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India Ratings for Indian debt instruments – Oct 26

    Oct 26 - 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
October 23, 2020.

COMPANY                         INSTRUMENT            RATING          AMOUNT   MOVEMENT
                                                                     (RS.MLN)
------                          ----------            ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Asian Energy Services Ltd      Proposed non-FBL*      IND A3           200     Assigned
*unallocated
Sandhar Technologies Ltd       CP*                    IND A1+          800     Affirmed
* Carved out of working capital limits
Tata Advanced Systems Ltd      Proposed CP (CP)*#     IND A1+          1000    Assigned
*According to the draft terms, these facilities will largely be utilised towards funding the
working capital.#Unallocated
Tata Sons Pvt Ltd              CP^                    IND A1+          50000   Affirmed
^nil outstanding    

LONG TERM RATINGS:
-------------------
Akashganga Infraventures India FB WC limits*          WD               162.5   -
Ltd
*Maintained at ‘IND BB+(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING)’ before being
withdrawn
Akashganga Infraventures India Non-FB limits**        WD               255     -
Ltd
** Maintained at ‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn
Akashganga Infraventures India TL***                  WD               46      -
Ltd
***Maintained at ‘IND BB+(ISSUER NOT COOPERATING)’ before being withdrawn
Jharkhand Road Projects        Senior, secured,       IND D            17300   Downgraded
Implementation Co. Ltd         redeemable NCDs
(outstanding INR12,755.1 as on 23 October 2020)
K Bhupal Engineers And         FB WC limits*          WD               80      -
Contractors Pvt Ltd
*Migrated to ‘IND BB+(ISSUER NOT COOPERATING)’ before being withdrawn,Migrated to non-
cooperating category
K Bhupal Engineers And         Non-FB limits**        WD               200     -
Contractors Pvt Ltd
**Migrated to ‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn,Migrated to non-
cooperating category
K Bhupal Engineers And         Proposed FB WC limits  WD               40      Withdrawn
Contractors Pvt Ltd
(the company did not proceed with the instrument as envisaged)
K Bhupal Engineers And         Proposed Non-FB WC     WD               180     Withdrawn
Contractors Pvt Ltd            limits
(the company did not proceed with the instrument as envisaged)
L B Industries Pvt Ltd         FB WC limit (LT/ ST)   IND D            60      Downgraded
(Issuer Not Cooperating Based on the best-available information )
L B Industries Pvt Ltd         Non-FB WC limit (ST)   IND D            420     Downgraded
(Issuer Not Cooperating Based on the best-available information )
Mm Trust Sep 17 I’S (An        Series A PTCs          IND              189.3   Affirmed
Asset-Backed Securitisation                           AA+(SO)/Stable
Transaction)
Nisa Industrial Services Pvt   FB WC limit*           WD               650     -
Ltd
*Maintained at ‘IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING)’ before being
withdrawn,Maintained in the non-cooperating category
Nisa Industrial Services Pvt   TL#                    WD               300     -
Ltd
#Maintained at ‘IND BB(ISSUER NOT COOPERATING)’ before being withdrawn,Maintained in the
non-cooperating category
Nisa Industrial Services Pvt LtProposed TL            WD               100     Withdrawn
(the company did not proceed with the instrument as envisaged)
Prasanna Education Trust       Bk loans (LT)          WD               88.84   -
*Migrated to ‘IND D(ISSUER NOT COOPERATING)’ before being withdrawn
Prasanna Education Trust       FB WC facility (LT)    WD               20      -
*Migrated to ‘IND D(ISSUER NOT COOPERATING)’ before being withdrawn
Rajshri Iron Industries Pvt LtdFB WC limits           IND B+/Stable    96.5    Downgraded
(reduced from INR146.5)
Rajshri Iron Industries Pvt LtdNon-FB WC limits       IND B+/Stable    53.5    Downgraded
Sandhar Technologies Ltd       FB WC limits           IND              1490    Affirmed
                                                      AA-/Stable/IND
                                                      A1+
Sandhar Technologies Ltd       Non-FB WC limits#      IND              1730    Affirmed
                                                      AA-/Stable/IND
                                                      A1+
# Including EUR9 million non-fund-based working capital limits
Shriprop Properties Pvt Ltd    Proposed NCDs (NCDs)*  IND BBB-/Negative1850    Assigned
Outlook revised to Negative from Stable,* The provisional ratings of the proposed bank
facilities have been converted to final ratings 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 are likely to be the same as that of the existing ones.
Tata Advanced Systems Ltd      LT Issuer Rating       IND AA/Stable    -       Affirmed
Tata Advanced Systems Ltd      TL                     IND AA/Stable    3354    Affirmed
Tata Advanced Systems Ltd      FB WC limits           IND              5700    Affirmed
                                                      AA/Stable/IND A1+
Tata Advanced Systems Ltd      Non-FBL                IND              5638.7  Affirmed
                                                      AA/Stable/IND A1+
Tata Sons Pvt Ltd              NCDs (NCDs)^           IND AAA/Stable   50000   Assigned
^nil outstanding
Tata Sons Pvt Ltd              CP                     WD               50000   Withdrawn
(no debt outstanding)
-----------------------------------------------------------------------------------------------
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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