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India Ratings for Indian debt instruments – Nov 13

    Nov 13 - 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 12, 2020.

COMPANY                         INSTRUMENT            RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------            ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Appario Retail Pvt Ltd         Non-FB WC Fac          IND A1           3000    Assigned
Bmw Industries Ltd             Non-FB limits          IND A2+          739     Affirmed
(reduced from INR932)
Dhaulagiree Polyolefins Pvt LtdNon-FB WC limit        IND A4           20      -
(Issuer Not Cooperating) Maintained in non-cooperating category
M/S Mechano Engineering CompanyNon-FB Fac             IND A4+          30      Affirmed
Mahindra Rural Housing Finance CP (CP)                IND A1+          10000   Affirmed
Ltd
Ntpc Ltd                       ST Issuer Rating       IND A1+          -       Affirmed
Ntpc Ltd                       CP (CP)                IND A1+          201     Affirmed
Oswal Extrusion Ltd            Forward contract limitsIND A3           15      Affirmed
Tvs Srichakra Ltd              CP** (CP)              IND A1+          3000    Affirmed
**Carved out of the fund-based working capital limits
Tvs Srichakra Ltd              Short-TL               IND A1+          1000    Assigned
Vaighai Agro Products Ltd      Non-FB WC limits*      IND A3           190     Affirmed
(reduced from INR292),*One way interchangeability to the extent of INR50 million from
non-fund-based limits to fund-based limits.

LONG TERM RATINGS:
-------------------
Acme Bhiwadi Solar Power Pvt   Senior project TL      IND A/Stable     2396.8  Upgraded
Ltd
(reduced from INR2,566.0)
Acme Hisarsolar Power Pvt Ltd  Senior project TL      IND A/Stable     2410.4  Upgraded
(reduced from INR2,579.5)
Acme Jaipur Solar Power Pvt LtdTL                     IND A/Stable     8682.5  Upgraded
(reduced from INR9,100.0)
Acme Karnal Solar Power Pvt LtdSenior project TL      IND A/Stable     2411    Upgraded
(reduced from INR2,580.1)
Appario Retail Pvt Ltd         FB WC Fac*             IND              11000   Assigned
                                                      A-/Stable/IND A1
* Includes INR2,500 million of non-fund-based limits as interchangeable limits/ sub-limits of
fund-based facilities
Bmw Industries Ltd             Long-TL                IND A-/Stable    1086.2  Affirmed
(increased   from INR1,010)
Bmw Industries Ltd             FB limits              IND A-/Stable    2200    Affirmed
(reduced from INR2,850)
Dhaulagiree Polyolefins Pvt LtdFB WC limit            IND B            14      -
(Issuer Not Cooperating) Maintained in non-cooperating category
Dhaulagiree Polyolefins Pvt LtdProposed TL            WD               90      Withdrawn
(the company did not proceed with the instrument as envisaged)
Dhaulagiree Polyolefins Pvt LtdProposed FB limit      WD               20      Withdrawn
(the company did not proceed with the instrument as envisaged)
Dhaulagiree Polyolefins Pvt LtdProposed non-FB limit  WD               20      Withdrawn
(the company did not proceed with the instrument as envisaged)
Extramarks Education India Pvt FB WC limits           IND              50      Affirmed
Ltd                                                   A-/Negative/IND
                                                      A2+
Extramarks Education India Pvt Non-FB WC limits       IND              1124.2  Affirmed
Ltd                                                   A-/Negative/IND
                                                      A2+
Gateway Distriparks Ltd        NCDs (NCDs)            IND AA-/Positive 3000    Affirmed; Off
                                                                               RWN
Gateway Distriparks Ltd        TL                     IND AA-/Positive 441     Affirmed; Off
                                                                               RWN
(reduced from INR456)
Gateway Distriparks Ltd        FB limits              IND              150     Affirmed; Off
                                                      AA-/Positive/IND         RWN
                                                      A1+
Gateway Distriparks Ltd        Non-FB limits          IND              500     Affirmed; Off
                                                      AA-/Positive/IND         RWN
                                                      A1+
Gateway Rail Freight Ltd       FB limits              IND AA-/         400     Affirmed; Off
                                                      Positive/ IND A1+        RWN
Gateway Rail Freight Ltd       Non-FB limits          IND AA-/         685     Affirmed; Off
                                                      Positive/ IND A1+        RWN
Gateway Rail Freight Ltd       TL                     IND AA-/Positive 1148    Affirmed; Off
                                                                               RWN
(reduced from INR1,170)
Greenstar Fertilizers Ltd      Long-TL^#              IND BBB+/Stable  115     Upgraded and
                                                                               Assigned
^ The final ratings have been assigned following the receipt of executed financing documents by
Ind-Ra,#Upgraded to provisional INDBBB+/Stable before being assigned.
Greenstar Fertilizers Ltd      FB limits              IND              1270    Long-term
                                                      BBB+/Stable/IND          rating
                                                      A2                       Upgraded; Short-
                                                                               Term rating
                                                                               affirmed
Greenstar Fertilizers Ltd      Non-FB limits          IND              300     Long-term
                                                      BBB+/Stable/IND          rating
                                                      A2                       Upgraded; short-
                                                                               Term rating
                                                                               affirmed
Greenstar Fertilizers Ltd      Proposed long-TL*      Provisional IND  2315    Assigned
                                                      BBB+/Stable
* The amount is unallocated  
M/S Mechano Engineering CompanyTL                     IND BB-/Stable   45      Affirmed
M/S Mechano Engineering CompanyFB Fac                 IND              60      Affirmed
                                                      BB-/Stable/IND
                                                      A4+
Mahindra Rural Housing Finance NCDs (NCDs)#           IND AA+/Stable   10000   Assigned
Ltd
#Yet to be issued
Mahindra Rural Housing Finance Bk loan                IND AA+/Stable   63000   Affirmed
Ltd
(reduced from INR 65,250)
Mahindra Rural Housing Finance NCDs                   IND AA+/Stable   33815   Affirmed
Ltd
Mahindra Rural Housing Finance NCDs                   IND AA+/Stable   8000    Affirmed
Ltd
Ntpc Ltd                       LT Issuer Rating       IND AAA/Stable   -       Affirmed
Ntpc Ltd                       TL                     IND AAA/Stable   850     Assigned
Ntpc Ltd                       NCDs*                  IND AAA/Stable   150     Affirmed
Ntpc Ltd                       FB WC limits@          IND              35      Affirmed
                                                      AAA/Stable/IND
                                                      A1+
@ Of INR35 billion, INR21 billion may be utilised in the form of CP as per the Reserve Bank of
India’s guidelines.,@ Including interchangeability of INR5 billion from non-fund based to       
       fund-based limit.
Ntpc Ltd                       Non-FB WC limits       IND              55      Affirmed
                                                      AAA/Stable/IND
                                                      A1+
Ntpc Ltd                       Proposed WC limits**   IND              180     Affirmed
                                                      AAA/Stable/IND
                                                      A1+
 ** Unallocated limits 
Oswal Extrusion Ltd            Long-TL                IND BBB-/Stable  241.1   Affirmed
Oswal Extrusion Ltd            FB WC limits           IND BBB-/Stable  650     Affirmed
Platinum Trust September 2016  Series A pass-through  IND              764.42  Affirmed
Tranche Ii’S (Mortgaged-Backed certificates (PTCs)    AAA(SO)/Stable
Security (Mbs) Transaction)
Platinum Trust September 2016  Second loss credit     IND              125.6   Affirmed
Tranche Ii’S (Mortgaged-Backed facility (SLCF)        BBB(SO)/Stable
Security (Mbs) Transaction)
Privilege Trust Series 15’S (AnSeries A pass-through  IND              4192.05*Affirmed
Asset Backed Securities        certificates (PTCs)    AAA(SO)/Stable
Transaction)
*As per the payout report dated 22 October 2020  
Rajasthan State Road           TL                     IND A-/Negative  23730.1 Affirmed
Development And Construction
Corporation Ltd
Outlook revised to Negative from Stable,(reduced from INR25,178.15)
Shree Venkatesh Buildcon Pvt LtTL                     IND BBB/Stable   250     Assigned
Shree Venkatesh Buildcon Pvt LtProposed TL*           IND BBB/Stable   235     Assigned
* Unallocated
Shree Venkatesh Buildcon Pvt LtFB Fac                 IND              230     Affirmed
                                                      BBB/Stable/IND A2
Shri Balaji Business House Pvt FB WC limit            IND B+           95      -
Ltd
(Issuer Not Cooperating) Maintained in non-cooperating category
Shri Balaji Business House Pvt Proposed FB limits     WD               130     Withdrawn
Ltd
(the company did not proceed with the instrument as envisaged)
Snowman Logistics Ltd          TL                     IND A/Stable     1068    Affirmed; Off
                                                                               RWN
(increased from INR468)
Snowman Logistics Ltd          FB limits              IND A/Stable/IND 130     Affirmed; Off
                                                      A1                       RWN
(increased from INR80)
Snowman Logistics Ltd          Non-FB-limits          WD               50      Withdrawn
(paid in full)
Star Health And Allied         Subordinated debt      IND A+/Stable    2500    Affirmed
Insurance Co. Ltd
Tvs Srichakra Ltd              TL                     IND AA-/Stable   750     Affirmed
Tvs Srichakra Ltd              TL#                    IND AA-/Stable   1000    Assigned
# The assignment of the final ratings follows the receipt of sanction letters conforming to the
information already received by Ind-Ra.
Tvs Srichakra Ltd              FB WC limits           IND              3700    Affirmed
                                                      AA-/Stable/IND
                                                      A1+
Tvs Srichakra Ltd              Non-FB WC limits       IND              1140    Affirmed
                                                      AA-/Stable/IND
                                                      A1+
Tvs Srichakra Ltd              TL##                   WD               500     Withdrawn
## Ind-Ra has withdrawn the rating as the company did not proceed with the instrument as
envisaged.
Vaighai Agro Products Ltd      TL                     IND BBB-/Stable  17.28   Affirmed
(reduced from INR38.12)
Vaighai Agro Products Ltd      FB WC limits           IND              360     Affirmed
                                                      BBB-/Stable/IND
                                                      A3
(increased from INR260)
-----------------------------------------------------------------------------------------------
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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