July 17, 2020 / 11:38 AM / a month ago

ICRA ratings for Indian debt instruments-Jul 17

    Jul 17 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of July 16, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Incap Contract Manufacturing           ST – Fund based      ICRA A2+    200    Reaffirmed
Services Pvt Ltd
Jl Hotels Pvt Ltd                      ST- Non Fund Based   ICRA A4     3.9    -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Mahe Educational And                   ST – Fund Based      ICRA A4     36     -
Charitable Nri Trust
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Mayur Enterprise                       Non-FB limits        ICRA A4     20     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Oxyzo Financial Services Pvt           CP Programme         ICRA A2     250    outstanding
Ltd
Perfect Aluminium Alloys               ST Interchangeable   ICRA A4     -      -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Titan Co. Ltd                          CP                   ICRA A1+    15000  outstanding
Trt Builders & Constructions           ST - Non-Fund Based  ICRA A4     40     -
(India) Pvt Ltd
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Royal Tyres Pvt Ltd                    ST- Fund Based       ICRA D      8      -
                                       Packing Credit
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Sri Sharadha Timbers                   ST- Non Fund Based   ICRA D      167.5  -
                                       Facility
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Royal Tyres Pvt Ltd                  ST- Non-Fund Based- BG ICRA D      3      -
                                       and LOC
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Ushodaya Enterprises Pvt Ltd           ST, FB Limits        ICRA A1+    1350   Reaffirmed
Ushodaya Enterprises Pvt Ltd           ST, Non-FBL          ICRA A1+    100    Reaffirmed
Vintage Tiles Pvt. Ltd                 Non-fund Based BG    ICRA A4+    80     Withdrawn
(ISSUER NOT COOPERATING)
Vitromed Healthcare                    Non-fund Based/BG    ICRA A3     40     Reaffirmed
Vogue Clothing Company                 ST - Fund Based      ICRA A4     57     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Vadim Infrastructure Pvt Ltd           ST- Fund Based       ICRA D      20     -
                                       Facility
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Vadim Infrastructure Pvt Ltd         ST- Non Based Facility ICRA D      40.5   -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)


MEDIUM TERM RATINGS:
-------------------
Titan Co. Ltd                          Fixed Deposit        MAAA        25000  -
                                       Programme            (Stable)
(assigned/reaffirmed)



LONG TERM RATINGS:
-------------------
Alfanar Energy Pvt Ltd                 TL                   ICRA BBB+   14100  Assigned
                                                            (Stable)
Alfanar Energy Pvt Ltd                 LT Unallocated       ICRA BBB+   900    Assigned
                                                            (Stable)
Alfanar Energy Pvt Ltd                 Non-fund Based LOC#  ICRA BBB+   -      Assigned
                                                            (Stable)/
                                                            ICRA A2
(#sublimit of term loan facility)
Clean Wind Power (Manvi) Pvt           TL                   ICRA BBB+   3990   Withdrawn
Ltd                                                         (Stable)
Da Toll Road Pvt Ltd                   LT - Fund Based TL   ICRA D     18833.4 -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Da Toll Road Pvt Ltd                   LT - Unallocated     ICRA D      154.4  -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Five-Star Business Finance Ltd        Northern Arc 2020 SBL ICRA AA(SO) 783.7  Final
                                       Kastellorizo -PTC
                                       Series A1(d)
(provisional rating confirmed as final)
Five-Star Business Finance Ltd        Northern Arc 2020 SBL ICRA AA+(SO) 134.3 Final
                                       Kastellorizo - PTC
                                       Series A1(a)
(provisional rating confirmed as final)
Five-Star Business Finance Ltd        Northern Arc 2020 SBL ICRA AA+(SO) 171.7 Final
                                       Kastellorizo -PTC
                                       Series A1(b)
(provisional rating confirmed as final)
Five-Star Business Finance Ltd        Northern Arc 2020 SBL ICRA AA+(SO) 223.9 Final
                                       Kastellorizo -PTC
                                       Series A1©
(provisional rating confirmed as final)
Hariharan Spinners (I) Pvt Ltd         LT – Fund Based - CC ICRA        75.6   Withdrawn
                                                            B(Stable)
(ISSUER NOT COOPERATING)
Hariharan Spinners (I) Pvt Ltd         LT – Fund Based - TL ICRA        84.4   Withdrawn
                                                            B(Stable)
(ISSUER NOT COOPERATING)
Hariharan Spinners (I) Pvt Ltd         LT – Unallocated     ICRA        10     Withdrawn
                                                            B(Stable)
(ISSUER NOT COOPERATING)
Incap Contract Manufacturing           FB –CC               ICRA        50     Reaffirmed
Services Pvt Ltd                                            A-(Stable)
Jl Hotels Pvt Ltd                      LT - Fund Based TL   ICRA        215    -
                                                            B+(Stable)
(Rating downgraded from ICRA BB- (Stable) ISSUER NOT COOPERATING and continues to remain under
‘Issuer Not Cooperating’ category)
Jl Hotels Pvt Ltd                      LT – FB Fac          ICRA        10     -
                                                            B+(Stable)
(Rating downgraded from ICRA BB- (Stable) ISSUER NOT COOPERATING and continues to remain under
‘Issuer Not Cooperating’ category)
Jl Hotels Pvt Ltd                      LT / ST – Unallocated ICRA       1.1    -
                                                            B+(Stable)
                                                            /ICRA A4
(Rating downgraded from ICRA BB- (Stable)/ICRA A4 ISSUER NOT COOPERATING and continues to remain
under ‘Issuer Not Cooperating’ category)
Kogta Financial India Ltd              Northern Arc 2018 CV ICRA A+(SO) -      Withdrawn
                                       Scott -PTC Series A1
Kogta Financial India Ltd              Northern Arc 2018 CV ICRA A+(SO) -      Withdrawn
                                       Sheldon -PTC Series A1
Mahashakti Polycoat                    FB CC                ICRA B      30     Withdrawn
                                                            (Stable)
(ISSUER NOT COOPERATING)
Mahashakti Polycoat                    FB – TL              ICRA B      28.6   Withdrawn
                                                            (Stable)
(ISSUER NOT COOPERATING)
Mahashakti Polycoat                    Unallocated limits   ICRA B      1.4    Withdrawn
                                                            (Stable)/A4
(ISSUER NOT COOPERATING)
Mahe Educational And                   LT- TL Fac           ICRA        54     -
Charitable Nri Trust                                        B+(Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Mahe Educational And                   LT- Fund Based       ICRA        15     -
Charitable Nri Trust                                        B+(Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Max Properties Pvt Ltd                 LT- FB Fac           ICRA D      77     -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Max Properties Pvt Ltd                 LT- Unallocated      ICRA D      18     -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Mayur Enterprise                       TL                   ICRA        9.7    -
                                                            B+(Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Mayur Enterprise                       CC                   ICRA        45.5   -
                                                            B+(Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Narmada Dal Mill                       TL                   ICRA        40     -
                                                            B+(Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Narmada Dal Mill                       CC                   ICRA        100    -
                                                            B+(Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
North Western Karnataka Road           FB TL                ICRA B+     2500   Assigned
Transport Corporation                                       (Stable)
Oxyzo Financial Services Pvt           NCD                  ICRA A-(CE) 230    -
Ltd                                                         (Stable)
(Provisional rating finalised)
Oxyzo Financial Services Pvt           Long-TL              ICRA A-(CE) 80     outstanding
Ltd                                                         (Stable)
Oxyzo Financial Services Pvt           NCD                  ICRA        1120   outstanding
Ltd                                                         BBB(Stable)
Oxyzo Financial Services Pvt           LT Bk Lines          ICRA        2000   outstanding
Ltd                                                         BBB(Stable)
Oxyzo Financial Services Pvt           Issuer Rating        ICRA        -      outstanding
Ltd                                                         BBB(Stable)
Oxyzo Financial Services Pvt           LT-Market Linked     PP-MLDICRA  440    outstanding
Ltd                                    Debenture            BBB(Stable)
Perfect Aluminium Alloys               LT- FB Fac           ICRA        100    -
                                                            B+(Stable)
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Platino Classic Motors (India)         LT- Fund Based       ICRA        100    -
Pvt. Ltd.                                                   B+(Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Roop Automotives Ltd                   LT Fund based TL     ICRA BB+    531.1  Withdrawn
                                                            (Stable)
(ISSUER NOT COOPERATING)
Roop Automotives Ltd                   LT/ST - Fund based   ICRA BB+    1305   Withdrawn
                                                            (Stable) /
                                                            ICRA A4+
(ISSUER NOT COOPERATING)
Rose Gems                              LT/ ST FBL           ICRA BB+    240    Reaffirmed
                                                            (Stable) /
                                                            ICRA A4+
Royal Tyres Pvt Ltd                    LT- Fund Based CC    ICRA D      4      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Royal Tyres Pvt Ltd                    LT- Fund Based TL    ICRA D      62.1   -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Royal Tyres Pvt Ltd                    LT/ ST Unallocated   ICRA D/     22.9   -
                                       Limits               ICRA D
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Sadipali Solar Pvt Ltd                 Fund based- TL       ICRA BBB-&  1020   -
(&- Under rating watch with developing implications)
Sbi Cards And Payment Services         LT ST Bk Lines/ CP   ICRA AAA    190000 Reaffirmed
Ltd                                    Programme^           (Stable) /
                                                            ICRA A1+
(^ CP borrowings are carved out of working capital lines Total outstanding against the CP
programme and bank lines should not exceed Rs. 19,000 crore)
Sbi Cards And Payment Services         NCDs                 ICRA        41000  Reaffirmed
Ltd                                                         AAA(Stable)
Sbi Cards And Payment Services         NCDs                 ICRA        -      Reaffirmed
Ltd                                                         AAA(Stable)
Sbi Cards And Payment Services         Subordinated Debt    ICRA        17000  Reaffirmed
Ltd                                    Programme            AAA(Stable)
Sbi Cards And Payment Services         Subordinated Debt    ICRA        -      Reaffirmed
Ltd                                    Programme            AAA(Stable)
Silverline Investments                 LT- Fund Based TL    ICRA D      52.5   -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Silverline Investments                 LT- Unallocated      ICRA D      74     -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Spandana Sphoorty Financial Ltd        Vivriti Zephyr 03    ICRA A(SO)  72.1   Reaffirmed
                                       2019 - PTC Series A1
Spandana Sphoorty Financial Ltd        Vivriti Zephyr 03    ICRA A(SO)  8.8    Reaffirmed
                                       2019 - PTC Series A2
Spandana Sphoorty Financial Ltd        SIRI 03 2019 - PTC   ICRA A+(SO) 120.8  Reaffirmed
                                       Series A
Sri Sharadha Timbers                   LT- Fund Based       ICRA D      20     -
                                       Facility
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Srinivasa Rice Industries              FB limits            ICRA BB     82.5   Reaffirmed
                                                            (Stable)
Srinivasa Rice Industries              Unallocated Limits   ICRA BB     62.3   Reaffirmed
                                                            (Stable)/A4
Titan Co. Ltd                          Fund Based           ICRA AA+    17000  outstanding
                                                            (Positive)
                                                            / ICRA A1+
Trt Builders & Constructions           LT - Fund Based/ CC  ICRA C+     65     -
(India) Pvt Ltd
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Ushodaya Enterprises Pvt Ltd           TL                   ICRA AA     2401.3 Reaffirmed
                                                            (Stable)
Vadim Infrastructure Pvt Ltd           LT- Fund Based       ICRA D      23     -
                                       Facility
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Vadim Infrastructure Pvt Ltd           LT/ ST Unallocated   ICRA D/     16.5   -
                                       Facility             ICRA D
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Vaishnavi Rice Industries              LT – FB/ CC          ICRA        200    Reaffirmed
                                                            BB-(Stable)
Vaishnavi Rice Industries              LT – FB TL           ICRA        46.2   Reaffirmed
                                                            BB-(Stable)
Vaishnavi Rice Industries              LT / ST –unallocated ICRA        3.8    Reaffirmed
                                                            BB-(Stable)
                                                            / ICRA A4
Vasu Coco Resorts Pvt Ltd              LT- TL               ICRA D      430    -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Vintage Tiles Pvt. Ltd                 Fund based-TL        ICRA BB+    225.9  Withdrawn
                                                            (Stable)
(ISSUER NOT COOPERATING)
Vintage Tiles Pvt. Ltd                 FB CC                ICRA BB+    250    Withdrawn
                                                            (Stable)
(ISSUER NOT COOPERATING)
Vintage Tiles Pvt. Ltd                 Unallocated limits   ICRA BB+    1.7    Withdrawn
                                                            (Stable)/A4+
(ISSUER NOT COOPERATING)
Vitromed Healthcare                    FB/CC                ICRA BBB-   62.5   Reaffirmed
                                                            (Stable)
Vitromed Healthcare                    FB/TL                ICRA BBB-   58.4   Reaffirmed
                                                            (Stable)
Vogue Clothing Company                 LT - Fund Based TL   ICRA B+     3      -
                                                            (Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Vogue Clothing Company                 LT / ST -Unallocated ICRA B+     40     -
                                                            (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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