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ICRA ratings for Indian debt instruments-Aug 25

   Aug 25 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of August 24, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT  MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----   ---------
SHORT TERM RATINGS:
-------------------
B. R. Sponge & Power Ltd               Fund based facility  ICRA A4     -      -
                                       (Sublimit of CC)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Hotcrete Infrastructure Pvt.           ST - Non-Fund Based  ICRA A4     75     -
Ltd
(Rating downgraded from ICRA A4+ and continues to remain in the ‘Issuer Not Cooperating’
category)
Hpcl-Mittal Energy Ltd                 CP                   ICRA A1+    15000  Reaffirmed
Kalra Overseas & Precision             ST, fund based       ICRA A4     36     -
Engineering Ltd
(Rating Continues to remain under issuer not cooperating category)
Kalra Overseas & Precision             ST, non-fund based   ICRA A4     3      -
Engineering Ltd
(Rating Continues to remain under issuer not cooperating category)
Kothari Sugars And Chemicals           Non-fund Based       ICRA A3     50     Reaffirmed
Ltd                                    Working Capital Fac
Lof Constructions                      ST - Non-Fund Based  ICRA A4     25     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
New India Roadways                     ST non FBL           ICRA A4     360    -
(Rating Continues to remain under issuer not cooperating category)
New India Roadways                     Unallocated limit    ICRA A4     140    -
(Rating Continues to remain under issuer not cooperating category)
Pansari Steels Pvt Ltd                 Unallocated (Proposed ICRA A4    20     -
                                       Limits
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Pansari Steels Pvt Ltd                 LOC                  ICRA A4     -      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Spdd Infra Pvt Ltd                     ST Non - fund based  ICRA A4     57.5   -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Ssr Crest Engineers And                ST - Non-Fund Based  ICRA A4     250    -
Constructions Ltd
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Tex Styles International Pvt           Fund based Packing   ICRA A4     40     -
Ltd                                    credit
(Rating Continues to remain under issuer not cooperating category)
Tex Styles International Pvt           Non fund based       ICRA A4     30     -
Ltd                                    Foreign bill
                                       discounting
(Rating Continues to remain under issuer not cooperating category)
Solapur Bio-Energy Systems Pvt         ST – Non-FBL         ICRA D      12     -
Ltd
(Reaffirmed and withdrawn)
Tex Styles International Pvt           Non fund based – LOC ICRA A4     -      -
Ltd
(Rating Continues to remain under issuer not cooperating category)
Umsl Ltd                               ST- Non-FBL          ICRA A2     1280   Reaffirmed
Vikram India Ltd                       ST non-fund based    ICRA A4+    250
(downgraded from ICRA A3)
 
LONG TERM RATINGS:
-------------------
Ambition Logistics Park Pvt Ltd        TL                   ICRA AA+    -      Assigned
                                                            (Stable)
Ambition Logistics Park Pvt Ltd        TL                   ICRA AA+    630    Assigned
                                                            (Stable)
Ambition Logistics Park Pvt Ltd        Overdraft            ICRA AA+    111.2  Assigned
                                                            (Stable)
Anmol Cold Storage                     TL                   ICRA B      69     -
                                                            (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Anmol Cold Storage                     CC                   ICRA B      2.5    -
                                                            (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Anmol Cold Storage                     Unallocated Limits   ICRA B      8.5    -
                                                            (Stable) /
                                                            ICRA A4
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Aviom India Housing Finance            NCD Programme        ICRA BBB-   50     Assigned
Pvt Ltd                                                     (Stable)
B. R. Sponge & Power Ltd               Fund based – CC      ICRA B+     125    -
                                                            (Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
B. R. Sponge & Power Ltd               Proposed CC          ICRA B+     25     -
                                                            (Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Destination Industrial Parks           TL                   ICRA AA+    -      -
Pvt Ltd                                                     (Stable)
(upgraded from ICRA BBB+ (Stable) and Withdrawn)
Destination Industrial Parks           TL                   ICRA AA+    100    Assigned
Pvt Ltd                                                     (Stable)
Fusion Microfinance (Pvt.) Ltd         NCD Programme        ICRA        -      Withdrawn
                                                            A-(Stable)
Fusion Microfinance (Pvt.) Ltd         NCD Programme        ICRA        6835   outstanding
                                                            A-(Stable)
Hcy Industrial Parks Pvt Ltd           TL                   ICRA AA+    410.2  Assigned
                                                            (Stable)
Hcy Warehousing Pvt Ltd                TL                   ICRA AA+    13.5   Assigned
                                                            (Stable)
Hotcrete Infrastructure Pvt.           LT - Fund Based/ CC  ICRA B+     408.1  -
Ltd                                                         (Stable)
(Rating downgraded from ICRA BB+ (Stable) and continues to remain in the ‘Issuer Not
Cooperating’ category)
Hotcrete Infrastructure Pvt.           LT - Non-Fund Based  ICRA B+     234.5  -
Ltd                                                         (Stable)
(Rating downgraded from ICRA BB+ (Stable) and continues to remain in the ‘Issuer Not
Cooperating’ category)
Hotcrete Infrastructure Pvt.           LT / ST – Unallocated ICRA       282.4  -
Ltd                                                         B+(Stable)
                                                            /ICRA A4
(Rating downgraded from ICRA BB+(Stable) / ICRA A4+ and continues to remain in the ‘Issuer Not
Cooperating’ category)
Hpcl-Mittal Energy Ltd                 TL                   ICRA AA+    134410 Reaffirmed
                                                            (Stable)
Hpcl-Mittal Energy Ltd                 LT Bond Programme    ICRA AA+    12218  Reaffirmed
                                                            (Stable)
Hpcl-Mittal Energy Ltd                 LT Bond Programme    ICRA AA+    10000  Assigned
                                                            (Stable)
Hpcl-Mittal Pipelines Ltd              LT Bond Programme    ICRA AA+    2230   Reaffirmed
                                                            (Stable)
Indospace As Industrial Park           TL                   ICRA AA+    2362.6 Assigned
Pvt Ltd                                                     (Stable)
Indospace Bommasandra                  TL                   ICRA AA+    242.1  Assigned
Logistics Park Pvt Ltd                                      (Stable)
Indospace Bommasandra                  Overdraft            ICRA AA+    26.9   Assigned
Logistics Park Pvt Ltd                                      (Stable)
Indospace Fws Industrial Park          TL                   ICRA AA+    120.1  Assigned
Pvt Ltd                                                     (Stable)
Indospace Fws Industrial Park          Overdraft            ICRA AA+    30     Assigned
Pvt Ltd                                                     (Stable)
Indospace Industrial Park Pune         TL                   ICRA AA+    -      -
Pvt Ltd                                                     (Stable)
(upgraded from ICRA A(Stable) and Withdrawn)
Indospace Industrial Park Pune         TL                   ICRA AA+    1067.6 Assigned
Pvt Ltd                                                     (Stable)
Indospace Industrial Park Pune         Overdraft            ICRA AA+    355.9  Assigned
Pvt Ltd                                                     (Stable)
Indospace Industrial Parks Pvt         Overdraft            ICRA AA+    118.7  Assigned
Ltd                                                         (Stable)
Indospace Rohan Industrial             TL                   ICRA AA+    -      -
Park Khed Pvt Ltd                                           (Stable)
(upgraded from ICRA AA (Stable) and Withdrawn)
Indospace Rohan Industrial             TL                   ICRA AA+    569.5  Assigned
Park Khed Pvt Ltd                                           (Stable)
Indospace Rohan Industrial             TL                   ICRA AA+    -      -
Park Mahalunge Pvt Ltd                                      (Stable)
(upgraded from ICRA AA (Stable) and Withdrawn)
Indospace Rohan Industrial             TL                   ICRA AA+    158.9  Assigned
Park Mahalunge Pvt Ltd                                      (Stable)
Indospace Rohan Industrial             TL                   ICRA AA+    -      -
Park Pune Pvt Ltd                                           (Stable)
(upgraded from ICRA AA (Stable) and Withdrawn)
Indospace Rohan Industrial             TL                   ICRA AA+    244.4  Assigned
Park Pune Pvt Ltd                                           (Stable)
Indospace Rohan Industrial             TL                   ICRA AA+    -      -
Park Pvt Ltd                                                (Stable)
(upgraded from ICRA AA (Stable) and Withdrawn)
Indospace Rohan Industrial             TL                   ICRA AA+    265.7  Assigned
Park Pvt Ltd                                                (Stable)
Indospace Rohan Industrial             Overdraft            ICRA AA+    143    Assigned
Park Pvt Ltd                                                (Stable)
Indospace Skcl Industrial Park         TL                   ICRA AA+    38.6   Assigned
Oragadam Pvt Ltd                                            (Stable)
Indospace Skcl Industrial Park         Overdraft            ICRA AA+    106.4  Assigned
Oragadam Pvt Ltd                                            (Stable)
Indospace Skcl Industrial Park         TL                   ICRA AA+    271.2  Assigned
Pvt Ltd                                                     (Stable)
Kalra Overseas & Precision             LT, Fund based – TL  ICRA        142.2  -
Engineering Ltd                                             B+(Stable)
(Rating downgraded from ICRA BB (Stable) and Continues to remain under ‘Issuer Not Cooperating’
category.)
Karvy Financial Services Ltd           Sub-debt Programme   ICRA D      -      withdrawn
Karvy Financial Services Ltd           LT Bk Lines (Basel IIICRA D      1743.6 outstanding
Kothari Sugars And Chemicals           FB TL                ICRA BBB-   159.3  Reaffirmed
Ltd                                                         (Stable)
Kothari Sugars And Chemicals           FB Working Capital   ICRA BBB-   1000   Reaffirmed
Ltd                                                         (Stable)
Lof Constructions                      LT - Fund Based/ CC  ICRA B      35     -
                                                            (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Modern Machinery Store                 Fund based- CC       ICRA D      92     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Modern Machinery Store                 Non-Fund based       ICRA D      3      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Nooli Jewellers                        LT - Fund Based/ CC  ICRA        220    -
                                                            B+(Stable)
(Rating Continues to remain under issuer not cooperating category)
Pansari Steels Pvt Ltd                 LT Fund based CC     ICRA        80     -
                                                            B+(Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
R.B. Rice Industries                   FBL                  ICRA D      165    -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
R.K. Grover & Co                       Fund based- CC       ICRA D      17.5   -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
R.K. Grover & Co                       Non-Fund based BG    ICRA D      45     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Rajamahal International Pvt.           LT - Fund Based/ CC  ICRA B      50     -
Ltd.                                                        (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Rajamahal International Pvt.           LT / ST – Unallocated ICRA B     30     -
Ltd.                                                        (Stable) /
                                                            ICRA A4
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Rajamahal International Pvt.           LT / ST - Fund       ICRA B      70     -
Ltd.                                   based/Non-Fund Based (Stable) /
                                                            ICRA A4
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Ram Chander Builders Pvt Ltd           LT Fund - based/TL   ICRA B+     100.7  -
                                                            (Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Rich Offset (I) Pvt Ltd                LT FB limits         ICRA        80.8   -
                                                            B+(Stable)
(Rating downgraded from ICRA BB+(Stable) and Continues to remain under ‘Issuer Not Cooperating’
category)
Rich Offset (I) Pvt Ltd                Unallocated limits   ICRA        49.9   -
                                                            B+(Stable)
(Rating downgraded from ICRA BB+(Stable) and Continues to remain under ‘Issuer Not Cooperating’
category.)
Rohan Cityscape Pvt Ltd                TL                   ICRA AA+    -      -
                                                            (Stable)
(upgraded from ICRA BBB+ (Stable) and Withdrawn)
Rohan Cityscape Pvt Ltd                TL                   ICRA AA+    1149.6 Assigned
                                                            (Stable)
Rohan Realtors (Pune) Pvt Ltd          TL                   ICRA AA+    -      -
                                                            (Stable)
(upgraded from ICRA BBB+ (Stable) and Withdrawn)
Rohan Realtors (Pune) Pvt Ltd          TL                   ICRA AA+    403.9  Assigned
                                                            (Stable)
Solapur Bio-Energy Systems Pvt         LT – TL              ICRA D      71     -
Ltd
(Reaffirmed and withdrawn)
Solapur Bio-Energy Systems Pvt         LT – FB Limits       ICRA D      20     -
Ltd
(Reaffirmed and withdrawn)
Spdd Infra Pvt Ltd                     LT Fund - based/TL   ICRA B+     27.5   -
                                                            (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Ssr Crest Engineers And                LT - Fund Based/ CC  ICRA B+     50     -
Constructions Ltd                                           (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain in the ‘Issuer Not
Cooperating’ category)
Ssr Crest Engineers And                LT / ST – Unallocated ICRA B+    10     -
Constructions Ltd                                           (Stable)/A4
(Rating downgraded from ICRA BB- (Stable)/A4 and continues to remain in the ‘Issuer Not
Cooperating’ category)
Suguna Holdings Pvt Ltd                Proposed Fac         ICRA BBB+   900    Reaffirmed
                                                            (Stable) /
                                                            ICRA A2
Supreme Solar System                   LT - Fund Based/CC   ICRA B+     60     -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain in the ‘Issuer Not
Cooperating’ category)
Supreme Solar System                   LT - Fund Based TL   ICRA B+     120    -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain in the ‘Issuer Not
Cooperating’ category)
Suyog Logistics Park Pvt Ltd           TL                   ICRA AA+    195.9  Assigned
                                                            (Stable)
Suyog Logistics Park Pvt Ltd           Overdraft            ICRA AA+    21.8   Assigned
                                                            (Stable)
Tex Styles International Pvt           Unallocated limits   ICRA        1.8    -
Ltd                                                         C+/ICRA A4
(Rating Continues to remain under issuer not cooperating category)
Umsl Ltd                               LT- FB- Working      ICRA BBB+   1200   Reaffirmed
                                       Capital Fac
(outlook revised to negative from Stable)
Umsl Ltd                               LT- Non-FBL          ICRA BBB+   400    Reaffirmed
(outlook revised to negative from Stable)
Vedamatha Enterprises Pvt Ltd          LT - Fund Based/ CC  ICRA D      125    -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Vikram India Ltd                       LT – CC              ICRA        360    -
                                                            BB+(Stable)
(downgraded from ICRA BBB- (Stable))
Vikram India Ltd                       LT – Fund based      ICRA        140    -
                                                            BB+(Stable)
(downgraded from ICRA BBB- (Stable))
Vivriti Capital Pvt Ltd                TL                   ICRA A-(CE) 50     -
(Reason for delay in carrying out periodic review: - Review process is underway)
Vivriti Capital Pvt Ltd                TL                   ICRA A-(CE) 150    -
(Reason for delay in carrying out periodic review: - Review process is underway)
Vivriti Capital Pvt Ltd                TL                   ICRA A-(CE) 100    -
(Reason for delay in carrying out periodic review: - Review process is underway)
Vivriti Capital Pvt Ltd                TL                   ICRA A-(CE) 100    -
(Reason for delay in carrying out periodic review: - Review process is underway)
--------------------------------------------------------------------------------------------
$: 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

ICRA 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.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222, E-mail at rru.data@refinitiv.com)
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