March 20, 2020 / 11:19 AM / 9 days ago

ICRA ratings for Indian debt instruments-Mar 20

    Mar 20 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of March 19, 2020.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Britannia Industries Ltd                CP Programme          ICRA A1+     8000    Assigned to
                                                                                   enhanced
                                                                                   limits
Ctr Manufacturing Industries            ST FB                 ICRA A1      200     Reaffirmed
Ltd
Ctr Manufacturing Industries            ST Non-FB             ICRA A1      520     Reaffirmed
Ltd
Dakshin Gujarat Vij Co. Ltd             ST Non-FBL            ICRA A1+     300     Reaffirmed
Gujarat Energy Transmission             ST Fund based         ICRA A1+     5000    Reaffirmed
Corporation Ltd
Gujarat Energy Transmission             ST Non-FBL            ICRA A1+     3330    Reaffirmed
Corporation Ltd
Gujarat State Electricity               ST Fund based         ICRA A1+     10000   Reaffirmed
Corporation Ltd
Gujarat State Electricity               ST Non-FBL            ICRA A1+     10141.5 Reaffirmed
Corporation Ltd
Gujarat Urja Vikas Nigam Ltd            ST Non-FBL            ICRA A1+     29700   Reaffirmed
Gujarat Urja Vikas Nigam Ltd            ST FBL                ICRA A1+     4000    Reaffirmed
Hempshier Steel Pvt Ltd                 Non-fund based - LOC  ICRA A4      250     Assigned
Hempshier Steel Pvt Ltd                 Non-fund based - LOC^ ICRA A4      -       Assigned
^Sublimit of CC
Kei Industries Ltd                      Non-fund Based -      ICRA A1      24600   Reaffirmed
                                        Working Capital Fac
Kei Industries Ltd                      CP                    ICRA A1      400     Reaffirmed
Reaffirmed
Lemstone Ceramic Llp                    ST - Non-Fund Based   ICRA A4      34      Withdrawn
(Issuer Not Cooperating)
Lemstone Ceramic Llp                    ST – Interchangeable  ICRA A4      -       Withdrawn
(Issuer Not Cooperating)
Madhya Gujarat Vij Co. Ltd              ST Non-FBL            ICRA A1+     370     Reaffirmed
Ongc Videsh Ltd                         Non-FBL               ICRA A1+     15576   outstanding
Ongc Videsh Ltd                         Unallocated           ICRA A1+     3174    outstanding
Paschim Gujarat Vij Co. Ltd             ST Non-FBL            ICRA A1+     900     Reaffirmed
Ramkrishy Infrastructure Pvt.           Non-fund Based        ICRA A3+     660     Reaffirmed
Ltd.
S.A.N. Garment Manufacturing            FB - Working Capital  ICRA A3      420     Reaffirmed
Pvt Ltd
S.A.N. Garment Manufacturing            Non-FBL               ICRA A3      6       Reaffirmed
Pvt Ltd
Sogefi Engine Systems India             ST – Fund based       ICRA A1+     300     Reaffirmed
Pvt Ltd
Sogefi Engine Systems India             ST –                  ICRA A1+     0       Reaffirmed
Pvt Ltd                                 Interchangeable (LC)^
^interchangeable with short-term fund-based facilities
Suroj Buildcon Pvt. Ltd                 Non-FBL               ICRA A2+     2385
Assigned for enhanced amount
Unique Structures & Towers Ltd          Non-fund Based        ICRA A4+     927     Reaffirmed
Uttar Gujarat Vij Co. Ltd               ST Non-FBL            ICRA A1+     940     Reaffirmed
Varun Motors                            NFBL                  ICRA A2      15      Reaffirmed
Varun Motors Pvt Ltd                    NFBL                  ICRA A2      270     Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Kei Industries Ltd                      Fixed Deposits        MA+ (Stable) 100     Reaffirmed
Kei Industries Ltd                      Fixed Deposits        MA+ (Stable) 400     Assigned
LONG TERM RATINGS:
-------------------
Abir Infrastructure Pvt Ltd             FB Fac                ICRA D       1478.1
Rating continue to remain in ‘(Issuer Not Cooperating)’ category
Abir Infrastructure Pvt Ltd             Non-FB Fac            ICRA D       1860.5
Rating continue to remain in ‘(Issuer Not Cooperating)’ category
Abir Infrastructure Pvt Ltd             Unallocated Limits    ICRA D       25
Rating continue to remain in ‘(Issuer Not Cooperating)’ category
Ctr Manufacturing Industries            LT/ ST – Unallocated  -            0       -
Ltd                                     Limits
Ctr Manufacturing Industries            LT FB- CC             ICRA A       520     Reaffirmed
Ltd                                                           (Stable)
Ctr Manufacturing Industries            LT – Fund based TL    ICRA A       200     Reaffirmed
Ltd                                                           (Stable)
Ctrls Datacenters Ltd                   FB TL                 ICRA A+      4561.1  Reaffirmed
                                                              (Stable)
Ctrls Datacenters Ltd                   FB Working Capital    ICRA A+      250     Reaffirmed
                                        Fac                   (Stable)
Ctrls Datacenters Ltd                   Non-FBL               ICRA A+      200     Reaffirmed
                                                              (Stable)
Ctrls Datacenters Ltd                   Unallocated Limits    ICRA A+      1488.9  Reaffirmed
                                                              (Stable)/A1
Dakshin Gujarat Vij Co. Ltd             LT/ST Unallocated     -            0       -
Dakshin Gujarat Vij Co. Ltd             LT FBL                ICRA         6250    Reaffirmed
                                                              AA-(Stable)
Dakshin Gujarat Vij Co. Ltd             LT Non-FBL            ICRA         610     Reaffirmed
                                                              AA-(Stable)
Gajanand Rice Mill                      FB – CC               ICRA B+      80
                                                              (Stable)
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
Gajanand Rice Mill                      Unallocated Limits    ICRA B+      101.7
                                                              (Stable)
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
Gujarat Energy Transmission             LT FBL                ICRA AA-     2000    Reaffirmed
Corporation Ltd                                               (Stable)
Gujarat Energy Transmission             LT Loans              ICRA AA-     11021.3 Reaffirmed
Corporation Ltd                                               (Stable)
Gujarat Energy Transmission             LT Non-FBL            ICRA AA-     3230    Reaffirmed
Corporation Ltd                                               (Stable)
Gujarat Energy Transmission             LT/ ST Unallocated    ICRA         104347.6Reaffirmed
Corporation Ltd                                               AA-(Stable)
                                                              /A1+
Gujarat State Electricity               LT FBL                ICRA AA-     5250    Reaffirmed
Corporation Ltd                                               (Stable)
Gujarat State Electricity               LT Loans              ICRA AA-     66382.6 Reaffirmed
Corporation Ltd                                               (Stable)
Gujarat State Electricity               LT Non-FBL            ICRA AA-     3890    Reaffirmed
Corporation Ltd                                               (Stable)
Gujarat State Electricity               LT/ ST Unallocated    ICRA         52436.9 Reaffirmed
Corporation Ltd                                               AA-(Stable)
                                                              /A1+
Gujarat Urja Vikas Nigam Ltd            LT FBL                ICRA         4240    Reaffirmed
                                                              AA-(Stable)
Gujarat Urja Vikas Nigam Ltd            LT Non-FBL            ICRA         500     Reaffirmed
                                                              AA-(Stable)
Hallmark Steel Pvt Ltd                  LT - Fund Based/ CC   ICRA B+      66.6    Withdrawn
                                                              (Stable)
Hempshier Steel Pvt Ltd                 FB - CC               ICRA BB-     100     Assigned
                                                              (Stable)
Hempshier Steel Pvt Ltd                 FB – Buyer’s Credit^^ ICRA BB-     -       Assigned
                                                              (Stable)
^^Sublimit of LC
Kei Industries Ltd                      FB -TL                ICRA A       1051.1  Reaffirmed
                                                              (Stable)
Kei Industries Ltd                      FB - Working Capital  ICRA A       6000    Reaffirmed
                                        Fac                   (Stable)
Kei Industries Ltd                      Unallocated Bk limits ICRA A       2348.9  Reaffirmed
                                                              (Stable)/A1
Lemstone Ceramic Llp                    LT - Fund Based/ CC   ICRA B+      72.5    Withdrawn
                                                              (Stable)
(Issuer Not Cooperating)
Lemstone Ceramic Llp                    LT - Fund Based TL    ICRA B+      175     Withdrawn
                                                              (Stable)
(Issuer Not Cooperating)
Maa Gauri Poultry Pvt Ltd               Fund based-TL         ICRA B       49
                                                              (Stable)
Rating continued to remain under the ‘(Issuer Not Cooperating)’ category.
Maa Gauri Poultry Pvt Ltd               Fund based-CC         ICRA B       41
                                                              (Stable)
Rating continued to remain under the ‘(Issuer Not Cooperating)’ category.
Madhya Gujarat Vij Co. Ltd              LT FBL                ICRA AA-     3750    Reaffirmed
                                                              (Stable)
Madhya Gujarat Vij Co. Ltd              LT Loans              ICRA AA-     300     Reaffirmed
                                                              (Stable)
Madhya Gujarat Vij Co. Ltd              LT Non-FBL            ICRA AA-     480     Reaffirmed
                                                              (Stable)
Madhya Gujarat Vij Co. Ltd              LT/ST Unallocated     ICRA AA-     120     Reaffirmed
                                                              (Stable)
                                                              /ICRA A1+
Mangalmurti Bio-Chem Pvt Ltd            LT - Fund Based/ CC   ICRA B       20
                                                              (Stable)
Rating continues to remain under ‘(Issuer Not Cooperating)’ category.
Mangalmurti Bio-Chem Pvt Ltd            LT - Fund Based TL    ICRA B       39.9
                                                              (Stable)
Rating continues to remain under ‘(Issuer Not Cooperating)’ category.
Nirmal Seeds Pvt Ltd                    LT FB CC              ICRA BBB-    950
                                                              (Stable)
outlook revised to Stable from Negative
Nirmal Seeds Pvt Ltd                    LT TL                 ICRA BBB-    276.4
                                                              (Stable)
outlook revised to Stable from Negative Amount o/s after last surveillance (Rs. crore)
Ongc Videsh Ltd                         LT Bond Programme     ICRA AAA     3700    outstanding
                                                              (Stable)
Ongc Videsh Ltd                         FB Limits             ICRA AAA     1250    outstanding
                                                              (Stable)
Ongc Videsh Ltd                         Issuer rating         ICRA AAA     -       Assigned
                                                              (Stable)
Paschim Gujarat Vij Co. Ltd             LT Loans              -            0       -
Paschim Gujarat Vij Co. Ltd             LT FBL                ICRA AA-     6750    Reaffirmed
                                                              (Stable)
Paschim Gujarat Vij Co. Ltd             LT Non-FBL            ICRA         490     Reaffirmed
                                                              AA-(Stable)
Paschim Gujarat Vij Co. Ltd             LT/ST Unallocated     ICRA         1720    Reaffirmed
                                                              AA-(Stable)
                                                              /ICRA A1+
Ramkrishy Infrastructure Pvt.           Fund Based – CC       ICRA BBB     270     Reaffirmed
Ltd.                                                          (Stable)
S.A.N. Garment Manufacturing            FB - TL               ICRA BBB-    61      Reaffirmed
Pvt Ltd                                                       (Stable)
Simhapuri Energy Ltd                    FB Fac                ICRA D       21730.1
(Erstwhile Simhapuri Energy
Pvt. Ltd.)
Rating continue to remain in ‘(Issuer Not Cooperating)’ category
Simhapuri Energy Ltd                    Unallocated Limits    ICRA D       338
(Erstwhile Simhapuri Energy
Pvt. Ltd.)
Rating continue to remain in ‘(Issuer Not Cooperating)’ category
Sitac Kabini Renewables Pvt Ltd         TL                    ICRA AA-     3000    Assigned
                                                              (CE)
                                                              (Stable)
Sogefi Engine Systems India             LT– Interchangeable   ICRA A+      -       Reaffirmed
Pvt Ltd                                 (CC)^                 (Stable)
^interchangeable with short-term fund-based facilities
Suroj Buildcon Pvt. Ltd                 FB CC                 ICRA         115
                                                              A-(Stable)
Assigned for enhanced amount
Unique Structures & Towers Ltd          FB – CC               ICRA BB+     242.5   Reaffirmed
                                                              (Stable)
Unique Structures & Towers Ltd          FB - TL               ICRA BB+     13.9    Reaffirmed
                                                              (Stable)
Uttar Gujarat Vij Co. Ltd               LT FBL                ICRA         3250    Reaffirmed
                                                              AA-(Stable)
Uttar Gujarat Vij Co. Ltd               LT Non-FBL            ICRA         800     Reaffirmed
                                                              AA-(Stable)
Varun Hospitality Pvt Ltd               Fund Based – CC       ICRA BBB-    35      Reaffirmed
                                                              (Stable)
Varun Hospitality Pvt Ltd               Fund Based – TL       ICRA BBB-    1750.5  Reaffirmed
                                                              (Stable)
Varun Hospitality Pvt Ltd               Unallocated Limits    ICRA BBB-    139.5   Reaffirmed
                                                              (Stable)
Varun Hospitality Pvt Ltd               Non-FBL               ICRA BBB-    80      Reaffirmed
                                                              (Stable)
                                                              /ICRA A3
Varun Motors                            Fund Based – CC       ICRA BBB+    740     Reaffirmed
                                                              (Stable)
Varun Motors Pvt Ltd                    Fund Based – CC       ICRA BBB+    1680    Reaffirmed
                                                              (Stable)
Vivriti Capital Pvt                     PTC Series A1         ICRA A-(SO)  -       Withdrawn
Ltd-Vivriti Cabsec 001 2019
--------------------------------------------------------------------------------------------
$: 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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