October 1, 2014 / 5:43 AM / in 3 years

India Ratings for Indian debt instruments - Oct 1

Oct 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
September 30, 2014.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Bhaskar Shrachi Alloys Ltd      Non-FB limits              IND A4       150      Reassigned
Bhaskar Shrachi Alloys Ltd      Non-FB limits              IND D        150      Downgraded
                                                                                 from IND A4
Bilt Graphic Paper Products Ltd CP                         IND A1+      1000     Assigned
Oren Hydrocarbons Pvt Ltd       Non-FB WC limits           IND A2(exp)  55.5     Withdrawn
Oren Hydrocarbons Pvt Ltd       Non-FB WC limits           IND A2       584.5    Affirmed
(increased from INR394.5m)
R R Prestress Industries        Non-FB BG                  IND A4       14.5     Assigned
Shoppers Stop Ltd               ST debt programme          IND A1       500      Affirmed
Shoppers Stop Ltd               CP                         IND A1       500      Affirmed
Sri Saravana Spinning Mills     Non-FB WC limits           IND A4+      52.5     Assigned 
Pvt Ltd                                                                          
Sunny Trexim Pvt Ltd            Non-FB limits              IND A4+      179      Assigned
Sunny Trexim Pvt Ltd            FB limits                  IND A4+      990      Assigned
(increased from INR740m)
Volkswagen Finance Pvt Ltd      ST Bk loan                 IND A1+      8000     Affirmed
Volkswagen Finance Pvt Ltd      CP programme               IND A1+      30000    Affirmed
(increased from INR20bn) 

LONG TERM RATINGS:
-------------------
Action International            TL                         IND BBB      102      Affirmed
(reduced from INR140m)
Action International            FB limits                  IND BBB /    120      Affirmed
                                                           IND A3+
(increased from INR90m)
Action International            Non-FB limits              IND BBB /    90       Affirmed
                                                           IND A3+
(increased from INR60m)
Bhaskar Shrachi Alloys Ltd      Long-TL                    IND B-       192      Reassigned
(increased from INR14.4m)
Bhaskar Shrachi Alloys Ltd      FB limits                  IND B- / IND 290      Reassigned /
                                                           A4                    Withdrawn
(increased from INR265m)
Bhaskar Shrachi Alloys Ltd      Long-TL                    IND D        192      Downgraded
                                                                                 from IND B-
Bhaskar Shrachi Alloys Ltd      FB limits                  IND D        290      Downgraded
                                                                                 from IND B-
Bilt Graphic Paper Products Ltd Additional fund and Non-FB IND A+/      750      Assigned
                                WC limits                  IND A1+
Cyberabad Citizens Health       Long-TL                    IND B        650      Migrated from
Services Pvt Ltd                                           (suspended)           IND B
Indotech Transformers Ltd       FB WC limits               IND BB+/     420      Withdrawn
                                                           INDA4+
Indotech Transformers Ltd       Non-FB WC limits           IND BBB-/    300      Upgraded from
                                                           IND A3                IND BB+/IND A4+
Indus Projects Pvt Ltd          FB WC Fac                  IND BB/IND   25       Affirmed
                                                           A4+
Indus Projects Pvt Ltd          Non-FB limits              IND BB/IND   250      Affirmed
                                                           A4+
IVR Hotels And Resorts Ltd      Outstanding TL             IND BB+      450      Downgraded
                                                                                 from IND BBB-
                                                                                 /Placed it 
                                                                                 on RWN
(increased from INR162m; sanctioned limit INR1,050m) 
K.Maganlal Impex                FB WC limits               IND BB+      110      Assigned
Kushal Chand Pvt Ltd            FB WC limits               IND B+/IND   60       Assigned
                                                           A4
Oren Hydrocarbons Pvt Ltd       TL                         IND BBB+     63.9     Affirmed
(reduced from INR101.4m)
Oren Hydrocarbons Pvt Ltd       TL                         IND BBB+     415.1    Withdrawn
                                                           (exp)
Oren Hydrocarbons Pvt Ltd       FB WC limits               IND BBB+     839.5    Withdrawn
                                                           (exp)/IND
                                                           A2(exp)
Oren Hydrocarbons Pvt Ltd       FB WC limits               IND BBB+/IND 1600     Affirmed
                                                           A2
(increased from INR710.5m)
R R Prestress Industries        FB WC limit                IND B+/IND   40       Assigned
                                                           A4
S.R. International Paper Mills  Long-TL                    IND D        157.5    Assigned
Pvt Ltd
S.R. International Paper Mills  FB limits                  IND D        32.5     Assigned
Pvt Ltd
S.R. International Paper Mills  Non-FB limits              IND D        50       Assigned
Pvt Ltd
Shri Shri Niwasji Oil Refiners  Long-TL                    IND B        3.39     Withdrawn
Pvt Ltd                                                    (suspended)
Shri Shri Niwasji Oil Refiners  FB limits                  IND B        50       Withdrawn
Pvt Ltd                                                    (suspended)/
                                                           IND A4(suspended)
Shrishti Technologies           Long-TL                    IND B        0.77     Withdrawn
                                                           (suspended)
Shrishti Technologies           FB limits                  IND B        60       Withdrawn
                                                           (suspended)/
                                                           IND A4(suspended)
Sri Saravana Spinning Mills     TL                         IND BB+      1315     Assigned 
Pvt Ltd                                                                          
Sri Saravana Spinning Mills     FB WC limits               IND BB+/     2132.5   Assigned 
Pvt Ltd                                                    IND A4+               
Srs Modern Sales Ltd            FB WC limits               IND BB-/     250      Assigned
                                                           IND A4+
Vatika Agritech Pvt Ltd         TL                         IND B+       39.04    Assigned
Vatika Agritech Pvt Ltd         FB WC limit                IND B+/IND   30       Assigned
                                                           A4
Volkswagen Finance Pvt Ltd      LT Bk loan                 IND AAA      7000     Affirmed
Volkswagen Finance Pvt Ltd      Secured NCDs               IND AAA      10000    Affirmed
(increased from INR5bn)
Worth Infra Industries Pvt Ltd  FB WC limits               IND B        9        Assigned
Worth Infra Industries Pvt Ltd  TL                         IND B        52.1     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 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.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222, E-mail at
rru.data@thomsonreuters.com)

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