March 3, 2020 / 6:49 AM / in a month

India Ratings for Indian debt instruments – Mar 3

    Mar 3 - 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
March 2, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Neelkanth Yarn                  Non-FBL                IND A4+          62       -
Migrated to non-cooperating category,ISSUER NOT COOPERATING
Nlc India Ltd                   CP                     INDA1+           20000    Assigned
Rs Development And              Non-FB WC limit        IND A4+          400      Downgraded
Constructions India Pvt Ltd
(ISSUER NOT COOPERATING)


LONG TERM RATINGS:
-------------------
Chamundeshwari Electricity      TL                     IND A/Stable     4650.3   Affirmed
Supply Corporation Ltd
(reduced from INR5,275.60
Chamundeshwari Electricity      FB WC limits           IND A/Stable     7000     Affirmed
Supply Corporation Ltd
Chamundeshwari Electricity      Non-FB WC limits       IND A/Stable     1500     Affirmed
Supply Corporation Ltd
Eastman Industries Ltd          FB WC limits           IND              190      -
                                                       BBB/Stable/IND A2
Long-term downgraded; short-term affirmed,(reduced from INR220)
Eastman Industries Ltd          Non-FB WC limits       IND              80       -
                                                       BBB/Stable/IND A2
Long-term downgraded; short-term affirmed(reduced from INR112.3)
Lite Bite Foods Pvt Ltd         FB WC limits           IND BBB+/Stable  550      Downgraded
Lite Bite Foods Pvt Ltd         Non-FB WC limits       IND BBB+/Stable  1005     Downgraded
(reduced from INR1,060)
Lite Bite Foods Pvt Ltd         Long-TL                IND BBB+/Stable  2905     Downgraded
Lite Bite Travel Foods Pvt Ltd  Long-TL                IND BBB+/Stable  160      Downgraded
(increased from INR100)
Lite Bite Travel Foods Pvt Ltd  FB WC limits           IND BBB+/Stable  300      Downgraded
Neelkanth Yarn                  FB limit               IND BB/ IND A4+  178      -
Migrated to non-cooperating category,ISSUER NOT COOPERATING
Nlc India Ltd                   TL                     IND AAA/Stable   25520    Affirmed
Nlc India Ltd                   NCDs                   IND AAA/Stable   14750    Affirmed
Nlc India Ltd                   NCDs*                  IND AAA/Stable   5250     Assigned
* The final rating has been assigned following the final issuance and the receipt of the final
documentation, conforming to the information already received by Ind-Ra.
Ramky Enviro Engineers Ltd      CC                     IND              850      Assigned
                                                       AA/Stable/IND A1+
Ramky Enviro Engineers Ltd      Non-FB                 IND              2540     Assigned
                                                       AA/Stable/IND A1+
Ramky Enviro Engineers Ltd      Proposed Bk Fac*       Provisional IND  960      Assigned
                                                       AA/Stable/
                                                       Provisional IND A1+
*The assignment of the final rating follows the receipt of the final documents conforming to the
information already received by Ind-Ra.
Rs Development And              TL                     IND BB+          28.9     Downgraded
Constructions India Pvt Ltd
(ISSUER NOT COOPERATING)
Rs Development And              FB WC limit            IND BB+/IND A4+  250      Downgraded
Constructions India Pvt Ltd
(ISSUER NOT COOPERATING)
Sree Vidyanikethan Educational  Bk loans (LT)          IND D            1106.3   Downgraded
Trust
Sree Vidyanikethan Educational  FB WC limits (LT)      IND D            150      Downgraded
Trust
-----------------------------------------------------------------------------------------------
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@refinitiv.com)
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