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India Ratings for Indian debt instruments – Sep 17

    Sep 17 - 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
September 16, 2020.

COMPANY                         INSTRUMENT            RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------            ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Batliboi Ltd                   Non-FB Fac             IND A4           541.5   -
(Issuer Not Cooperating); Migrated to non-cooperating category
Pre Unique (I) Pvt Ltd         Non-FB WC limit        IND A4           100     -
(Issuer Not Cooperating); Migrated to non-cooperating category
Vipul Organics Ltd             Non-FB Fac             IND A4+          31.5    -
(Issuer Not Cooperating); Migrated to non-cooperating category

LONG TERM RATINGS:
-------------------
Atlantis Products Pvt Ltd      FB WC limits           WD               230     Withdrawn
Atlantis Products Pvt Ltd      Non-FB WC limits       WD               10      Withdrawn
Batliboi Ltd                   FB Fac                 IND B-           186     -
(Issuer Not Cooperating); Migrated to non-cooperating category
Classic Foods                  FB Fac                 IND B+/ IND A4+  67.5    -
(Issuer Not Cooperating); Migrated to non-cooperating category
Drs Dilip Road Lines Pvt Ltd   FB Fac                 IND BB-          150     -
(Issuer Not Cooperating)Maintained in non-cooperating category
Entally Astha                  TL (LT)                IND D            100     -
(Issuer Not Cooperating)Maintained in non-cooperating category
Greater Visakhapatnam Smart    Rupee TL               IND BBB/Stable   2457.1  Affirmed
City Corporation Ltd
*Total disbursed amount outstanding as on 31 August 2020 is INR408.5 million
Karyavattom Sports Facilities  Senior project Bk      IND D            2415    -
Ltd                            loans (LT)
(Issuer Not Cooperating)Maintained in non-cooperating category
M.P. Entertainment And         TL                     IND BB           1000    Downgraded
Developers Pvt Ltd
Issuer not cooperating, based on best-available information.
Pre Unique (I) Pvt Ltd         FB WC limit            IND B / IND A4   10      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Sadbhav Engineering Ltd        TL                     IND A-/Stable    1000    Assigned
Sadbhav Engineering Ltd (Sel)  LT Issuer Rating       IND A-/Stable    -       Affirmed
Sadbhav Engineering Ltd (Sel)  NCDs (NCDs)            IND A-/Stable    1500    Assigned
Sadbhav Engineering Ltd (Sel)  TL                     IND A-/Stable    829.7   Assigned
Sadbhav Engineering Ltd (Sel)  TL                     IND A-/Stable    1000    Affirmed
Sadbhav Engineering Ltd (Sel)  FB WC limit            IND              5600    Assigned
                                                      A-/Stable/IND A2+
Sadbhav Engineering Ltd (Sel)  Non-FB WC limit        IND              20000   Assigned
                                                      A-/Stable/IND A2+
Vinod Kumar Pandey             *FB WC limits          WD               40      Maintained in
                                                                               NCO and
                                                                               Withdrawn
* Maintained at ‘IND BB-(ISSUER NOT COOPERATING)’ before being withdrawn.
Vinod Kumar Pandey             **Non-FB WC limits     WD               70      Maintained in
                                                                               NCO and
                                                                               Withdrawn
** Maintained at ‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn.
Vipul Organics Ltd             TL                     IND BB+          85      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Vipul Organics Ltd             FB Fac                 IND BB+/ IND A4+ 225     -
(Issuer Not Cooperating); Migrated to 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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