Ratings CONFIDENTIAL PVRLTD/209S68/BLRJIII 803084 November 08, 2018 Mr. Nitin Sood Chief Financial Officer I'VR Limited Block A 4th Floor, Building No.9, DLF Cyber City, Phase-II, Gurgaon - 122002 Tel:1242549300 Dear Mr. Nitin Sood, Re: Review of CRISIL Ratings on the bank facilities of PVR Limited All ratings assigned by CRISIL arc kept under continuous surveillance and review. CRISIL AnS&PGlobal Company Please find in the table below the ratings outstanding for the debt instruments/facilities of the company, and the rating actions by CRISIL on the ratings as on date. Total Bank Loan Facilities Rated Lon '-Term Ratin (Bank-wise details as per Anne:r:ure 1) As per our Rating Agreement, CRISIL would disseminate the ratings, along with the outlook, through its publications and other media, ami keep the ratings, along with the outlook, under surveillance over the life of the instrument/facility. CRISIL reserves the right to withdraw, or revise the ratings, along with the outlook, at any time, on the basis of new information, or unavailability of information, or other circumstances which CRISIL believes may have an impact on the ratings. With warm regards, Should you require any clarifications, please feci free to get in touch with us. Yours sincerely, Nitesh Jain Director - CRISIL Ratings ~~ - ___-.,,;;r "'1 __ --.-:- ~~~~ Nivedita Shibu Associate Director. CRISIL Ratings L;$tm CR/::;/l ...,.,,,. .. ' A CRISIL rating reflects CRISIL's Current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CRISIL CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell. or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. CRISIL Ratings rating criteria are available without charge to the public on the CRISIL web site. www.crisil.com. For the latest rating information on any instrument of any company rated by CRISIL. please contact Customer Service Helodesk at 1800.267.1301. CRISIL limited Corporate Identity Number: L67120MH1987PLC042363 CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400076. Phone: +91 2233423000 I Fax: +91 2240405800 www.crisll.com
Mr. Nitin SoodChief Financial OfficerI'VR LimitedBlock A4th Floor, Building No.9,DLF Cyber City, Phase-II,Gurgaon - 122002Tel:1242549300
Dear Mr. Nitin Sood,
Re: Review of CRISIL Ratings on the bank facilities of PVR Limited
All ratings assigned by CRISIL arc kept under continuous surveillance and review.
CRISILAn S&P Global Company
Please find in the table below the ratings outstanding for the debt instruments/facilities of the company, and therating actions by CRISIL on the ratings as on date.
Total Bank Loan Facilities RatedLon '-Term Ratin
(Bank-wise details as per Anne:r:ure 1)
As per our Rating Agreement, CRISIL would disseminate the ratings, along with the outlook, through itspublications and other media, ami keep the ratings, along with the outlook, under surveillance over the life ofthe instrument/facility. CRISIL reserves the right to withdraw, or revise the ratings, along with the outlook, atany time, on the basis of new information, or unavailability of information, or other circumstances whichCRISIL believes may have an impact on the ratings.
With warm regards,
Should you require any clarifications, please feci free to get in touch with us.
A CRISIL rating reflects CRISIL's Current opinion on the likelihood of timely payment of the obligations under the rated instrument anddoes not constitute an audit of the rated entity by CRISIL CRISIL ratings are based on information provided by the issuer or obtainedby CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which therating is based. A CRISIL rating is not a recommendation to buy, sell. or hold the rated instrument; it does not comment on the marketprice or suitability for a particular investor. All CRISIL ratings are under surveillance. Ratings are revised as and when circumstances sowarrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers /users / transmitters / distributors of this product. CRISIL Ratings rating criteria are available without charge to the public on the CRISILweb site. www.crisil.com. For the latest rating information on any instrument of any company rated by CRISIL. please contact CustomerService Helodesk at 1800.267.1301.
S.No. Bank Facility BankAmount (Rs. in OutstandingCrore) Ralinv
I Long Tenn Loan HDFC Bank Limited 170.4 CRISIL AA-/Stable2 Long Tenn Loan ICICI Bank Limited 25.73 CRISIL AA-/Stable
3 Long Tenn LoanKolak Mahindra Bank 100.0 CRISIL AA-/StableLimited
4 Long Tenn Loan Induslnd Bank Limited 127.2 CRISIL AA-/Stable
5Working Capital
YES Bank Limited 25.0 CRISIL AA-/SlableFacilitvTotal 448.33
A CRISIL rating reflects CRISfL's current opinion on the likelihood of timely payment of the obligations under the rated instrument anddoes not constitute an audit of the rated entity by CRISIL. CRfSJL ratings are based on information provided by the issuer or obtainedby CRISIL from sources it considers reliable. CRJSIL does not guarantee the completeness or accuracy of the information on which therating is based. A CRJSIL rating is not a recommendation to buy, sell, or hold the rated instrument: it does not comment on the marketprice or suitability for a particular investor. Alf CRISIL ratings are under surveillance. Ratings are revised as and when circumstances sowarrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers /users / transmitters / distributors of this product. CRfSIL Ratings rating criteria are available without charge to the public on the CRfSILweb site, www.crisil.com. For the fatest rating information on any instrument of any company rated by CRISIL, please contact CustomerService Helndesk at 1800-267-1301.
Mr. Nitin SoodChief Financial OfficerI'VR LimitedBlock A4th Floor, Building NO.9,DLF Cyber City, I'hase-II,Gurgaon - 122002Tel: 1242549300
Dear Mr. Nitin Sood,
CONFIDENTIALCRISILAn S&P Global Company
Re: Review of CRISIL Rating on the Non-Convertible Debentures Aggregating Rs.685 Crore of I'VRLimited
All ratings assigned by CRISIL are kept under continuous surveillance and review.
CRISIL has, afier due consideration, reaffirmed its "CRISIL AA-/Stable" (pronounced as CRISIL double Aminus rating with Stable outlook) rating on the captioned debt instrument. Instruments with this rating arcconsidered to have high degree of safety regarding timely servicing of financial obligations. Such instrumentscarry very low credit risk.
In the event of your company not making the issue within a period of 180 days from the above date. or in theevent of any change in the size or structure of your proposed issue, a fresh letter of revalidation from CRISILwill be necessary.
As per our Rating Agreement, CRISIL would disseminate the rating along with outlook through its publicationsand other media, and keep the rating along with outlook under surveillance for the life of the instrument.CRISIL reserves the right to withdraw or revise the ratings assigned to the captioned instrument at any time, onthe basis of new information, or unavailability of information or other circumstances, which CRISIL believes,may have an impact on the rating.
As per the lalest SEIlI circular (reference number: CIR/IMD/DF/17/2013; dated October 22, 2013) oncentralized database for corporate bonds/debentures, you are required to provide international securitiesidentification number (ISIN; along with the reference number and the date of the rating letter) of allboml/debenture issuances made against this rating letter to us. The circular also requires you to share thisinformation with us within 2 days after the allotment of the ISIN. We request you to mail us all the necessaryand relevant information at [email protected]. This will enable CRISIL to verify and confirm to thedepositories, including NSDL and CDSL, the ISIN details of debt rated by us, as required by SEBI. Feci free tocontact us for any clarifications you may have at [email protected]
Should you require any clarifications, please feel free to get in touch with us.
With warm regards,
Yours sincerely,
Nitesh JainDirector - CRISIL Ratings
--;;..~---~,./~ .Nivedita ShibuAssociate Director - CRISIL Ratings
A CR/SIL rating reffects CRISfL's current opinion on the likelihood of timely payment of the obligations under the rated instrument anddoes not constitute an audit of the rated entity by CRIS/L. CRfSJL ratings are based on information provided by the issuer or obtainedby CRISIL from sources it considers reliable. CRISfL does not guarantee the completeness or accuracy of the information on which therating is based. A CRISIL rating is not a recommendation to buy. sefJ. or hold the rated instrument; it does not comment on the marketprice or suitability for a particular investor. All CR/SIL ratings are under surveillance. Ratings are revised as and when circumstances sowarrant. CRISIL is not responsible for any errors and especially states that it has no financiaf liability whatsoever to the subscribers /users / transmdters / distributors of this product. CRISIL RatiFWi.!wi{lg..rfit~!ia are available without charge to the public on the CRfSILweb site. www.crislf.com. For the latest rating information on 'tlrlfiHstrtlM11fftbf any company rated by CRfSfL. please contact CustomerService Helvdesk at 1800.267.1301. Corporate Identity Number: L67120MH1987PLC042363
CRISIL House, Central Avenue, Hiranandani Business Park, Pow ai, Mumbai - 400076. Phone: +91 2233423000 I Fax: +91 2240405800www.crlsil.com
