for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

India Ratings for Indian debt instruments – Oct 7

   Oct 7 - 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
October 6, 2020.

COMPANY                        INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                     (RS.MLN)
------                         ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Asiatic Electrical & Switchgear Non-FB limit          IND A4+          150     Affirmed
Pvt. Ltd
Hindustan Adhesives Ltd        NFB WC limit           IND A3           75      -
(Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 12 September 2019. Ind-Ra is
unable to provide an update, as the agency does not have adequate information to review the
ratings.) 
Yung Hsin Contain Industry Co  SBLC                   IND A1+(CE)      -       Affirmed
Ltd
Yung Hsin Contain Industry Co  SBLC                   IND A1+(CE)      -       Affirmed
Ltd
 
LONG TERM RATINGS:
-------------------
Asiatic Electrical & Switchgear TL                    IND BB/Negative  85.01   Downgraded
Pvt. Ltd
Asiatic Electrical & Switchgear FB limit              IND              150     Affirmed
Pvt. Ltd                                              BB/Negative/IND
                                                      A4+
(Long-term rating downgraded; Short-term rating affirmed)
Core Jewellery Pvt Ltd         TL limit               IND B/Stable     50      Upgraded
Core Jewellery Pvt Ltd         FB WC limit            IND B/Stable/IND 550     Upgraded
                                                      A4
Electryone Power Ltd           Rupee TL#              IND A+/Stable    1960    Assigned
(#The ratings have been converted to final ratings on the execution of the final trust and
retention account  agreement on the same lines as per the draft agreement shared with Ind-Ra as
well as in accordance with the agency's updated policy.) 
Electryone Power Ltd           Proposed WC#           IND A+/Stable    100     Assigned
(#The ratings have been converted to final ratings on the execution of the final trust and
retention account  agreement on the same lines as per the draft agreement shared with Ind-Ra as
well as in accordance with the agency's updated policy.) 
Exotica Bar And Restaurant     FB WC limit            IND B+           5       -
(Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 14 October 2019. Ind-Ra is
unable to provide an update, as the agency does not have adequate information to review the
ratings.)
Exotica Bar And Restaurant     TL                     IND B+           44.13   -
(Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 14 October 2019. Ind-Ra is
unable to provide an update, as the agency does not have adequate information to review the
ratings.)
Hindustan Adhesives Ltd        TL                     IND BBB-         196.4   -
(Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 12 September 2019. Ind-Ra is
unable to provide an update, as the agency does not have adequate information to review the
ratings.) 
Hindustan Adhesives Ltd        FB WC limit            IND BBB-/IND A3  208     -
(Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 12 September 2019. Ind-Ra is
unable to provide an update, as the agency does not have adequate information to review the
ratings.) 
Jasmer Foods Pvt Ltd           FB limit               IND BB-/Stable   110     Assigned
Jasmer Foods Pvt Ltd           TL                     IND BB-/Stable   40      Assigned
Juniper Hotels Pvt Ltd         TL *                   IND AAA(CE)      12000   Assigned
                                                      /Stable 
(*The assignment of the final rating follows the receipt of the executed version of the
transaction documents conforming to the information already received by Ind-Ra. The unsupported
rating assigned is in compliance with the Securities Exchange Board of India’s circular dated 13
June 2019, which requires credit rating agencies to disclose unsupported ratings without
factoring in the explicit credit enhancement.) 
Juniper Hotels Pvt Ltd         Unsupported rating     IND BB/Stable    -       Assigned
Kdm Clothing Co.’S (Kcc)       TL                     IND B+/Stable    3.45    Downgraded
Kdm Clothing Co.’S (Kcc)       FB WC limits           IND              35      Downgraded
                                                      B+/Stable/IND A4
Lucknow Municipal Corporation  *Proposed NCDs         Provisional IND  2000    Affirmed
                                                      AA/Stable
(*The final rating will be assigned following the final issuance and the receipt of the final
documentation, conforming to the information already received by Ind-Ra)
Ntpc-Sail Power Co. Ltd        Non-convertible        IND AA/Stable    -       Affirmed
                               redeemable bonds
Small Business Loan – Oct 2020 Pass-through           Provisional IND  7515.7  Assigned
                               certificates           AAA(SO)/Stable
                               (PTCs)-Series A*
(*The final rating is contingent upon the receipt of the final documents conforming to the
information already received by the agency.) 
Sobha Projects And Trade Pvt Ltd Long-TL              -                62.5    Withdrawn
(paid in full)
Sobha Projects And Trade Pvt Ltd FB Fac               IND              450     Affirmed
                                                      BBB-/Stable/IND
                                                      A3
(increased from INR350)
Sobha Projects And Trade Pvt Ltd Non-FB Fac           IND              600     Affirmed
                                                      BBB-/Stable/IND
                                                      A3
(reduced from INR950)
Statcon Electronics India Ltd  FB limits              IND BB /IND A4+  60      Downgraded
(Note: ISSUER NOT COOPERATING on the basis of best-available information)
Statcon Electronics India Ltd  Non-FB limits          IND BB /IND A4+  120.2   Downgraded
(Note: ISSUER NOT COOPERATING on the basis of best-available information)
Swaraj India Agro Ltd          TL                     IND BB+/Stable   1484.3  Upgraded
(This announcement rectifies the version published on 21 July 2020 to correctly state the size
of issue of the fund-based facilities and term loans. The amended version is follows: India
Ratings and Research (Ind-Ra) has upgraded Swaraj India Agro Limited’s (SIAL) Long-Term Issuer
Rating to ‘IND BB+’ from ‘IND D’. The Outlook is Stable) 
Swaraj India Agro Ltd          TL                     IND BB+/Stable   1484.3  Upgraded
(reduced from INR1,904.3)
Swaraj India Agro Ltd          FB Fac                 IND              650     Upgraded
                                                      BB+/Stable/IND
                                                      A4+
(This announcement rectifies the version published on 21 July 2020 to correctly state the size
of issue of the fund-based facilities and term loans. The amended version is follows: India
Ratings and Research (Ind-Ra) has upgraded Swaraj India Agro Limited’s (SIAL) Long-Term Issuer
Rating to ‘IND BB+’ from ‘IND D’. The Outlook is Stable) 
Swaraj India Agro Ltd          FB Fac                 IND              650     Upgraded
                                                      BB+/Stable/IND
                                                      A4+
(increased from INR230.0)
Time Technoplast Ltd           NCDs                   IND AA-/Stable   337.5   Affirmed
Time Technoplast Ltd           Proposed NCD#          IND AA-/Stable   345     Assigned
(#The provisional rating of the proposed bank facilities has been converted to final rating as
per India Ratings’ updated policy. This is because the agency notes that debt seniority and
general terms and conditions of the proposed limits tend to be uniform across lenders, and are
not a rating driver.) 
Time Technoplast Ltd           Proposed NCD##         IND AA-/Stable   67.5    Assigned
(##Unallocated)
-----------------------------------------------------------------------------------------------
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)
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up