India Ratings for Indian debt instruments – Sep 2

    Sep 2 - 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 1, 2020.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Altico Capital India Ltd       CP^                    IND A4           8.5     Affirmed
Kellton Tech Solutions Ltd     Non-FB WC limits       IND A2           150     Assigned
Kellton Tech Solutions Ltd     Proposed NFB WC limits*IND A2           200     Assigned
* Amount is unallocated
The Himalaya Drug Company      Non-FB WC limits       IND A1+          0.2     Affirmed
Trident Ltd                    CP                     IND A1+          500     Affirmed

Altico Capital India Ltd       NCDs (LT)              IND D            27.67   Affirmed
(reduced from INR30.5)
Altico Capital India Ltd       Bk loans (LT)          IND D            28      Affirmed
(reduced from INR44)
Altico Capital India Ltd       Principal protected    IND PP-MLD C emr 1       Affirmed
#The suffix emr denotes the exclusion of the embedded market risk from the rating. The rating of
market-linked debentures is based on an ordinal assessment of the underlying credit risk of the
instrument and does not factor in the market risk that investors in such instruments will
assume. This market risk stems from the fact that the coupon payment on these instruments will
be based on the performance of a reference index or equity share (detailed in the information
memorandum of the issue). 
Ch.Gowri Shankar Infra Build   Rating review          ‘IND BB+         -       -
(I) Pvt Ltd
( Stable Outlook)In view of the COVID-19 led lockdown, the issuer has informed the agency that
it needs more time to provide the required data.
Dineshchandra Tanot Infra Pvt  TL                     IND AA-/Positive 5403.5  Upgraded
Dixcy Textiles Pvt Ltd         FB WC limits           IND A+/Stable    500     Affirmed
Energy Development Agency Ltd  FY20 borrowing         IND AA+/Stable   18030   Downgraded
(IREDA)                             programme
Energy Development Agency Ltd  FY19 borrowing         IND AA+/Stable   8650    Downgraded
(IREDA)                             programme
Energy Development Agency Ltd  Subordinated debt      IND AA+/Stable   6500    Downgraded
(IREDA)                            (Sub-debt)
(reduced from 12,500)
Energy Development Agency Ltd  Bonds                  IND AA+/Stable   7000    Downgraded
Energy Development Agency Ltd  Tax-free bonds         IND AA+/Stable   20000   Downgraded
Energy Development Agency Ltd  Targeted LT repo       IND AA+/Stable   20000   Downgraded
(IREDA)                        operations (TLTRO)
$Yet to be raised 
Energy Development Agency Ltd  Government of India    IND AAA/Stable   16400   Affirmed
(IREDA)                        (GoI) fully serviced
(reduced from 21,400)
** The servicing of these bonds is a charged expenditure on the union budget, as clearly
articulated in the memorandum of understanding signed between the Ministry of New and Renewable
Energy (MNRE) and IREDA. 
Esr Warehousing Pvt Ltd        TL#                    IND A-/Stable    1000    Assigned
# lease rental discounting (LRD) loan
Home Credit Csl Titan Iii 2020 Series A pass-through  Provisional IND  2961.29 Assigned
Trust (An Asset-Backed         certificates (PTCs)    A+(SO)/Stable
Securities Transaction) 
Home Credit Csl Titan Iii 2020 Series B PTCs          Provisional IND  200.23  Assigned
Trust (An Asset-Backed                                BBB+ (SO)/Stable
Securities Transaction) 
Jindal Stainless Steelway Ltd  TL                     IND BBB+/Stable  70      Assigned
Jindal Stainless Steelway Ltd  FB -WC facility        IND              900     Assigned
Jindal Stainless Steelway Ltd  NFB WC limit           IND              900     Assigned
Kayaar Exports Pvt Ltd         FB WC limit            IND              90      Affirmed
Kellton Tech Solutions Ltd     FB WC limits           IND BBB+/Stable/ 200     Assigned
                                                      IND A2
Kellton Tech Solutions Ltd     Non-FB WC limits       IND BBB+/Stable/ 308     Assigned
                                                      IND A2
Kellton Tech Solutions Ltd     Proposed FB WC limits* IND BBB+/Stable/ 942     Assigned
                                                      IND A2
* Amount is unallocated
Marvel Solren Pvt Ltd          Rupee TL#              IND A/Stable     85.2    Assigned
#INR83.5 million outstanding for 2MW project on 31 July 2020
Marvel Solren Pvt Ltd          Rupee TL*              IND A/Stable     594.6   Affirmed
*INR548.8 million outstanding for 10MW project on 31 July 2020
Silica Ceramica Pvt Ltd        TL                     IND A/Stable     1.25    Assigned
The Himalaya Drug Company      FB WC limits           IND A+/Stable    1.2     Affirmed
The Himalaya Drug Company      TL*                    IND A+/Stable    1.25    Assigned
* The final rating has been assigned following the receipt of executed financing documents by
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