November 19, 2019 / 6:57 AM / 3 months ago

India Ratings for Indian debt instruments – Nov 19

    Nov 19 (Reuters) - 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 18, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Annai Infra Developers          Non-FB limits          IND A4           2300     Downgraded;
                                                                                 Off RWN
Annai Infra Developers          Proposed non-FB limits*Provisional IND  350      Downgraded;
                                                       A4                        Off RWN
*The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by Annai Infra Developers to the satisfaction of Ind-Ra.
Auro Industries                 Non-FB limits          IND A4+          30       -
(Migrated to non-cooperating category)
Cg Power And Industrial         Proposed non-FB WC     -                5730     Withdrawn
Solutions                       limits (ST)
Cg Power And Industrial         Non-FB WC limits (ST)  IND D            19270    Downgraded
Solutions
Cg Power And Industrial         Derivative limits (ST) IND D            660      Downgraded
Solutions
Survival Technologies           LOC                    IND A3+          120      Affirmed


LONG TERM RATINGS:
-------------------
Annai Infra Developers          FB limit               IND B-/Negative  740      Downgraded;
                                                                                 Off RWN
Annai Infra Developers          Proposed FB limit*     Provisional IND  10       Downgraded;
                                                       B-/Negative               Off RWN
*The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by Annai Infra Developers to the satisfaction of Ind-Ra.
Auro Industries                 FB limits              IND BB-          80       -
(Migrated to non-cooperating category)
Cg Power And Industrial         Proposed FB WC limits  -                1950     Withdrawn
Solutions                       (LT)
Cg Power And Industrial         FB WC limits (LT)      IND D            11800    Downgraded
Solutions
Cg Power And Industrial         TL (LT)                IND D            11320    Downgraded
Solutions
Hcl Infosystems                 Long-TL                -                2290     -
Withdrawn (Repaid in full)
Hcl Infosystems                 FB limits              IND A-/RWN/IND   2850     Placed on RWN
                                                       A1/ RWN
Hcl Infosystems                 Non-FB limits          IND A-/RWN/IND   14750    Placed on RWN
                                                       A1/RWN
Hcl Infosystems                 Proposed long-TL*      Provisional IND  500      Placed on RWN
                                                       A-/RWN
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by HCLI to the satisfaction of Ind-Ra.
Hcl Infosystems                 Proposed FB limits*    Provisional IND A150      Placed on RWN
                                                       RWN/Provisional
                                                       IND A1/RWN
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by HCLI to the satisfaction of Ind-Ra.
Hcl Infosystems                 Proposed non-FB limits*Provisional IND A400      Placed on RWN
                                                       RWN/Provisional
                                                       IND A1/RWN
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by HCLI to the satisfaction of Ind-Ra.
Mahua Bharatpur Expressway      Series A NCDs          IND AAA/Stable   1796     Affirmed
Mahua Bharatpur Expressway      Series B NCDs          IND AAA/Stable   34       Affirmed
Survival Technologies           TL                     IND BBB/Positive 233.19   -
(Affirmed and Outlook revised to Positive)
Survival Technologies           CC                     IND BBB/Positive 120      -
(Affirmed and Outlook revised to Positive)
Survival Technologies           Packing credit         IND BBB/Positive 140      -
                                limit/pre-shipment
                                credit in foreign currency
(Affirmed and Outlook revised to Positive)
Survival Technologies           FB limit               IND              50       -
                                                       BBB/Positive/IND
                                                       A3+
(Affirmed and Outlook revised to Positive)
-----------------------------------------------------------------------------------------------
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@thomsonreuters.com)
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