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India Ratings for Indian debt instruments – Aug 21

    Aug 21 - 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
August 20, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Aseem Infrastructure Finance LtdST Issuer Rating       IND A1+          -        Assigned
Au Small Finance Bank Ltd       CDs (CDs)              IND A1+          20100    Affirmed
Paracoat Products Ltd           Non-FB WC limit        IND A3+          145      -
Migrated to non-cooperating category(issuer not cooperating)
Writer Business Services Pvt    Non-FB limits          IND A1           470      Affirmed
Ltd (Wbs)
Writer Business Services Pvt    Non-FB limit           IND A1           200      Affirmed
Ltd (Wbs)
Amritvarsha Industries Ltd      FB WC limit            IND BB /IND A4+  185      -
Migrated to non-cooperating category(issuer not cooperating)
 
 
LONG TERM RATINGS:
-------------------
Amritvarsha Industries Ltd      Non-FB WC limit        IND BB /IND A4+  45       -
Migrated to non-cooperating category(issuer not cooperating)
Aruj Buildcon Pvt Ltd           FB limit               IND B+/Stable    32       Assigned
Au Small Finance Bank Ltd       Bk Fac                 IND AA-/Stable   1010     Affirmed
(reduced from INR1.86 blns)
Au Small Finance Bank Ltd       NCDs (NCDs)            IND AA-/Stable   5800     Affirmed
 (reduced from INR9.25 blns)
Au Small Finance Bank Ltd       Subordinated debt      IND AA-/Stable   1450     Affirmed
Au Small Finance Bank Ltd       Tier II Bonds          IND AA-/Stable   5000     Affirmed
Jindal Stainless Ltd            NCDs (NCDs)            IND BBB/Stable   1180     Affirmed
Jindal Stainless Ltd            TL                     IND BBB/Stable   15950    Affirmed
Jindal Stainless Ltd            TL                     IND BBB/Stable   4000     Assigned
Jindal Stainless Ltd            NCDs                   IND BBB/Stable   4000     Assigned
Jindal Stainless Ltd            FB WC limits           IND              7410     Affirmed
                                                       BBB/Stable/IND
                                                       A3+
Jindal Stainless Ltd            Non-FB WC limits       IND              36000    Affirmed
                                                       BBB/Stable/IND
                                                       A3+
Jindal Stainless Ltd            Proposed FB WC limits  WD               40       -
Withdrawn (the issuer did not proceed with the instrument as envisaged)
Jindal Stainless Ltd            Proposed non-FB WC     WD               6310     -
                                limits
Withdrawn (the issuer did not proceed with the instrument as envisaged)
Kdm Clothing Co                 Rating advisory        IND BB-          -        -
In view of the COVID-19 led lockdown, the issuer has informed the agency that it needs more time
to provide the required data.
Paracoat Products Ltd           FB WC limit            IND BBB /IND A3+ 130      -
Migrated to non-cooperating category(issuer not cooperating)
Pearl Polymers Ltd              FB WC limit            IND              188      Downgraded
                                                       B-/Stable/IND A4
Pearl Polymers Ltd              Non-FB WC limit        IND              97       Downgraded
                                                       B-/Stable/IND A4
Shree Renuka Sugars Ltd         Short-TL               IND A2+/RWP      4000     Rating Watch
                                                                                 revised to
                                                                                 Positive from
                                                                                 Negative
Shree Renuka Sugars Ltd         Non FB limit           IND A2+/RWP      11242    Rating Watch
                                                                                 revised to
                                                                                 Positive from
                                                                                 Negative
Shree Renuka Sugars Ltd         TL^^                   IND BBB+/RWP     10321    Rating Watch
                                                                                 revised to
                                                                                 Positive from
                                                                                 Negative
^^outstanding as at 31 March 2020/(reduced from INR11,835 mlns)
Shree Renuka Sugars Ltd         Proposed TL#           IND BBB+/RWP     3000     Rating Watch
                                                                                 revised to
                                                                                 Positive from
                                                                                 Negative
^^outstanding as at 31 March 2020
Shree Renuka Sugars Ltd         FBL                    IND BBB+/RWP     1810     Rating Watch
                                                                                 revised to
                                                                                 Positive from
                                                                                 Negative
Shree Renuka Sugars Ltd         NCDs (NCDs)^           IND BBB+/RWP     7821     Rating Watch
                                                                                 revised to
                                                                                 Positive from
                                                                                 Negative
^^outstanding as at 31 March 2020/(reduced from INR8,021 mlns)
Writer Business Services Pvt    LT Issuer Rating       IND A/Stable     -
Ltd (Wbs)
Writer Business Services Pvt    TL                     IND A/Stable     3356.5   Assigned
Ltd (Wbs)
Writer Business Services Pvt    FB limits              IND A/Stable/IND 1970     Affirmed
Ltd (Wbs)                                              A1
-----------------------------------------------------------------------------------------------
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@refinitiv.com)
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