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India Ratings for Indian debt instruments – Sep 30

    Sep 30 - 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 29, 2020.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Clp Wind Farms (I) Pvt Ltd     CP (CP)#               IND A1+          4000    Affirmed
#NCDs and CP are yet to be issued
Ifb Automotive Pvt Ltd         Non-FB WC limit*       IND A3           50      Affirmed
(reduced from INR150),*sublimit of fund-based working capital limit
Ifb Automotive Pvt Ltd         Non-FB WC limit        IND A3           70      Affirmed
Lendingkart Finance Ltd        CP (CP)*               IND A2           500     Affirmed
*INR350 million yet to be issued
Neokraft Global Pvt Ltd        Non-FB limits          IND A4+          125     -
(Issuer Not Cooperating); Migrated to non-cooperating category
Vdb Projects Pvt Ltd           Non-FB WC limits       IND A4+          1040    Assigned

LONG TERM RATINGS:
-------------------
Axis Clinicals Ltd             Long-TL                IND A-/Stable    323.3   Affirmed; Off
                                                                               RWE
(reduced from INR391.3)
Axis Clinicals Ltd             FB WC limit            IND              168     Affirmed; Off
                                                      A-/Stable/IND A2+        RWE
(increased from INR100)
Clp Wind Farms (I) Pvt Ltd     NCDs (NCDs)#           IND AA/Stable    3000    Assigned
#NCDs and CP are yet to be issued
Clp Wind Farms (I) Pvt Ltd     NCDs                   IND AA/Stable    290     Affirmed
Clp Wind Farms (I) Pvt Ltd     External commercial    IND AA/Stable    -       Affirmed
                               borrowing (ECB)*
*As on 30 June 2020, RTL and ECB outstanding were INR3,127 million and USD82.6 million,
respectively.
Clp Wind Farms (I) Pvt Ltd     Rupee TL (RTL)*        IND AA/Stable    5418.1  Affirmed
*As on 30 June 2020, RTL and ECB outstanding were INR3,127 million and USD82.6 million,
respectively.
Clp Wind Farms (I) Pvt Ltd     NCDs                   WD               2000    Withdrawn
(Paid in full)
Hardcastle Petrofer Pvt Ltd    FB WC limits           IND BBB- /       275     Affirmed
                                                      Positive / IND A3
Outlook revised to Positive from Stable
Ifb Automotive Pvt Ltd         FB WC limit            IND BBB-/Stable  250     Affirmed
                                                      /IND A3
Outlook revised to Stable,(reduced from INR350)
Ifb Automotive Pvt Ltd         Long-TL                WD               181.4   Withdrawn
(Paid in full)
Kapil Enterprises Pvt Ltd      **TL                   WD               1.11    -
**Maintained at ‘IND B+(ISSUER NOT COOPERATING)’ before being withdrawn.
Kapil Enterprises Pvt Ltd      *FB WC limit           WD               70      -
* Maintained at ‘IND B+(ISSUER NOT COOPERATING)’/‘IND A4(ISSUER NOT COOPERATING)’ before being
withdrawn.
Lendingkart Finance Ltd        Principal protected    IND PP-MLD       250     Affirmed
                               market linked debentureBBB+emr/Positive
Lendingkart Finance Ltd        Bk loans               WD               1000    Withdrawn
(Paid in full)
Neokraft Global Pvt Ltd        TL                     IND BB+          97.9    -
(Issuer Not Cooperating); Migrated to non-cooperating category
Neokraft Global Pvt Ltd        FB limits              IND BB+ / IND A4+175     -
(Issuer Not Cooperating); Migrated to non-cooperating category
Prg Buildcon India Pvt Ltd     FB WC limits (LT)      IND D            70      Downgraded
Prg Buildcon India Pvt Ltd     Non-FB WC limits (ST)  IND D            700     Downgraded
Sansar Trust Aug 2017’S (An    Second loss credit     IND A-(SO)/Stable290.5   Affirmed
Asset-Backed Securities        facility (SLCF)
Transaction)
Sansar Trust Aug 2017’S (An    Series-A pass-through  IND              1098.5  Affirmed
Asset-Backed Securities        certificates (PTCs)    AAA(SO)/Stable
Transaction)
Vdb Projects Pvt Ltd           TL                     IND BB+/Stable   126.97  Assigned
Vdb Projects Pvt Ltd           FB WC limits           IND              500     Assigned
                                                      BB+/Stable/IND
                                                      A4+
Vector Green Sunshine Pvt Ltd  NCDs                   IND A/Stable     1200    Affirmed
-----------------------------------------------------------------------------------------------
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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