March 13, 2020 / 4:22 AM / 17 days ago

India Ratings for Indian debt instruments – Mar 13

    Mar 13 - 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
March 12, 2020.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Bajaj Housing Finance Ltd       ST Issuer Rating       IND A1+          -        Affirmed
Bajaj Housing Finance Ltd       ST Bk loans            IND A1+          13000    Affirmed
Bajaj Housing Finance Ltd       CP                     IND A1+          50000    Affirmed
Everon Castings Pvt Ltd         Non-FB limits (ST)     IND A4(ISSUER    30       Downgraded
                                                       NOT COOPERATING)
(Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available
information.)
Hindustan Zinc Ltd              CP programme           IND A1+          50000    Affirmed
Hindustan Zinc Ltd              CP programme           IND A1+          25000    Assigned
Inventia Healthcare Ltd         Non-FBL#               IND A2+          50       Affirmed
(#sublimit of fund based limits)
Nomura Capital (I) Pvt Ltd      ST debt (CP)           IND A1+          5000     Affirmed
Nomura Fixed Income Securities  ST debt (CP)           IND A1+          5000     Affirmed
Pvt Ltd
Omni Auto Ltd                   Non-FB WC limits       IND A3+          102      Affirmed
Vedanta Ltd                     CP (CP)                IND A1+          150000   Affirmed
 
LONG TERM RATINGS:
-------------------
Ashok Bricks Industries Pvt Ltd FB limits (LT)         IND D(ISSUER NOT 140      Downgraded
                                                       COOPERATING)
(Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available
information)
Ashok Bricks Industries Pvt Ltd TL (LT)                IND D(ISSUER NOT 100      Downgraded
                                                       COOPERATING)
(Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available
information)
Ashok Bricks Industries Pvt Ltd Non-FB limits (ST)     IND D(ISSUER NOT 200      Downgraded
                                                       COOPERATING)
(Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available
information)
Bajaj Housing Finance Ltd       LT Issuer Rating       IND AAA/Stable   -        Affirmed
Bajaj Housing Finance Ltd       LT Bk loans            IND AAA/Stable   106000   Affirmed
Bajaj Housing Finance Ltd       LT Bk loans            IND AAA/Stable   50000    Assigned
Bajaj Housing Finance Ltd       LT debt (secured NCDs  IND AAA/Stable   5000     Affirmed
                                and unsecured Tier-II
                                debt)*
(*Unutilised)
Escorts Ltd                     FB WC limits**         -                3090     -
(Outlook revised to Stable from Positive; Affirmed & withdrawn. 
** Outlook revised to Stable from Positive and ratings affirmed at ‘IND AA-’/Stable/‘IND A1+’
before being withdrawn)
Escorts Ltd                     Non-FB WC limits**     -                3210     -
(Outlook revised to Stable from Positive; Affirmed & withdrawn. 
** Outlook revised to Stable from Positive and ratings affirmed at ‘IND AA-’/Stable/‘IND A1+’
before being withdrawn)
Escorts Ltd                     TL                     -                200      Withdrawn
Escorts Ltd                     Proposed FB WC limits* -                1160     Withdrawn
(*The issuer is no longer expected to proceed with the instrument as previously envisaged.)
Escorts Ltd                     Proposed non-FB WC     -                790      Withdrawn
                                limits*
(*The issuer is no longer expected to proceed with the instrument as previously envisaged.)
Everon Castings Pvt Ltd         TL (LT)                IND C(ISSUER NOT 196.7    Downgraded
                                                       COOPERATING)
(Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available
information.)
Everon Castings Pvt Ltd         FB limits (LT/ ST)     IND C(ISSUER NOT 210      Downgraded
                                                       COOPERATING)/IND
                                                       A4(ISSUER NOT COOPERATING)
(Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available
information.)
Green Infra Wind Energy Ltd     NCDs (NCDs)*           IND AA/ Positive 10000    Affirmed and
                                                                                 Reassigned;
(* Ind-Ra has removed the ‘SO’ suffix from the outstanding rating to comply with the Securities
and Exchange Board of India’s circular dated 13 June 2019. The change in suffix does not result
in any change in rating on the said instruments.)
Green Infra Wind Energy Ltd     WC facility            IND AA-/         500      Affirmed
                                                       Positive /IND A1
 
Green Infra Wind Energy Ltd     LOC facility           IND AA-/         4000     Affirmed
                                                       Positive /IND A1+
Green Infra Wind Energy Ltd     TL                     IND AA-/Positive 9770     Assigned
Hi-Bond Cement (I) Pvt Ltd      Non-FB Bk Fac          IND A3+/RWE      20       Placed on RWE
Hi-Bond Cement (I) Pvt Ltd      TL                     IND BBB/RWE      126.5    Placed on RWE
Hi-Bond Cement (I) Pvt Ltd      FB WC limit            IND BBB/RWE      300      Placed on RWE
India Standard Loan Trust - LVIISeries A pass-through  IND AAA          3051.5   Assigned
                                certificates (PTCs)    (SO)/Stable
India Standard Loan Trust - LVIILiquidity facility (LF)IND AAA          30.51    Assigned
                                                       (SO)/Stable
India Standard Loan Trust - LVIISecond loss credit     IND              190.7    Assigned
                                facility (SLCF)        BBB(SO)/Stable
Inventia Healthcare Ltd         FB limits              IND BBB+/        1330     Affirmed
                                                       Negative / IND
                                                       A2+
(increased from INR750)
Inventia Healthcare Ltd         Term loans             IND BBB+/Negative1680     Affirmed
(increased from INR1,280)
Mm Trust Dec 15                 Series A PTCs          IND              0.5      Affirmed
                                                       AA+(SO)/Stable
Mse Pool Trust Xii              Series A pass-through  IND A(SO)/Stable 412.66   Affirmed
                                certificates (PTCs)
Nomura Capital (I) Pvt Ltd      Principal protected    IND PP-          3500     Affirmed
                                equity-linked          MLDAAAemr /Stable
                                debentures*
(* Yet to be issued)
Northern Arc 2019 Mca Virgo     Series A1 pass-through IND              133.1    Assigned
                                certificates (PTCs)    BBB(SO)/Stable
Northern Arc 2019 Ubl Scorpio   Series A1 pass-through IND              125      Assigned
                                certificates (PTCs)    BBB+(SO)/Stable
Omni Auto Ltd                   LT loan                IND BBB/Stable   298.65   Affirmed
Omni Auto Ltd                   FB WC limits           IND BBB/Stable   283      Affirmed
Shri Kannan Departmental Store  Short-TL               IND A3/RWP       110      Placed on RWP
Pvt Ltd
Shri Kannan Departmental Store  TL                     IND BBB-/RWP     156.7    Placed on RWP
Pvt Ltd
Shri Kannan Departmental Store  FB WC limits           IND BBB-/RWP/IND 545      Placed on RWP
Pvt Ltd                                                A3/RWP
Sumeru Processors Pvt Ltd       FB  WC limits (LT/ST)  IND D(ISSUER NOT 100      Downgraded
                                                       COOPERATING)
(Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available
information.)
Sumeru Processors Pvt Ltd       Proposed FB limit (LT) Provisional IND  50       Downgraded
                                                       D(ISSUER NOT
                                                       COOPERATING)
(Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available
information.)
Sumeru Processors Pvt Ltd       Proposed non-FB        Provisional IND  50       Downgraded
                                limit(ST)              D(ISSUER NOT
                                                       COOPERATING)
(Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available
information.)
Toshniwal Enterprises Controls  FB  WC limits (LT)     IND D(ISSUER NOT 270      Downgraded and
Ltd                                                    COOPERATING)              maintained in
                                                                                 non-cooperating
                                                                                 category
(Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on best-available information.)
Vedanta Ltd                     TL                     IND AA/ Negative 46200    Affirmed
Vedanta Ltd                     Project finance        IND AA/ Negative 5000     Affirmed
                                facility
-----------------------------------------------------------------------------------------------
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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