India Ratings for Indian debt instruments – Sep 4

    Sep 4 - 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 3, 2020.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Vishakha Polyfab Pvt Ltd       Non-FB WC limits       IND A2           260     Affirmed
Windals Precision Pvt Ltd      Non-FB Fac WC limits   IND A3           130     Downgraded
(reduced from INR157.5)
Aks Medical & Research Centre  TL                     WD               500     Withdrawn
Pvt Ltd
Maintained in non-cooperating category
Amroon Foods Pvt Ltd           FB WC limit            WD               1200    Withdrawn
Amroon Foods Pvt Ltd           Non-FB limits          WD               5       Withdrawn
Aryaman Ispat Pvt Ltd          rating review          IND BB-          -
( Stable Outlook)In view of the COVID-19 led lockdown, the issuer has informed the agency that
it needs more
Bhima Jewels Pvt Ltd           FB WC limits           IND              3520    Assigned
Bhima Jewels Pvt Ltd           Proposed FB WC limits* IND              230     Assigned
(*No amount allocated)
Fair Exports India Pvt Ltd     TL                     IND A/Positive   480     Affirmed
(increased from INR200)Outlook revised to Positive from Stable
Fair Exports India Pvt Ltd     FB WC limit            IND              4600    Affirmed
                                                      A/Positive/IND A1
(increased from INR1,300),Outlook revised to Positive from Stable
Fair Exports India Pvt Ltd     Non-FB limits          IND              35      Affirmed
                                                      A/Positive/IND A1
Outlook revised to Positive from Stable
Itm Infra                      Long-TL                IND BB-          1000    -
Migrated to non-cooperating category (ISSUER NOT COOPERATING)
My Box Technologies Pvt. Ltd   FB and non-FB limits   IND BBB- /       150     Affirmed
                                                      Negative / IND A3
Vishakha Polyfab Pvt Ltd       FB WC limits           IND BBB+/Negative620     Affirmed
(increased to INR520)
Vishakha Polyfab Pvt Ltd       TL                     IND BBB+/Negative1094    Affirmed
(increased to INR188.1)
Windals Precision Pvt Ltd      FB Fac WC limits       IND BBB-/Stable  990     Downgraded
(increased from INR890)
Windals Precision Pvt Ltd      TL                     IND BBB-/Stable  282.8   Downgraded
(reduced from INR355.3)
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

$: 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

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