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India Ratings for Indian debt instruments – Aug 31

    Aug 31 - 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 28, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Aruna Alloy Steels Pvt Ltd      Non-FB Fac             IND A3           1        Assigned
Coromandel International Ltd    CP (CP)                IND A1+          20000    Affirmed
Jms Mining Pvt Ltd              CP*                    IND A1           500      Affirmed
*Carved out of the existing fund-based working capital limits
Kalindi Ispat Pvt Ltd           Non-FB limits          IND A4+          10       -
Migrated to non-cooperating category(issuer not cooperating)
M.A.Enterprises                 Non-FB limit           IND A4+          390      Affirmed
M.A.Enterprises                 Non-FB limit           IND A4+          380      Assigned
Mahindra Rural Housing Finance  CP (CP)                IND A1+          10000    Affirmed
Ltd
Pnb Gilts Ltd                   ST Bk loans            IND A1+          20000    Assigned
Zircon Technologies (I) Ltd     NFB                    IND A3           10       -
Migrated to non-cooperating category(issuer not cooperating)
 
LONG TERM RATINGS:
-------------------
Ifmr Capital P.L.I.             TL                     IND              65.5     Affirmed
                                                       A-(CE)/Stable
Manohar Infrastructure And      TL                     IND BBB/Stable   900      Affirmed
Constructions Pvt Ltd
Aruna Alloy Steels Pvt Ltd      TL                     IND BBB-/Stable  275.73   Affirmed
(reduced from INR333.0 mlns)
Aruna Alloy Steels Pvt Ltd      FB Fac                 IND              285      Affirmed
                                                       BBB-/Stable/IND
                                                       A3
Greater Hyderabad Municipal     NCDs (NCDs)            IND AA/Stable    2000     Affirmed
Corporation
Greater Hyderabad Municipal     NCDs                   IND AA/Stable    1950     Affirmed
Corporation
Greater Hyderabad Municipal     NCDs                   IND AA/Stable    1000     Affirmed
Corporation
*The rating is provisional and shall be confirmed upon the issuance of the proposed bank loans
and receipt of the transaction documents by GHMC to the satisfaction of Ind-Ra.
Greater Hyderabad Municipal     Bk loans               IND AA/Stable    25000    Affirmed
Corporation
Greater Hyderabad Municipal     Proposed Bk loans*     Provisional IND  14600    Assigned
Corporation                                            AA/Stable
*The rating is provisional and shall be confirmed upon the issuance of the proposed bank loans
and receipt of the transaction documents by GHMC to the satisfaction of Ind-Ra. 
Greater Hyderabad Municipal     Proposed NCDs*         Provisional IND  5050     Affirmed
Corporation                                            AA/Stable
*The rating is provisional and shall be confirmed upon the issuance of the proposed bank loans
and receipt of the transaction documents by GHMC to the satisfaction of Ind-Ra. 
Jms Mining Pvt Ltd              Long-TL                IND A/Stable     3,187.8  Assigned
Jms Mining Pvt Ltd              LT non-FB limits       IND A/Stable     820      -
Jms Mining Pvt Ltd              FB WC limits           IND A/Stable/IND 1500     -
                                                       A1
Jms Mining Pvt Ltd              NFB WC limits          IND A/Stable/IND 1992.2   Assigned
                                                       A1
Kalindi Ispat Pvt Ltd           FB limits              IND BB+          117.5    -
Migrated to non-cooperating category(issuer not cooperating)
Kosamattam Finance Ltd          Proposed NCDs (NCDs)#  IND BBB/Stable   3000     Assigned
# the amount is unallocated
Kosamattam Finance Ltd          NCDs                   IND BBB/Stable   23920    Affirmed
(reduced from INR26,783 mlns)
Kosamattam Finance Ltd          Bk loan                IND BBB/Stable   8000     Affirmed
Kosamattam Finance Ltd          Proposed Bk loans#     IND BBB/Stable   2000     Assigned
# the amount is unallocated
M.A.Enterprises                 LT issuer rating       IND BB-/Stable   -        Affirmed
M.A.Enterprises                 FB limit               IND BB-/Stable   10       Affirmed
M.A.Enterprises                 FB limit               IND BB-/Stable   0.1      Assigned
Mahathi Software Pvt Ltd        Proposed WC*           Provisional IND  30       Affirmed
                                                       BB / Stable /
                                                       Provisional IND A4+
*The final ratings will be assigned following the issuance and the receipt of the final executed
transaction documentation, conforming to the information already received by Ind-Ra. 
Mahathi Software Pvt Ltd        Proposed TL*           Provisional IND  270      Affirmed
                                                       BB /Stable
*The final ratings will be assigned following the issuance and the receipt of the final executed
transaction documentation, conforming to the information already received by Ind-Ra. 
Mahindra Rural Housing Finance  Bk loan                IND AA+/Stable   65250    Affirmed
Ltd
Mahindra Rural Housing Finance  NCDs (NCDs)            IND AA+/Stable   34815    Affirmed
Ltd
Mahindra Rural Housing Finance  Subordinated debt      IND AA+/Stable   8000     Affirmed
Ltd
Zircon Technologies (I) Ltd     FB WC limit            IND BBB-         200      -
Migrated to non-cooperating category(issuer not cooperating)
Zircon Technologies (I) Ltd     TL                     IND BBB-         214      -
Migrated to non-cooperating category(issuer not cooperating)
-----------------------------------------------------------------------------------------------
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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