Ltd                  Bk Fac*                IND AA/RWE/IND   99.32    Maintained on
                                                       A1+/RWE                   RWE
*Details of bank facilities are given in Annexure. /(reduced from INR101.85)
Vaidehi Trendz Pvt Ltd          FB limits              IND BB-          75       Assigned
Valuefirst Digital Media Pvt LtdFB limit               IND BBB /IND A2  150      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Vridhi Iron And Steels          Long-TL                IND B+           10.8     Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Vridhi Iron And Steels          FB WC limit            IND B+           43       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
-----------------------------------------------------------------------------------------------
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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