July 15, 2020 / 11:25 AM / a month ago

ICRA ratings for Indian debt instruments-Jul 15

   Jul 15 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of July 14, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
A. K. L. Infracon Pvt Ltd              BG                   ICRA A4     55     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Andhra Ferro Alloys Ltd                ST - Fund Based      ICRA D      85     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Cholamandalam Ms Risk Services         ST – Non-fund Based  ICRA A2     75     Assigned
Ltd
Gerb Vibration Control Systems         Non-fund Based – BG  ICRA A4+    140    Reaffirmed
Pvt Ltd
Keramika Indiana                       Non-FB BG            ICRA A4     5      Assigned
Neelson Ceramic Llp                    BG                   ICRA A4     18     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sushila Parmar International           Non-FB Fac           ICRA A2+    2824.6 Withdrawn
Pvt Ltd
Instyle Exports Pvt Ltd                ST: Non-FBL          ICRA D      37.5   -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
The Indian Wood Products Co.           Non-fund Based       ICRA A2     250    -
Ltd
Trans Tyres (India) Pvt Ltd            Non-fund based-LOC   ICRA A4+    20     Withdrawn
Trans Tyres (India) Pvt Ltd            Non-fund             ICRA A4+    7.5    Withdrawn
                                       based-Forward Contract
Trans Tyres (India) Pvt Ltd            Unallocated Limit    ICRA A4+    182.5  Withdrawn
Veeraj Construction                    ST – Non-Fund Based  ICRA D      65     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Zibon Ceramic Pvt. Ltd                 BG                   ICRA A4     7.5    -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)


LONG TERM RATINGS:
-------------------
A. K. L. Infracon Pvt Ltd              Fund Based- CC       ICRA B+     55     -
                                                            (Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Abhishek Automotives Pvt Ltd           CC                   ICRA B      84.5   -
                                                            (Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Abhishek Automotives Pvt Ltd           TL                   ICRA B      15.5   -
                                                            (Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Accord Motors                          CC                   ICRA B+     90     -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain in the ‘Issuer Not
Cooperating’ category)
Accord Motors                          Unallocated          ICRA B+     10     -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain in the ‘Issuer Not
Cooperating’ category)
Andhra Ferro Alloys Ltd                LT - Fund Based/ CC  ICRA D      300    -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Andhra Ferro Alloys Ltd                LT - Fund Based TL   ICRA D      150    -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Andhra Ferro Alloys Ltd                LT - Non Fund Based  ICRA D      250    -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Andhra Ferro Alloys Ltd                LT / ST –Unallocated ICRA D/D    335    -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
B. V. Cot Spin Industries              CC                   ICRA D      180    -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
B. V. Cot Spin Industries              TL                   ICRA D      31.5   -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Cholamandalam Ms Risk Services         LT - Fund Based CC   ICRA BBB+   20     Assigned
Ltd                                                         (Stable)
Cholamandalam Ms Risk Services         LT/ST - Unallocated  ICRA BBB+   5      Assigned
Ltd                                                         (Stable)/
                                                            ICRA A2
Dish Infra Services Pvt Ltd            Long-TL              ICRA C-     2000
(re-affirmed and withdrawn)
Dish Infra Services Pvt Ltd            LT / ST, FB / Non-FBLICRA C- /   -
                                                            ICRA A4
(reaffirmed and withdrawn. ^Sublimit of long-term loans)
Hira Cotton Fibers                     LT CC                ICRA        70     -
                                                            B+(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Hira Cotton Fibers                     LT-TL                ICRA        20     -
                                                            B+(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Instyle Exports Pvt Ltd                LT: CC               ICRA D      527.5  -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Instyle Exports Pvt Ltd                LT: TL               ICRA D      55     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Keramika Indiana                       FB CC                ICRA B+     25     Assigned
                                                            (Stable)
Keramika Indiana                       FB TL                ICRA B+     90     Assigned
                                                            (Stable)
Multiplier Brand Solutions             LT FB CC             ICRA BB+    250    Withdrawn
Pvt. Ltd                                                    (Stable)
Neelson Ceramic Llp                    CC                   ICRA B+     60     -
                                                            (Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Neelson Ceramic Llp                    TL                   ICRA B+     133.5  -
                                                            (Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Pannageshwar Sugar Mills Ltd           FB – TL              ICRA D      251.4  -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Pannageshwar Sugar Mills Ltd           FBL – CC             ICRA D      180    -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Proseed Foundation                     Fund Based- TL       ICRA B+     98.6   -
                                                            (Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Proseed Foundation                     Unallocated          ICRA B+     1.4    -
                                                            (Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Ravindra Rice & General Mills          FBL                  ICRA        165    -
                                                            B+(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Renaissance Buildhome Pvt Ltd          Fund based-CC        ICRA        100    Reaffirmed
                                                            BB+(Stable)
Renaissance Buildhome Pvt Ltd          Fund based-TL        ICRA        109.4  Reaffirmed
                                                            BB+(Stable)
S.K. Agros                             Fund based           ICRA        95     -
                                                            B(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
S.K. Agros                             TL                   ICRA        5      -
                                                            B(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Shethia Erectors And Material          NCD                  ICRA BB     750    Assigned
Handlers Ltd                                                (Stable)
Shethia Erectors And Material          Fund based – TL      ICRA BB     1612.9 Assigned
Handlers Ltd                                                (Stable)
Shethia Erectors And Material          Fund based – CC      ICRA BB     255    Assigned
Handlers Ltd                                                (Stable)
Shethia Erectors And Material          Fund based – Buyer’s ICRA BB     100    Assigned
Handlers Ltd                           Credit               (Stable)
Shethia Erectors And Material          Fund based –         ICRA BB     165.4  Assigned
Handlers Ltd                           Overdraft facility   (Stable)
Shethia Erectors And Material          Non-fund based – BG  ICRA BB     116.7  Assigned
Handlers Ltd                                                (Stable)
Shethia Erectors And Material          Unallocated limits   ICRA BB     750    Assigned
Handlers Ltd                                                (Stable)
Sri Siddirameshwar Agro                LT - Fund Based/ CC  ICRA        450    -
Industries Pvt Ltd                                          B(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sri Siddirameshwar Agro                LT - Fund Based TL   ICRA        2.2    -
Industries Pvt Ltd                                          B(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sri Siddirameshwar Agro                LT / ST -Unallocated ICRA        67.8   -
Industries Pvt Ltd                                          B(Stable)/
                                                            ICRA A4
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sushila Parmar International           FB- CC               ICRA        50     Withdrawn
Pvt Ltd                                                     BBB+(Stable)
Team Engineers Advance                 LT - Fund Based/ CC  ICRA        62.5   -
Technologies India. Pvt. Ltd                                B-(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Team Engineers Advance                 LT – Unallocated     ICRA        12.5   -
Technologies India. Pvt. Ltd                                B-(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
The Indian Wood Products Co.           FB - CC              ICRA BBB+   410    -
Ltd
(outlook revised to Negative from Stable)
The Indian Wood Products Co.           FB - TL              ICRA BBB+   69.5   -
Ltd
(outlook revised to Negative from Stable)
Trans Tyres (India) Pvt Ltd            Fund based- Working  ICRA BB     40     Withdrawn
                                       Capital Fac          (Stable)
Veeraj Construction                    LT – Fund based – CC ICRA D      35     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Weener Empire Plastics Pvt Ltd         Proposed/Unallocated ICRA A-     150    -
                                       Limits
(Upgraded from ICRA BBB+ ICRA A2+ Reaffirmed outlook revised to Stable from Positive)
Zibon Ceramic Pvt. Ltd                 CC                   ICRA B+     30     -
                                                            (Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Zibon Ceramic Pvt. Ltd                 TL                   ICRA B+     47.4   -
                                                            (Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Zibon Ceramic Pvt. Ltd                 Unallocated Limits   ICRA B+     2.1    -
                                                            (Stable)/
                                                            ICRA A4
(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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