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India Ratings for Indian debt instruments – Oct 1

    Oct 1 - 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
September 30, 2020.

COMPANY                         INSTRUMENT            RATING         AMOUNT   MOVEMENT
                                                                    (RS.MLN)
------                          ----------            ------         ------   ---------
SHORT TERM RATINGS:
-------------------
Granules India Ltd             Non-FB WC limits       IND A1+          850     Affirmed
(reduced from INR1,523.3.3)
Hpcl-Mittal Energy Ltd         CP                     IND A1+          15      Affirmed
Wockhardt Ltd                  Non-FB limits          IND A3           3078    Upgraded; Off
                                                                               RWE
(reduced from INR3,588)

LONG TERM RATINGS:
-------------------
Mm Trust Jun 19 I’S (An       Series A PTC (PTCs)    IND              3658.39 Affirmed
Asset-Backed Securities                               AAA(SO)/Stable
Transaction)
Adani Electricity Mumbai Ltd   Proposed WC limits*    IND AA+ / Stable 0.48    Assigned
                                                      / IND A1+
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by BYPL to the satisfaction of Ind-Ra.
Adani Electricity Mumbai Ltd   FB WC limits           IND              11.15   Assigned
                                                      AA+/Stable/IND
                                                      A1+
Adani Electricity Mumbai Ltd   Non-FB WC limits       IND              3.37    Assigned
                                                      AA+/Stable/IND
                                                      A1+
Brand Studio Lifestyle Pvt Ltd Proposed FB WC limit*  IND BBB-/RWN/    370     Assigned
                                                      IND A3/RWN
Placed on RWN*The ratings are provisional and shall be confirmed upon the sanction and execution
of loan documents for the above facilities by BSLPL to the satisfaction of Ind-Ra.
Brand Studio Lifestyle Pvt Ltd FB WC limit            IND BBB-/RWN/IND 130     Assigned
                                                      A3/RWN                   placed on RWN
Care Health Insurance Ltd      LT                     IND A-           -       Assigned
Classic Promotors And Builders Proposed TL*           Provisional IND  500.1   Assigned
Pvt Ltd                                               BBB/Stable
*The ratings are provisional and shall be confirmed upon the execution of loan documents for the
above instruments to the satisfaction of Ind-Ra.
Granules India Ltd             TL                     IND AA-/Stable   4828    Upgraded
(reduced from INR5,352.3)
Granules India Ltd             FB WC limits           IND              1848.8  Assigned
                                                      AA-/Stable/IND
                                                      A1+
Granules India Ltd             FB WC limits           IND              6592.2  Long-term
                                                      AA-/Stable/IND           rating
                                                      A1+                      upgraded, short-
                                                                               term rating
                                                                               affirmed
Hpcl-Mittal Energy Ltd         LT Issuer Rating       IND AA+/Stable   -       Affirmed
Hpcl-Mittal Energy Ltd         NCDs (NCDs)            IND AA+/Stable   21.3    Affirmed
(reduced from INR22.2)
Hpcl-Mittal Energy Ltd         TL                     IND AA+/Stable   118     Affirmed
Hpcl-Mittal Energy Ltd         TL                     IND AA+/Stable   35      Assigned
Hpcl-Mittal Energy Ltd         Bk Fac                 IND              177     Affirmed
                                                      AA+/Stable/IND
                                                      A1+
Jsw Steel Ltd                  Issuer Rating          IND AA/Negative  -       Affirmed
Jsw Steel Ltd                  NCDs (NCDs)            IND AA/Negative  53510   Affirmed
Jsw Steel Ltd                  Proposed NCDs#         IND AA/Negative  46490   Assigned
#unallocated
Mm Trust Dec 19 Iii            Series A PTC (PTCs)    IND              3641.4  Assigned
                                                      AAA(SO)/Stable
Mm Trust Sep 19 I (An          Series A PTC (PTCs)    IND              6766.31 Assigned
Asset-Backed Securities                               AAA(SO)/Stable
Transaction)
Mm Trust Sep 20 I (An          Series A PTC (PTCs)    Provisional IND  1871.61 Assigned
Asset-Backed Security                                 AAA(SO)/Stable
Transaction)
Orient Craft Ltd               TL                     IND BB-          2800    Downgraded
(maintained on RWN and migrated to non-cooperating category,Issuer did not cooperate; based on
the best available information)
Orient Craft Ltd               FB limits              IND BB- / IND A4+300     Downgraded
(maintained on RWN and migrated to non-cooperating category,Issuer did not cooperate; based on
the best available information)
Pawan Castings Meghalaya Pvt   FB limits              IND BB           150     -
Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Pawan Castings Meghalaya Pvt   Long-TL                IND BB           6.942   -
Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Platinum Trust September 2019  Series A pass-through  IND              2253    Assigned
(An An Asset-Backed            certificates (PTCs)    AAA(SO)/Stable
Security Transaction)
Platinum Trust September 2019  Second loss credit     IND              195.4   Assigned
(An An Asset-Backed            facility (SLCF)        BBB(SO)/Stable
Security Transaction)
Talettutayi Solar Projects Two TL                     IND BBB+/Stable  780     Assigned
Pvt Ltd
Trident Auto Components Pvt Ltdrating review          IND BB+          -       -
(In view of the COVID-19 led lockdown, the issuer has informed the agency that it needs more
time to provide the required data.)
Wockhardt Ltd                  TL                     IND BBB-/Stable  4350    Upgraded; Off
                                                                               RWE
(reduced from INR6,750)
Wockhardt Ltd                  FB limits              IND BBB-/Stable  3790    Upgraded; Off
                                                                               RWE
(reduced from INR4,000)
Wockhardt Ltd                  TL                     IND BBB-/Stable  -       Upgraded; Off
                                                                               RWE
Wockhardt Ltd                  FB/ non-FB             IND              2162.5  Upgraded; Off
                               interchangeable limits BBB-/Stable/IND          RWE
                                                      A3
(increased from INR1,663)
Wockhardt Ltd                  Proposed WC Fac#*      IND              1047.5  Assigned and
                                                      BBB-/Stable/IND          Upgraded; Off
                                                      A3                       RWE
(reduced from INR5,087.5),
#The provisional rating of the proposed bank facilities has been converted to final rating
according to 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.
*assigned final rating IND BB+/RWE/IND A4+/RWE before been upgraded
-----------------------------------------------------------------------------------------------
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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