July 20, 2020 / 11:08 AM / 16 days ago

ICRA ratings for Indian debt instruments-Jul 20

   Jul 20 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of July 17, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Aasu Exim Pvt Ltd                      Non-fund based – LOC ICRA A4     6      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Bti Payments Pvt Ltd                   FB Fac – ST          ICRA A1     5080   Reaffirmed
Eid Mohammad Nizamuddin                ST – Non fund Based  ICRA A4     110    -
(Rating downgraded from ICRA A4+ and continues to remain in the ‘Issuer Not Cooperating’
category)
Goa Ispat Ltd                          Non-fund Based – LOC ICRA A4     150    -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Goa Ispat Ltd                          Non-fund Based – BG  ICRA A4     50     -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Jain Farm Fresh Foods Ltd              Non-fund Based -     ICRA A4     2550   -
                                       Working Capital Fac
(Downgraded from ICRA A4 to ICRA D and then reassigned to ICRA A4)
Jain Farm Fresh Foods Ltd             ST Unallocated Limits ICRA A4     400    -
(Downgraded from ICRA A4 to ICRA D and then reassigned to ICRA A4)
Maberest Hotels Pvt Ltd                Non-fund Based – LOC ICRA A4     5      -
                                       / BG
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Meenaxi Exports                        ST- FBL              ICRA A4     90     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Minda Industries Ltd                   Non-FBL              ICRA A1+    370    Outstanding
Minda Industries Ltd                   CP Programme         ICRA A1+    1000   -
(Assigned to enhanced limits)
N. D. Plastics                         Non FB – FLC/ ILC    ICRA A4     30     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Nestor Pharmaceuticals Ltd            Non-Fund Based BG/LOC ICRA A4     160    -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Origo Commodities India Pvt.           Vivriti Agro 07 2020 Provisional 210    Assigned
Ltd                                    - PTC Series A       ICRA A1(SO)
Salasar Plywood Pvt Ltd                Non-fund based – LOC ICRA A4     80     -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Sundaram Finance Ltd                   CP (CP)              ICRA A1+    70000  Outstanding
Sundaram Finance Ltd                   Short-TL from Bks    ICRA A1+    10000  Outstanding
Tata Steel Downstream Products         Non-FB Fac           ICRA A1+    950    Reaffirmed
Ltd
Tata Steel Downstream Products         CP                   ICRA A1+    -      -
Ltd
(Reaffirmed and Withdrawn)
The Punjab State Cooperative           ST - Fund Based      ICRA A3     240    Reaffirmed
Milk Producers’ Federation Ltd
The Punjab State Cooperative           ST – Non-fund Based  ICRA A3     200.8  Reaffirmed
Milk Producers’ Federation Ltd



MEDIUM TERM RATINGS:
-------------------
Sundaram Finance Ltd                   Fixed Deposits       MAAA        -      Outstanding
                                                            (Stable)



LONG TERM RATINGS:
-------------------
Aasu Exim Pvt Ltd                      FB – TL              ICRA        45.6   -
                                                            B+(Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Aasu Exim Pvt Ltd                      FB – Overdraft       ICRA        1.5    -
                                                            B+(Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Aasu Exim Pvt Ltd                    FB – unallocated Limit ICRA        6.9    -
                                                            B+(Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Ambition Logistics Park Pvt Ltd        TL                   ICRA A(SO)  755.1  -
                                                            (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Brigade Infrastructure And             TL                   ICRA A(CE)  7500   Assigned
Power Pvt Ltd                                               (Stable)
Brigade Infrastructure And             Capex LC (Sub-limit  ICRA A(CE)  -      Assigned
Power Pvt Ltd                          of TL)               (Stable)
Bti Payments Pvt Ltd                   TL                   ICRA BBB    750    Reaffirmed
                                                            (Stable)
Chinar Forge Ltd                       Issuer Rating        ICRA B      -      Assigned
                                                            (Stable)
Destination Industrial Parks           TL                   ICRA BBB+   125    -
Pvt Ltd                                                     (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Eid Mohammad Nizamuddin                LT - Fund Based/CC   ICRA B+     90     -
                                                            (Stable)
(Rating downgraded from ICRA BB (Stable) and continues to remain in the ‘Issuer Not Cooperating’
category)
Ginni Gold Ltd                         LT - Fund Based/ CC  ICRA D      750    -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Ginni Gold Ltd                         LT / ST – Fund       ICRA D/ICRA 150    -
                                       based/Non-fund Based D
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Goa Ispat Ltd                          Fund Based – CC      ICRA B+     100    -
                                                            (Stable)
(Rating downgraded from ICRA BB (Stable) and continues to remain in the ‘Issuer Not Cooperating’
category)
Goa Ispat Ltd                          Fund Based – TL      ICRA B+     16.2   -
                                                            (Stable)
(Rating downgraded from ICRA BB (Stable) and continues to remain in the ‘Issuer Not Cooperating’
category)
Indiafirst Life Insurance Co.          Subordinated debt    ICRA        1250   Assigned
Ltd                                    programme            AA(Stable)
Indiafirst Life Insurance Co.          Subordinated debt    ICRA        1000   Outstanding
Ltd                                    programme            AA(Stable)
Indospace Industrial Park Pune         TL                   ICRA A(SO)  1460.9 -
Pvt Ltd                                                     (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Jain Farm Fresh Foods Ltd              TL                   ICRA C      1500   -
(Downgraded from ICRA C to ICRA D and then reassigned to ICRA C)
Jain Farm Fresh Foods Ltd              FB - Working Capital ICRA C      2850   -
                                       Fac
(Downgraded from ICRA C to ICRA D and then reassigned to ICRA C)
Jain Farm Fresh Foods Ltd             LT Unallocated Limits ICRA C      500    -
(Downgraded from ICRA C to ICRA D and then reassigned to ICRA C)
Maberest Hotels Pvt Ltd                Fund Based – CC      ICRA B+     35     -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain in the ‘Issuer Not
Cooperating’ category)
Maberest Hotels Pvt Ltd                Fund Based – TL      ICRA B+     60     -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain in the ‘Issuer Not
Cooperating’ category)
Minda Industries Ltd                   TL                   ICRA AA @   1850   Outstanding
(@: On rating watch with Negative implications)
Minda Industries Ltd                   CC Fac               ICRA AA @   1175   Outstanding
(@: On rating watch with Negative implications)
Minda Industries Ltd                   Unallocated          ICRA AA @   105    Outstanding
(@: On rating watch with Negative implications)
Modern Agro Mills                      Fund Based- CC       ICRA B+     90     -
                                                            (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Motherson Techno Tools Ltd             CC Fac               ICRA        120    Reaffirmed
                                                            AA-(Stable)
                                                            / ICRA A1+
Motherson Techno Tools Ltd             Unallocated          ICRA        230    Reaffirmed
                                                            AA-(Stable)
                                                            / ICRA A1+
Motherson Techno Tools Ltd             Non-FB Fac (Sublimit ICRA        -      Reaffirmed
                                       of CC Fac)           AA-(Stable)
                                                            / ICRA A1+
N. D. Plastics                         FB – CC              ICRA        60     -
                                                            B-(Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
N. D. Plastics                         FB/ Non fund based – ICRA        10     -
                                       Unallocated Limit    B-(Stable)
                                                            / ICRA A4
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Nestor Pharmaceuticals Ltd             Fund Based- CC       ICRA C+     510    -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Nestor Pharmaceuticals Ltd             Unallocated Limits   ICRA        80     -
                                                            C+/ICRA A4
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Salasar Plywood Pvt Ltd                Fund Based- CC       ICRA B+     5      -
                                                            (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Saroja Aviation Ltd                    Long-TL              ICRA B-     290    -
                                                            (Stable)
(Rating moved to the ‘Issuer Not Cooperating’ category)
Sri Raja Rajeswari                     Bk Loan Rating       ICRA        100    -
Constructions (India) Pvt. Ltd.                             BBB(Stable)
                                                            / A3+
(Reason for delay in carrying out periodic review: Review process is underway)
Sundaram Finance Ltd                   Subordinated         ICRA AAA    2000   Assigned
                                       Debentures           (Stable)
Sundaram Finance Ltd                   NCDs (NCD)           ICRA AAA    59970  Outstanding
                                                            (Stable)
Sundaram Finance Ltd                   NCDs (NCD)           ICRA AAA    6000   -
                                                            (Stable)
(reaffirmed and withdrawn)
Sundaram Finance Ltd                   FB Limits from Bks   ICRA AAA    30000  Outstanding
                                                            (Stable)
Sundaram Finance Ltd                   Long-TL from Bks     ICRA AAA    31250  Outstanding
                                                            (Stable)
Sundaram Finance Ltd                   Non-FBL from Bks     ICRA AAA    80.8   Outstanding
                                                            (Stable)
Sundaram Finance Ltd                   Subordinated         ICRA AAA    21900  Outstanding
                                       Debentures           (Stable)
Sundaram Finance Ltd                   Subordinated         ICRA AAA    670    -
                                       Debentures           (Stable)
(reaffirmed and withdrawn)
Tata Sia Airlines Ltd:                LT/ST non -fund based ICRA A      15511.5Reaffirmed
                                                            (Negative)
                                                            / A1
(removed from rating watch with developing implications Negative outlook assigned to long-term
rating)
Tata Sia Airlines Ltd:                 Unallocated          ICRA A      28009.5Reaffirmed
                                                            (Negative)
                                                            / A1
(removed from rating watch with developing implications Negative outlook assigned to long-term
rating)
Tata Steel Downstream Products         TL                   ICRA AA-    4200   Reaffirmed
Ltd                                                         (Stable)
Tata Steel Downstream Products         FB Fac               ICRA AA-    3500   Reaffirmed
Ltd                                                         (Stable)
The Punjab State Cooperative           LT - Fund Based/ CC  ICRA BBB-   1400   Reaffirmed
Milk Producers’ Federation Ltd                              (Negative)
(outlook revised to Negative from Stable)
Vena Energy Power Resources            FB - TL              ICRA BBB    7409.6 Reaffirmed
Pvt Ltd                                                     (Negative)
Vena Energy Power Resources            FB - Working Capita  ICRA BBB    640    Reaffirmed
Pvt Ltd                                                     (Negative)
--------------------------------------------------------------------------------------------
$: 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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