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India Ratings for Indian debt instruments – Dec 1

    Dec 1 - 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
November 27 and 30, 2020.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Dev’S Chem Tec Pvt Ltd         Non-FB WC limit        IND A4+          40      -
(Issuer Not Cooperating) Maintained in non-cooperating category
Survival Technologies Pvt. Ltd LOC                    IND A3+          120     -
(Issuer Not Cooperating); Migrated to non-cooperating category
Tharu & Sons                   Non-FB limits          IND A4+          75      Assigned
Tharu & Sons                   Proposed non-FB limits IND A4+          115     Assigned
                               *
*Unallocated

LONG TERM RATINGS:
-------------------
Acme Babadham Solar Power Pvt  Senior project TL*     IND AA-/Stable   1646.8  Upgraded
Ltd
(reduced from INR1,838.3),*The rating of the existing term loans will be withdrawn once the
loans are refinanced by the new term loans. Simultaneously, the final ratings will be assigned
to the new term loans on receipt of no-dues certificate, along with a  copy of executed
transaction documents for the new term loans.
Acme Babadham Solar Power Pvt  Unsupported rating#    IND AA-/Stable   -       Assigned
Ltd
#Ind-Ra has assigned an unsupported rating for the same amount and maturity, in compliance with
the Securities Exchange Board of India’s circular dated 13 June 2019, which requires credit
rating agencies to disclose unsupported ratings without factoring in the explicit credit
enhancement (CE) and supported rating after factoring in the explicit CE.
Acme Babadham Solar Power Pvt  Proposed TL@           Provisional IND  1927.7  Assigned
Ltd                                                   AA-(CE)/Stable
@The provisional rating has been assigned based on receipt of sanction letters and provisional
facility agreement term sheets.
Acme Kaithal Solar Power Pvt LtSenior project TL*     IND AA-/Stable   1819.1  Upgraded
(reduced from INR1,866.1)*The rating of the existing term loans will be withdrawn once the loans
are refinanced by the new term loans. Simultaneously, the final ratings will be assigned to the
new term loans on receipt of no-dues certificate, along with a  copy of executed transaction
documents for the new term loans.
Acme Kaithal Solar Power Pvt LtUnsupported rating#    IND AA-/Stable   -       Assigned
#Ind-Ra has assigned an unsupported rating for the same amount and maturity, in compliance with
the Securities Exchange Board of India’s circular dated 13 June 2019, which requires credit
rating agencies to disclose unsupported ratings without factoring in the explicit credit
enhancement (CE) and supported rating after factoring in the explicit CE.
Acme Kaithal Solar Power Pvt LtProposed TL@           Provisional IND  2117.9  Assigned
                                                      AA-(CE)/Stable
@The provisional rating has been assigned based on receipt of sanction letters and provisional
facility agreement term sheets.
Acme Koppal Solar Energy Pvt LtSenior project TL*     IND AA-/Stable   1655.1  Upgraded
(reduced from INR1,697.7)*The rating of the existing term loans will be withdrawn once the loans
are refinanced by the new term loans. Simultaneously, the final ratings will be assigned to the
new term loans on receipt of no-dues certificate, along with a  copy of executed transaction
documents for the new term loans
Acme Koppal Solar Energy Pvt LtUnsupported rating#    IND AA-/Stable   -       Assigned
#Ind-Ra has assigned an unsupported rating for the same amount and maturity, in compliance with
the Securities Exchange Board of India’s circular dated 13 June 2019, which requires credit
rating agencies to disclose unsupported ratings without factoring in the explicit credit
enhancement (CE) and supported rating after factoring in the explicit CE.
Acme Koppal Solar Energy Pvt LtProposed TL@           Provisional IND  1926.5  Assigned
                                                      AA-(CE)/Stable
@The provisional rating has been assigned based on receipt of sanction letters and provisional
facility agreement term sheets.
Acme Vijaypura Solar Energy PvtSenior project TL*     IND AA-/Stable   1769.8  Upgraded
Ltd
(reduced from INR1,866.1)*The rating of the existing term loans will be withdrawn once the loans
are refinanced by the new term loans. Simultaneously, the final ratings will be assigned to the
new term loans on receipt of no-dues certificate, along with a  copy of executed transaction
documents for the new term loans.
Acme Vijaypura Solar Energy PvtUnsupported rating#    IND AA-/Stable   -       Assigned
Ltd
#Ind-Ra has assigned an unsupported rating for the same amount and maturity, in compliance with
the Securities Exchange Board of India’s circular dated 13 June 2019, which requires credit
rating agencies to disclose unsupported ratings without factoring in the explicit credit
enhancement (CE) and supported rating after factoring in the explicit CE.
Acme Vijaypura Solar Energy PvtProposed TL@           Provisional IND  2057.7  Assigned
Ltd                                                   AA-(CE)/Stable
@The provisional rating has been assigned based on receipt of sanction letters and provisional
facility agreement term sheets.
Birla Corporation Ltd          Proposed NCDs*         IND AA/Stable    1500    Assigned
*Final sanction letter yet to be received
Bpl Ltd                        FB limits*             WD               100     -
(Issuer Not Cooperating) Maintained in non-cooperating category,*Maintained at ‘IND B- before
being withdrawn
Bpl Ltd                        Non-FB limits#         WD               280     -
(Issuer Not Cooperating) Maintained in non-cooperating category#Maintained at ‘IND A4 before
being withdrawn
Dev’S Chem Tec Pvt Ltd         FB WC limit            IND BB-/INDA4+   20      -
(Issuer Not Cooperating) Maintained in non-cooperating category
Dev’S Chem Tec Pvt Ltd         Proposed FB WC limit   WD               120     Withdrawn
(the company did not proceed with the instrument as envisaged)
Gmr Warora Energy Ltd          NCDs**                 IND C            750     Assigned
**NCDs with modified terms and conditions with new ISINs. Details in Annexure below.
Gmr Warora Energy Ltd          NCDs*^                 WD               750     Downgraded and
                                                                               withdrawn
^Downgraded to ‘IND C’ from ‘IND B’/Stable before being withdrawn
*The rating has been withdrawn as the old
Jasmine Towels Pvt Ltd         TL                     IND BB+          2.55    -
(Issuer Not Cooperating); Migrated to non-cooperating category
Jasmine Towels Pvt Ltd         FB WC limits           IND BB+ / IND A4+90      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Karnataka Neeravari Nigam Ltd  Unsupported rating     IND A+/Stable    -       Affirmed
Karnataka Neeravari Nigam Ltd  TL                     IND              48550   Affirmed
                                                      AA-(CE)/Stable
(INR28,014.50 outstanding)
Karnataka Neeravari Nigam Ltd  TL                     IND              6500    Assigned
                                                      AA-(CE)/Stable
Karnataka Neeravari Nigam Ltd  Bonds                  IND              5000    Affirmed
                                                      AA-(CE)/Stable
Kashipur Sitarganj Highways PvtSenior LT rupee loans  IND D            4220    -
Ltd                            (LT)
(Issuer Not Cooperating) Maintained in non-cooperating category
Pahal Foods Pvt Ltd            TL                     IND A/Positive   20      Assigned
Pahal Foods Pvt Ltd            FB limits              IND A/Positive   180     Assigned
Porbandar Dwarka Expressway PvtSenior secured rupee TLIND AA/Positive  6720*   Upgraded
Ltd
* Total final debt availed was INR6,600 million and the current debt outstanding as of 18
November 2020 was INR6,421.8 million
Rajkamal Builders              FB WC limit (as a      WD               230.8   -
Infrastructure Pvt Ltd         sublimit of NFB WC
                               limits) *
Migrated to the non-cooperating category and withdrawn,*Migrated to ‘IND BBB+(ISSUER NOT
COOPERATING)’ before being withdrawn
Rajkamal Builders              Non-FB WC limit**      WD               1950    -
Infrastructure Pvt Ltd
Migrated to the non-cooperating category and withdrawn,**Migrated to ‘IND A2+(ISSUER NOT
COOPERATING)’ before being withdrawn
Rajkamal Builders              Proposed FB WC limit   WD               250     -
Infrastructure Pvt Ltd         (as a sublimit of NFB
                               WC limits) ^
Migrated to the non-cooperating category and withdrawn,^Migrated to ‘Provisional IND BBB+(ISSUER
NOT COOPERATING)’ before being withdrawn
Rajkamal Builders              Proposed NFB WC limit^^WD               1300    -
Infrastructure Pvt Ltd
Migrated to the non-cooperating category and withdrawn,^^Migrated to ‘Provisional IND A2+(ISSUER
NOT COOPERATING)’ before being withdrawn
Rccpl Pvt Ltd                  TL                     IND AA/Stable    650     Upgraded
(reduced from INR730)
Sansar Trust Sep 2017 Vii’S    Second loss credit     IND A-(SO)/Stable197.3   Affirmed
(An Asset Backed               facility SLCF
Securities Transaction)
Sansar Trust Sep 2017 Vii’S    Series A pass-through  IND              579.5   Affirmed
(An Asset Backed               certificates (PTCs)    AAA(SO)/Stable
Securities Transaction)
Singhania Foods International  TL                     IND A- /Positive 185     Affirmed
Outlook revised to Positive from Stable,(increased from INR160.9),The announcement rectifies the
version published on 15 October 2020 to correctly state the Long-Term Issuer Rating in the title
and the first paragraph. The amended version is as above:
Singhania Foods International  FB limits              IND A- /Positive 60      Affirmed
Outlook revised to Positive from Stable,(increased from INR50),The announcement rectifies the
version published on 15 October 2020 to correctly state the Long-Term Issuer Rating in the title
and the first paragraph. The amended version is as above:
Survival Technologies Pvt. Ltd TL                     IND BBB          233.19  -
(Issuer Not Cooperating); Migrated to non-cooperating category
Survival Technologies Pvt. Ltd CC                     IND BBB          120     -
(Issuer Not Cooperating); Migrated to non-cooperating category
Survival Technologies Pvt. Ltd Packing credit         IND BBB          140     -
                               limit/pre-shipment
                               credit in foreign currency
(Issuer Not Cooperating); Migrated to non-cooperating category
Survival Technologies Pvt. Ltd FB limit               IND BBB / IND A3+50      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Tharu & Sons                   FB limits              IND              10      Assigned
                                                      BB/Stable/IND A4+
-----------------------------------------------------------------------------------------------
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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