July 13, 2020 / 11:21 AM / a month ago

ICRA ratings for Indian debt instruments-Jul 13

    Jul 13 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of July 10, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Concorde Motors (India) Ltd            ST, FB Fac – Working ICRA A2     -      Withdrawn
                                       Capital Demand Loan
Ctbc Bank Co., Ltd                     Certificates of      ICRA A1+    2000   Reaffirmed
                                       Deposit Programme
Dmi Finance Pvt Ltd                    CP                   ICRA A1+    3000   Reaffirmed
Genus Electrotech Ltd                  Non Fund Based – LOC ICRA A3     510    Reaffirmed
Interglobe Enterprises (Uk) Ltd        FB Limits            ICRA A2(CE) 900    Reaffirmed
(Rating removed from Watch with Negative Implications and Reaffirmed)
Jm Financial Asset                     CP (CP) Programme    ICRA A1+    3000   Outstanding
Reconstruction Co. Ltd
Jm Financial Services Ltd              CP (CP) Programme    ICRA A1+    11000  Outstanding
Keltron Component Complex Ltd          ST – Non-FBL         ICRA A4     127.5  Reaffirmed
Netmatrix Crop Care Ltd                ST - Non Fund Based  ICRA A4     35     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sudhir Power Ltd                       Non-FBL – LC/BG #    ICRA A1+    4790   Reaffirmed
(# sub limit of Rs. 55.0 crore for fund-based working capital facilities)
Sudhir Power Projects Ltd              Non-FBL – LC/BG #    ICRA A1+    1810   Reaffirmed
(# sub limit of Rs. 48.0 crore for fund-based working capital facilities)
Sudhir Sales And Services Ltd          Non-FBL – LC/BG #    ICRA A1+    100    Reaffirmed
(# sub limit of Rs. 2.0 crore for fund-based working capital facilities)
Sudhir Transformers Ltd                Non-FBL – LC/BG #    ICRA A1+    240    Reaffirmed
(# sub limit of Rs. 24.0 crore for fund-based working capital facilities)
Tajgvk Hotels & Resorts Ltd            ST, FB Limits        ICRA A1     300    -
Tajgvk Hotels & Resorts Ltd            ST, Non-FBL          ICRA A1     -      -
                                       (Interchangeable)


LONG TERM RATINGS:
-------------------
Ctbc Bank Co., Ltd                     Issuer Rating        ICRA AAA    -      Reaffirmed
                                                            (Stable)
Ganta Sriram Educational               LT - Fund Based/ CC  ICRA        7      -
Society                                                     B+(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Ganta Sriram Educational               LT - Fund Based TL   ICRA        52     -
Society                                                     B+(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Ganta Sriram Educational               LT – Unallocated     ICRA        41     -
Society                                                     B+(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Genus Electrotech Ltd                  Fund Based – TL      ICRA BBB-   312.3  Reaffirmed
(outlook revised to Negative from Stable)
Genus Electrotech Ltd                  Fund Based – CC      ICRA BBB-   733.7  Reaffirmed
(outlook revised to Negative from Stable)
Genus Electrotech Ltd                  Non Fund Based – BG  ICRA BBB-   61.3   Reaffirmed
(outlook revised to Negative from Stable)
Indo Global Ranjangaon                 TL                   ICRA A-     1140   Reaffirmed
Infrastructure And Utility                                  (Stable)
Services Pvt Ltd
Indo Global Ranjangaon                 Unallocated Limits   ICRA A-     60     Reaffirmed
Infrastructure And Utility                                  (Stable)
Services Pvt Ltd
Interglobe Enterprises (Uk) Ltd        TL                   ICRA        328    Assigned
                                                            BBB(CE)
                                                            (Negative)
JM Financial Asset                     NCD (NCD) Programme  ICRA        14147  Reaffirmed
Reconstruction Co. Ltd                                      AA-(Stable)
JM Financial Asset                     NCD Programme        ICRA        -      -
Reconstruction Co. Ltd                                      AA-(Stable)
(reaffirmed and withdrawn)
JM Financial Asset                     LT Bk Lines (CC)     ICRA        2350   -
Reconstruction Co. Ltd                                      AA-(Stable)
(reaffirmed for reduced limits)
JM Financial Asset                     LT Bk Lines (TL)     ICRA        1980   -
Reconstruction Co. Ltd                                      AA-(Stable)
(reaffirmed for reduced limits)
JM Financial Asset                     LT Bk Lines          ICRA        670    -
Reconstruction Co. Ltd                 (Unallocated)        AA-(Stable)
(reaffirmed for reduced limits)
JM Financial Asset                     LT Market Linked     PP-MLD ICRA 5250   Reaffirmed
Reconstruction Co. Ltd                Debentures (Principal AA-(Stable)
                                       Protected) {MLD (PP)} Programme
JM Financial Asset                     MLD (PP) Programme   PP-MLD ICRA -      -
Reconstruction Co. Ltd                                      AA-(Stable)
(reaffirmed and withdrawn)
JM Financial Asset                     MLD (PP) Programme   PP-MLD ICRA 750    Assigned
Reconstruction Co. Ltd                                      AA-(Stable)
JM Financial Services Ltd              LT Bk Lines          ICRA        8000   Outstanding
                                                            AA(Stable)
JM Financial Services Ltd              LT Market Linked     PP-MLDICRA  2500   Assigned
                                      Debentures (Principal AA(Stable)
                                       Protected) {MLD (PP)} Programme
Kalyani Techpark Pvt Ltd:              TL                   ICRA BBB+   10518.3-
                                                            (Stable)
(reaffirmed/assigned)
Kalyani Techpark Pvt Ltd:              Unallocated Fac      ICRA BBB+   9.4    -
                                                            (Stable)
(reaffirmed/assigned)
Keltron Component Complex Ltd          LT – CC limits       ICRA        112.5  Reaffirmed
                                                            B+(Stable)
Maini Material Movement Pvt Ltd        LT – Fund based TL   ICRA BBB-   98.4   Reaffirmed
                                                            (Negative)
Maini Material Movement Pvt Ltd        LT – Fund Based/CC   ICRA BBB-   110    Reaffirmed
                                                            (Negative)
Mohan Enterprises                      TL                   ICRA BBB+   8866.9 -
                                                            (Stable)
(reaffirmed/assigned)
Mohan Enterprises                      Unallocated Fac      ICRA BBB+   4.2    -
                                                            (Stable)
(reaffirmed/assigned)
Netmatrix Crop Care Ltd                LT - Fund Based/ CC  ICRA B+     112.5  -
                                                            (Stable)
(Rating downgraded from ICRA BB-(Stable) ISSUER NOT COOPERATING and continues to remain in the
‘Issuer Not Cooperating’ category)
Netmatrix Crop Care Ltd                LT - Fund Based TL   ICRA B+     169.5  -
                                                            (Stable)
(Rating downgraded from ICRA BB-(Stable) ISSUER NOT COOPERATING and continues to remain in the
‘Issuer Not Cooperating’ category)
Netmatrix Crop Care Ltd                LT - Unallocated     ICRA B+     385    -
                                                            (Stable)
(Rating downgraded from ICRA BB-(Stable) ISSUER NOT COOPERATING and continues to remain in the
‘Issuer Not Cooperating’ category)
Organic India Pvt Ltd                  Fund Based - TL      ICRA A+     516    Reaffirmed
                                                            (Stable)
Organic India Pvt Ltd                  Fund Based - Working ICRA A+     484    Reaffirmed
                                       Capital              (Stable)/
                                                            ICRA A1+:
Padmavathi Cotton Industries           LT - Fund Based/ CC  ICRA D      45     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Padmavathi Cotton Industries           LT - Fund Based TL   ICRA D      65     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Shalby Ltd                             Fund Based -         ICRA A      250    Reaffirmed
                                       CC/optionally
                                       convertible debenture/others
Shalby Ltd                             Fund Based - TL      ICRA A      780.2  Reaffirmed
Sri Radha Krishna Rice Industry        LT - Fund Based/ CC  ICRA        112.5  -
                                                            B+(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sri Radha Krishna Rice Industry        LT – Unallocated     ICRA        37.5   -
                                                            B+(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sri Vasavi Cotton Industries           LT/ST – Unallocated  ICRA B-     10.1   -
                                                            (Stable) /
                                                            ICRA A4
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sri Vasavi Cotton Industries           LT - Fund Based/ CC  ICRA        25     -
                                                            B-(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sri Vasavi Cotton Industries           LT - Fund Based TL   ICRA        34.9   -
                                                            B-(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sri Venkata Umashankar Spintex         LT - Fund Based TL   ICRA D      330    -
Pvt Ltd
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Srinivasa Hair Industries              LT - Fund Based/ CC  ICRA B+     250    -
                                                            (Stable)
(Rating downgraded from ICRA BB(Stable) ISSUER NOT COOPERATING and continues to remain in the
‘Issuer Not Cooperating’ category)
Srinivasa Hair Industries              LT - Fund Based TL   ICRA B+     83.1   -
                                                            (Stable)
(Rating downgraded from ICRA BB(Stable) ISSUER NOT COOPERATING and continues to remain in the
‘Issuer Not Cooperating’ category)
Srinivasa Hair Industries              LT - Non-Fund Based  ICRA B+     150    -
                                                            (Stable)
(Rating downgraded from ICRA BB(Stable) ISSUER NOT COOPERATING and continues to remain in the
‘Issuer Not Cooperating’ category)
Srinivasa Hair Industries              LT – Unallocated     ICRA B+     1.9    -
                                                            (Stable)
(Rating downgraded from ICRA BB(Stable) ISSUER NOT COOPERATING and continues to remain in the
‘Issuer Not Cooperating’ category)
Sudhir Power Ltd                       Fund Based working   ICRA        -      Reaffirmed
                                       capital limits #     AA-(Stable)
(# sub limit of Rs. 55.0 crore for fund-based working capital facilities)
Sudhir Power Ltd                      Working Capital Limit ICRA        250    Reaffirmed
                                                            AA-(Stable)
Sudhir Power Projects Ltd              FB working capital   ICRA AA-    -      Reaffirmed
                                       limits#              (Stable)
(# sub limit of Rs. 48.0 crore for fund-based working capital facilities)
Sudhir Sales And Services Ltd          FB working capital   ICRA AA-    -      Reaffirmed
                                       Fac#                 (Stable) /
                                                            ICRA A1+
(# sub limit of Rs. 2.0 crore for fund-based working capital facilities)
Sudhir Sales And Services Ltd          Unallocated          ICRA AA-    100    Reaffirmed
                                                            (Stable) /
                                                            ICRA A1+
Sudhir Transformers Ltd                FB working capital   ICRA AA-    -      Reaffirmed
                                       limits #             (Stable)
(# sub limit of Rs. 24.0 crore for fund-based working capital facilities)
Tajgvk Hotels & Resorts Ltd            Long-TL              ICRA A      1656.3 -
                                                            (Negative)
Vaya Finserv Pvt Ltd                  Northern Arc 2020 MFI ICRA A(SO)  343    Final
                                       Nasser -PTC Series A1
(provisional rating confirmed as final)
Vaya Finserv Pvt Ltd                  Northern Arc 2020 MFI ICRA BBB(SO)20.2   Final
                                       Nasser -PTC Series A2
(provisional rating confirmed as final)
Virgin Rock Pvt Ltd                    LT/ ST - Unallocated ICRA B+     14.1   -
                                                            (Stable) /
                                                            ICRA A4
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Virgin Rock Pvt Ltd                    LT - Fund Based/ CC  ICRA        30     -
                                                            B+(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Virgin Rock Pvt Ltd                    LT - Fund Based TL   ICRA        30     -
                                                            B+(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
--------------------------------------------------------------------------------------------
$: 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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