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India Ratings for Indian debt instruments – Nov 10

    Nov 10 - 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
November 9, 2020.

COMPANY                         INSTRUMENT            RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------            ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Agarwalla Timbers Pvt. Ltd     Non-FB limits          IND A4+          350     Assigned
Agarwalla Timbers Pvt. Ltd     Non-FB limits          IND A4+          360     Affirmed
Motilal Oswal Finvest Ltd      CP*                    IND A1+          3000    Assigned
*Yet to be issued
Motilal Oswal Finvest Ltd      CP#                    IND A1+          30000   Affirmed
#Of the above mentioned limit, INR25,000 million pertains to initial public offer financing
Rolta India Ltd                Non-FB WC limits (ST)  IND D            3000    Affirmed
(Issuer did not cooperate; based on the best-available information)
Rolta India Ltd                Stand-by LOC (ST)      IND D            8293    Affirmed
(Issuer did not cooperate; based on the best-available information)
Neuland Laboratories Ltd       Non-FB Limits          IND A2+          1314    Affirmed
Smc Projects                   Non-FB WC facility     IND A4+          100     Assigned
Smc Projects                   Proposed FB WC         IND A4+          190     Assigned
                               facility*
* Unallocated

LONG TERM RATINGS:
-------------------
A.S. Jute Product Pvt Ltd      FB Fac                 IND B- / IND A4  100     -
(Issuer Not Cooperating); Migrated to non-cooperating category
Agarwalla Timbers Pvt. Ltd     LT issuer rating       IND BB/Stable    -       Affirmed
Agarwalla Timbers Pvt. Ltd     FB limits              IND              60      Affirmed
                                                      BB/Stable/IND A4+
Glenmark Life Sciences Ltd     FB limits*@            IND              3000    Assigned
                                                      AA-/Stable/IND
                                                      A1+
(reduced from INR4,000)
* The limits are fungible between fund-based and non-fund-based
@ The final rating has been assigned to on the receipt of executed financing documents by Ind
Ra.
Glenmark Life Sciences Ltd     Proposed non-FB        IND              2000    Assigned
                               limits*#               AA-/Stable/IND
                                                      A1+
(increased from INR1,000),# The provisional rating of proposed short-term facility has been
converted to final rating as per India ratings updated policy. The long-term rating is
unallocated.
* The limits are fungible between fund-based and non-fund-based
Micro Units Development &      *Proposed Bk loan      IND AAA/Stable   20000   Assigned
Refinance Agency Ltd
*Unallocated 
Neuland Laboratories Ltd       TL                     IND A-/Stable    824.1   Affirmed
(reduced from INR917)
Neuland Laboratories Ltd       TL                     IND A-/Stable    281     Affirmed
Neuland Laboratories Ltd       TL^                    IND A-/Stable    69      Affirmed
^ The final rating has been assigned following the receipt of executed financing documents by
Ind-Ra.
Neuland Laboratories Ltd       FB limits              IND              2200    Affirmed
                                                      A-/Stable/IND A2+
Rolta India Ltd                FB WC limits (LT)      IND D            4000    Affirmed
(Issuer did not cooperate; based on the best-available information)
Rolta India Ltd                External commercial    IND D            12539   Affirmed
                               borrowings (LT)
(Issuer did not cooperate; based on the best-available information)
Shillong Expressway Pvt Ltd    Senior LT project Bk   IND AAA/Stable   1284.5  Affirmed; Off
                               loan^                                           RWE
^ Senior bank loan and subordinate bank loan outstanding as on 30 September 2020 amounted to
INR814.8 million and INR222.7 million, respectively. 
Shillong Expressway Pvt Ltd    Subordinated Bk loan^  IND AAA/Stable   351.1   Affirmed; Off
                                                                               RWE
^ Senior bank loan and subordinate bank loan outstanding as on 30 September 2020 amounted to
INR814.8 million and INR222.7 million, respectively. 
Smc Projects                   FB WC facility         IND              5       Assigned
                                                      BB/Stable/IND A4+
Smc Projects                   Proposed FB WC         IND              5       Assigned
                               facility*              BB/Stable/IND A4+
* Unallocated
Vishwaraj Sugar Industries Ltd FB WC limits           IND BB/Negative  2150    Affirmed
-----------------------------------------------------------------------------------------------
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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