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India Ratings for Indian debt instruments – Oct 29

    Oct 29 - 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 28, 2020.

COMPANY                         INSTRUMENT            RATING          AMOUNT   MOVEMENT
                                                                     (RS.MLN)
------                          ----------            ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Adhunik Corporation Ltd        Non-FB limits          IND A3           35      Affirmed
Adhunik Industries Ltd         Non-FB limits          IND A3           216.5   Affirmed
(reduce from INR376.5)
Eugia Pharma Specialities Ltd  Non-FB WC limit        IND A1+          450     Affirmed
Suganya Constructions          Non-FB Fac             IND A4+          80      -
(Issuer Not Cooperating); Migrated to non-cooperating category

LONG TERM RATINGS:
-------------------
Adhunik Corporation Ltd        FB limits              IND BBB-/Stable  100     Affirmed
Adhunik Industries Ltd         FB limits              IND BBB-/Stable  253     Affirmed
(reduce from INR373)
Eugia Pharma Specialities Ltd  TL                     IND A+/RWP       5000    -
Placed on RWP
Eugia Pharma Specialities Ltd  FB WC limit            IND A+/RWP/IND   1300    Long term
                                                      A1+                      rating placed
                                                                               on RWP and short
                                                                               term rating
                                                                               affirmed
Ihb Pvt Ltd                    TL*                    IND A+/Stable    67.25   Assigned
* The final rating has been assigned following the receipt of the sanction letter by Ind-Ra.
Leighton India Contractors Pvt FB WC limits*          IND              600     Assigned
Ltd                                                   BBB/Stable/IND A2
*includes INR550 million sub-limit of non-fund based-working capital facilities
Leighton India Contractors Pvt Non-FB WC limits       IND              21175   Assigned
Ltd                                                   BBB/Stable/IND A2
Rci Industries & Technologies  Proposed long-TL *     IND D            500     Assigned
Ltd
* 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 tend to be uniform across banks, and
are not a rating driver.
Issuer did not cooperate; based on the best available information ; Migrated to non-cooperating
category.
Rci Industries & Technologies  FB limits (LT)         IND D            1010    Affirmed
Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Rci Industries & Technologies  Proposed FB limits     IND D            250     Assigned
Ltd                            *(LT)
* 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 tend to be uniform across banks, and
are not a rating driver.
Issuer did not cooperate; based on the best available information ; Migrated to non-cooperating
category.
Rci Industries & Technologies  Non-FB limits (ST)     IND D            1090    Affirmed
Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Suganya Constructions          FB Fac                 IND BB / IND A4+ 200     -
(Issuer Not Cooperating); Migrated to non-cooperating category
U. S. Srivastava Memorial      TL                     IND BB           42.9    -
Educational Society
(Issuer Not Cooperating) Maintained in non-cooperating category
U. S. Srivastava Memorial      Bk overdraft facility  IND BB           30      -
Educational Society
(Issuer Not Cooperating) Maintained in non-cooperating category
-----------------------------------------------------------------------------------------------
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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