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"Below are the ratings awarded by Investment Information Credit RatingAgency Ltd. (ICRA) for local debt instruments as of October 6, 2016.COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT                                                                          (RS.MLN)------                                  ----------            ------      -----    ---------SHORT TERM RATINGS:-------------------Apl Apollo Tubes Ltd                    Non-FBL               A1     1300    ReaffirmedApl Apollo Tubes Ltd                    CP                    A1     500     ReaffirmedApl Apollo Tubes Ltd                    CP                    A1+    1500    ReaffirmedApollo Metalex Pvt Ltd                  Non-FBL               A1     200     ReaffirmedBalmer Lawrie &amp; Co. Ltd.                FBL*                  A1+    -       Reaffirmed*Sub-limit of the Cash Credit limitCdm Smith India Pvt Ltd                 NFBL                  A3+    130     ReaffirmedChambal Fertilisers &amp;                   CP Programme          A1+    7000    Assigned /Chemicals Ltd                                                                      outstandingFlexituff International Ltd             Non-FBL               A2     2930    Assigned /                                                                                   outstandingKaran Development Services Pvt          Non-FB Fac            A4     880     ReaffirmedLtdKopell Grounding Systems Pvt            FBL                   A4     52.5    ReaffirmedLtdKopell Grounding Systems Pvt            Non-FBL               A4     2.5     ReaffirmedLtdLakshmi Life Sciences Ltd               ST- Non fund based    A2+    30      ReaffirmedLloyds Line Pipes Ltd                   Non-FBL               A1     400     ReaffirmedLloyds Line Pipes Ltd                   CP Programme          A1     800     ReaffirmedLucky Exports                           FBL                   A4+    460     ReaffirmedLucky Exports                           Non-FBL               A4+    1200    ReaffirmedLucky Exports                           Unallocated Limits    A4+    40      ReaffirmedOverseas Traders                        ST Non FBL-- Letter   A4     40      Reaffirmed                                        of GuaranteeRepco Micro Finance Ltd                 MFI Grading            M3+          -       AssignedSchwing Stetter India Pvt Ltd           CP                    A2+    1500    OutstandingShri Lakshmi Metal Udyog Ltd            Non-FBL               A1     130     ReaffirmedSpitzen Energy Solutions                On grid solar projectsSP 3D        -       Assigned(India) Pvt LtdStarlite Lighting Ltd                   Non-FBL               A1+    270     Upgraded                                                                                   from A1Thermax Instrumentation Ltd             ST Fund Based         A1+    100     ReaffirmedThermax Instrumentation Ltd             ST Non Fund Based -   A1+    100#    Reaffirmed                                        LOC## - sublimit to the long term fund based facilitiesUti Asset Management Co. Ltd            UTI Liquid Fund -     A1+    -       Reaffirmed                                        Cash Plan             mfsWarsaw Engineers                        Non-Fund based BG     A4     40      SuspendedYes Bank Ltd                            CD Programme          A1+    100000  ReaffirmedYes Bank Ltd                            ST Fixed Deposit      A1+    -       Reaffirmed                                        ProgrammeLONG TERM RATINGS:-------------------APL Apollo Tubes Ltd                    FB Limits             A+     4450    Upgraded                                                                                   from AAPL Apollo Tubes Ltd                    TL                    A+     945     Upgraded                                                                                   from AApl Apollo Tubes Ltd                    NCD                   A+     1250    AssignedApollo Metalex Pvt Ltd                  FB Limits             A+     810     upgraded                                                                                   from AApollo Metalex Pvt Ltd                  TL                    A+     91.9    upgraded                                                                                   from ABalmer Lawrie &amp; Co. Ltd.                CC Limit              AA+    500     Revised from                                                                                   AABalmer Lawrie &amp; Co. Ltd.                NFBL                  AA+    1300    Revised from                                                                                   AABharat Food &amp; Agro Products             CC                    B-     126.5   Revised from                                                                                   BBharat Food &amp; Agro Products             TL                    B-     143.5   Revised from                                                                                   BCDM Smith India Pvt Ltd                 FBL                   BBB    60      ReaffirmedFlexituff International Ltd             TL                    BBB+   370     OutstandingFlexituff International Ltd             FBL (CC)              BBB+   2890    Assigned /                                                                                   outstandingHindustan Organic Chemicals Ltd         NCDs                  AAA    1500    AssignedJavi Home Pvt Ltd                       Working capital       BB-    250     Assigned                                        limits##working capital limits includes sublimit OCC of Rs. 3.0 crore, PC of Rs. 12.0 crore and FDB ofRs. 10.0 crore. Further, inter-changeability of PC to FDB is allowed to the extent of Rs. 7.0croreJavi Home Pvt Ltd                       TL                    BB-    550     AssignedJavi Home Pvt Ltd                       LT/ST interchangeable# BB- /  -       Assigned                                                              A4#working capital limits includes sublimit OCC of Rs. 3.0 crore, PC of Rs. 12.0 crore and FDB ofRs. 10.0 crore. Further, inter-changeability of PC to FDB is allowed to the extent of Rs. 7.0croreJmc Constructions Pvt Ltd               FB limits             B+     210     ReaffirmedJmc Constructions Pvt Ltd               LT non-FBL            B+     760     ReaffirmedJmc Constructions Pvt Ltd               Unallocated limits    B+     30      ReaffirmedKaran Development Services Pvt          FB Fac                B+     100     upgradedLtd                                                                                from BKarnataka Water And Sanitation          TL                    AA-    4914.8  RatingPooled Fund                                                                        upgraded                                                                                   from A+Karnataka Water And Sanitation          Bond Programme        AA+    333.3   RatingPooled Fund                                                                        upgraded                                                                                   from AAKhoday India Ltd                        Issuer Rating         IrBB-        -       AssignedKrishnaiah Motors Pvt Ltd               LT - FB Fac           B+     245     Assigned /                                                                                   outstandingLakshmi Life Sciences Ltd               TL                    BBB+   50.4    ReaffirmedLakshmi Life Sciences Ltd               LT - FBL              BBB+   30      ReaffirmedLloyds Line Pipes Ltd                   FB Limits             A+     1050    Upgraded                                                                                   from ALloyds Line Pipes Ltd                   TL                    A+     227.8   Upgraded                                                                                   from AManmeet Alloys Pvt Ltd                  FB Fac                B-     150     ReaffirmedManyata Promoters Pvt Ltd               TL                    A-     5040    Upgraded                                                                                   from                                                                                   BBBManyata Promoters Pvt Ltd               TL                    A-     1880    Upgraded                                                                                   from                                                                                   BBBManyata Promoters Pvt Ltd               TL                    BBB+   2500    Upgraded                                                                                   from                                                                                   BBB-Overseas Traders                        LT FBL-- FDBP /       B+     140     Reaffirmed                                        FUDBP / AFDBCSai Ram Constructions                   FBL - CC              BB-    60      ReaffirmedSai Ram Constructions                   Non FBL - BG          BB-    160     ReaffirmedSchwing Stetter India Pvt Ltd           LT/ST Working capital A- /   2800    Assigned                                        Fac                   A2+Shri Lakshmi Metal Udyog Ltd            FB limits             A+     400     upgraded                                                                                   from AShri Lakshmi Metal Udyog Ltd            FB limits / Non-FBL   A+     250     upgraded                                                                                   from AShri Lakshmi Metal Udyog Ltd            TL                    A+     84      upgraded                                                                                   from AShriram Transport Finance Co.           PTCs                  Prov         4132.2  AssignedLtd                                                           AAAShriram Transport Finance Co.           Second Loss Facility  Prov         247.9   AssignedLtd                                                           BBBSmile Microfinance Ltd                  PTC Series A1         Prov         321.1   Assigned                                                              A-Smile Microfinance Ltd                  PTC Series A2         Prov         14.9    Assigned                                                              BBBStarlite Lighting Ltd                   TL                    A+     330.6   Upgraded                                                                                   from AStarlite Lighting Ltd                   FBL                   A+     750     Upgraded                                                                                   from AStarlite Lighting Ltd                   NCD Programme         A+     500     Upgraded                                                                                   from ASukritha Buildmann Pvt Ltd              LT - Fund Based- TL   B+     200     AssignedThermax Instrumentation Ltd             LT Fund Based - CC /  AA-    200     Reaffirmed                                        Working Capital                                        Demand LoansUjjivan Financial Services Ltd          NCDs                  A+     1750    AssignedUnited India Insurance Co. Ltd          CPA                   iAAA         -       ReaffirmedUti Asset Management Co. Ltd            UTI Floating Rate     AAA+   -       Reaffirmed                                        Fund - ST Plan        mfsUti Asset Management Co. Ltd            UTI Treasury          AAA+   -       Reaffirmed                                        Advantage Fund        mfsUti Asset Management Co. Ltd            UTI Bond Fund         AAA+   -       Reaffirmed                                                              mfsUti Asset Management Co. Ltd            UTI Dynamic Bond Fund AAA+   -       Reaffirmed                                                              mfsUti Asset Management Co. Ltd            UTI Bking and PSU     AAA+   -       Reaffirmed                                        Debt Fund             mfsV.I.R Foods Ltd                         CC                    B-     160     Revised from                                                                                   BV.I.R Foods Ltd                         TL                    B-     20      Revised from                                                                                   BVijay Builders &amp; Constructions          FBL - CC              BB     20      ReaffirmedPvt LtdVijay Builders &amp; Constructions          Non-FBL - BG          BB     55      ReaffirmedPvt LtdVrundavan Enterprise                    Bk Lines              B+     227.5   WithdrawnWarsaw Engineers                        LT CC                 B+     20      SuspendedYes Bank Ltd                            Basel III Compliant   A+     3000    Reaffirmed                                        Tier I BondsYes Bank Ltd                            Upper Tier II Bond    AA     19367   Reaffirmed                                        ProgrammeYes Bank Ltd                            Hybrid Tier I Bond    AA     4610    Reaffirmed                                        ProgrammeYes Bank Ltd                            Infrastructure Bond   AA+    25000   Assigned                                        ProgrammeYes Bank Ltd                            Lower Tier II Bond    AA+    27655   Reaffirmed                                        ProgrammeYes Bank Ltd                            Infrastructure Bond   AA+    25000   Reaffirmed                                        ProgrammeYes Bank Ltd                            Basel III Compliant   AA+    49000   Reaffirmed                                        Tier II Bond Programme--------------------------------------------------------------------------------------------$: Rating watch with positive implication#: Rating Watch with Developing implications@: Rating Watch with Negative Implications%: Rating under Credit Watchwd -Rating Stands Withdrawnsp -Rating Suspendedpp -Principal Protectedpn -Principal Not ProtectedICRA 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-Certificateof Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-CommercialPaper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preferenceshares; 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 ofCredit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple optionconvertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-NonConvertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-OverDraft; 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 &amp; Packing Credit; PS-Preference Shares; PTC-PassThrough Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preferencenotes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-StructuredObligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-ShortTerm Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-TaxableBond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222 , E-mail atrru.data@thomsonreuters.com)"^^<http://www.w3.org/2001/XMLSchema#string>
<http://in.reuters.com/article/icra-ratings-idINL3N1CD27D>