March 25, 2020 / 5:50 AM / 3 days ago

ICRA ratings for Indian debt instruments-Mar 25

    Mar 25 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of March 24, 2020.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Cairo International                     ST Nonfund based      ICRA A4      7.5     -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category.)
Krishna Antioxidants Pvt Ltd            ST FB Working Capital ICRA A3+     300     Reaffirmed
Krishna Antioxidants Pvt Ltd            ST Non-fund Based     ICRA A3+     420     Reaffirmed
Krishna Antioxidants Pvt Ltd            ST Interchangeable    ICRA A3+     140     Reaffirmed
                                        Limits
Marvel Vinyls Ltd                       ST Non-fund Based     ICRA A4+     310     -
(Reason for delay in carrying out periodic review: - Review process is underway)
Mpp Technologies Pvt Ltd                ST - NonFBL           ICRA A2      175.7   -
(Reason for delay in carrying out periodic review: - Issuer delayed in providing information)
Mulberry Silks Ltd                      ST: Fund based        ICRA A2      100     Reaffirmed
Mulberry Silks Ltd                      ST: Non-Fund based    ICRA A2      113.5   Reaffirmed
Neelikon Food Dyes And                  Non-fund based - LOC  ICRA A1      285     Reaffirmed
Chemicals Ltd
Neelikon Food Dyes And                  Fund based - PC,      ICRA A1      590     Reaffirmed
Chemicals Ltd                           PCFC, PSC, EBRD
Radhika Industries                      ST, FB Limits – Bill  ICRA A4      340     -
                                        Discounting/Purchase
(Rating continues to remain under the ‘Issuer Not Cooperating’ category.)
Shapoorji Pallonji And Company          CP                    ICRA A1      -       Withdrawn
Pvt Ltd
Stp Ltd                                 ST – Non-fund Based   ICRA A3+     90      Upgraded
                                                                                   from ICRA A4+
Strawberry Studio Exports Pvt           ST Non-fund Based     ICRA A4      9.8     -
Ltd
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Ttp Technologies Pvt Ltd                ST Non-FB Fac         ICRA A1      125     -
(Reason for delay in carrying out periodic review: - Issuer delayed in providing information)
Yes Bank Ltd                            ST Fixed Deposit      ICRA A4+&    -       Upgraded
                                        Programme                                  from ICRA D
Placed on Rating Watch with Developing Implications
Yes Bank Ltd                            Certificates of       ICRA A4+&    200000  Upgraded
                                        Deposit Programme                          from ICRA D
Placed on Rating Watch with Developing Implications


LONG TERM RATINGS:
-------------------
Al-Nasir Exports Pvt Ltd                LT/ST – Fundbased     ICRA BB+     320     Reaffirmed
                                                              (Stable) /
                                                              A4+
Al-Nasir Exports Pvt Ltd                LT/ST – Unallocated   ICRA BB+     180     Reaffirmed
                                                              (Stable) /
                                                              A4+
Arunachal Tea & Industries              Fund based working    ICRA BBB-    36      Reaffirmed
Pvt. Ltd                                capital limit
(Outlook revised from Stable to Negative)
Arunachal Tea & Industries              Unallocated limit     ICRA BBB-    63.1    Reaffirmed
Pvt. Ltd
(Outlook revised from Stable to Negative)
Bestech Hotels Pvt Ltd                  TL                    ICRA BBB     460     Assigned
                                                              (CE)
                                                              (stable)
Bestech Hotels Pvt Ltd                  Non fund based        ICRA BBB     50      Assigned
                                                              (CE)
                                                              (stable)
Bimal Auto Agency India Pvt Ltd         Fund Based –          ICRA         240     Reaffirmed
                                        Unallocated           BBB(Stable)
Cairo International                     LT Fundbased          ICRA B       126.1   -
                                                              (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category.)
Cairo International                     LT/ ST FB             ICRA B       150     -
                                                              (Stable)/A4
(Rating continues to remain under the ‘Issuer Not Cooperating’ category.)
Discovery Laboratories Pvt Ltd          LT - Fund Based/ CC   ICRA         100     Upgraded
                                                              BB-(Stable)          from ICRA B
                                                                                   (Stable)
Ethelwold Estate Pvt. Ltd               Fund based working    ICRA BBB-    85.4    Reaffirmed
                                        capital limit
(Outlook revised from Stable to Negative)
Ethelwold Estate Pvt. Ltd               Unallocated limit     ICRA BBB-    14.6    Reaffirmed
(Outlook revised from Stable to Negative)
Jharkhand Rajya Gramin Bank             Perpetual Debt        ICRA BBB-    3000    Assigned
                                        Programme             (hyb)
                                                              (Stable)
Jmc Constructions Pvt Ltd               LT - Fund Based       ICRA BB      210     Reaffirmed
                                                              (Stable)
Jmc Constructions Pvt Ltd               LT Non -fund based    ICRA BB      1260    Reaffirmed
                                                              (Stable)
Jmc Constructions Pvt Ltd               LT Unallocated limits ICRA BB      130     Reaffirmed
                                                              (Stable)
Krishna Antioxidants Pvt Ltd            LT FB CC              ICRA BBB     50      Reaffirmed
(Outlook revised to Positive from Stable)
Krishna Antioxidants Pvt Ltd            LT Interchangeable    ICRA BBB     100     Reaffirmed
                                        Limits
(Outlook revised to Positive from Stable)
Krishna Antioxidants Pvt Ltd            Unallocated Limits    ICRA BBB /   150     Reaffirmed
                                                              A3+
(Outlook revised to Positive from Stable)
Limbuguri Tea Estate Pvt. Ltd           Fund based working    ICRA BBB-    49.3    Reaffirmed
                                        capital limit
(Outlook revised from Stable to Negative)
Limbuguri Tea Estate Pvt. Ltd           Unallocated limit     ICRA BBB-    50.7    Reaffirmed
(Outlook revised from Stable to Negative)
Marvel Vinyls Ltd                       LT FB CC              ICRA BB+     320     -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Marvel Vinyls Ltd                       LT FB TL              ICRA BB+     50      -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Mpp Technologies Pvt Ltd                LT - Fundbased Limit  ICRA BBB     290     -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Issuer delayed in providing information)
Mpp Technologies Pvt Ltd                LT - Fundbased TL     ICRA BBB     220     -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Issuer delayed in providing information)
Mpp Technologies Pvt Ltd                LT - NonFB Fac        ICRA BBB     45      -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Issuer delayed in providing information)
Mulberry Silks Ltd                      LT: TL                ICRA BBB+    61.4    Reaffirmed
                                                              (Stable)
Mulberry Silks Ltd                      LT / ST - Unallocated ICRA BBB+    97.1    Reaffirmed
                                                              (Stable)/A2
Neelikon Food Dyes And                  Fund based - CC       ICRA A+      50      Reaffirmed
Chemicals Ltd
Neelikon Food Dyes And                  Proposed Limits       ICRA A+      5       Reaffirmed
Chemicals Ltd
Orange County Resorts & Hotels          TL                    ICRA BBB+    600     Reaffirmed
Ltd                                                           (Stable)
P.R.Nayak Associates Pvt Ltd            LT - Fund Based/ CC   ICRA BB+     220     Reaffirmed
                                                              (Stable)
Pahal Financial Services Pvt.           NCD Programmes        ICRA         150     Assigned
Ltd                                                           BBB-(Stable)
Pahal Financial Services Pvt.           NCD Programmes        ICRA         500     Assigned
Ltd                                                           BBB-(Stable)
Pahal Financial Services Pvt.           NCD Programmes        ICRA         1320    Outstanding
Ltd                                                           BBB-(Stable)
Pahal Financial Services Pvt.           Bk Lines              ICRA         500     Outstanding
Ltd                                                           BBB-(Stable)
Radhika Industries                      LT, FB Limits –CC     ICRA         -       -
                                                              B+(Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category.)
Saikrupa Cotgin Pvt Ltd                 LT FBL                ICRA C       150     Assigned
Saikrupa Cotgin Pvt Ltd                 Unallocated amount    ICRA C / A4  350     Assigned
Saikrupa Fibres Pvt Ltd                 LT FBL                ICRA C       90      Assigned
Saikrupa Fibres Pvt Ltd                 Unallocated amount    ICRA C/ICRA  160     Assigned
                                                              A4
Shapoorji Pallonji And Company          Non-FBL               ICRA A+      150000  Outstanding
Pvt Ltd                                                       (Negative)
                                                              / A1
Shapoorji Pallonji And Company          FB limits             ICRA A+      60000   Outstanding
Pvt Ltd                                                       (Negative)
                                                              / A1
Stp Ltd                                 LT – FB/ CC           ICRA BBB     240     Upgraded
                                                              (Stable)             from ICRA BB
                                                                                   (Stable)
Stp Ltd                                 LT – Non-fund Based   ICRA BBB     20      Upgraded
                                                              (Stable)             from ICRA BB
                                                                                   (Stable)
Strawberry Studio Exports Pvt           LT/ ST- FB            ICRA BB-     127     -
Ltd                                                           (Stable) /
                                                              A4
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Tata Consultancy Services Ltd           LT/ST Fundbased LimitsICRA AAA     2000    Reaffirmed
                                                              (Stable) /
                                                              A1+
Tata Consultancy Services Ltd           LT/ST NonFBL          ICRA AAA     50000   Reaffirmed
                                                              (Stable) /
                                                              A1+
Tata Consultancy Services Ltd           LT/ST                 ICRA AAA     18000   Reaffirmed
                                        Fundbased/Non-fund    (Stable) /
                                        Based                 A1+
Ttp Technologies Pvt Ltd                LT FB/CC              ICRA A       120     -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Issuer delayed in providing information)
Ttp Technologies Pvt Ltd                LT/ST Fund            ICRA A       315     -
                                        based/Non-Fund based  (Stable) /
                                        - Working Capital Fac ICRA A1
(Reason for delay in carrying out periodic review: - Issuer delayed in providing information)
Ttp Technologies Pvt Ltd                LT/ST Unallocated     ICRA A       220.3   -
                                        Limits                (Stable) /
                                                              ICRA A1
(Reason for delay in carrying out periodic review: - Issuer delayed in providing information)
Yes Bank Ltd                            Basel III Compliant   ICRA B       109000  Upgraded
                                        Tier II Bond ProgrammeB(hyb) &             from ICRA
                                                                                   D(hyb
(Placed on Rating Watch with Developing Implications)
Yes Bank Ltd                            Basel II Compliant    ICRA BB&     13441   Upgraded
                                        Upper Tier II Bond                         from ICRA D
                                        Programme
(Placed on Rating Watch with Developing Implications)
Yes Bank Ltd                            Basel II Compliant    ICRA BB+&    22306   Upgraded
                                        Lower Tier II Bond                         from ICRA D
                                        Programme
(Placed on Rating Watch with Developing Implications)
Yes Bank Ltd                            Infrastructure Bond   ICRA BB+&    70300   Upgraded
                                        Programme                                  from ICRA D
Placed on Rating Watch with Developing Implications
Yes Bank Ltd                            Basel II Compliant    ICRA D       3070    Reaffirmed
                                        Tier I Bond Programme
Yes Bank Ltd                            Basel III Compliant   ICRA D (hyb) 108000  Reaffirmed
                                        Additional Tier I
                                        Bond Programme



--------------------------------------------------------------------------------------------
$: 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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