India Ratings for Indian debt instruments – Oct 5

   Oct 5 - 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 1, 2020.

COMPANY                        INSTRUMENT             RATING         AMOUNT    MOVEMENT
------                         ----------             ------         ------    ---------
Mainetti (I) Pvt Ltd           Non-FB WC limits       IND A2+          165     Affirmed
(increased from INR150)
Stove Kraft Ltd                Non-FB WC limits#      IND A3           350     Affirmed
(#Fungible with fund-based limits)
Victory Spinning Mills Ltd     Non-FB Fac             IND A3           32.3    -
(Migrated to non-cooperating category)


Gurgaon-Palwal Transmission Ltd TL^                   IND AAA/Stable   7500    -
(Assigned and upgraded; Off RWP. 
^Assigned ‘IND AA’/Stable before being upgraded. The final rating is rating is assigned
subsequent to the receipt of the facility agreement and relevant documents conforming to
information already received and receipt of no dues certificates of old lenders by Ind-Ra) 
Iot Utkal Energy Services Ltd  Series II - NCDs       IND AAA/Stable   470     Affirmed
Iot Utkal Energy Services Ltd  Series III - NCDs      IND AAA/Stable   15250   Affirmed
Iot Utkal Energy Services Ltd  Series IV - NCDs       IND AAA/Stable   3000    Affirmed
Iot Utkal Energy Services Ltd  Series V - NCDs        IND AAA/Stable   341.46  Affirmed
Mainetti (I) Pvt Ltd           FB WC limits           IND              255     Affirmed
(reduced from INR270)
Mfl Securitisation Trust LVIII Series A1 pass-through IND AA(SO)/Stable 323.9  Affirmed
                               certificates (PTCs)
Mfl Securitisation Trust LVIII Series A2 PTCs         IND AA(SO)/Stable 17.05  Affirmed
Mfl Securitisation Trust LVIII Series A2 PTCs         IND              49.4    Affirmed
Mfl Securitisation Trust LVIII Second loss credit     IND              166.4   Affirmed
                               facility (SLCF)        BBB(SO)/Stable
Mfl Securitisation Trust LXXXII Series A1 pass-through IND AA(SO)/Stable 2324.6Affirmed
                               certificates (PTCs)
Mfl Securitisation Trust LXXXII Series A2 PTCs        IND AA(SO)/Stable 96.86  Affirmed
Mfl Securitisation Trust LXXXII Second loss credit    IND              199.3   Affirmed
                               facility (SLCF)        BBB-(SO)/Stable
Orion Trust Sep 2020           Series A1 PTC (PTCs)   Provisional IND  157     Assigned
Plasmagen Biosciences Pvt Ltd  Proposed TL*           IND BB+/Stable   900     Assigned
Plasmagen Biosciences Pvt Ltd  FBL                    IND BB+/Stable/  150     Assigned
                                                      IND A4+
Plasmagen Biosciences Pvt Ltd  Proposed fund- based   IND BB+/Stable/  150     Assigned
                               limits*                IND A4+
Rimjhim Ispat Ltd              FB WC limits           IND              2630    Upgraded
                                                      A-/Stable/IND A2+
Rimjhim Ispat Ltd              Non-FB WC limits       IND              1750    Upgraded
                                                      A-/Stable/IND A2+
Schoolnet India Ltd            Series C NCDs          IND D            1030    -
(Affirmed and Reassigned)
Stove Kraft Ltd                FB WC limits           IND BBB-/ IND A3 900     Affirmed
(Outlook revised to Positive from Stable)
Stove Kraft Ltd                TL                     IND BBB-/Positive 316.4  Affirmed
(reduced from INR320.1. Outlook revised to Positive from Stable)
Tamil Nadu Road Development Co. Bk loans              IND BBB+/Stable  1823.2  Affirmed
(reduced from INR1,885.10)
Victory Spinning Mills Ltd     TL                     IND BBB-         297.9   -
(Migrated to non-cooperating category)
Victory Spinning Mills Ltd     FB WC limits           IND BBB-/IND A3  360     -
(Migrated to non-cooperating category)
Virinchi Ltd                   FB WC limit (LT/ST)*   -                1300    -
(Maintained in non-cooperating category and 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

$: 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

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