May 18, 2020 / 4:55 AM / 19 days ago

India Ratings for Indian debt instruments – May 18

    May 18 - 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
May 15, 2020.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Kandui Industries Pvt Ltd       Non-FB WC limits       IND A3           210      Affirmed
Haridwar Natural Gas Pvt Ltd    TL                     IND BBB+/Stable  1040     Affirmed
Haridwar Natural Gas Pvt Ltd    Non-FB limits          IND              230      Affirmed
                                                       BBB+/Stable/IND
                                                       A2+
LONG TERM RATINGS:
-------------------
Ivr Hotels And Resorts Ltd      TL (LT)                IND D            450      Affirmed
Migrated to non-cooperating category(Issuer not Cooperating)
Ivrcl Ltd                       Consortium FB limits   IND D            16800    Affirmed
                                (LT)
Migrated to non-cooperating category(Issuer not Cooperating)
Ivrcl Ltd                       Long-TL (LT)           IND D            19460    Affirmed
Migrated to non-cooperating category(Issuer not Cooperating)
Ivrcl Ltd                       NCDs(LT)               IND D            2000     Affirmed
Migrated to non-cooperating category(Issuer not Cooperating)
Ivrcl Ltd                       Consortium non-FBL     IND D            48500    Affirmed
                                (LT/ST)
Migrated to non-cooperating category(Issuer not Cooperating)
Kandui Industries Pvt Ltd       FB WC limits           IND BBB-/Negative250      Affirmed
Outlook revised to Negative from Stable
Kandui Industries Pvt Ltd       TL                     IND BBB-/Negative190      Affirmed
Outlook revised to Negative from Stable
Maharashtra Patbandhare Vittiya Series IV Bonds Option IND A(CE)/Stable 194      Affirmed
Co. Ltd                         B
Maharashtra Patbandhare Vittiya Unsupported rating     IND BBB+/Stable  -        Affirmed
Co. Ltd
Maharashtra Patbandhare Vittiya Series IV Bonds Option WD               311      Withdrawn
Co. Ltd                         A                                                (paid in full)
Pee Cee Cosma Sope Ltd          FB WC limits           IND BBB- /IND A3 57.5     -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Synergy Green Industries Ltd    Term deposits*         WD               19.02    Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
*Maintained at ‘IND tA-(ISSUER NOT COOPERATING)’ before being withdrawn
-----------------------------------------------------------------------------------------------
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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