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India Ratings for Indian debt instruments – Nov 9

    Nov 9 - 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 6, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Citibank                        Certificates of        IND A1+          50000    Affirmed
                                deposit*
*Yet to be issued
Citibank                        ST Bk loan             IND A1+          19500    Affirmed
Donear Industries Ltd           Non-FB WC Fac          IND A3           140      Downgraded
Mil Industries Ltd              Non-FB Fac             IND A4+          65       Affirmed
Smita Steels Rolling Mills Pvt  Non-FB WC limits       IND A3           35       -
Ltd
(Issuer Not Cooperating); Migrated to non cooperating category
Sambandam Spinning Mills Ltd    Short-TL               IND A3/RWN       92.5     Maintained on
                                                                                 RWN; migrated
                                                                                 to non
                                                                                 cooperating
                                                                                 category
(Issuer did not cooperate; based on the best-available information)
Smr Plantation Pvt Ltd          Non-FB Fac             IND A4+          30       Downgraded
(Issuer did not cooperate; based on the best-available information)
St. Marys Rubbers Pvt Ltd       Non-FB limits          IND A4+          60       Downgraded
(Issuer did not cooperate; based on the best-available information)
The Palani Andavar Mills Ltd    Non-FB Fac             IND A4+          16       Affirmed
Trinity India Forgetech Pvt Ltd Non-FB WC limits       IND A4+(         55       -
(Issuer Not Cooperating); Migrated to non cooperating category

MEDIUM TERM RATINGS:
-------------------
Sambandam Spinning Mills Ltd    Fixed deposit programmeIND tA-/RWN      76.1     Maintained on
                                                                                 RWN; migrated
                                                                                 to non
                                                                                 cooperating
                                                                                 category
(Issuer did not cooperate; based on the best-available information)
Sambandam Spinning Mills Ltd    Proposed fixed deposit WD               143.9    Withdrawn
                                programme*
*The rating has been withdrawn as it has been outstanding for more than 90 days.

LONG TERM RATINGS:
-------------------
Ajinomoto Biopharma Services    FB WC limit*           WD               1000     Affirmed  and
 India Pvt Ltd                                                                   Withdrawn
*Affirmed at 'IND BBB+'/Stable/'IND A2' before being withdrawn
Armstrong Spinning Mills Pvt LtdTL                     IND BBB-/Stable  53.5     Assigned
Armstrong Spinning Mills Pvt LtdFB WC limits           IND              250      Affirmed
                                                       BBB-/Stable/IND
                                                       A3
Armstrong Spinning Mills Pvt LtdNon-FB WC limits       WD               20       Withdrawn
                                                                                 (paid in full)
Donear Industries Ltd           FB WC Fac              IND BBB-/Negative2638.4   Downgraded
(increased from INR2,370)
Donear Industries Ltd           TL                     IND BBB-/Negative21.6     Downgraded
(reduced from INR81.8)
Donear Industries Ltd           Proposed FB WC Fac     WD               100      Withdrawn
(the company did not proceed with the instrument as envisaged)
Enes Textile                    TL*                    WD               56.22    Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
*Maintained at ‘IND BB(ISSUER NOT COOPERATING)’ before being withdrawn
Enes Textile                    FB WC limit**          WD               500      Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
**Maintained at ‘IND BB(ISSUER NOT COOPERATING)’/‘IND A4+(ISSUER NOT COOPERATING)’ before being
withdrawn
Infinite Computer Solutions (I) Non-FB limits          IND              710      Short-term
Ltd                                                    A+/Stable/IND A1+         rating
                                                                                 affirmed; long-
                                                                                 term rating
                                                                                 assigned
(increased from INR389.5)
Infinite Computer Solutions (I) FB WC limits           WD               1000     Withdrawn
Ltd                                                                              (paid in full)
Mil Industries Ltd              FB Fac                 IND BB+/Stable   22       Affirmed
Sambandam Spinning Mills Ltd    TL                     IND BBB-/RWN     102.6    Maintained on
                                                                                 RWN; migrated
                                                                                 to non
                                                                                 cooperating
                                                                                 category
(Issuer did not cooperate; based on the best-available information)
Sambandam Spinning Mills Ltd    FB WC limits           IND BBB-/RWN/IND 532.5    Maintained on
                                                       A3/RWN                    RWN; migrated
                                                                                 to non
                                                                                 cooperating
                                                                                 category
(Issuer did not cooperate; based on the best-available information)
Smita Steels Rolling Mills Pvt  FB WC limits           IND BBB- / IND A3150      -
Ltd
(Issuer Not Cooperating); Migrated to non cooperating category
Smr Plantation Pvt Ltd          TL                     IND BB           264.6    Downgraded
(Issuer did not cooperate; based on the best-available information)
Smr Plantation Pvt Ltd          FB Fac                 IND BB / IND A4+ 355      Downgraded
(Issuer did not cooperate; based on the best-available information)
St. Marys Rubbers Pvt Ltd       Long-TL                IND BB           220.4    Downgraded
(Issuer did not cooperate; based on the best-available information)
St. Marys Rubbers Pvt Ltd       FB limits              IND BB / IND A4+ 325      Downgraded
(Issuer did not cooperate; based on the best-available information)
Tata Capital Financial Services Bk loans               IND AAA/Stable   10000    Affirmed
Ltd
Tata Capital Housing Finance LtdRetail bonds*          IND AAA/Stable   50000    Affirmed
*Unutilised; combination of non-convertible debentures and subordinated bonds
Tata Capital Housing Finance LtdLT Bk loans            IND AAA/Stable   15000    Affirmed
Tata Capital Ltd                NCDs* (NCDs)           IND AAA/Stable   2500     Affirmed
*Unutilised
The Palani Andavar Mills Ltd    TL                     IND BB+/Stable   70.1     Affirmed
(increased from INR54.54)
The Palani Andavar Mills Ltd    FB Fac                 IND              70       Affirmed
                                                       BB+/Stable/IND
                                                       A4+
The Seksaria Biswan Sugar       CC limits*             WD               1000     Maintained in
Factory Ltd                                                                      the non
                                                                                 Cooperating
                                                                                 category and
                                                                                 withdrawn
*Maintained at ‘IND A-(ISSUER NOT COOPERATING)’ before being withdrawn
The Seksaria Biswan Sugar       TL*                    WD               2377     Maintained in
Factory Ltd                                                                      the non
                                                                                 Cooperating
                                                                                 category and
                                                                                 withdrawn
*Maintained at ‘IND A-(ISSUER NOT COOPERATING)’ before being withdrawn
The Seksaria Biswan Sugar       Non-FB limits#         WD               250      Maintained in
Factory Ltd                                                                      the non
                                                                                 Cooperating
                                                                                 category and
                                                                                 withdrawn
#Maintained at ‘IND A2+(ISSUER NOT COOPERATING)’ before being withdrawn
Trinity India Forgetech Pvt Ltd FB WC limits           IND BB+ / IND A4+145      -
(Issuer Not Cooperating); Migrated to non cooperating category
Trinity India Forgetech Pvt Ltd Proposed long-TL       WD               35       Withdrawn
(the company did not proceed with the instrument as envisaged)
Vennila Clothing Company        FB WC limit*           WD               100      Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
*Maintained at ‘IND BB(ISSUER NOT COOPERATING)’/‘IND A4+(ISSUER NOT COOPERATING)’ before being
withdrawn
-----------------------------------------------------------------------------------------------
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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