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India Ratings for Indian debt instruments – Sep 3

    Sep 3 - 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 2, 2020.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Auckland International Ltd     NFB WC limit           IND A3           15      Affirmed
Continental Warehousing        Non-FB WC Fac          IND A1+          500     Upgraded; Off
Corporation (Nhava Seva) Ltd                                                   RWE
(increased from INR450)
Jk Paper Ltd                   CP*                    IND A1+          1000    Affirmed
*carved out of existing fund-based working capital lines
Subex Assurance Llp            Non-FB limits          IND A2+          30      Assigned
 Subex Ltd                     LT                     IND A-           -       Long-Term

MEDIUM TERM RATINGS:
-------------------
Jk Paper Ltd                   Term deposit           IND tAA          300     Upgraded
  
    
LONG TERM RATINGS:
-------------------
Auckland International Ltd     FB WC limit            IND BBB-/Negative82.5    Affirmed
Outlook revised to Negative from Stable
Avaada Solarise Energy Pvt Ltd WC facility            IND A-/Stable    130     Upgraded
Continental Warehousing        TL                     IND A+/Stable    3551    Upgraded; Off
Corporation (Nhava Seva) Ltd                                                   RWE
(reduced from INR3,875)
Continental Warehousing        FB WC Fac              IND              900     Upgraded; Off
Corporation (Nhava Seva) Ltd                          A+/Stable/IND A1+        RWE
(increased from INR700)
Continental Warehousing        Proposed FB WC Fac#    IND              249     Upgraded and
Corporation (Nhava Seva) Ltd                          A+/Stable/IND A1+        assigned
(increased from INR175),# Upgraded to ‘Provisional IND A+’/‘Provisional IND A1+' from
‘Provisional IND A’/‘Provisional IND A1’ while resolving RWE, before assigning the final
ratings. 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.  
Janaadhar (I) Pvt Ltd          NCD                    IND BBB-/Stable  75      Assigned
Jaquar & Company Pvt Ltd       FB limit               IND              750     Affirmed
                                                      AA/Stable/IND A1+
(reduced from INR987.5)
Jaquar & Company Pvt Ltd       Non-FB limit           IND              5620    Affirmed
                                                      AA/Stable/IND A1+
(increased from INR1,750)
Jk Paper Ltd                   TL                     IND AA-/Stable   663     Upgraded
(reduced from INR847.9)
Jk Paper Ltd                   FB limits              IND              2500    Long-term
                                                      AA-/Stable/IND           rating
                                                      A1+                      upgraded;
Short-term rating affirmed
Jk Paper Ltd                   Non-FBL                IND              3700    Long-term
                                                      AA-/Stable/IND           rating
                                                      A1+                      upgraded;
Short-term rating affirmed
Jk Paper Ltd                   Term deposit           IND tAA          300     Upgraded
Mahindra Integrated Township   LT Issuer Rating       IND AA-/Stable           Affirmed
Ltd (Mitl)
Mahindra Integrated Township   FB WC limits           IND AA-/Stable   430     Affirmed
Ltd (Mitl)
Mahindra Integrated Township   TL                     IND AA-/Stable   300     Affirmed
Ltd (Mitl)
Mahindra Integrated Township   Proposed NCDs*#        IND AA-/Stable   450     Assigned
Ltd (Mitl)
*According to the draft term sheet, these facilities will be used to finance (a) general
corporate purposes, (b) working capital requirements and (c) repayment/reduction of existing
borrowings or any combination of the above.
Mahindra Integrated Township   NCDs (NCDs)            WD               250     Withdrawn
Ltd (Mitl)
(paid in full)
Sansar Trust July 2020 I (An   Series A2 PTC          Provisional IND  1052.6  Reassigned
Asset-Backed Securities                               A(SO)/Stable
Transaction)
Sansar Trust July 2020 I (An   Series A1 pass-through Provisional IND  19999.3 Reassigned
Asset-Backed Securities        certificates (PTCs)    AAA(SO)/Stable
Transaction)
Sansar Trust July 2020 I (An   Second-loss credit     Provisional IND  1263.1  Reassigned
Asset-Backed Securities        facility (SLCF)        BBB+(SO)/Stable
Transaction)
Shivprasad Foods And Milk      FB WC limit(long-/ST)  IND D            120     Affirmed
Products
Shivprasad Foods And Milk      Long-TL(LT)            IND D            63.3    Affirmed
Products
(reduced from INR88.27)
Subex Assurance Llp            FB limits              WD               350     Withdraw
(paid in full)
Term Loan                      TL                     IND A-/Stable    5140    Assigned
The Sirpur Paper Mills Ltd     TL                     IND A/Stable     4315    Upgraded
The Sirpur Paper Mills Ltd     Proposed TL*#          IND A/Stable     15      Upgraded and
                                                                               final rating
                                                                               assigned
*Upgraded to Provisional ‘IND A’/Stable before assigning final rating.,#Provisional rating of
the proposed bank facilities has been converted to final rating as per India Ratings’ 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. 
The Sirpur Paper Mills Ltd     FB limits              IND A/Stable/IND 100     Long-term
                                                      A1                       rating
                                                                               upgraded and
                                                                               short-term rating
                                                                               affirmed
The Sirpur Paper Mills Ltd     Proposed FB limits*#   IND              900     Long-term
                                                      A/Stable/IND A1          rating
                                                                               upgraded; short-
                                                                               term affirmed and
                                                                               final rating
                                                                               assigned
*Upgraded to Provisional ‘IND A’/Stable before assigning final rating.,#Provisional rating of
the proposed bank facilities has been converted to final rating as per India Ratings’ 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. 
The Sirpur Paper Mills Ltd     Non-FBL                IND              70      Long-term
                                                      A/Stable/IND A1          rating
                                                                               upgraded and
short-term rating affirmed
The Sirpur Paper Mills Ltd     Proposed non-FB        IND              180     Long-term
                               limits*#               A/Stable/IND A1          rating
                                                                               upgraded; short-
                                                                               Term affirmed and
                                                                               final rating
                                                                               assigned
*Upgraded to Provisional ‘IND A’/Stable before assigning final rating.,#Provisional rating of
the proposed bank facilities has been converted to final rating as per India Ratings’ 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. 
Vivo Mobile India Pvt Ltd      NCDs                   WD               7000    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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