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India Ratings for Indian debt instruments – Sep 10

    Sep 10 - 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 9, 2020.

COMPANY                         INSTRUMENT            RATING         AMOUNT   MOVEMENT
                                                                     (RS.MLN)
------                          ----------            ------         ------   ---------
SHORT TERM RATINGS:
-------------------
Kamal Cotspin Pvt Ltd          Non-FB WC limits       IND A3           11      Affirmed
Mahakaleshwar Infratech Pvt LtdNon-FB WC limits       IND A4+          608     Affirmed
(increased from INR578)
Mahakaleshwar Infratech Pvt LtdNon-FB WC limits       IND A4+          70      Assigned

LONG TERM RATINGS:
-------------------
Gurgaon-Palwal Transmission LtdTL^                    IND AAA/Stable   7500    Assigned and
                                                                               upgraded; Off
                                                                               RWP
(reduced from INR9,350),^Assigned ‘IND AA’/Stable before being upgraded. The final rating is
rating is assigned subsequent to the receipt of the facility agreement and relevant documents
conforming to information already received and receipt of no dues certificates of old lenders by
Ind-Ra.
Hdfc Da July 2011              Second loss credit     IND              35.6    Affirmed
                               facility (SLCF)        AA-(SO)/Stable
Hdfc Da July 2011              Purchaser payouts      IND              88.3    Affirmed
                                                      AAA(SO)/Stable
Hdfc Da June 10 – I            Second loss credit     IND A+(SO)/Stable467.8   Affirmed
                               facility (SLCF)
Hdfc Da June 10 – I            Purchaser payouts      IND              1268.8  Affirmed
                                                      AAA(SO)/Stable
Kamal Cotspin Pvt Ltd          TL                     IND BBB-/Negative198.39  Affirmed
Outlook revised to Negative from Stable,(reduced from INR233.92)
Kamal Cotspin Pvt Ltd          FB WC limits           IND BBB-/Negative182.5   Affirmed
(Outlook revised to Negative from Stable)
Mahakaleshwar Infratech Pvt LtdFB WC limits           IND              22      Affirmed
                                                      BB+/Stable/IND
                                                      A4+
(reduced from INR52)
Powerwind Ltd                  Long-TL (LT)           IND D            414.9   Affirmed
(Issuer did not cooperate; based on the best-available information)
Powerwind Ltd                  FB WC Fac (LT/ST)      IND D            580     Affirmed
(Issuer did not cooperate; based on the best-available information)
Powerwind Ltd                  Non-FB WC Fac (LT/ST)  IND D            1400    Affirmed
(Issuer did not cooperate; based on the best-available information)
Vilfin February 2020 (An       Series A pass-through  IND A-(SO)/RWN   674.49  Assigned and
Asset-Backed Security          certificates (PTCs)                             maintained on
Transaction)                                                                   RWN
-----------------------------------------------------------------------------------------------
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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