July 31, 2020 / 11:44 AM / 7 days ago

ICRA ratings for Indian debt instruments-Jul 31

   Jul 31 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of July 30, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Ajay Steels Pvt Ltd                    Non-FBL (LC/SBLC)    ICRA A1     300    Reaffirmed
Ars Steels And Alloy                   ST - Non-Fund Based  ICRA A2     1060   Reaffirmed
International Pvt Ltd
Aukland Ceramic Pvt Ltd                Non-FB limits        ICRA A4     14     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Azine Healthcare Pvt. Ltd              Non-fund Based – FLC ICRA A4     -      -
                                       – DA/DP^#
(Rating continues to remain under ‘Issuer Not Cooperating’ category. 
^ FLC- Foreign and Inland Letter of Credit, ILG- Letter of Guarantee, 
# Sublimit of Cash Credit facility)
Azine Healthcare Pvt. Ltd              Non-fund Based – ILG^ICRA A4     5      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Bapuji Education Association           ST – BG              ICRA A1+    100    -
(Reason for delay in carrying out periodic review: - Issuer delayed in sharing information)
Bartaman Pvt Ltd                       Non-FBL – Working    ICRA A1     8      Reaffirmed
                                       Capital Fac
Big Tiles                              Non-fund Based BG    ICRA A4     15     -
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Bravat Granito Llp                     Non-fund Based BG    ICRA A4     30     -
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Cesc Ltd                               CP (CP) Programme    ICRA A1+   16000** Reaffirmed
(**Rs. 1300 crore commercial paper facility is carved out of fund-based working capital lines
from banks, and the rating of the aforementioned instrument is based on the condition that total
short-term borrowings (including commercial paper raised against the Rs. 1300 crore line,
short-term debt, and short-term bank borrowings) of the company at any given point of time
should not exceed the company’s drawing power or the bank sanctioned fund-based limits
(whichever is lower). The balance Rs. 300 crore commercial paper facility is over and above the
assessed fund-based working capital limits from banks.) 
Chw Forge Pvt Ltd                      Non-fund Based –     ICRA A1     300    Assigned
                                       Working Capital Fac
Eicl Ltd                               ST-Non-FB            ICRA A2     75     Reaffirmed
Eicl Ltd                               CP                   ICRA A2     -      -
(Reaffirmed and simultaneously withdrawn)
Fx Multitech Pvt Ltd                   Forward Sales        ICRA A4     6      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Fx Multitech Pvt Ltd                   Forward Purchase     ICRA A4     25     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Fx Multitech Pvt Ltd                   Foreign BG/ Import LCICRA A4     6      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Hightemp Furnaces Ltd                  ST – Fund Based      ICRA A2+    20     -
(Reason for delay in carrying out periodic review: Review process is underway)
Hightemp Furnaces Ltd                  ST – Non-Fund Based  ICRA A2+    130    -
(Reason for delay in carrying out periodic review: Review process is underway)
Indfrag Biosciences Pvt Ltd            ST – Fund based - PCFICRA A3     80     Withdrawn
Indfrag Biosciences Pvt Ltd            ST – Non-Fund based –ICRA A3     10     Withdrawn
                                       BG
Interglobe Aviation Ltd                ST FBL               ICRA A1     70     -
(Downgraded from ICRA A1+)
Interglobe Aviation Ltd                ST Non-FBL           ICRA A1     4686.8 -
(Downgraded from ICRA A1+)
Interglobe Aviation Ltd                ST Interchangeable   ICRA A1     -      -
(Downgraded from ICRA A1+)
Itamax Ceramic Pvt. Ltd                Non-FB – BG          ICRA A4     10     -
(Rating moved to ‘Issuer Not Cooperating’ category)
Jrs Pharma & Gujarat Microwax          Non-fund Based LOC   ICRA A2+    10     Reaffirmed
Pvt. Ltd
Jrs Pharma & Gujarat Microwax          Non-fund Based BG    ICRA A2+    7.5    Reaffirmed
Pvt. Ltd
Jrs Pharma & Gujarat Microwax         Non-fund Based Credit ICRA A2+    17.8   Reaffirmed
Pvt. Ltd                               Exposure Limit
Kalthia Bhavnagar Pipli                Non-FBL              ICRA A2     -      -
Highway Pvt. Ltd.
(Reason for delay in carrying out periodic review: - Review process is underway)
Keezia Tiles Llp                       Non-fund based - BG  ICRA A4     10     -
(Reason for delay in carrying out periodic review: - Review Process is underway)
Landmark Veneers Pvt Ltd               Non-fund based –     ICRA A4     150    -
                                       Import LC cum Buyer’s
                                       Credit
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Mangalore Cashew Industries            ST Interchangeable   ICRA A4     -      -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Marudhar Fashions                      ST – Fund Based –    ICRA A4     150    -
                                       Working Capital Fac
(Reason for delay in carrying out periodic review: - Issuer delayed in providing information)
Mccoy Architectural Systems            ST Non-fund Based    ICRA A4+    160    Reaffirmed
Pvt Ltd
Northern Arc Capital Ltd               CP                   ICRA A1+    3000   outstanding
Oscar Ceramics                         Non-fund Based BG    ICRA A4     16     -
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Sanchem Fabrics Ltd                    Non-fund based - BG  ICRA A4     3      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Sar Denim Pvt. Ltd.                    ST Non-fund Based    ICRA A4+    10     -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Sat Kartar Mining & Allied             Non FBL              ICRA A4     20     -
Services Pvt Ltd
(Rating downgraded from ICRA A4+ ISSUER NOT COOPERATING and Continues to remain under ‘Issuer
Not Cooperating’ category)
Singh Transporters                     Non FBL              ICRA A4     70     -
(Rating downgraded from ICRA A4+ ISSUER NOT COOPERATING and Continues to remain under ‘Issuer
Not Cooperating’ category)
Sri Manakula Vinayaga                  ST- BG – Non Fund    ICRA A4     144.5  -
Educational Trust                      Based
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Uniply Decor Ltd                       ST – Non Fund Based  ICRA A4     210    Withdrawn
(ISSUER NOT COOPERATING)
Uniply Decor Ltd                       ST- Unallocated      ICRA A4     15     Withdrawn
(ISSUER NOT COOPERATING)
Vicon Ceramic Pvt Ltd                  Non-fund based – BG  ICRA A4     16     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Vinayak Diamond Tools                  Non-FBL              ICRA A4     40     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Vinayak Diamond Tools                  Non-fund based       ICRA A4     -      -
                                       Interchangeable
                                       (sublimit to CC)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
 
LONG TERM RATINGS:
-------------------
Abhi Engineering Corporation           BLR                  ICRA BBB    670    -
Pvt Ltd                                                     (Stable)/
                                                            ICRA A3+
(Reason for delay in carrying out periodic review - Review process is underway)
Adarsha Automotives Pvt Ltd            Fund based/CC        ICRA BB+    842.5  outstanding
                                                            (Stable)
Adarsha Automotives Pvt Ltd            Fund based – TL      ICRA BB+    34.2   outstanding
                                                            (Stable)
Adarsha Automotives Pvt Ltd            Unallocated limits   ICRA BB+    9.3    outstanding
                                                            (Stable) /
                                                            ICRA A4+
Adarsha Motor Sales Pvt Ltd            FB/ CC               ICRA BB-    87.7   outstanding
                                                            (Stable)
Adarsha Motor Sales Pvt Ltd            Unallocated          ICRA BB-    12.3   outstanding
                                                            (Stable)
Adlabs Entertainment Ltd               LT - Fund Based TL   ICRA D      11000  -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Ajay Steels Pvt Ltd                    Fund based/ Non-FBL  ICRA A+     300    Reaffirmed
                                       (LC/BG/SBLC/Buyers   (Stable) /
                                       Credit/CC)           ICRA A1
Ars Steels And Alloy                   LT - Fund Based/ TL  ICRA BBB    350    Reaffirmed
International Pvt Ltd
Ars Steels And Alloy                   LT - Fund Based/ CC  ICRA BBB    290    Reaffirmed
International Pvt Ltd
Aukland Ceramic Pvt Ltd                TL                   ICRA B      41.3   -
                                                            (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Aukland Ceramic Pvt Ltd                CC                   ICRA B      20     -
                                                            (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Azine Healthcare Pvt. Ltd              Fund based – TL I    ICRA B      16.5   -
                                                            (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Azine Healthcare Pvt. Ltd              Fund based – TL II   ICRA B      29.5   -
                                                            (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Azine Healthcare Pvt. Ltd              Fund based – CC      ICRA B      25     -
                                                            (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Azine Healthcare Pvt. Ltd              Unallocated Limits   ICRA B      4      -
                                                            (Stable) /
                                                            ICRA A4
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Bapuji Education Association           LT – Overdraft       ICRA A+     200    -
                                       facility             (Stable)
(Reason for delay in carrying out periodic review: - Issuer delayed in sharing information)
Bartaman Pvt Ltd                       FB Limits – TL       ICRA A      342    -
                                                            (Stable)
(Downgraded from ICRA A+ (Stable))
Bartaman Pvt Ltd                       FB Limits – Working  ICRA A      100    -
                                       Capital Fac          (Stable)
(Downgraded from ICRA A+ (Stable))
Bewakoof Brands Pvt Ltd               Working capital limit ICRA        170    Assigned
                                                            BBB-(Stable)
Bewakoof Brands Pvt Ltd                TL                   ICRA        49.8   Assigned
                                                            BBB-(Stable)
Bfg International Pvt Ltd              LT – Fund Based – TL ICRA D      30     Withdrawn
(ISSUER NOT COOPERATING)
Bfg International Pvt Ltd              LT – Fund Based      ICRA D      100    Withdrawn
                                       Facility
(ISSUER NOT COOPERATING)
Bfg International Pvt Ltd              ST- Fund Based       ICRA D      12.5   Withdrawn
(ISSUER NOT COOPERATING)
Bfg International Pvt Ltd              LT/ ST Unallocated   ICRA D/     2.5    Withdrawn
                                                            ICRA D
(ISSUER NOT COOPERATING)
Big Tiles                              FB TL                ICRA B+     79.5   -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Big Tiles                              FB CC                ICRA B+     70     -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Big Tiles                              Unallocated Limits   ICRA        0.3    -
                                                            B+(Stable)
                                                            / A4
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Bravat Granito Llp                     FB TL                ICRA B+     335    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Bravat Granito Llp                     FB CC                ICRA B+     130    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Chw Forge Pvt Ltd                      TL                   ICRA        700    Assigned
                                                            A(Stable)
Chw Forge Pvt Ltd                      Fund Based – Working ICRA        1100   Assigned
                                       Capital Fac          A(Stable)
Eicl Ltd                               LT - Fund Based-TL   ICRA BBB+   150    Reaffirmed
                                                            (Negative)
Eicl Ltd                               LT / ST -Fund Based  ICRA BBB+   450    Reaffirmed
                                                            (Negative)
                                                            / ICRA A2
Erode Textile Mall Pvt Ltd             LT – Fund Based      ICRA        450    -
                                                            B+(Stable)
(Rating downgraded from ICRA BB (Stable) ISSUER NOT COOPERATING and continues to remain under
‘Issuer Not Cooperating’ category)
Fx Multitech Pvt Ltd                   CC                   ICRA B+     36     -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) continues to remain under ‘Issuer Not Cooperating’
category.)
Fx Multitech Pvt Ltd                   TL                   ICRA B+     2      -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) continues to remain under ‘Issuer Not Cooperating’
category.)
Fx Multitech Pvt Ltd                   PCL & FDBN/P         ICRA B+     30     -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) continues to remain under ‘Issuer Not Cooperating’
category.)
Fx Multitech Pvt Ltd                   Unallocated Limits   ICRA B+     16.5   -
                                                            (Stable)/
                                                            ICRA A4
(Rating downgraded from ICRA BB- (Stable)/A4 continues to remain under ‘Issuer Not Cooperating’
category)
Genpact India Pvt Ltd                  NCD Programme        ICRA AA-    48000  Reaffirmed
                                                            (Stable)
Hightemp Furnaces Ltd                  LT – Fund Based (CC) ICRA A-     100    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Housing Development Finance            HDFC Mortgage Loan   ICRA AA+(SO)-      Withdrawn
Corporation Ltd                        Pool D.A. Mar-10 I
                                       -Second Loss Facility
Housing Development Finance            HDFC Mortgage Loan   ICRA AAA(SO)-      Withdrawn
Corporation Ltd                        Pool D.A. Mar-10 I
                                       -Purchaser Payouts
Indfrag Biosciences Pvt Ltd            LT/ST unallocated    ICRA BBB-   60     Withdrawn
                                                            (Stable)/A3
Interglobe Aviation Ltd                LT interchangeable   ICRA        -      Reaffirmed
                                                            A+(Negative)
Interglobe Aviation Ltd                LT- Unallocated      ICRA       18498.5 Reaffirmed
                                                            A+(Negative)
Interglobe Aviation Ltd                Issuer Rating        ICRA        -      Reaffirmed
                                                            A+(Negative)
Interglobe Aviation Ltd                LT Non-FBL           ICRA        8984.2 Reaffirmed
                                                            A+(Negative)
Interglobe Aviation Ltd                LT/ST Non-FBL        ICRA       47760.5 Reaffirmed
                                                            A+(Negative)
(ST ratings downgraded to ICRA A1 from ICRA A1+)
Itamax Ceramic Pvt. Ltd                Fund based – TL      ICRA        59.6   -
                                                            B+(Stable)
(Rating moved to ‘Issuer Not Cooperating’ category)
Itamax Ceramic Pvt. Ltd                Fund based – CC      ICRA        20     -
                                                            B+(Stable)
(Rating moved to ‘Issuer Not Cooperating’ category)
Itamax Ceramic Pvt. Ltd                Unallocated Limits   ICRA        5.4    -
                                                            B+(Stable)
(Rating moved to ‘Issuer Not Cooperating’ category)
Jrs Pharma & Gujarat Microwax          Unallocated          ICRA A-     100    Reaffirmed
Pvt. Ltd                                                    (Stable) /
                                                            ICRA A2+
Jrs Pharma & Gujarat Microwax          FB EPC/PCFC/FBD/EBR  ICRA        150    Reaffirmed
Pvt. Ltd                                                    A-(Stable)
Jrs Pharma & Gujarat Microwax          FB FBD/EBR sublimit  ICRA        -      Reaffirmed
Pvt. Ltd                               to EPC/PCFC/FBD/EBR  A-(Stable)
Jrs Pharma & Gujarat Microwax          FB CC-sublimit to    ICRA        -      Reaffirmed
Pvt. Ltd                               EPC/PCFC/FBD/EBR     A-(Stable)
Kalthia Bhavnagar Pipli                Fund Based- TL       ICRA        3690   -
Highway Pvt. Ltd.                                           BBB+(Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Kalwakurthy Municipality               Issuer Ratings       ICRA B+     -      -
                                                            (Stable)
(Rating downgraded from ICRA BB-(Stable) ISSUER NOT COOPERATING and continues to remain in the
‘Issuer Not Cooperating’ category)
Keezia Tiles Llp                       FB-TL                ICRA        70     -
                                                            B+(Stable)
(Reason for delay in carrying out periodic review: - Review Process is underway)
Keezia Tiles Llp                       FB- Working Capital  ICRA        30     -
                                       Fac                  B+(Stable)
(Reason for delay in carrying out periodic review: - Review Process is underway)
Landmark Veneers Pvt Ltd               Fund based – CC      ICRA B+     15     -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) continues to remain under ‘Issuer Not Cooperating’
category)
Lendingkart Finance Ltd                Bk lines             ICRA BBB+   6000   outstanding
                                                            (Stable) /
                                                            ICRA A2
Lendingkart Finance Ltd                NCD programme        ICRA        500    Assigned
                                                            BBB+(Stable)
Lendingkart Finance Ltd                NCD programme        ICRA        -      withdrawn
                                                            BBB+(Stable)
Lendingkart Finance Ltd                NCD programme        ICRA        4000   outstanding
                                                            BBB+(Stable)
Maharaja Sathyam Industries            LT- Fund Based CC    ICRA        59     -
Pvt Ltd                                                     B+(Stable)
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Maharishi Markandeshwar Trust          FB -TL               ICRA        600    -
                                                            A+(Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Maharishi Markandeshwar Trust          Non-fund Based - BG  ICRA        415    -
                                                            A+(Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Maharishi Markandeshwar Trust          Unallocated          ICRA        1885   -
                                                            A+(Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Maithri Developers                    LT- Unallocated Limit ICRA B+     600    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Mall Of Joy Pvt. Ltd                   LT - Fund Based – TL ICRA BBB-   238.2  Withdrawn
                                                            (Stable)
Mall Of Joy Pvt. Ltd                   LT - Unallocated     ICRA BBB-   61.8   Withdrawn
                                                            (Stable)
Mangalore Cashew Industries            LT- Fund Based- CC   ICRA BB-    340    -
                                                            (Negative)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Mangalore Cashew Industries            LT- TL               ICRA BB-    10     -
                                                            (Negative)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Marudhar Fashions                      LT – Fund Based – TL ICRA BB-    61.8   -
                                       Fac                  (Stable)
(Reason for delay in carrying out periodic review: - Issuer delayed in providing information)
Marudhar Fashions                      LT – ST –Unallocated ICRA BB-    68.2   -
                                       limits               (Stable) /
                                                            ICRA A4
(Reason for delay in carrying out periodic review: - Issuer delayed in providing information)
Mauli Fresh Agro Industries            BLR                  ICRA B+     250    -
Pvt Ltd                                                     (Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Mccoy Architectural Systems            LT FB CC             ICRA BB+    40     Reaffirmed
Pvt Ltd                                                     (Negative)
Mccoy Architectural Systems            LT TL                ICRA BB+    50     Reaffirmed
Pvt Ltd                                                     (Negative)
Mehta Stone Export House               LT FB – WC limits    ICRA        120    Reaffirmed
                                                            BB(Stable)
Mm International                       BLR                  ICRA BB-    400    -
                                                            (Stable)/
                                                            ICRA A4
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Mula Agro Products Pvt Ltd             BLR                  ICRA B+     10     -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Northern Arc Capital Ltd               NCD                  ICRA        -      -
                                                            A+(Negative)
(reaffirmed and withdrawn)
Northern Arc Capital Ltd               NCD                  ICRA        9150   outstanding
                                                            A+(Negative)
Northern Arc Capital Ltd               LT – Unallocated     ICRA        4686.3 outstanding
                                                            A+(Negative)
Northern Arc Capital Ltd               LT – FB limits       ICRA        3550   outstanding
                                                            A+(Negative)
Northern Arc Capital Ltd               LT – TL              ICRA      16763.70 outstanding
                                                            A+(Negative)
Northern Arc Capital Ltd               Subordinated debt    ICRA        400    outstanding
                                                            A+(Negative)
Northern Arc Capital Ltd               NCD                  PP-MLD ICRA 100    Assigned
                                                            A+(Negative)
Northern Arc Capital Ltd               NCD                  PP-MLD ICRA 100    outstanding
                                                            A+(Negative)
Nspr Constructions (India)             Bk loan Ratings      ICRA BBB+   1350   -
Pvt. Ltd                                                    (Stable) /
                                                            ICRA A2
(Reason for delay in carrying out periodic review: - Review process is underway)
Oscar Ceramics                         FB TL                ICRA BB-    16.6   -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Oscar Ceramics                         FB CC                ICRA BB-    40     -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Panipat Elevated Corridor Ltd          NCD Programme        ICRA BBB-   1250   Reaffirmed
                                                            (Stable),
Ponnu Food Products                    LT- Fund Based       ICRA        89     -
                                       Facility             B(Stable)
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Ponnu Food Products                    LT- Unallocated      ICRA        1      -
                                                            B(Stable)
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Pune Metropolitan Region             Proposed NCD Programme Provisional 2500   Withdrawn
Development Authority                                       ICRA AA
                                                            (Stable)
Rajalakshmi Education Services         LT – FB TL           ICRA BB-    97.4   Reaffirmed
Pvt Ltd
(Outlook revised to Negative from Stable)
Rajalakshmi Education Services         LT – Unallocated     ICRA BB-    102.6  Reaffirmed
Pvt Ltd
(Outlook revised to Negative from Stable)
Rajalakshmi Hostels Pvt Ltd            LT – FB TL           ICRA BB-    125    Reaffirmed
(Outlook revised to Negative from Stable)
Rajalakshmi Hostels Pvt Ltd            LT – Unallocated     ICRA BB-    75     Reaffirmed
(Outlook revised to Negative from Stable)
Rd T.M.T Steels (India) Pvt Ltd        LT - Fund Based/ CC  ICRA B+     120    -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and moved to the ‘Issuer Not Cooperating’ category)
Rd T.M.T Steels (India) Pvt Ltd        LT - Unallocated     ICRA B+     60     -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and moved to the ‘Issuer Not Cooperating’ category)
Robo Equipments And Forgings           LT/ST - Unallocated  ICRA B+     60     Reaffirmed
Pvt Ltd                                Limits               (Stable) /
                                                            ICRA A4
(removed from Issuer Not Cooperating)
Robo Equipments And Forgings           LT – FB - CC         ICRA        120    Reaffirmed
Pvt Ltd                                                     B+(Stable)
(removed from Issuer Not Cooperating)
Robo Equipments And Forgings           LT – Non-fund Based  ICRA        20     Reaffirmed
Pvt Ltd                                                     B+(Stable)
(removed from Issuer Not Cooperating)
Sanchem Fabrics Ltd                    FB - TL              ICRA B+     77     -
                                                            (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Sanchem Fabrics Ltd                    FB - CC              ICRA B+     40     -
                                                            (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Sapphire Foods India Pvt Ltd           Issuer Rating        ICRA BBB    -      Reaffirmed
                                                            (Negative)
Sapphire Foods India Pvt Ltd           LT - TL              ICRA BBB    712.5  Assigned
                                                            (Negative)
Sapphire Foods India Pvt Ltd           LT/ST - Unallocated  ICRA BBB    1287.5 Assigned
                                       amount               (Negative)
                                                            / ICRA A3+
Sar Denim Pvt. Ltd.                    LT FB CC             ICRA BB     66     -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Sar Denim Pvt. Ltd.                    LT FB TL             ICRA BB     400    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Sat Kartar Mining & Allied             FBL – TL             ICRA        40     -
Services Pvt Ltd                                            B+(Stable)
(downgraded from ICRA BB (Stable) ISSUER NOT COOPERATING and Continues to remain under ‘Issuer
Not Cooperating’ category.)
Sat Kartar Mining & Allied             FBL – CC             ICRA        84     -
Services Pvt Ltd                                            B+(Stable)
(downgraded from ICRA BB (Stable) ISSUER NOT COOPERATING and Continues to remain under ‘Issuer
Not Cooperating’ category)
Sat Kartar Mining & Allied             Unallocated limits   ICRA        1      -
Services Pvt Ltd                                            B+(Stable)
                                                            / ICRA A4
(Downgraded from ICRA BB (Stable)/ICRA A4+ Continues to remain under ‘Issuer Not Cooperating’
category)
Shadnagar Municipality                 Issuer Ratings       ICRA B+     -      -
                                                            (Stable)
(Rating downgraded from ICRA BB-(Stable) ISSUER NOT COOPERATING and continues to remain in the
‘Issuer Not Cooperating’ category)
Shree Chhatrapati Shahu Milk           Fund based-Working   ICRA B      30     Reaffirmed
And Agro Producer Co. Ltd              Capital Loans        (Stable)
Shree Chhatrapati Shahu Milk           TL                   ICRA B      21.2   Reaffirmed
And Agro Producer Co. Ltd                                   (Stable)
Shree Chhatrapati Shahu Milk           Unallocated          ICRA B      47.2   Reaffirmed
And Agro Producer Co. Ltd                                   (Stable)
Signet Denim Pvt. Ltd                  Fund based-TL        ICRA B+     570    -
                                                            (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Signet Denim Pvt. Ltd                  Fund based-CC        ICRA B+     200    -
                                                            (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Silver Cotton                          FB – TL              ICRA B+     15     -
                                                            (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Silver Cotton                          FB – CC              ICRA B+     40     -
                                                            (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Singh Transporters                     FBL – TL             ICRA        70     -
                                                            B+(Stable)
(downgraded from ICRA BB+ (Stable) ISSUER NOT COOPERATING and Continues to remain under ‘Issuer
Not Cooperating’ category.)
Singh Transporters                     FBL – CC             ICRA        80     -
                                                            B+(Stable)
(downgraded from ICRA BB+ (Stable) ISSUER NOT COOPERATING and Continues to remain under ‘Issuer
Not Cooperating’ category)
Sri Jayalakshmi Automotives            LT – FB/CC           ICRA        1295   Reaffirmed
Pvt. Ltd                                                    BB-(Stable)
(removed from ‘Issuer Not Cooperating’ category)
Sri Jayalakshmi Automotives            LT – Fund based/TL   ICRA        756.6  Reaffirmed
Pvt. Ltd                                                    BB-(Stable)
(removed from ‘Issuer Not Cooperating’ category)
Sri Jayalakshmi Automotives            LT – Unallocated     ICRA        298.4  Reaffirmed
Pvt. Ltd                                                    BB-(Stable)
(removed from ‘Issuer Not Cooperating’ category)
Sri Manakula Vinayaga                  LT/ ST Unallocated   ICRA B+     109.3  -
Educational Trust                                           (Stable) /
                                                            A4
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Sri Manakula Vinayaga                  LT- FB Fac           ICRA        80     -
Educational Trust                                           B+(Stable)
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Sri Manakula Vinayaga                  LT- TL Fac           ICRA        1411.9 -
Educational Trust                                           B+(Stable)
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Sri Ramalingeswara Aqua Feeds          LT –FB/ CC           ICRA B+     60     Reaffirmed
                                                            (Stable)
Sri Venkateswara Aqua Culture          LT –FB/ CC           ICRA B+     120    Reaffirmed
                                                            (Stable)
Uniply Decor Ltd                       LT – Fund Based      ICRA        60     Withdrawn
                                                            B+(Stable)
(ISSUER NOT COOPERATING)
Uttam Sugar Mills Ltd                  BLR                  ICRA BB+    9500   -
                                                            (Stable) /
                                                            ICRA A4+
(Reason for delay in carrying out periodic review: - Review process is underway)
Versatile Engineers                    Fund based – CC      ICRA BB-    90     -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Versatile Engineers                    Fund based – TL      ICRA BB-    35     -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Vicon Ceramic Pvt Ltd                  FB – TL              ICRA B+     39.6   -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) continues to remain under ‘Issuer Not Cooperating’
category)
Vicon Ceramic Pvt Ltd                  Fund based – CC      ICRA B+     60     -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) continues to remain under ‘Issuer Not Cooperating’
category)
Vinayak Diamond Tools                  FB Limits            ICRA B+     223.2  -
                                                            (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Vinayak Diamond Tools                  Unallocated Limits   ICRA B+     16.8   -
                                                            (Stable)/A4
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Vishesh Engineering Company            LT – CC limits       ICRA BB-    100    Reaffirmed
                                                            (Stable)
Wanaparthy Municipality                Issuer Ratings       ICRA B+     -      -
                                                            (Stable)
(Rating downgraded from ICRA BB-(Stable) ISSUER NOT COOPERATING and 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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