March 4, 2020 / 8:41 AM / in 25 days

ICRA ratings for Indian debt instruments-Mar 4

    Mar 4 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of March 3, 2020.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Abco Steel International Pvt            ST: Non-FB Fac        ICRA A4+     20
Ltd
revised from ICRA A4
Boxcoworld Logistics India Pvt          NFBL                  ICRA A3      50      Assigned
Ltd
C. J. Exporters                         Export Post           ICRA A4+@    900
                                        Finance/DA/DP
placed on rating watch with negative implications
C. J. Exporters                         Export Pre-finance^   ICRA A4+@    -
@placed on rating watch with negative implications; ^Sublimit of EPF/DA/DP
C. J. Exporters                         Export Pre-finance ^  ICRA A4+@    -
@placed on rating watch with negative implications; ^Sublimit of EPF/DA/DP
C. J. Exporters                         Direct Export ^       ICRA A4+@    -
@placed on rating watch with negative implications; ^Sublimit of EPF/DA/DP
C. J. Exporters                         Group Export ^        ICRA A4+@    -
@placed on rating watch with negative implications; ^Sublimit of EPF/DA/DP
Exicom Tele-Systems Ltd                 Non-FBL               ICRA A2      690     Reaffirmed
Hexagon Nutrition (Exports)             ST: Fund based        ICRA A2      110     Reaffirmed
Pvt Ltd
Hexagon Nutrition (Exports)             ST: Non-fund based    ICRA A2      53      Reaffirmed
Pvt Ltd
Hexagon Nutrition                       ST: Fund based /      ICRA A2      32.5    Reaffirmed
(International) Pvt Ltd                 Non-Fund based
Hexagon Nutrition Pvt Ltd               ST, FB                ICRA A2      90      Reaffirmed
Hexagon Nutrition Pvt Ltd               ST, Non-fund based    ICRA A2      30      Reaffirmed
Intercontinental Consultants            ST, FB Limits         ICRA A3      -
And Technocrats Pvt. Ltd.               (Sub-limit of LT, FB
                                        limits)
Downgraded from ICRA A3+
Intercontinental Consultants            ST, Non-FBL           ICRA A3      30
And Technocrats Pvt. Ltd.
Downgraded from ICRA A3+
R.K & Sons                              BG                    ICRA A4+     80      Reaffirmed
Rajeev Prakashan                        ST – Non-fund Based – ICRA A4+     35.2    Assigned
                                        BG
Semac Construction                      ST - Non Fund Based   ICRA A4      50      Assigned
Technologies India Llp
Semac Construction                      ST – Unallocated      ICRA A4      545     Assigned
Technologies India Llp
Semac Consultants Pvt. Ltd.             ST – Non-fund Based   ICRA A4+     150     Assigned
Semac Consultants Pvt. Ltd.             ST – Unallocated      ICRA A4+     100     Assigned
Shivakriti International Ltd            Non-FBL               ICRA A4      620
Issuer Not Cooperating; Withdrawn
Triveni Engicons Pvt Ltd                Non-fund based – BG   ICRA A2+     2160    Reaffirmed

LONG TERM RATINGS:
-------------------
Ab Hotels Ltd                           Long-TL               ICRA BBB-    165.6
                                                              (Stable)
Upgraded from ICRA BB+ (Stable)
Ab Hotels Ltd                           Fund Based – Working  ICRA BBB-    65
                                        Capital Fac           (Stable)
Upgraded from ICRA BB+ (Stable)
Abco Steel International Pvt            LT: FB Fac            ICRA BB      135
Ltd                                                           (Stable)
Upgraded from ICRA BB- (Stable)
Abco Steel International Pvt            LT: TL                ICRA BB      8.4
Ltd                                                           (Stable)
Upgraded from ICRA BB- (Stable)
Abco Steel International Pvt            LT: Unallocated       ICRA BB      26.6
Ltd                                     limits                (Stable)
Upgraded from ICRA BB- (Stable)
Boxcoworld Logistics India Pvt          FBL – Working Capital ICRA BBB-    180     Assigned
Ltd                                     Fac                   (Stable)
Cella Warehousing Pvt Ltd               Fund based - TL       ICRA A-      590^    Assigned
                                                              (Stable)
^includes sublimit of Rs 5.0 crore as overdraft and Rs 3.0 crore as Bank Guarantee
Exicom Tele-Systems Ltd                 Issuer Rating         ICRA BBB+            Reaffirmed
                                                              (Negative)
Exicom Tele-Systems Ltd                 FB CC limits          ICRA BBB+    410     Reaffirmed
                                                              (Negative)
Exicom Tele-Systems Ltd                 Unallocated limits    ICRA BBB+    300     Reaffirmed
                                                              (Negative)
                                                              / A2
Hexagon Nutrition (Exports)             LT: Fund based – TL   ICRA BBB+    60      Reaffirmed
Pvt Ltd                                                       (Stable)
Hexagon Nutrition                       LT: Fund based – TL   ICRA BBB+    10      Reaffirmed
(International) Pvt Ltd                                       (Stable)
Hexagon Nutrition Pvt Ltd               LT, FB – CC           ICRA BBB+    100     Reaffirmed
                                                              (Stable)
Hexagon Nutrition Pvt Ltd               LT, FB – TL           ICRA BBB+    70      Reaffirmed
                                                              (Stable)
Indorama India Pvt Ltd                  Rating Without        ICRA A-/     -
(Erstwhile Irc Agrochemicals            Explicit Credit       ICRA A2+
Pvt Ltd)                                Enhancement
Indorama India Pvt Ltd                  LT/ST-Fund based and  ICRA A+      21500
(Erstwhile Irc Agrochemicals            Non-Fund based        (CE)
Pvt Ltd)                                                      (Stable)/ ICRA A1 (CE)
Intercontinental Consultants            LT, FB (CC/optionally ICRA BBB-    580
And Technocrats Pvt. Ltd.               convertible debenture)(Stable)
Downgraded from ICRA BBB (Stable)
Intercontinental Consultants            LT, Non-Fund Based    ICRA BBB-    950
And Technocrats Pvt. Ltd.                                     (Stable)
Downgraded from ICRA BBB (Stable)
Karuppaswamy Builders Pvt Ltd           Proposed TL Facility  ICRA B+      70      Assigned
                                                              (Stable)
R.K & Sons                              Overdraft             ICRA BB+     58.5    Reaffirmed
                                                              (Stable)
Rajeev Prakashan                        LT – Fund Based – CC  ICRA BB+     64.5    Assigned
                                                              (Stable)
Satya Microcapital Ltd.-                PTC Series A1         Provisional          Assigned
Bryant Trust 2020                                             ICRA A- (SO)
Semac Construction                      LT - Fund Based/ CC   ICRA BB      5       Assigned
Technologies India Llp                                        (Stable)
Semac Consultants Pvt. Ltd.             LT – Interchangeable**ICRA BB+     -       Assigned
                                                              (Stable)
**Sub-limit of Non-fund based limits
Shivakriti International Ltd            Fund Based            ICRA B+      130
                                                              (Stable)
Issuer Not Cooperating; Withdrawn
Siddarth Organisation Ltd               Fund based CC         ICRA C       42
Downgraded from ICRA B+ (Stable); Rating continues to remain in the ‘Issuer Not Cooperating’
category
Siddarth Organisation Ltd               Unallocated Limits    ICRA C/      58
                                                              ICRA A4
Issuer Not Cooperating; Downgraded from ICRA B+ (Stable); Rating continues to remain in the
‘Issuer Not Cooperating’ category
Triveni Engicons Pvt Ltd                Fund based – CC       ICRA A-      140     Reaffirmed
                                                              (Stable)
Triveni Engicons Pvt Ltd                Fund based – CC/      ICRA A-      -       Reaffirmed
                                        Working Capital       (Stable)
                                        Demand Loan^
^Sub-limit of bank guarantee
Triveni Engicons Pvt Ltd                Unallocated Limits    ICRA A-      450     Reaffirmed
                                        Fund based – ST       (Stable)/
                                                              ICRA A2+
Vessel Warehousing Pvt Ltd              Fund based - TL       ICRA A-      1000^   Reaffirmed
                                                              (Stable)
^includes sublimit of Rs 9.0 crore as overdraft and Rs 3.0 crore as Bank Guarantee
--------------------------------------------------------------------------------------------
$: 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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