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India Ratings for Indian debt instruments – Nov 6

    Nov 6 - 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 5, 2020.

COMPANY                         INSTRUMENT            RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------            ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Anil Kumar & Company           Non-FB WC limits       IND A4+          409.8   Assigned
Bhuptani Associates            Non-FB WC limit        IND A4+          70      -
(Issuer Not Cooperating) Maintained in non-cooperating category
Clavecon (I) Pvt Ltd           Non-FB WC limits       IND A4           5       Affirmed
Kiran Industries Pvt Ltd       Non-FB limits          IND A4+          2       Affirmed
Plastene India Ltd             Non-FB WC limit        IND A3+          202.8   Affirmed; Off
                                                                               RWN
(reduced from INR260)
Plastene India Ltd             Forward contract limit IND A3+          23      Affirmed; Off
                                                                               RWN
(increased from INR18.2)
Reliance Chemotex Industries   Non-FB Fac             IND A3           300     Affirmed
Ltd
Reliance Chemotex Industries   Proposed non-FB Fac*   IND A3           100     Assigned
Ltd
* The provisional rating of the proposed bank facilities has been converted to final rating as
per Ind-Ra’s updated policy. This is because the agency notes that debt seniority and general
terms and conditions of working capital facilities tend to be uniform across banks, and are not
a rating driver.
Renata Precision Components PvtNon-FB WC limits       IND A4+          30      Downgraded
Ltd
Rockeira Engineering Llp       Non-FB WC limits       IND A3           680     Assigned
Swapna Printing Works Pvt Ltd  Non-FB limits          IND A4+          70      Downgraded
The Hongkong And Shanghai      CDs*                   IND A1+          50000   Affirmed
Banking Corporation Ltd
* No active issuances
Vr Foundries                   Non-FB Fac             IND A4           40      Assigned

LONG TERM RATINGS:
-------------------
Anil Kumar & Company           FB WC limits           IND BB-/Stable   50      Downgraded
Artemis Auto India Pvt Ltd     FB WC limits (LT/ST)   IND D            112.5   Downgraded
Issuer did not cooperate; based on best-available information
Artemis Auto India Pvt Ltd     Non-FB WC limits (ST)  IND D            30      Downgraded
Issuer did not cooperate; based on best-available information
Bhavani Erectors Pvt Ltd       rating review          IND BBB          -       -
(Negative outlook)Note-In view of the COVID-19 led lockdown, the issuer has informed the agency
that it needs more time to provide the required data.
Bhuptani Associates            FB WC limit            IND BB-/IND A4+  30      -
(Issuer Not Cooperating) Maintained in non-cooperating category
Bhuptani Associates            Proposed non-FB Fac*   WD               100     Withdrawn
*As the company did not proceed with the instrument as envisaged 
Chamaria Infrastructures Pvt LtTL (LT)                IND D            55      Affirmed 
Issuer did not cooperate; based on the best available information ,Migrated to non-cooperating
category
Clavecon (I) Pvt Ltd           TL                     IND B+/Stable    37.85   Affirmed
(reduced from INR 44.47)
Clavecon (I) Pvt Ltd           FB WC limits           IND              35      Affirmed
                                                      B+/Stable/IND A4
Heidelbergcement India Ltd     Bonds                  IND AA+/Stable   2450    Affirmed
Kiran Industries Pvt Ltd       TL                     IND BB/Stable    247     Downgraded
(reduced from INR280)
Kiran Industries Pvt Ltd       FB limits              IND              240     Long-term
                                                      BB/Stable/IND A4+        rating
                                                                               downgraded;
Short-term rating affirmed
Mobil Trust Series – 06 (An    Series A1c PTCs        IND              68.1    Assigned
Assets Backed Securities                              AAA(SO)/Stable
Transaction)
Mobil Trust Series – 06 (An    Series A1a PTC (PTCs)  IND AAA(SO)      622.1   Assigned
Assets Backed Securities                              /Stable
Transaction)
Mobil Trust Series – 06 (An    Series A1b PTCs        IND AAA(SO)      493.8   Assigned
Assets Backed Securities                              /Stable
Transaction)
Nirman Construction            FB Fac (Long/ST)       IND D            60      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Nirman Construction            Non-FB Fac (ST)        IND D            45      -
(Issuer Not Cooperating); Migrated to non-cooperating category
P. Perichi Gounder Memorial    Bk loans (LT)          IND D            66.42   -
Charitable Trust
(Issuer Not Cooperating); Migrated to non-cooperating category
P. Perichi Gounder Memorial    FB WC facility (LT)    IND D            65      -
Charitable Trust
(Issuer Not Cooperating); Migrated to non-cooperating category
Plastene India Ltd             FB WC limit            IND BBB/Negative 1637    Affirmed; Off
                                                                               RWN
(increased from INR1,610)
Plastene India Ltd             TL                     IND BBB/Negative 331.3   Affirmed; Off
                                                                               RWN
(reduced from INR354.3)
Plastene India Ltd             Proposed TL*           IND BBB/Negative 330     Assigned
*unallocated
Plastene India Ltd             Corporate loans        WD               350     Withdrawn
(the company did not proceed with the instrument as envisaged)
Reliance Chemotex Industries   TL                     IND BBB-/Stable  461.97  Affirmed
Ltd
(reduced from INR476.22)
Reliance Chemotex Industries   FB Fac                 IND              350     Affirmed
Ltd                                                   BBB-/Stable/IND
                                                      A3
(increased from INR330)
Renata Precision Components PvtTL                     IND BB+/Stable   273.5   Downgraded
Ltd
(reduced from INR180)
Renata Precision Components PvtFB WC limits           IND              167.5   Downgraded
Ltd                                                   BB+/Stable/IND
                                                      A4+
(increased from INR147)
Rockeira Engineering Llp       FB WC limits           IND              220     Assigned
                                                      BBB-/Stable/IND
                                                      A3
Sanjay Danchand Ghodawat       TL                     IND BB+/Stable   579.6   Affirmed
(INR508.70 outstanding as on 30 September 2020)
Speciality Silica Pvt Ltd      TL*                    WD               48.9    Downgraded and
                                                                               withdrawn
*Downgraded at ‘IND BB-/Stable’ before being withdrawn
Speciality Silica Pvt Ltd      FB WC limits**         WD               77.5    Long-term
                                                                               rating
                                                                               downgraded;
                                                                               short-
                                                                               term rating
                                                                               affirmed and
                                                                                withdrawn.
**Long-term rating downgraded to ‘IND BB-’/Stable and short-term rating affirmed at ‘IND A4+’
before being withdrawn
Suvas Holdings Ltd             LT                     IND A-           -       Affirmed 
Swapna Printing Works Pvt Ltd  FB limits              IND BB           20      Downgraded
Swapna Printing Works Pvt Ltd  Proposed FB limits*    Provisional IND  40      Downgraded
                                                      BB
*The final rating will be contingent upon the receipt of the executed documents conforming to
the information already received by Ind-Ra.
Vr Foundries                   TL                     IND B- / Stable  280     Assigned
Vr Foundries                   FB Fac                 IND B- / Stable  150     Assigned
                                                      / IND A4
Zuari Cement Ltd               LT                     IND AA+          -       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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