NDL Ventures Limited — Capital/Financing Update 2020

Jun 24, 2020

June 24, 2020 To To Dalal Street, Mumbai-400 001. Bandra (East), Mumbai-400 051.

			MISSED DIGITAL
	June 24, 2020
	To		To
	BSE Limited Phiroze Jeejeebhoy Towers,		National Stock Exchange of India Limited Exchange Plaza, Bandra-Kurla Complex,
	Dalal Street, Mumbai-400 001. Company Scrip Code: - 500189		Bandra (East), Mumbai-400 051. Company Script Code: NXTDIGITAL
	Dear Sir/ Madam,
	Obligations and Disclosure Requirements) Regulations, 2015.		Sub: Disclosure under Regulation 30 read with Para A of Part A of Schedule III of SEBI (Listin
	assigned Credit Rating to Limited) in respect of bank facility(ies)	NXTDIGITAL LIMITED	known (Formerly Hinduja Ventures as
	Agency has	NXTDIGITAL	We would like to inform that Informatics Valuation and Rating Private Limited ("TVR"), a Credit Rating (Formerly known LIMITED
	assigned following rating Ventures Limited) ("the Company") in respect ofits	"to	Hinduja as facilities for Rs. 320 Crores.
	Rating Committee has assigned the following ratings:	Amount (INR
SI. No.	- Instrument/Facility	Crore)	Rating Assigned	Rating Action
1	Long Term Facility - Term Loan*	195.00	IVR A+/ Stable outlook (IVR Single A Plus with stable outlook)	Assigned
2.	Proposed Long Term Fund Based Facility	125.00	IVR A+/ Stable outlook (IVR Single A Plus with stable outlook)	Assigned
	Total	320.00
	*Term Loan Outstanding as May 31, 2020
	for the said rating to IVR.		The rating outlook is "Stable" and the Company on June 23, 2020, has communicated its acceptance
	The credit rating letter dated June Annexure I.	2020 23,	enclosed as received from Limited is IVR Private
	This is to request you to take the same on record.
	Thanking You.
	Yours faithfully, For NXTDIGITAL LIMITED (Formerly known as Hinduja Ventures Limited)
	Sd/- Hasmukh Shah Company Secretary
	Enclosed : as above
		mes (formerly known as Hinduja Ventures Limited)	DIGITAL
			Registered Office: IN CENTRE, 49/50 MIDC, 12™ Road, Andheri (E), Mumbai — 400 093
	T: +91 — 22 — 2820 8585 W: www.nxtdigital.co	HINDUJA GROUP	CIN. No. L51900MH1985PLC036896

Rating Committee has assigned the following ratings:

ANNEXURE I

From: Miraj Bhagat mbhagat@infomerics.com Date: 23 June 2020 at 7:37:51 PM IST To: amar.chintopanth@nxtdigital.in Cc: Pooja Awasthi pooja@firstcred.com, tanu@firstcred.com, Amit Bhuwania abhuwania@infomerics.com, "Dr. Sarnambar Roy" sroy@infomerics.com, B K Bajaj bkbajaj@infomerics.com Subject: Rating Letter_NXT Digital Limited

Mr. Amar Chintopanth,

CFO

M/s NXT Digital Limited,

Dear Sir,

Assignment of rating to the Bank facilities of M/s NXT Digital Limited

	Cc: Pooja Awasthi pooja@firstcred.com, tanu@firstcred.com, Amit Bhuwania abhuwania@infomerics.com, "Dr. Sarnambar Roy" sroy@infomerics.com, B K Bajaj/sroy@infomerics.com/abhuwania@infomerics.com/pooja@firstcred.com
	bkbajaj@infomerics.com/bkbajaj@infomerics.com
	Subject: Rating Letter_NXT Digital Limited
				Date: 23™ June 2020
	Mr. Amar Chintopanth,
CFO
	M/s NXT Digital Limited,
	In Centre, 49/50, MIDC, Marol
	Andheri East, Mumbai -400093
Maharasntra.
Dear Sir,
	Assignment of rating to the Bank facilities of M/s NXT Digital Limited
	Please refer to the Mandate contract dated March 12, 2020 on the captioned subject and your
letter/E-Mail			dated June 23, 2020 accepting our rating & use thereof.
	Our Rating Committee has assigned the following ratings:
Sl.	a	Amount (INR
No.	Instrument/Facility	Crore)	Rating Assigned	Rating Action
	Long Term Facility —		IVR At+/ Stable outlook (IVR Single
1.	Term Loan*	195.00	A Plus with stable	Assigned
	Proposed Long		outlook) IVR At+/ Stable
	2. Term Fund Based	125.00	outlook (IVR Single	Assigned
	Facility :		A Plus with stable outlook)
	Total	320.00

*Term Loan Outstanding as May 31, 2020

1. Details of the credit facilities are attached in Annexure I. Our rating symbols for longterm ratings and explanatory notes thereon are attached in Annexure Il.

2. The press release/ rating rationale for the rating will be communicated to you shortly.

3. If the proposed long term/short term facility (if any) is not availed within a period of six months/three months respectively from the date of this letter, then the rating may please be revalidated from us before availing the facility.

4. The above rating is normally valid for a period of one year from the date of our initial communication of rating to you (that is June 23, 2020).

5. A formal surveillance/review of the rating is normally conducted within 12 months from the date of initial rating/last review of the rating. However, INFOMERICS reserves the right to undertake a surveillance/review of the rating more than once a year if in the opinion of INFOMERICS, circumstances warrant such surveillance/review.

6. Further in terms of the mandate executed with us, you have undertaken to comply with the following: -

7. a) Inform INFOMERICS before availing any new bank facility/ies and/or of any changes in the terms, conditions and/or size of the facilities rated.

8. b) Furnish all material information and any other information in a timely manner as may be required by INFOMERICS, for monitoring the Rating assigned during the tenure of the bank facilities rated by INFOMERICS.
9. c) Co-operate with and enable INFOMERICS to arrive at and maintain a true and fair rating and in particular, provide INFOMERICS with true, adequate, accurate, fair, and timely information for the purpose.
10. d) Inform INFOMERICS, in writing and in a timely manner, of any other developments which may have a direct or indirect impact on the CLIENT's debt servicing capability including any proposal for re-scheduling or postponement of the repayment programs of the dues/ debts of the CLIENT with any lender (s)/ investor (s) within seven days from the date of such developments/ proposal.
11. 1. You shall provide us with a No Default Statement as at the last date of the month on the first date of succeeding month without fail. The NDS shall be mailed every month nds@Infomerics.com and the mail id of the undersigned

12. You shall provide the quarterly performance results/quarterly operational data (being submitted to Banks) to us within 6 weeks from the close of each calendar quarter for our review/monitoring.

13. You shall furnish all material information and any other information called for by INFOMERICS in a timely manner, for monitoring the rating assigned by INFOMERICS. In the event of failure on your part in furnishing such information, to carry out continuous monitoring of the rating of the bank facilities, INFOMERICS shall carry out the review/annual surveillance

on the basis of best available information throughout the life time of such bank facilities as per the policy of INFOMERICS.

1. INFOMERICS reserves the right to withdraw/revise/reaffirm the rating assigned on the basis of new information. INFOMERICS is also entitled to publicise/disseminate such withdrawal/revision in the assigned rating in any manner considered appropriate by it, without reference to you.

2. Please note that INFOMERICS ratings are not recommendations to buy, sell or hold any security or to sanction, renew, disburse or recall the bank facilities. INFOMERICS do not take into account the sovereign risk, if any, attached to the foreign currency loans , and the ratings are applicable only to the rupee equivalent of these loans.

3. In case you require any clarification 7 you are welcome to communicate with us in this regard.

Thanking you

With Regards,

_~ " a o oo oc. os : — 2D & fs G 3 =o 0 2 ero

@ c ZO oc" we Oo 2c ^S2 <q =o =O ^&lt;

a

Annexure |

1. Long Term Facility - Term Loans

Annexure Long Term Facility - Term Loans Fund based Limits Sl. Name of the bank ys Type of Facility (INR Crore) Maturity No Term Loan Yes Bank Upto March 2025 195.00 1 195.00 Total Term Loan Outstanding as May 31, 2020 Proposed Long Term Facility- Fund Based

2. Proposed Long Term Facility- Fund Based

Sl. No	Name of the bank	Type of Facility	Proposed Long Term Limits (INR Crore)	Maturity
1		Proposed Fund Based Facility	125.00
	Total		125.00

Please treat this mail as final rating letter in view of extraordinary circumstances in the country. However, we will issue a duly signed rating letter once the situation normalize.

Regards

Miraj Bhagat

Rating Analyst

ANNEXURE II

INFOMERICS Rating Scale for Long Term Instruments & Borrowing Programmes

	ANNEXURE II
INFOMERICS Rating Scale Definition	Rating Scale for Long Term Instruments & Borrowing Programmes
IVR AAA	Instruments with this rating are considered to have the highest degree of safety regarding Such instruments timely servicing of financial obligations. carry
IVR AA	lowest credit risk Instruments considered degree with have high of safety rating are this to Such instruments regarding timely servicing of financial obligations. carry very low credit risk
IVRA	Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk
IVR BBB	Instruments with this rating are considered to have moderate degree of safety regarding Such instruments timely servicing of financial obligations. carry moderate credit risk
IVR BB	Instruments with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations
IVRB	Instruments considered have high with default rating are risk this of to regarding timely servicing of financial obligations
IVRC	Instruments with this rating are considered to have very high risk of default regarding timely servicing of financial obligations

INFOMERICS may apply '+' (plus) or '=' (minus) signs for ratings assigned 'IVR AA' to 'IVR C' to indicate their relative standing within the category.

INFOMERICS may assign rating outlooks for ratings from IVR 'AAA' to IVR 'B'.