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India Ratings for Indian debt instruments – Sep 1

    Sep 1 - 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
August 31, 2020.

COMPANY                         INSTRUMENT            RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------            ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Globe Ecologistics Pvt. Ltd.   Non-FB limits          IND A2           541.9   Downgraded
(reduced from INR701.9)
Gujarat Co-Operative Milk      CP                     IND A1+          8000    Affirmed
Marketing Federation Ltd
Rain Cements Ltd               Non-FB limits          IND A1           600     Affirmed
Outlook revised to Negative from Stable

LONG TERM RATINGS:
-------------------
Aegis Gas (Lpg) Pvt Ltd        Non-FB WC Fac          IND              500     Affirmed
                                                      AA/Stable/IND A1+
(increased from INR240.0)
Aegis Gas (Lpg) Pvt Ltd        TL                     WD               150     Withdrawn
                                                                               ,Paid in full
Aegis Logistics Ltd            TL                     IND AA/Stable    1490    Affirmed
(increased from INR767.4)
Aegis Logistics Ltd            FB WC Fac              IND AA/Stable    98.2    Affirmed
Aegis Logistics Ltd            Proposed TL*           IND AA/Stable    1750    Assigned
(reduced from INR2,500)*The provisional rating of the proposed bank facilities has been
converted to the final ratings as per Ind-Ra’s updated policy. This is because the agency notes
that the general terms and conditions of proposed loans would be in line with existing loans,
and are not a rating driver.
Aegis Logistics Ltd            Non-FB Fac             IND              3859.8  Affirmed
                                                      AA/Stable/IND A1+
(reduced from INR4,969.8)
Aegis Logistics Ltd            NCDs (NCDs)            WD               167     Withdrawn
                                                                               ,Paid in full
Asian Handicrafts Pvt Ltd      TL                     IND B+/Stable    4.26    Affirmed
(increased from INR4)
Asian Handicrafts Pvt Ltd      FB limit               IND              135.74  Affirmed
                                                      B+/Stable/IND A4
(increased from INR135.26)
Baidyanath Renewables Pvt Ltd  TL                     WD               53.1    Withdrawn
Baidyanath Renewables Pvt Ltd  Non-FB WC  Fac         WD               346.6   Withdrawn
Globe Ecologistics Pvt. Ltd.   TL                     IND BBB+/Stable  462.2   Downgraded
(increased from INR470.9)
Globe Ecologistics Pvt. Ltd.   FB limits              IND              640     Downgraded
                                                      BBB+/Stable/IND
                                                      A2
(reduced from INR725)
Ignite Trust October 2019 (A   Pass-through           IND              446.5   Assigned
Mortgage-Backed Security       certificates           AAA(SO)/Stable
Transaction)                   (PTCs)-Series A
Laxai Life Sciences Pvt Ltd    TL                     IND B-/Stable    88.9    Downgraded
(reduced from INR120)
Laxai Life Sciences Pvt Ltd    FB WC limit            IND              30      Downgraded
                                                      B-/Stable/IND A4
P & R Infraprojects Ltd        FB WC limit*           WD               200     -
Maintained in non-cooperating category and withdrawn,*Maintained at ‘IND BB+(ISSUER NOT
COOPERATING’)/‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn
P & R Infraprojects Ltd        Non-FB WC limit**      WD               850     -
Maintained in non-cooperating category and withdrawn,** Maintained at ‘IND A4+(ISSUER NOT
COOPERATING)’ before being withdrawn
Rain Cements Ltd               FB limits              IND A/Negative   200     Affirmed
Outlook revised to Negative from Stable
Rain Cements Ltd               Non-FB limits          IND A/Negative/  450     Affirmed
                                                      IND A1
Outlook revised to Negative from Stable
Rain Cii Carbon (Vizag) Ltd    FB WC limits           IND A+ /         -       Affirmed
                                                      Negative / IND
                                                      A1+
Outlook revised to Negative from Stable
Rain Cii Carbon (Vizag) Ltd    FB WC limits           IND A+ /         2810    Affirmed
                                                      Negative/ IND A1+
Outlook revised to Negative from Stable
Rain Industries Ltd            External commercial    IND A/Negative   -       Affirmed
                               borrowings
Outlook revised to Negative from Stable
Rain Industries Ltd            TL                     IND A/Negative   -       Affirmed
Outlook revised to Negative from Stable
South Indian Green Cardamom Co.FB WC limit            IND BBB- / IND A350      -
Ltd’S
Migrated to non-cooperating category
South Indian Green Cardamom Co.NFB WC limit           IND BBB- / IND A365      -
Ltd’S
Migrated to non-cooperating category
Sushee Infra & Mining Ltd      FB WC limits           IND              1000    Upgraded
                                                      B+/Stable/IND A4
Sushee Infra & Mining Ltd      Non-FB WC limits       IND              4840    Upgraded
                                                      B+/Stable/IND A4
(reduced from IN4,940)
-----------------------------------------------------------------------------------------------
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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