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India Ratings for Indian debt instruments – Aug 25

    Aug 25 - 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 24, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
LONG TERM RATINGS:
-------------------
Ahp Apparel Pvt Ltd             TL                     IND AA-/Stable   1470     Assigned
Ballarpur Industries Ltd        NCDs (NCDs; LT)        IND D            840.3    Affirmed
Ballarpur Industries Ltd        TL (LT)                IND D            460      Affirmed
Ballarpur Industries Ltd        FB and non-FB WC       IND D            2860.7   Affirmed
                                limits (LT/ST)
Brmsco Garments Pvt Ltd         TL*                    WD               60.7     Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
*Maintained at ‘IND BB(ISSUER NOT COOPERATING)’ before being withdrawn
Brmsco Garments Pvt Ltd         FB WC limit**          WD               100      Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
**Maintained at ‘IND BB(ISSUER NOT COOPERATING)’/‘IND A4+(ISSUER NOT COOPERATING)’ before being
withdrawn
Brmsco Garments Pvt Ltd         Non-FB WC limit#       WD               50       Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
#Maintained at ‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn
Konkan Railway Corporation Ltd  NCDs (NCDs)*           IND              1200     Affirmed
                                                       AAA(CE)/Stable
*The NCDs have a bullet repayment structure
Konkan Railway Corporation Ltd  Bk loans               IND AA+/Stable   12000    Affirmed
Konkan Railway Corporation Ltd  NCDs*                  IND              3,000    Affirmed
                                                       AAA(CE)/Stable
*The NCDs have a bullet repayment structure
Nik-San Engineering Co. Ltd     FB limits#             WD               82       Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
#Maintained in ‘IND BB+(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING)’ before being
withdrawn
Nik-San Engineering Co. Ltd     Non-FB limits*         WD               280      Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
*Maintained in ‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn
Northern Arc 2019 Sbl Bilbao    Series A1 PTCs         IND A+(SO)/Stable-        Affirmed
Northern Arc 2019 Sbl Bilbao    Series A2 PTCs         IND              -        Affirmed
                                                       BBB+(SO)/Stable
Northern Arc 2019 Sbl Toledo    Series A1 PTCs         IND A(SO)/Stable -        Affirmed
Northern Arc 2019 Sbl Toledo    Series A2 PTCs         IND              -        Affirmed
                                                       BBB+(SO)/Stable
Northern Arc 2020 Sbl Munroe    Series A1 PTCs         IND A(SO)/Stable -        Assigned
Northern Arc 2020 Sbl Munroe    Series A2 PTCs         IND BBB+(SO)/    -        Assigned
                                                       Stable
Phthalo Colours & Chemicals (I) FB WC limits (LT/ST)   IND D            127.5    Downgraded
Ltd
Phthalo Colours & Chemicals (I) TL (LT)                IND D            138.3    Downgraded
Ltd
(reduced from INR204.95 mlns)
Piccadily Agro Industries Ltd   FB limits**            WD               950      Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
**Migrated to ‘IND BBB-(ISSUER NOT COOPERATING)’/‘IND A3 (ISSUER NOT COOPERATING)’ before being
withdrawn.
Piccadily Agro Industries Ltd   Non-FB limits**        WD               50       Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category and 
                                                                                 withdrawn
**Migrated to ‘IND BBB-(ISSUER NOT COOPERATING)’/‘IND A3 (ISSUER NOT COOPERATING)’ before being
withdrawn.
Piccadily Agro Industries Ltd   TL*                    WD               48.6     Migrated to
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
*Migrated to ‘IND BBB-(ISSUER NOT COOPERATING)’ before being withdrawn.
Shree Tirupati Balajee Agro     TL*                    WD               50       Maintained in
Trading Company Pvt Ltd                                                          non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
*Maintained at ‘IND BB(ISSUER NOT COOPERATING)’ before being withdrawn.
Shree Tirupati Balajee Agro     FB limit**             WD               480      Maintained in
Trading Company Pvt Ltd                                                          non
                                                                                 cooperating 
                                                                                 category and
                                                                                 withdrawn
**Maintained at ‘IND BB(ISSUER NOT COOPERATING)’/‘IND A4+(ISSUER NOT COOPERATING)’ before being
withdrawn.
Shree Tirupati Balajee Agro     Non-FB limit#          WD               220      Maintained in
Trading Company Pvt Ltd                                                          non
                                                                                 cooperating 
                                                                                 category and
                                                                                 withdrawn
#Maintained at ‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn.
Shree Tirupati Balajee Fibc     TL*                    WD               50       Maintained in
Pvt. Ltd                                                                         non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
*Maintained at ‘IND BB(ISSUER NOT COOPERATING)’ before being withdrawn
Shree Tirupati Balajee Fibc     FB limit**             WD               150      Maintained in
Pvt. Ltd                                                                         non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
**Maintained at ‘IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING)’ before being
withdrawn
U R Agrofresh Pvt Ltd           TL (LT)*               WD               64.88    Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
*Maintained at ‘IND D(ISSUER NOT COOPERATING)’ before being withdrawn
U R Agrofresh Pvt Ltd           FB Fac (long- /ST)*    WD               51.5     Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
*Maintained at ‘IND D(ISSUER NOT COOPERATING)’ before being withdrawn
-----------------------------------------------------------------------------------------------
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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