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India Ratings for Indian debt instruments – Oct 6

   Oct 6 - 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 5, 2020.

COMPANY                        INSTRUMENT             RATING           AMOUNT  MOVEMENT
                                                                      (RS.MLN)
------                         ----------             ------           ------  ---------
SHORT TERM RATINGS:
-------------------
Jayantisuper Construction Pvt  Non-FB limits          IND A3           1030    -
Ltd
(Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on 11 September 2019. Ind-Ra is
unable to provide an update, as the agency does not have adequate information to review the
ratings.)
Metrochem Api Pvt Ltd          Non-FB WC limits       IND A2           1000    Affirmed
 

LONG TERM RATINGS:
-------------------
Ardent Steel Ltd               TL                     IND A-/Stable    369.6   Assigned
Ardent Steel Ltd               FB limits              IND A-/Stable    130.4   Assigned
Atibir Hi-Tech Pvt Ltd         *FB limit (LT)         -                91      -
(Maintained in the non-cooperating category and withdrawn.  
 *Maintained at ‘IND BB+(ISSUER NOT COOPERATING)’ before being withdrawn) 
Avaada Sunce Energy Pvt Ltd    Rupee TL               IND BBB/Stable   11200   Assigned
Avaada Sunce Energy Pvt Ltd    BG                     IND BBB/Stable   490     Assigned
Avaada Sunce Energy Pvt Ltd    Proposed LOC (LC)*     Provisional IND  3750    Assigned
                                                      AAA(CE)/Stable
(* Sub-limit of Rupee term loan. The provisional rating is based on the draft documents provided
by ASUEPL. The final rating will be assigned to the LC facility on receipt of executed
documents. Deviations from the draft documents may result in a rating change.)
Bir Steels Pvt Ltd             FB limit*              -                20      -
(Maintained in the non-cooperating category and withdrawn. 
*Maintained at ‘IND BB(ISSUER NOT COOPERATING)’ before being withdrawn)
Bir Steels Pvt Ltd             Non-FB limit**         -                15      -
(Maintained in the non-cooperating category and withdrawn. 
**Maintained at ‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn)
Csl Titan Iii 2020 Trust       Series A pass-through  Provisional IND  2961.29 Assigned
                               certificates (PTCs)    A+(SO)/Stable
Csl Titan Iii 2020 Trust       Series B PTCs          Provisional IND  200.23  Assigned
                                                      BBB+ (SO)/Stable
Ekk Infrastructure Ltd         FB Fac*                -                1250    -
(Maintained in non-cooperating category and withdrawn. 
*Maintained at ‘IND BBB-(ISSUER NOT COOPERATING)’ before being withdrawn)
Ekk Infrastructure Ltd         Non-FB Fac#            -                4142.6  -
(Maintained in non-cooperating category and withdrawn. 
# Maintained at ‘IND A3(ISSUER NOT COOPERATING)’ before being withdrawn)
Jayantisuper Construction Pvt  FB limits              IND BBB-         40      -
Ltd
(Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on 11 September 2019. Ind-Ra is
unable to provide an update, as the agency does not have adequate information to review the
ratings.)
Jayantisuper Construction Pvt  Non-FB limits          IND BBB-/IND A3  150     -
Ltd
(Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on 11 September 2019. Ind-Ra is
unable to provide an update, as the agency does not have adequate information to review the
ratings.)
Metrochem Api Pvt Ltd          FB WC limits           IND BBB+ /       700     Assigned
                                                      Positive /IND A2
Metrochem Api Pvt Ltd          FB WC limits           IND BBB+ /       1500    Affirmed
                                                      Positive /IND A2
Metrochem Api Pvt Ltd          TL                     IND BBB+/        508.8   Affirmed
                                                      Positive
Metrochem Api Pvt Ltd          FB WC limits (sales    IND              100     Affirmed
                               invoice discounting)   BBB+/ Positive/
                                                      IND A2
National Housing Bank          Bonds                  IND AAA/Stable   100     Affirmed
National Housing Bank          LT deposit             IND AAA/Stable   100     Affirmed
Orion Trust Sep 2020           Series A1 PTC (PTCs)   Provisional IND  149.1   Assigned
                                                      A(SO)/Stable
S.C. Shettar & Sons            FB WC limits           IND              405     Affirmed
                                                      BBB-/Stable/IND
                                                      A3
-----------------------------------------------------------------------------------------------
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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