RPT-India Ratings for Indian debt instruments – Sep 29

 (Repeating to add more ratings.)
    Sep 29 - 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 28, 2020.

COMPANY                         INSTRUMENT            RATING          AMOUNT   MOVEMENT
------                          ----------            ------          ------   ---------
Gaurav Earthmoving Equipments  Non-FB limits          IND A3           0.5     Affirmed
Pvt Ltd
Neolite Zkw Lightings Pvt Ltd  Non-FB limits          IND A3+          97.5    -
(Issuer Not Cooperating); Migrated to non-cooperating category
Rec Ltd                        Short-term borrowing   IND A1+          40      Affirmed
                               programme- CP* (FY21)
Rec Ltd                        Short- term borrowing  IND A1+          60      Affirmed
                               programme (including
                               BG) (FY21)
Rec Ltd                        Short-  term borrowing IND A1+          11.5    Affirmed
                               programme (ST Bk
                               loan) (FY20)
 (reduced from INR120)
Rec Ltd                        ST borrowing programme WD               112.85   Withdrawn
                               (including commercial                           (paid in full)
                               and BG) (FY19)
Rec Ltd                        Government of India    IND AAA          268.27  Affirmed
                               (GoI) fully-serviced   /Stable                 

Br. Sheshrao Wankhede Shetkari Bk loans               IND B+           21.4
Sahakari Soot Girni Ltd
(Issuer Not Cooperating) Maintained in non-cooperating category
Br. Sheshrao Wankhede Shetkari FB WC limit            IND B+           200
Sahakari Soot Girni Ltd
(Issuer Not Cooperating) Maintained in non-cooperating category
Gaurav Earthmoving Equipments  FB WC limit            IND BBB-/Negative150     Affirmed
Pvt Ltd
Rec Ltd                        LT annual borrowing    IND AAA          599.644 Affirmed
                               Programme  (FY20)^     /Stable
^includes term loans totaling INR114.0 billion from financial institutions,(reduced from INR820)
Rec Ltd                        LT annual borrowing    IND AAA          1528.54 Affirmed
                               Programmes  (FY11 -    /Stable
                               FY19) @
@ includes term loans totaling INR249.25 billion from financial institutions and National Small
Saving Fund,(reduced from INR1,697.47)
Rec Ltd                        LT annual borrowing    IND AAA          1000    Affirmed
                               Programme (FY21)       /Stable
Hamir Real Estate Pvt Ltd      LRD rupee loan facilityIND BBB-/RWN     2877*   Placed on RWN
* Includes an INR200 million overdraft facility that can be availed as a sublimit of the LRD
rupee loan facility and term loan outstanding of INR2,677 million, as on 30 June 2020.
Ignite 2 Trust (A              Pass-through           Provisional IND  400.6   Assigned
Mortgage-Backed Security       certificates           AAA(SO)/Stable
Transaction)                   (PTCs)-Series A*
*The final rating is contingent upon the receipt of the final documents conforming to the
information already received. The pool of Home Loans secured by property mortgages to be
assigned to the trust has been originated by Shriram Housing Finance Limited (SHFL; originator
or seller; ‘IND AA’/RWN).
Neolite Zkw Lightings Pvt Ltd  TL                     IND BBB          185.9   -
(Issuer Not Cooperating); Migrated to non-cooperating category
Neolite Zkw Lightings Pvt Ltd  FB WC limits           IND BBB / IND A3+320     -
(Issuer Not Cooperating); Migrated to non-cooperating category
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

$: 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

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