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India Ratings for Indian debt instruments – Sep 28

    Sep 28 - 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 25, 2020.

COMPANY                         INSTRUMENT            RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------            ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Ceat Ltd                       CP                     IND A1+          3.5     Affirmed
K B A Infrastructure Pvt Ltd   Non-FB Fac             IND A4           50      -
(Issuer Not Cooperating); Migrated to non-cooperating category
M/S Shree Krishna Steel Udhyog Non-FB Fac             IND A4           75      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Odyssey Advanced Telematics    Non-FB limits          IND A4           19      -
Systems
(Issuer Not Cooperating); Migrated to non-cooperating category
Omega Infraengineers Pvt Ltd   Non-FB WC facility     IND A4+          42.5    -
(Issuer Not Cooperating); Migrated to non-cooperating category
Prathamesh Construction        Non-FB Fac             IND A3           300     Assigned
Roots Cooling Systems Pvt Ltd  Non-FB WC facility     INDA4            110     -
(Issuer Not Cooperating); Migrated to non-cooperating category
Sambandam Siva Textiles Pvt LtdNon-FB Fac             IND A4+          55      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Srr Projects Pvt Ltd           Non-FB limits          IND A3           1562.5  -
(Issuer Not Cooperating); Migrated to non-cooperating category
Srr Projects Pvt Ltd           Proposed non-FB limits*IND A3           162.5   -
(Issuer Not Cooperating); Migrated to non-cooperating category,*The provisional rating of the
proposed bank f
Vidal Health Insurance Tpa Pvt Non FB Limits          IND A2           200     Assigned
Ltd

LONG TERM RATINGS:
-------------------
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)
* Sub-limit of rupee term loan. The provisional rating is based on the draft documents provided
by ASUEPL. Th
Ceat Ltd                       TL                     IND AA/Stable    24.91   Affirmed
Ceat Ltd                       Proposed NCDs (NCD)#   IND AA/Stable    2.5     Assigned
#Unallocated
Deutsche Investments India Pvt NCD*                   IND AAA/Stable   5000    Assigned
Ltd
*Yet to be issued
Dharamraj Contracts India Pvt  *FB WC limits (LT      WD               210     -
Ltd                            rating/ST rating)
* Maintained at ‘IND D(ISSUER NOT COOPERATING)’ before being withdrawn.
Dharamraj Contracts India Pvt  **Proposed non-FB WC   WD               390     -
Ltd                            limits (ST rating)
**Maintained at ‘Provisional IND D(ISSUER NOT COOPERATING)’ before being withdrawn.
Dharamraj Contracts India Pvt  ***Non-FB WC limits    WD               700     -
Ltd                            (ST rating)
*** Maintained at ‘IND D(ISSUER NOT COOPERATING)’ before being withdrawn.
Hsa Apparel Pvt Ltd            TL                     IND AA-/Stable   201     Assigned
K B A Infrastructure Pvt Ltd   FB Fac                 IND B+ / IND A4  50      -
(Issuer Not Cooperating); Migrated to non-cooperating category
L&T Finance Ltd                NCDs (NCDs; public     IND AAA/Stable   58      Affirmed
                               issue/private
                               issue)/Bk borrowings
Note-This announcement rectifies the version published on 24 September 2020 to correctly state
the unutilised
L&T Finance Ltd                subordinated debt      IND AAA/Stable   2       Affirmed
Note-This announcement rectifies the version published on 24 September 2020 to correctly state
the unutilised
L&T Finance Ltd                NCD (public issue)     IND AAA/Stable   100     Affirmed
Note-This announcement rectifies the version published on 24 September 2020 to correctly state
the unutilised
L&T Finance Ltd                Principal protected    IND PP-MLD AAA   10      Assigned
                               market-linked          emr/Stable
                               debenture^#
# Unutilised,^ The suffix emr denotes the exclusion of the embedded market risk from the rating.
The rating of the market linked debentures is an ordinal assessment of the underlying credit
risk of the instrument and does not factor in the market risk that investors in such instruments
will assume. This market risk stems from the fact that coupon payment on the instrument will be
based on the performance of a reference index or equity share (detailed in the information
memorandum of the issue). PP-MLD refers to full principal protection in the equity-linked notes
wherein the issuer is obligated to pay the full principal upon maturity.,Note-This announcement
rectifies the version published on 24 September 2020 to correctly state the unutilised
subordinated debt limit in the annexure table. The amended version is as above.
L&T Finance Ltd                NCDs (NCDs; public     INDAAA/Stable    57      Assigned
                               issue/private issue)*#
# Unutilised,Note-This announcement rectifies the version published on 24 September 2020 to
correctly state the unutilised subordinated debt limit in the annexure table. The amended
version is as above.
L&T Finance Ltd                Bk loan                INDAAA/Stable    100     Assigned
Note-This announcement rectifies the version published on 24 September 2020 to correctly state
the unutilised
L&T Finance Ltd                Subordinated debt#     INDAAA/Stable    3       Assigned
# Unutilised,Note-This announcement rectifies the version published on 24 September 2020 to
correctly state the unutilised subordinated debt limit in the annexure table. The amended
version is as above.
M/S Shree Krishna Steel Udhyog FB Fac                 IND B+ / IND A4  5       -
(Issuer Not Cooperating); Migrated to non-cooperating category
Malabar Gold Pvt Ltd           TL                     IND A-/Stable    250     Assigned
Malabar Gold Pvt Ltd           Proposed FB limits*    IND              302     Assigned
                                                      A-/Stable/IND A2+
(decreased from INR552),*No amounts allocated. 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 tend to be uniform across banks, and are not a rating driver.
Malabar Gold Pvt Ltd           FB Bk Fac              IND              6948    Affirmed
                                                      A-/Stable/IND A2+
Mfl Securitisation Trust – LxviSeries A1 pass-through IND AA(SO)/Stable407.9   Affirmed
(An Asset-Backed Security      certificates (PTCs)
Transaction)
Mfl Securitisation Trust – LxviSeries A2 PTCs         IND AA(SO)/Stable20.6    Affirmed
(An Asset-Backed Security
Transaction)
Mfl Securitisation Trust – LxviLiquidity facility (LF)IND              21.8    Affirmed
(An Asset-Backed Security                             AAA(SO)/Stable
Transaction)
Mfl Securitisation Trust – LxviSecond loss credit     IND              107.8   Affirmed
(An Asset-Backed Security      facility (SLCF)        BBB(SO)/Stable
Transaction)
Odyssey Advanced Telematics    FB limits              IND B            80      -
Systems
(Issuer Not Cooperating); Migrated to non-cooperating category
Omega Infraengineers Pvt Ltd   TL                     IND BB+          45.22   -
(Issuer Not Cooperating); Migrated to non-cooperating category
Omega Infraengineers Pvt Ltd   FB WC facility         IND BB+ / A4+    22.5    -
(Issuer Not Cooperating); Migrated to non-cooperating category
Prathamesh Construction        FB Fac                 IND BBB-/Stable  124.2   Assigned
Roots Cooling Systems Pvt Ltd  FB WC facility         IND B+ / IND A4  99      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Sambandam Siva Textiles Pvt LtdTL                     IND BB           16.4    -
(Issuer Not Cooperating); Migrated to non-cooperating category
Sambandam Siva Textiles Pvt LtdFB Fac                 IND BB / IND A4+ 185     -
(Issuer Not Cooperating); Migrated to non-cooperating category
Srr Projects Pvt Ltd           FB limits              IND BBB- / IND A3430     -
(Issuer Not Cooperating); Migrated to non-cooperating category
Vidal Health Insurance Tpa Pvt FB WC limits           IND BBB+/Stable  120     Assigned
Ltd
Vidal Healthcare Services Pvt  Foreign currency TL    IND BBB/Stable   150     Assigned
Ltd
Zuari Agro Chemicals Ltd       Long-TL*               WD               1.1     Withdrawn
*Maintained at 'IND B'/RWE before being 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
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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