Apr 1 (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 March 28 & 31, 2014. COMPANY INSTRUMENT RATING AMOUNT MOVEMENT (RS.MLN) ------ ---------- ------ ------ --------- SHORT TERM RATINGS: ------------------- Axles India Ltd Non-FB WC limits IND A2+ 300 Affirmed Devi Fisheries Ltd Non-FB limits IND A2+ 100 Upgraded from IND A2 Filtra Catalysts & Chemicals Non-FB limits IND A4+ 30 Upgraded from Ltd IND A4 HBL Power Systems Ltd Non-FB limits IND A2+ 5000 Affirmed HBL Power Systems Ltd Non-FB limits IND A2+(exp) 1000 Assigned J.M.A Stores Ltd Non-FB limits IND A4+ 3 Assigned Punjab National Bank Certificates of Deposits IND A1+ 150000 Assigned Saraf Chemicals Ltd Non-FB limits IND A3 310 Upgraded from IND A4+ (increased from INR160m) Seshsayi Foods Pvt Ltd Non-FB WC limits IND A4+ 8 Assigned Triveni Engicons Pvt Ltd Non-FB limits IND A3+ 940 Upgraded from IND A3 (increased from INR840m) LONG TERM RATINGS: ------------------- Axles India Ltd Long-TL IND A- 61.3 Affirmed Axles India Ltd FB WC limits IND A-/IND 540 Affirmed A2+ Balaji Action Buildwell Long-TL IND BBB 653.7 Upgraded from IND BBB- (reduced from INR987.1m) Balaji Action Buildwell FB WC facility IND BBB/ 800 Upgraded from IND A3+ IND BBB-/ IND A3 Devi Fisheries Ltd FB WC facility IND BBB+/ 1200 Upgraded from IND A2+ IND BBB / IND A2 (increased from INR800m) Filtra Catalysts & Chemicals TL IND BB- 185.6 Upgraded from Ltd IND B+ (reduced from INR220.2m) Filtra Catalysts & Chemicals FB limits IND BB-/ 112.5 Upgraded from Ltd IND A4+ IND B+ / IND A4 HBL Power Systems Ltd TL IND A- 1513.2 Affirmed (reduced from INR3,117.9m) HBL Power Systems Ltd FB WC limits IND A-/IND 3300 Affirmed A2+ (increased from INR3,000m) J.M.A Stores Ltd FB limits IND BB 235 Assigned Kanpur Packagers Pvt Ltd Long-TL IND BB 80 Assigned Kanpur Packagers Pvt Ltd FB limits IND BB/IND 29.4 Assigned A4+ National Highways Authority Of LT bonds (FY11) IND AAA 21600 Withdrawn due India to bond maturity National Highways Authority Of LT bonds (FY12) IND AAA 25110 Affirmed India National Highways Authority Of LT bonds (FY13) IND AAA 29020 Affirmed India National Highways Authority Of LT bonds (FY14) IND AAA 40000 Affirmed India National Highways Authority Of LT bonds (FY15) IND AAA 40000 Affirmed India National Highways Authority Of Tax-free bonds (FY12) IND AAA 100000 Affirmed India Punjab National Bank Basel III Tier 2 Bonds IND AAA 10000 Assigned Punjab National Bank Basel II Lower Tier 2 IND AAA 10000 Assigned subordinated bonds Saraf Chemicals Ltd FB/ Non-FB IND AAA / 5000 Assigned (interchangeable) Bk IND A1+ facility Saraf Chemicals Ltd Long-TL IND BBB- 197.5 Upgraded from IND BB- (reduced from INR307.94m) Saraf Chemicals Ltd FB limits IND BBB- 230 Upgraded from IND BB- Seshsayi Foods Pvt Ltd TL limits IND BB- 330 Assigned Seshsayi Foods Pvt Ltd FB WC limits IND BB- / 200 Assigned IND A4+ Seshsayi Foods Pvt Ltd Proposed FB WC limits IND BB-(exp) 122 Assigned / IND A4+(exp) STFCL CV Trust 2012 SLCF IND AA(SO) 109 Upgraded from IND A-(SO) STFCL CV Trust 2012 Series A PTCs IND AAA(SO) 292.4 Affirmed Triveni Engicons Pvt Ltd FBL IND BBB 100 upgraded from IND BBB- (increased from INR80m) UDPL Dena India Pvt. Ltd TL IND BB- 120 Assigned UDPL Dena India Pvt. Ltd FB CC limits IND BB- 30 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 atwww.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-Imme
diate 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) Keywords: INDIA RATINGS/
