February 25, 2020 / 5:06 AM / in a month

India Ratings for Indian debt instruments – Feb 25

    Feb 25 - 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
February 24, 2020.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Hindustan Petroleum Corporation CP                     IND A1+          150      Affirmed
Ltd
Inrhythm Energy Ltd             Non-FB WC Fac          IND A4+          240      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Mani Export Pvt Ltd             Non-FB limits          IND A4+          4        -
(Issuer Not Cooperating); Migrated to non-cooperating category
The Bombay Burmah Trading       Non-FB Fac             IND A1+          10       Affirmed
Corporation Ltd
The Bombay Burmah Trading       CP (CP)                IND A1+          1500     Affirmed

LONG TERM RATINGS:
-------------------
Corporation Ltd
(reduced from 2,000)
Core Jewellery Pvt Ltd          TL                     IND BB           110      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Core Jewellery Pvt Ltd          FB WC Fac              IND BB /IND A4+  450      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Ford Motor Pvt Ltd              WC limits              IND              3        Affirmed
                                                       AAA/Stable/IND
                                                       A1+
(reduced from INR4)
Gama Infraprop Pvt Ltd          Senior project Bk loansIND B-           3016.42  Affirmed
(Issuer Not Cooperating); Migrated to non-cooperating category
Gama Infraprop Pvt Ltd          CC facility            IND B-           299.8    Affirmed
(Issuer Not Cooperating); Migrated to non-cooperating category
Gama Infraprop Pvt Ltd          LOC                    IND B-           651.8    Affirmed
(Issuer Not Cooperating); Migrated to non-cooperating category
Gama Infraprop Pvt Ltd          BG                     IND B-           175.8    Affirmed
(Issuer Not Cooperating); Migrated to non-cooperating category
Gama Infraprop Pvt Ltd          Performance BG         IND B-           40       Affirmed
(Issuer Not Cooperating); Migrated to non-cooperating category
Hindustan Petroleum Corporation LT Issuer Rating       IND AAA/Stable   -        Affirmed
Ltd
Hindustan Petroleum Corporation NCDs                   IND AAA/Stable   61       Affirmed
Ltd
Hindustan Petroleum Corporation WC limits              IND              450      Affirmed
Ltd                                                    AAA/Stable/IND
                                                       A1+
Hindustan Petroleum Corporation Proposed NCDs#         Provisional IND  9        Affirmed
Ltd                                                    AAA/Stable
#The final rating will be assigned following the final issuance and the receipt of the final
documentation, conforming to the information already received by Ind-Ra. 
Hindustan Petroleum Corporation Proposed NCDs#         Provisional IND  5        Assigned
Ltd                                                    AAA/Stable
#The final rating will be assigned following the final issuance and the receipt of the final
documentation, conforming to the information already received by Ind-Ra. 
Mani Export Pvt Ltd             FB WC limits           IND BB           300      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Petron Engineering Construction TL (LT)                IND D            121.6    Affirmed
Ltd
Issuer did not cooperate; based on the best available information
Petron Engineering Construction FB limits (LT)         IND D            845      Affirmed
Ltd
Issuer did not cooperate; based on the best available information
Petron Engineering Construction Non-FB limits (ST)     IND D            4120     Affirmed
Ltd
Issuer did not cooperate; based on the best available information
Petron Engineering Construction Proposed TL (LT)       Provisional IND D200      Affirmed
Ltd
Issuer did not cooperate; based on the best available information
Petron Engineering Construction Proposed FB limits (LT)Provisional IND D350      Affirmed
Ltd
Issuer did not cooperate; based on the best available information
Petron Engineering Construction Proposed non-FB limits Provisional IND D650      Affirmed
Ltd                             (ST)
Issuer did not cooperate; based on the best available information
Profectus Capital Pvt Ltd       LT Bk loans            IND BBB/Positive 3000     Affirmed
Outlook revised to Positive from Stable,(increased from INR1,000)
Shri Keshav Cements And Infra   Long-TL (LT)           IND D            413      Downgraded
Ltd
Shri Keshav Cements And Infra   FB limits (LT/ST)      IND D            267      Downgraded
Ltd
The Bombay Burmah Trading       TL                     IND AA/Stable    250      Affirmed
Corporation Ltd
(reduced from INR500)
The Bombay Burmah Trading       WC Fac                 IND AA/Stable    1790     Affirmed
Corporation Ltd
(increased from INR940)
The Bombay Burmah Trading       NCDs (NCDs)            IND AA/Stable    1500     Affirmed
Corporation Ltd
The Bombay Burmah Trading       Proposed NCDs (NCDs)#  Provisional IND  3500     Assigned
Corporation Ltd                                        AA/Stable
#The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by BBTCL to the satisfaction of Ind-Ra. 
Wockhardt Ltd                   Non-FB limits          IND A4+/RWE      3588     Placed on RWE
Wockhardt Ltd                   TL                     IND BB+/RWE      2000     Placed on RWE
Wockhardt Ltd                   FB limits              IND BB+/RWE      4000     Placed on RWE
Wockhardt Ltd                   TL                     IND BB+/RWE      -        Placed on RWE
Wockhardt Ltd                   TL                     IND BB+/RWE      4750     Placed on RWE
Wockhardt Ltd                   Proposed WC Fac#       IND BB+/RWE/ IND 5087.5   Placed on RWE
                                                       A4+/RWE
#The final rating will be assigned following the final issuance and the receipt of the final
documentation, conforming to the information already received by Ind-Ra.  
Wockhardt Ltd                   FB/ non-FB             IND BB+/RWE/IND  1663     Placed on RWE
                                interchangeable limits A4+/RWE
Wockhardt Ltd                   CP/ST debt programmes* WD               2000     Withdrawn
*The CP will be carved out of fund-based working capital limits. Ind-Ra has withdrawn the rating
as Wockhardt did not proceed with the instrument as envisaged.
-----------------------------------------------------------------------------------------------
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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