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India Ratings for Indian debt instruments – Sep 8

    Sep 8 - 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 7, 2020.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Arrow Construction Ltd         Non-FB WC limits       IND A4           80      Downgraded
(Issuer Not Cooperating)
Bank Of Baroda                 ST debt programme      IND A1+          -       Affirmed
Bank Of Baroda                 CDs                    IND A1+          400     Affirmed
Mercury Industries Ltd         Non-FB facility        IND A4+          1.5     Affirmed
(reduced from INR15.5)
Microfinish Valves Pvt Ltd     Non-FB limits          IND A3           500     Affirmed
Motherson Sumi Systems Ltd     CP                     IND A1+          1.5     Affirmed
Shreeji Infrastructure India   Non FB limits          IND A2           1850    Affirmed
Pvt Ltd
Shreeji Infrastructure India   Proposed non-FB limits*IND A2           2000    Assigned
Pvt Ltd
*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.  
Standard Infratech India Pvt   Non-FB WC limit        IND A3+          815  -
Ltd
 (Issuer Not Cooperating); Migrated to non-cooperating category

MEDIUM TERM RATINGS:
-------------------
Bank Of Baroda                 Fixed deposit          IND tAAA/Stable  -       Affirmed
        
LONG TERM RATINGS:
-------------------
Arrow Construction Ltd         FB WC limits           INC C            20      Downgraded
(Issuer Not Cooperating)
Bank Of Baroda                 Basel III AT1 bonds    IND AA+/Stable   118.5   Affirmed
Bank Of Baroda                 Basel III Tier 2       IND AAA/Stable   55      Affirmed
                               instrument
Barwa Adda Expressway Ltd      TL (LT)                IND D            14400   Affirmed
(outstanding INR12,591.2 as on 31 August 2020)
Chenani Nashri Tunnelway Ltd   Senior LT Bk loans*    IND D            29760   Affirmed
(INR27,721.1 outstanding on 30 August 2020),* including USD43 million external commercial
borrowings.
Chenani Nashri Tunnelway Ltd   Subordinated LT Bk     IND D            3720    Affirmed
                               loans
(INR3,342.5 outstanding on 30 August 2020)
Kerala State Electronics       WC limits              IND              100     Affirmed
Development Corporation Ltd                           B+/Stable/IND A4
Magnum Spinning Millss India   TL                     IND BB/Stable    61.5    Downgraded
Pvt Ltd
Magnum Spinning Millss India   FB WC Fac              IND              120     Long-term
Pvt Ltd                                               BB/Stable/IND A4+        rating
                                                                               downgraded; 
                                                                               Short-term 
                                                                               rating 
                                                                               affirmed
Mercury Industries Ltd         Fund based WC          IND BB+/Stable   120     Affirmed
Mercury Industries Ltd         TL                     IND BB+/Stable   42.8    Affirmed
(increased from INR7.5)
Mfl Securitisation Trust Xcv   Series A1 pass-through IND AA(SO)/Stable1509.3  Assigned
(An Asset-Backed Securities    certificates (PTCs)
Transaction)
Mfl Securitisation Trust Xcv   Series A2 PTCs         IND AA(SO)/Stable38.7    Assigned
(An Asset-Backed Securities
Transaction)
Mfl Securitisation Trust Xcv   Second-loss credit     IND              38.7    Assigned
(An Asset-Backed Securities    facility (SLCF)        BBB-(SO)/Stable
Transaction)
Microfinish Valves Pvt Ltd     FB limits              IND              550     Affirmed
                                                      BBB-/Stable/IND
                                                      A3
Motherson Sumi Systems Ltd     TL                     IND AAA/Negative 11376   Affirmed
Motherson Sumi Systems Ltd     NCDs (NCDs)*           IND AAA/Negative 5       Affirmed
*The NCDs are listed, secured, and redeemable in nature. The proceeds are being used for
refinancing the existing debt, and/or general corporate purposes, and/or working capital needs
Motherson Sumi Systems Ltd     Proposed NCDs**        IND AAA/Negative 30      Assigned
**yet to be issued
Motherson Sumi Systems Ltd     FB WC limits           IND              6       Affirmed
                                                      AAA/Negative/IND
                                                      A1+
Motherson Sumi Systems Ltd     Non-FB WC limits       IND              1       Affirmed
                                                      AAA/Negative/IND
                                                      A1+
Ostro Mahawind Power Pvt Ltd   TL                     IND BBB/RWN      4450    Maintained on
                                                                               RWN
Sagar Industries & DistilleriesNon-FB limit*          IND A4/Stable    10      Downgraded
Pvt Ltd
(reduced from INR50) (sublimit of CC)
Sagar Industries & DistilleriesFB limit               IND B+/Stable    240     Downgraded
Pvt Ltd
Shreeji Infrastructure India   FB limits              IND BBB+/Stable  140     Affirmed
Pvt Ltd
Standard Infratech India Pvt   FB WC limit            IND BBB          200     -
Ltd
 (Issuer Not Cooperating); Migrated to non-cooperating category
Standard Infratech India Pvt   Proposed FB WC limits* WD                50     WD
Ltd
* Ind-Ra has withdrawn, as per its updated policy, the provisional ratings on Standard Infratech
India’s fund- and non-fund-based facilities, as they were outstanding for more than 180 days and
the company did not provide the agency with a sanction letter for the same.
Standard Infratech India Pvt   Proposed non-FB WC     WD               190     WD
Ltd                            limits*
* Ind-Ra has withdrawn, as per its updated policy, the provisional ratings on Standard Infratech
India’s fund- and non-fund-based facilities, as they were outstanding for more than 180 days and
the company did not provide the agency with a sanction letter for the same.
Up Koraun Urja Pvt Ltd         Rupee TL               IND B-           1690    -
(Issuer Not Coopeprating) Maintained in non-cooperating category
Up Mehrauni Ii Urja Pvt Ltd    TL                     IND B-           1790    -
(Issuer Not Coopeprating) Maintained in non-cooperating category
Up Sarila Urja Pvt Ltd         Project TL             IND B-           2000    -
(Issuer Not Coopeprating) Maintained in 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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