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ICRA ratings for Indian debt instruments-Nov 13

    Nov 13 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of November 12, 2020.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Ascend Telecom Infrastructure Pvt Ltd   Non-fund Based -      ICRA A2      250    Reaffirmed
                                        Working Capital Fac
Aurora Apparel Pvt Ltd                  ST, FB                ICRA A4      65
Downgraded from ICRA A4+
Aurora Apparel Pvt Ltd                  ST, Non-FB            ICRA A4      10
Downgraded from ICRA A4+
Deccan Tobacco Company                  ST - Fund             ICRA A2      1390   Reaffirmed
                                        Based/Packing Credit
Jindal Aluminium Ltd                    CP                    ICRA A1+     500    Outstanding
Jindal Aluminium Ltd                    Non-fund based -      ICRA A1+     750    Outstanding
                                        Working capital Fac
Kochar Infotech Ltd                     ST - Non-fund Based - ICRA A3      10
                                        BG
Upgraded from ICRA A4+

LONG TERM RATINGS:
-------------------
Ascend Telecom Infrastructure Pvt Ltd   Fund Based - TL       ICRA BBB+    5830^  Reaffirmed
                                                              (Stable)
outlook revised to Stable from Negative; ^ - Outstanding as on June 30, 2020 is Rs. 468.1 crore
Ascend Telecom Infrastructure Pvt Ltd   Fund Based - Working  ICRA BBB+    250    Reaffirmed
                                        Capital Fac           (Stable)
outlook revised to Stable from Negative
Aurora Apparel Pvt Ltd                  LT - Fund Based / TL  ICRA         40.6
                                                              BB-(Stable)
Downgraded from ICRA BB(Stable)
Aurora Apparel Pvt Ltd                  LT / ST -             ICRA
                                        Interchangeable       BB-(Stable)/
                                                              ICRA A4
Downgraded from ICRA BB(Stable)/ICRA A4+
Baliga Investment Pvt Ltd               LT - FB-CC            ICRA BB      115    Reaffirmed
outlook revised to negative from stable
Baliga Investment Pvt Ltd               LT/ST- Unallocated    ICRA BB/ A4+ 65     Reaffirmed
outlook revised to negative from stable
Jindal Aluminium Ltd                    Fund based - TL       ICRA         610    Outstanding
                                                              AA(stable)
Jindal Aluminium Ltd                    Fund based - Working  ICRA         950    Outstanding
                                        capital Fac           AA(stable)
Jindal Aluminium Ltd                    Fixed Deposit         MAA (Stable) 170    Reaffirmed
                                        Programme
Jindal Aluminium Ltd                    Fixed Deposit         MAA (Stable) 130    Assigned
                                        Programme
K.P.R. Agrochem Ltd                     FB - TL               ICRA D       1000
Rating continues to remain under the ‘Issuer Not Cooperating’ category
K.P.R. Agrochem Ltd                     FB - CC               ICRA D       1990
Rating continues to remain under the ‘Issuer Not Cooperating’ category
K.P.R. Agrochem Ltd                     LT Unallocated        ICRA D       495
Rating continues to remain under the ‘Issuer Not Cooperating’ category
K.P.R. Agrochem Ltd                     Non-Fund Based LOC    ICRA D       1500
Rating continues to remain under the ‘Issuer Not Cooperating’ category
K.P.R. Agrochem Ltd                     Non-Fund Based        ICRA D       15
                                        Bk-Guarantee
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Kirby Building Systems & Structures     LT -FB - CC Limits    ICRA         240    Outstanding
India Pvt Ltd                                                 AA-(Stable)
Kirby Building Systems & Structures     LT/ST - Non- FBL      ICRA         10540  Assigned
India Pvt Ltd                                                 AA-(Stable)/
                                                              ICRA A1+
Kirby Building Systems & Structures     Unallocated Limits    ICRA         1220   Outstanding
India Pvt Ltd                                                 AA-(Stable)/
                                                              ICRA A1+
Kochar Infotech Ltd                     LT - FB - TL          ICRA BBB-    48.7
                                                              (Stable)
Upgraded from ICRA BB+ (Stable)
Kochar Infotech Ltd                     LT - FB - CC          ICRA BBB-    220
                                                              (Stable)
Upgraded from ICRA BB+ (Stable)
Kochar Infotech Ltd                     LT and ST -           ICRA BBB-    11.3
                                        Unallocated Limits    (Stable)/
                                                              ICRA A3
Upgraded from ICRA BB+ (Stable)/ICRA A4+
Ofb Tech Pvt Ltd                        LT - Fund Based       ICRA BBB+    2000   Assigned
                                                              (Stable)
Raipur Power And Steel Ltd              FB Limits             ICRA D       975
Rating continues to remain under ‘Issuer Not Cooperating’ category
Raipur Power And Steel Ltd              TL                    ICRA D       2427.5
Rating continues to remain under ‘Issuer Not Cooperating’ category
Raipur Power And Steel Ltd              Non-FBL               ICRA D       220
Rating continues to remain under ‘Issuer Not Cooperating’ category
Raipur Power And Steel Ltd              Unallocated Limits    ICRA D       277.5
Rating continues to remain under ‘Issuer Not Cooperating’ category
Spectra Foods And Beverages Pvt. Ltd.   LT – FB/CC            ICRA BBB-    50     Reaffirmed
                                                              (Positive)
Spectra Foods And Beverages Pvt. Ltd.   LT – Fund based/TL    ICRA BBB-    51.7   Reaffirmed
                                                              (Positive)
Spectra Foods And Beverages Pvt. Ltd.   LT – Unallocated      ICRA BBB-    1      Reaffirmed
                                                              (Positive)
Tangerine Design Pvt Ltd                Fund based TL         ICRA BBB-    80     Assigned
                                                              (Stable)
Tangerine Design Pvt Ltd                Fund based/Non-Fund   ICRA BBB-    885    Reaffirmed
                                        based Working Capital (Stable)/ A3
The Associated Auto Parts Pvt Ltd       LT FBL                ICRA A+      40     Reaffirmed
                                                              (Stable)
--------------------------------------------------------------------------------------------
$: 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

ICRA 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.

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