March 9, 2016 / 4:27 AM / a year ago

India Ratings for Indian debt instruments - Mar 9

Mar 9 (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 8, 2016.

COMPANY                         INSTRUMENT                 RATING       AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------                 ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Andhra Polymers Pvt Ltd         Fund Based WC Limit        IND A4+      90       Suspended
Andhra Polymers Pvt Ltd         Fund/NFB WC Limit          IND A4+      105      Suspended
Apollo Hospitals Enterprise Ltd Fund Based WC Limit        IND A1+      2650     Assigned
Apollo Hospitals Enterprise Ltd TL                         IND A1+      3700     Assigned
Arvind Footwears Pvt Ltd        Fund Based WC Limit        IND A3       322.5    Suspended
Arvind Footwears Pvt Ltd        NFB WC Limit               IND A3       5        Suspended
Aurobindo Pharma Ltd            Fund Based WC Limit        IND A1+      39340    Affirmed
Aurobindo Pharma Ltd            NFB WC Limit               IND A1+      25600    Affirmed
Canon Engineering Constructions Fund Based WC Limit        IND A4       20       Assigned
Canon Engineering Constructions Fund Based WC Limit        IND A4       10       Provisional
Canon Engineering Constructions NFB WC Limit               IND A4       40       Assigned
Canon Engineering Constructions NFB WC Limit               IND A4       50       Provisional
Gypsum Structural India Pvt Ltd Fund Based WC Limit        IND A4+      40       Assigned
Gypsum Structural India Pvt Ltd NFB WC Limit               IND A4+      20       Assigned
Kushal Chand Pvt Ltd            Fund Based WC Limit        IND A4       60       Suspended
Leeway Logistics Ltd            Fund/NFB WC Limit          IND A2+      240      Suspended
Leeway Logistics Ltd            NFB WC Limit               Provisional  260      Suspended
                                                           IND A2+
M.T. Patil Builders And         NFB WC Limit               IND A4+      65       Assigned
Constructors Pvt Ltd
Morgan Stanley India Company    CP                         IND A1+      10000    Affirmed
Pvt Ltd
Morgan Stanley India Company    ST Debt                    IND A1+      10000    Affirmed
Pvt Ltd
Sanco Industries Ltd            Fund Based WC Limit        IND A4+      180      Assigned
Sanco Industries Ltd            NFB WC Limit               IND A4+      154      Assigned
Segno Ceramics Pvt Ltd          Fund Based WC Limit        IND A4       90       Suspended
Shakti India                    Fund Based WC Limit        IND A4       40       Suspended
The Phoenix Mills Ltd           CP                         IND A1       1000     Affirmed
The Phoenix Mills Ltd           Fund Based WC Limit        IND A1       1500     Affirmed

LONG TERM RATINGS:
-------------------
Andhra Polymers Pvt Ltd         LT Issuer Rating           IND BB+               Suspended
Andhra Polymers Pvt Ltd         Fund Based WC Limit        IND BB+      90       Suspended
Apollo Hospitals Enterprise Ltd LT Issuer Rating           IND AA+               Assigned
Apollo Hospitals Enterprise Ltd Debenture                  IND AA+      4587.8   Assigned
Apollo Hospitals Enterprise Ltd Fund Based WC Limit        IND AA+      2650     Assigned
Apollo Hospitals Enterprise Ltd NCD                        IND AA+      3940     Assigned
Apollo Hospitals Enterprise Ltd NCD                        IND AA+      3560     Provisional
Apollo Hospitals Enterprise Ltd TL                         IND AA+      6165     Assigned
Apollo Hospitals Enterprise Ltd TL                         IND AA+      397.2    Provisional
Arvind Footwears Pvt Ltd        LT Issuer Rating           IND BBB-              Suspended
Aurobindo Pharma Ltd            LT Issuer Rating           IND AA+               Upgraded from
                                                                                 IND AA
Aurobindo Pharma Ltd            Fund Based WC Limit        IND AA+      39340    Upgraded from
                                                                                 IND AA
Biopac India Corporation Ltd    LT Issuer Rating           IND WD                Withdrawn
Biopac India Corporation Ltd    Fund Based WC Limit        IND WD       56       Withdrawn
Biopac India Corporation Ltd    Fund Based WC Limit        IND WD       56       Withdrawn
Biopac India Corporation Ltd    TL                         IND WD       24       Withdrawn
Canon Engineering Constructions LT Issuer Rating           IND B+                Assigned
Canon Engineering Constructions Fund Based WC Limit        IND B+       20       Assigned
Canon Engineering Constructions Fund Based WC Limit        IND B+       10       Provisional
Drd Trucks India Pvt Ltd        LT Issuer Rating           IND WD                Withdrawn
Drd Trucks India Pvt Ltd        Fund Based WC Limit        IND WD       72.5     Withdrawn
Drd Trucks India Pvt Ltd        Fund Based WC Limit        IND WD       72.5     Withdrawn
Drd Trucks India Pvt Ltd        NFB WC Limit               IND WD       70       Withdrawn
Drd Trucks India Pvt Ltd        TL                         IND WD       39.4     Withdrawn
Ghodawat Realty Pvt Ltd         LT Issuer Rating           IND BBB-              Assigned
Ghodawat Realty Pvt Ltd         TL                         IND BBB-     1018.8   Assigned
Gypsum Structural India Pvt Ltd LT Issuer Rating           IND BB-               Assigned
Gypsum Structural India Pvt Ltd Fund Based WC Limit        IND BB-      40       Assigned
Hycons Infrastructures India LtdLT Issuer Rating           IND WD                Withdrawn
Hycons Infrastructures India LtdFund Based WC Limit        IND WD       30       Withdrawn
Hycons Infrastructures India LtdFund Based WC Limit        IND WD       30       Withdrawn
Hycons Infrastructures India LtdNFB WC Limit               IND WD       70       Withdrawn
Kushal Chand Pvt Ltd            LT Issuer Rating           IND B+                Suspended
Kushal Chand Pvt Ltd            Fund Based WC Limit        IND B+       60       Suspended
Leeway Logistics Ltd            LT Issuer Rating           IND BBB+              Suspended
Leeway Logistics Ltd            Fund Based WC Limit        IND BBB+     900      Suspended
Leeway Logistics Ltd            Fund Based WC Limit        Provisional  900      Suspended
                                                           IND BBB+
M.T. Patil Builders And         LT Issuer Rating           IND BB                Assigned
Constructors Pvt Ltd
M.T. Patil Builders And         Fund Based WC Limit        IND BB       45       Assigned
Constructors Pvt Ltd
Morgan Stanley India Capital    LT Issuer Rating           IND WD                Withdrawn
Pvt Ltd
Morgan Stanley India Capital    ST Issuer Rating           IND WD                Withdrawn
Pvt Ltd
Morgan Stanley India Capital    Debentures                 IND WD       1470     Withdrawn
Pvt Ltd
Morgan Stanley India Capital    Debentures                 IND WD       5000     Withdrawn
Pvt Ltd
Morgan Stanley India Capital    Debentures                 IND WD       5000     Withdrawn
Pvt Ltd
Peerless Hospitex Hospital And  LT Issuer Rating           IND BBB-              Upgraded from
Research Center Ltd                                                              IND BB-
Peerless Hospitex Hospital And  Fund Based WC Limit        IND BBB-     50       Upgraded from
Research Center Ltd                                                              IND BB-
Peerless Hospitex Hospital And  TL                         IND BBB-     27.12    Upgraded from
Research Center Ltd                                                              IND BB-
S.R. Foils & Tissue Ltd         LT Issuer Rating           IND WD                Withdrawn
S.R. Foils & Tissue Ltd         Fund Based WC Limit        IND WD       1920     Withdrawn
S.R. Foils & Tissue Ltd         Fund/NFB WC Limit          IND WD       1430     Withdrawn
S.R. Foils & Tissue Ltd         TL                         IND WD       402.7    Withdrawn
Sanco Industries Ltd            LT Issuer Rating           IND BB-               Assigned
Sanco Industries Ltd            Fund Based WC Limit        IND BB-      180      Assigned
Segno Ceramics Pvt Ltd          LT Issuer Rating           IND B+                Suspended
Segno Ceramics Pvt Ltd          Fund Based WC Limit        IND B+       90       Suspended
Segno Ceramics Pvt Ltd          TL                         IND B+       340      Suspended
Shakti India                    LT Issuer Rating           IND B+                Suspended
Shakti India                    Fund Based WC Limit        IND B+       40       Suspended
Shakti India                    TL                         IND B+       8.54     Suspended
Shri Agrawal Technical &        Fund Based WC Limit        IND BB-      149      Affirmed
Education Society
Shri Agrawal Technical &        TL                         IND BB-      92.8     Affirmed
Education Society
Shri Agrawal Technical &        TL                         IND BB-      56.42    Affirmed
Education Society
South East Asian Education TrustBk Loan                    IND D        131.61   Downgraded
                                                                                 from IND BB-
South East Asian Education TrustFund Based WC Limit        IND D        48.5     Downgraded
                                                                                 from IND BB-
The Phoenix Mills Ltd           LT Issuer Rating           IND A                 Affirmed
The Phoenix Mills Ltd           Fund Based WC Limit        IND A        1500     Affirmed
The Phoenix Mills Ltd           TL                         IND A        5432.4   Affirmed
The Phoenix Mills Ltd           TL                         IND A        750      Affirmed
The Phoenix Mills Ltd           TL                         IND A        1000     Provisional

-----------------------------------------------------------------------------------------------
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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