Fitch migrates JVL Agro rating to Non-Monitored category

Fitch Ratings-Kolkata/Singapore-06 September 2011: Fitch Ratings has migrated India-based food processor JVL Agro Industries Limited's (JVL) 'Fitch BBB-(ind)' National Long-Term rating with Stable Outlook to the "Non-Monitored" category. This rating will now appear as 'Fitch BBB-(ind)nm'/Stable Outlook on Fitch's website. A list of additional rating actions is provided at the end of this commentary.

The ratings have been migrated to the "Non-Monitored" category due to lack of adequate information, and Fitch will no longer provide ratings or analytical coverage on JVL. The ratings will remain in the "Non-Monitored" category for a period of six months and will be withdrawn at the end of that period. However, in the event the issuer starts furnishing information during this six-month period, the ratings could be re-instated and any rating action will be communicated through a Rating Action Commentary.

JVL's rating:
-INR119.7m long-term loans: migrated to 'Fitch BBB-(ind)nm' from 'Fitch BBB-(ind)'
-INR600m fund-based limits: migrated to 'Fitch BBB-(ind)nm'/'Fitch A3(ind)nm' from 'Fitch BBB-(ind)'/'Fitch A3(ind)'
-INR1,260m non fund-based limits: migrated to 'Fitch A3(ind)nm' from 'Fitch A3(ind)'

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