October 7, 2016 / 4:03 AM / a year ago

India Ratings for Indian debt instruments - Oct 7

Oct 7 (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
October 6, 2016.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
B.D. Roadways                   NFB WC Limit           IND A4+          1        Assigned
B.S. Roadways                   NFB WC Limit           IND A4+          1.76     Assigned
G.S. Roadlines                  NCD                    IND A4+          1        Assigned
G.S. Roadways                   NFB WC Limit           IND A4+          1        Assigned
Maharshi Alloys And Steels      Fund Based WC Limit    IND A4           90       increased from
                                                                                 INR50m
Maharshi Alloys And Steels      NFB WC Limit           IND A4           30       increased from
                                                                                 INR20m
Rashmi Yarns Ltd                Fund Based WC Limit    IND A4+          300      Assigned
Synergene Active Ingredients    NFB WC Limit           IND A3           60       Assigned
Pvt Ltd
Thakkarsons Roll Forming Pvt LtdNFB WC Limit           IND A4+          110      Assigned
Zee Fabrics Inc                 Fund Based WC Limit    IND A3           170      Assigned

LONG TERM RATINGS:
-------------------
Apollo Tyres Ltd                LT Issuer Rating       IND AA+                   Assigned
Apollo Tyres Ltd                NCD                    IND AA+          3000     Assigned
Apollo Tyres Ltd                NCD                    IND AA+          3250     Assigned
Avmark Polymers Pvt Ltd         LT Issuer Rating       IND WD                    Withdrawn
Avmark Polymers Pvt Ltd         Fund Based WC Limit    IND WD           40       Withdrawn
Avmark Polymers Pvt Ltd         Fund Based WC Limit    IND WD           40       Withdrawn
Avmark Polymers Pvt Ltd         TL                     IND WD           110      Withdrawn
B.D. Roadways                   LT Issuer Rating       IND BB-                   Assigned
B.D. Roadways                   Fund Based WC Limit    IND BB-          14.3     Assigned
B.D. Roadways                   TL                     IND BB-          30.17    Assigned
B.S. Roadways                   LT Issuer Rating       IND BB-                   Assigned
B.S. Roadways                   Fund Based WC Limit    IND BB-          14       Assigned
B.S. Roadways                   TL                     IND BB-          38.96    Assigned
Cinq Micron Chem Pvt Ltd        LT Issuer Rating       IND WD                    Withdrawn
Cinq Micron Chem Pvt Ltd        Fund Based WC Limit    IND WD           50       Withdrawn
Cinq Micron Chem Pvt Ltd        Fund Based WC Limit    IND WD           50       Withdrawn
Cinq Micron Chem Pvt Ltd        TL                     IND WD           12       Withdrawn
G.S. Roadlines                  LT Issuer Rating       IND BB-                   Assigned
G.S. Roadlines                  Fund Based WC Limit    IND BB-          15.3     Assigned
G.S. Roadlines                  TL                     IND BB-          45.43    Assigned
G.S. Roadways                   LT Issuer Rating       IND BB-                   Assigned
G.S. Roadways                   Fund Based WC Limit    IND BB-          13.4     Assigned
G.S. Roadways                   TL                     IND BB-          33.69    Assigned
Goraya Straw Board Mills Pvt.   LT Issuer Rating       IND WD                    Withdrawn
Ltd.
Goraya Straw Board Mills Pvt.   Fund Based WC Limit    IND WD           82.5     Withdrawn
Ltd.
Goraya Straw Board Mills Pvt.   NFB WC Limit           IND WD           2.5      Withdrawn
Ltd.
Maharshi Alloys And Steels      LT Issuer Rating       IND B+                    Upgraded from
                                                                                 IND B
Maharshi Alloys And Steels      Fund Based WC Limit    IND B+           90       Upgraded from
                                                                                 IND B
Model Exims                     LT Issuer Rating       IND WD                    Withdrawn
Model Exims                     Fund Based WC Limit    IND WD           135      Withdrawn
Model Exims                     Fund Based WC Limit    IND WD           135      Withdrawn
Omar International              LT Issuer Rating       IND WD                    Withdrawn
Omar International              Fund Based WC Limit    IND WD           50       Withdrawn
Omar International              Fund Based WC Limit    IND WD           50       Withdrawn
Omar International              TL                     IND WD           148      Withdrawn
Rajasthan Liquors Ltd           LT Issuer Rating       IND WD                    Withdrawn
Rajasthan Liquors Ltd           TL                     IND WD           600      Withdrawn
Rashmi Yarns Ltd                LT Issuer Rating       IND BB+                   Assigned
Rashmi Yarns Ltd                Fund Based WC Limit    IND BB+          300      Assigned
Ssgr Hospital And Research      LT Issuer Rating       IND WD                    Withdrawn
Center Pvt. Ltd.
Ssgr Hospital And Research      Fund Based WC Limit    IND WD           4.5      Withdrawn
Center Pvt. Ltd.
Ssgr Hospital And Research      Fund Based WC Limit    IND WD           4.5      Withdrawn
Center Pvt. Ltd.
Ssgr Hospital And Research      TL                     IND WD           92       Withdrawn
Center Pvt. Ltd.
Synergene Active Ingredients    LT Issuer Rating       IND BBB-                  Assigned
Pvt Ltd
Synergene Active Ingredients    Fund Based WC Limit    IND BBB-         200      Assigned
Pvt Ltd
Synergene Active Ingredients    TL                     IND BBB-         62.3     Assigned
Pvt Ltd
Tamil Nadu Generation And       Bk Loan                IND A(SO)        14780.5  Provisional
Distribution Corporation Ltd
Tamil Nadu Generation And       Bk Loan                IND A(SO)        146200   Affirmed
Distribution Corporation Ltd
Tamil Nadu Generation And       Bk Loan                IND A(SO)        19539.5  Affirmed
Distribution Corporation Ltd
Tamil Nadu Generation And       Bond                   IND A(SO)        43530    Affirmed
Distribution Corporation Ltd
Tamil Nadu Generation And       Bond                   IND A(SO)        6335     Affirmed
Distribution Corporation Ltd
Tamil Nadu Generation And       Bond                   IND A(SO)        10000    Affirmed
Distribution Corporation Ltd
Tamil Nadu Generation And       Bond                   IND A(SO)        10000    Affirmed
Distribution Corporation Ltd
Tamil Nadu Generation And       Bond                   IND A(SO)        81470    Provisional
Distribution Corporation Ltd
Tamil Nadu Generation And       Bond                   IND A(SO)        5018     Affirmed
Distribution Corporation Ltd
Tamil Nadu Generation And       Bond                   IND A(SO)        500      Affirmed
Distribution Corporation Ltd
Tamil Nadu Generation And       CC                     IND BBB+         40000    Affirmed
Distribution Corporation Ltd
Tamil Nadu Generation And       NFB WC Limit           IND BBB+         8350     Provisional
Distribution Corporation Ltd
Tamil Nadu Generation And       NFB WC Limit           IND BBB+         27654    Affirmed
Distribution Corporation Ltd
Tamil Nadu Generation And       Bond                   IND WD           2800     Withdrawn
Distribution Corporation Ltd
Thakkarsons Roll Forming Pvt LtdLT Issuer Rating       IND BB                    Assigned
Thakkarsons Roll Forming Pvt LtdFund Based WC Limit    IND BB           140      Assigned
Thakkarsons Roll Forming Pvt LtdTL                     IND BB           79       Assigned
Ved Sassomaccanicca (I) Pvt Ltd LT Issuer Rating       IND WD                    Withdrawn
Ved Sassomaccanicca (I) Pvt Ltd Fund Based WC Limit    IND WD           30       Withdrawn
Ved Sassomaccanicca (I) Pvt Ltd Fund Based WC Limit    IND WD           30       Withdrawn
Ved Sassomaccanicca (I) Pvt Ltd NFB WC Limit           IND WD           10       Withdrawn
Ved Sassomaccanicca (I) Pvt Ltd NFB WC Limit           IND WD           10       Withdrawn
Ved Sassomaccanicca (I) Pvt Ltd TL                     IND WD           25.5     Withdrawn
Zee Fabrics Inc                 LT Issuer Rating       IND BBB-                  Assigned
Zee Fabrics Inc                 Fund Based WC Limit    IND BBB-         170      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;
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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