April 28, 2020 / 4:13 AM / a month ago

India Ratings for Indian debt instruments – Apr 28

   Apr 28 - 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
April 27, 2020.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Exotic Fruits Pvt Ltd           Non-FB limit           IND A3           300      -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Hsbc Investdirect Financial     ST debt (CPs)          IND A1+          10000    Affirmed
Services (I) Ltd
Simplex Castings Ltd            Non-FB limits (ST)     IND D            550      Downgraded
(Issuer Not Cooperating)
 
 
LONG TERM RATINGS:
-------------------
Electronica Finance Ltd         Bk Fac                 IND A-/Stable    6750     Affirmed
Electronica Finance Ltd         NCDs                   IND A-/Stable    350      Affirmed
Exotic Fruits Pvt Ltd           Long-TL                IND BBB-         171.6    -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Exotic Fruits Pvt Ltd           FB limit               IND BBB-         1000     -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Hkr Roadways Ltd                Bk loans (LT)          IND D            15250    Affirmed
Hsbc Investdirect Financial     LT debt (NCDs)*        IND AAA/Stable   5000     Affirmed
Services (I) Ltd
* No active issuances
Indore Dewas Tollways Ltd       Bk loans (LT)          IND D            5698.53  Affirmed
(increased from INR5,500.2)*/*Outstanding as on 31 March 2020. The increase in debt level is due
to the changes in the adjustments of the earlier prepayments in both principal and interest
outstanding compared to the adjustments being made only in the principal outstanding.
Kalyanpur Cements Ltd           Zero-coupon NCDs       WD               794.6    -
Maintained in non- cooperating category and withdrawn
Simplex Castings Ltd            FB limits (LT)         IND D            500      Downgraded
Issuer Not Cooperating
Simplex Castings Ltd            TL (LT)                IND D            146.4    Downgraded
Issuer Not Cooperating
Vaibhav Gems                    FB limits*             WD               268      Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
* Maintained at ‘IND BBB (ISSUER NOT COOPERATING) /‘I ND A3+ (ISSUER NOT COOPERATING)’ before
being withdrawn
Vaibhav Gems                    TL**                   WD               10.48    Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
** Maintained at ‘IND BBB (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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