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India Ratings for Indian debt instruments – Nov 18

    Nov 18 - 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 17, 2020.

COMPANY                         INSTRUMENT            RATING         AMOUNT   MOVEMENT
                                                                    (RS.MLN)
------                          ----------            ------         ------   ---------
SHORT TERM RATINGS:
-------------------
Acebright (I) Pharma Pvt Ltd   Non-FB limit           IND A3           5       Affirmed
Lmj International Ltd          Non-FB limits (ST)     IND D            3600    -
(Issuer Not Cooperating) Maintained in non-cooperating category,* Unutilised
Subburaj Cotton Mills Pvt. Ltd Non-FB limits          IND A3           5       Affirmed
Veebee Yarnntex Pvt Ltd        Non-FB limits          IND A3           30      Affirmed
Veendeep Oiltek Exports Pvt LtdNon-FB limit           IND A4+          40      Affirmed
Veendeep Oiltek Exports Pvt LtdProposed non-FB limit* IND A4+          70      Assigned
*Unallocated

LONG TERM RATINGS:
-------------------
Acebright (I) Pharma Pvt Ltd   FB limit               IND BBB-/Positive70      Affirmed
(increased from INR50)
Acebright (I) Pharma Pvt Ltd   TL                     IND BBB-/Positive780     Affirmed
(increased from INR526.16)
Adani Green Energy Ltd         Long-TL                IND A+/Stable    14440   Upgraded; off
                                                                               RWE
(reduced from INR15.54)
Adani Green Energy Ltd         Proposed TL*           IND A+/Stable/   32270   Upgraded; off
                                                      IND A1+                  RWE
(increased from INR4.39),*The provisional rating of the proposed bank facilities has been
converted into final as per Ind-Ra’s updated policy. This is because the agency notes that the
general terms and conditions of proposed loans would be in line with the existing loans, and are
not a rating driver.
Adani Green Energy Ltd         FB limits              IND              600     Upgraded; off
                                                      A+/Stable/IND A1+        RWE
(increased from INR0.01)
Adani Green Energy Ltd         Non-FB limits          IND              74690   Upgraded; off
                                                      A+/Stable/IND A1+        RWE
(increased from INR60.56)
Lmj International Ltd          FB limits (LT/ST)      IND D            1840    -
(Issuer Not Cooperating) Maintained in non-cooperating category,* Unutilised
Oscar Investments Ltd          NCDs*                  IND C            1500    -
(Issuer Not Cooperating) Maintained in non-cooperating category,* Unutilised
Oscar Investments Ltd          LT Bk loan             IND D            5000    Downgraded
Rhc Holding Pvt Ltd            Secured LT NCDs (NCDs; IND D            2000    -
                               LT)
(Issuer Not Cooperating) Maintained in non-cooperating category
Rhc Holding Pvt Ltd            Secured LT Bk loans    IND D            750     -
                               (LT)
(Issuer Not Cooperating) Maintained in non-cooperating category
Subburaj Cotton Mills Pvt. Ltd TL                     IND BBB- /       10.4    Affirmed
                                                      Negative
(reduced from INR16.3)
Subburaj Cotton Mills Pvt. Ltd TL*                    IND BBB- /       100     Assigned
                                                      Negative
*The assignment of the final rating follows the receipt of the sanction letter by Ind-Ra.
Subburaj Cotton Mills Pvt. Ltd TL                     IND BBB- /       41      Assigned
                                                      Negative
(reduced from INR125.0)
Subburaj Cotton Mills Pvt. Ltd FB limits              IND BBB- /       427.5   Affirmed
                                                      Negative /IND A3
Veebee Yarnntex Pvt Ltd        TL                     IND BBB- /       287.7   Affirmed
                                                      Negative
(reduced from INR329.8)
Veebee Yarnntex Pvt Ltd        TL*                    IND BBB- /       150     Assigned
                                                      Negative
*The final rating is assigned following the receipt of sanction letter by Ind-Ra.
Veebee Yarnntex Pvt Ltd        TL                     IND BBB- /       46.7    Assigned
                                                      Negative
Veebee Yarnntex Pvt Ltd        FB limits              IND BBB- /       485     Affirmed
                                                      Negative /IND A3
Veendeep Oiltek Exports Pvt LtdFB WC limit            IND BB-/Stable   50      Affirmed
Veendeep Oiltek Exports Pvt LtdProposed FB WC limit*  IND BB-/Stable   20      Assigned
*Unallocated
-----------------------------------------------------------------------------------------------
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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