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India Ratings for Indian debt instruments – Oct 8

   Oct 8 - 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 7, 2020.

COMPANY                        INSTRUMENT             RATING           AMOUNT  MOVEMENT
                                                                      (RS.MLN)
------                         ----------             ------           ------  ---------
SHORT TERM RATINGS:
-------------------
Afflatus Gravures Pvt Ltd      Non-FB WC limits       IND A3+          51      Affirmed
Godawari Power & Ispat Ltd     Non-FB limits          IND A2+          1346.5  Assigned
Nirvana Fashion Clothing       Non-FB WC limits       IND A4+          30      Affirmed
Poddar Global Pvt Ltd          Non-FB limit           IND A2+          540     Affirmed
 

LONG TERM RATINGS:
-------------------
Afcons Infrastructure Ltd      CP                     -                9000    -
(Withdrawn (paid in full))
Afflatus Gravures Pvt Ltd      TL                     IND BBB/Stable   525     Affirmed
Afflatus Gravures Pvt Ltd      FB WC limits           IND BBB/Stable/  350     Affirmed
                                                      IND A3+
Capital Float Financial        White Rose Trust 2020  IND A-(SO)/ RWN  159.8   -
Services Pvt Ltd               -Series A1 PTCs
(Assigned; maintained on RWN)
Capital Float Financial        Northern Arc 2020 UBL  IND BBB(SO)/RWN  60      -
Services Pvt Ltd               Alabama - Series A1
                               PTCs
(Assigned; maintained on Rating Watch Negative (RWN))
Capital Float Financial        Northern Arc 2019 WPL  IND BBB(SO)/RWN  43.3    -
Services Pvt Ltd               Sagittarius -Series A1
                               PTCs
(Assigned; maintained on RWN)
Capital Float Financial        Northern Arc 2020 MCA  IND BBB(SO)/RWN  37.2    -
Services Pvt Ltd               Capricorn -Series A1
                               PTCs
(Assigned; maintained on RWN)
Dream Gateway Hotels Ltd       TL                     IND BB+/Stable   700     Downgraded
Dream Gateway Hotels Ltd       FB limit               IND BB+/Stable   50      Downgraded
Godawari Power & Ispat Ltd     TL                     IND A-/Stable    9393    Assigned
Godawari Power & Ispat Ltd     FB limits              IND A-/Stable    1938    Assigned
K. Palaniappa Memorial         Bk loans               IND BBB-/Stable  150     Affirmed
Educational Trust
(Outlook revised to Stable from Positive)
Nirvana Fashion Clothing       FB WC limits           IND BB-/Stable   90      Affirmed
Northern Arc 2019 Mca Libra    Series A1 PTCs         IND BBB+(SO)/RWN 17      Placed on RWN
Northern Arc 2019 Ubl Scorpio  Series A1 PTCs         IND              50.1    Affirmed
                                                      BBB+(SO)/Stable
Pegasus Assets Reconstruction  Bk loans               IND BBB+/Stable  500     Downgraded
Pvt Ltd
(India Ratings and Research (Ind-Ra) has downgraded Pegasus Assets Reconstruction Private
Limited’s (PARPL) bank loans to ‘IND BBB+’ from ‘IND A-’) 
Poddar Global Pvt Ltd          FB limit               IND BBB+ /Stable 410     Affirmed
                                                      / IND A2+
Shri Kannan Departmental Store Short-TL               IND A3/RWP       110     -
Pvt Ltd
(Maintained on RWP and migrated to non-cooperating category)
Shri Kannan Departmental Store TL                     IND BBB-/RWP     156.7   -
Pvt Ltd
(Maintained on RWP and migrated to non-cooperating category)
Shri Kannan Departmental Store FB WC limits           IND BBB-/RWP/IND 545     -
Pvt Ltd                                               A3
(Maintained on RWP and migrated to non-cooperating category)
Sterling And Wilson Pvt Ltd    Proposed ST NCDs (NCDs)-                1600    -
(Withdrawn (issuer did not proceed with the instrument as envisaged))
Sterling And Wilson Pvt Ltd    CP (CP)#               IND A3+/RWN      2400    -
(Downgraded; Maintained on RWN.
#CP (carved out of the fund-based limits) are yet to be issued.)
Sterling And Wilson Pvt Ltd    FB limits              IND BBB/RWN/IND  2252    -
                                                      A3+/RWN
(Downgraded; Maintained on RWN)
Sterling And Wilson Pvt Ltd    Proposed FB limits*^   IND BBB/RWN/IND  7348    -
                                                      A3+/RWN
(Downgraded and assigned; Maintained on RWN. 
*The provisional rating of the proposed bank facilities has been converted to final rating 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.
^ Downgraded to ‘Provisional IND BBB’/RWN/Provisional IND A3+’/RWN before being assigned ‘IND
BBB’/RWN/‘IND A3+’/RWN) 
Sterling And Wilson Pvt Ltd    Non-FB limits          IND BBB/RWN/IND  21848   -
                                                      A3+/RWN
(Downgraded; Maintained on RWN)
Sterling And Wilson Pvt Ltd    Proposed non-FB        IND BBB/RWN/IND  10652   -
                               limits*^               A3+/RWN
(Downgraded; Maintained on RWN. 
* The provisional rating of the proposed bank facilities has been converted to final rating 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.
^ Downgraded to ‘Provisional IND BBB’/RWN/Provisional IND A3+’/RWN before being assigned ‘IND
BBB’/RWN/‘IND A3+’/RWN) 
-----------------------------------------------------------------------------------------------
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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