July 9, 2020 / 10:56 AM / a month ago

ICRA ratings for Indian debt instruments-Jul 9

   Jul 9 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of July 8, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Bmw India Financial Services           CP                   ICRA A1+    15000  -
Pvt Ltd
Maharashtra Seamless Ltd               ST fund based        ICRA A1+    450    Outstanding
                                       (Short-TL/ Bill
                                       Discounting Fac)
V K Industrial Corporation Ltd         ST - Fund Based/Non  ICRA A4+    2600   -
                                       Fund Based                      
(Rating downgraded from ICRA A2+ ISSUER NOT COOPERATING and Continued to remain under the
‘Issuer Not Cooperating’ category)
Wheels India Ltd                       CP                   ICRA A1     1000   -
Wheels India Ltd                       ST: Non FB Fac       ICRA A1     1500   -

MEDIUM TERM RATINGS:
-------------------
Wheels India Ltd                       Medium Term: Fixed   MA+         1800   -
                                       Deposit              (Negative)


LONG TERM RATINGS:
-------------------
Aye Finance (P) Ltd                    Bhawna MSME Trust 03 ICRA        480.5  -
                                       2020 -PTC Series A1  AA-(SO);
(provisional rating confirmed as final)
B & A Packaging India Ltd.             Bk Fac               ICRA BBB-   250    -
                                                            (Stable)/
                                                            ICRA A3
(Rationale Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Belgaum Solar Power Pvt Ltd            Fund Based – TL      ICRA        1900   -
                                                            A-(Stable)
(Assigned/ Reaffirmed)
Belgaum Solar Power Pvt Ltd            Unallocated limits   ICRA        -      -
                                                            A-(Stable)
(Assigned/ Reaffirmed)
Ge T&D India Ltd                       Fund based – Working ICRA A+     10000  Outstanding
                                       Capital Fac
(outlook revised to Negative from Stable)
Ge T&D India Ltd                       Non-fund based       ICRA        52450  Outstanding
                                       – BG/LC              A+/ICRA A1+
(outlook revised to Negative from Stable)
Ge T&D India Ltd                       Unallocated          ICRA        7550   Outstanding
                                                            A+/ICRA A1+
(outlook revised to Negative from Stable)
Inr Energy Ventures                    Fund Based – TL      ICRA        2000   -
                                                            A-(Stable);
(Assigned/ Reaffirmed)
Inr Energy Ventures                    Unallocated limits   ICRA        -      -
                                                            A-(Stable);
(Assigned/ Reaffirmed)
Maharashtra Seamless Ltd               LT fund based (CC)   ICRA AA-    150    Outstanding
                                                            (Negative)
Maharashtra Seamless Ltd              LT/ ST Non-fund Based ICRA AA-    12700  -
                                      (LOC/ Buyer’s Credit/ (Negative)/
                                      BG)                   ICRA A1+;
(assigned/ outstanding)
Maharashtra Seamless Ltd               LT/ ST unallocated   ICRA AA-    575    Assigned
                                       Limits               (Negative)/
                                                            ICRA A1+;
Maharashtra Seamless Ltd               LT fund based (TL)   ICRA AA-    8125   -
                                                            (Negative);
(assigned/ outstanding)
Maharashtra Seamless Ltd               Issuer Rating        ICRA AA-    -      Outstanding
                                                            (Negative);
Mamadapur Solar Pvt Ltd                Fund Based – TL      ICRA        600    Reaffirmed
                                                            A-(Stable)
Mamadapur Solar Pvt Ltd                Unallocated limits   ICRA        200    Reaffirmed
                                                            A-(Stable)
Shriram Transport Finance Co.          STFC BOI_June 2020 - Provisional 1750   Assigned
Ltd                                    Assignee Payouts     ICRA AA(SO);
Spandana Sphoorty Financial Ltd        Kartikeya 12 2019 -  ICRA A(SO)  1249.7 -
                                       PTC Series A
(provisional rating confirmed as final)
V K Industrial Corporation Ltd         LT - Fund Based/ CC  ICRA BB+    525    -
                                                            (Stable)
(Rating downgraded from ICRA BBB+ (Stable) ISSUER NOT COOPERATING’ and Continued to remain under
the ‘Issuer Not Cooperating’ category)
Wheels India Ltd                       LT: TL               ICRA A+     2278.1 -
                                                            (Negative)
Wheels India Ltd                       LT: FB Fac           ICRA A+     2600   -
                                                            (Negative)
Wheels India Ltd                       LT: Unallocated      ICRA A+     21.9   -
                                                            (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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