March 5, 2020 / 11:18 AM / a month ago

ICRA ratings for Indian debt instruments-Mar 5

    Mar 5 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of March 4, 2020.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Agrocel Industries Pvt Ltd              Non-FBL Previously    ICRA A1+     27      Upgraded
                                        Rated Amount                               from ICRA A1
Allsec Technologies Ltd                 ST- Non-Fund Based    ICRA A2      7       Withdrawn
Asansol Polyfabs Pvt Ltd                Non Fund basedBG      ICRA A4+     2       Withdrawn
Issuer Not Cooperating’ category
Bhagawati Enterprises                   LOC                   ICRA A4      14      Withdrawn
Bhagawati Enterprises                   External Commercial   ICRA A4      -       Withdrawn
                                        Borrowing / Buyers
                                        Credit
#sub limit of Letter of Credit of Rs. 14 crore
Bhagawati Enterprises                   Inland LOC            ICRA A4      -       Withdrawn
#sub limit of Letter of Credit of Rs. 14 crore
Bhagawati Enterprises                   Foreign Currency Loan ICRA A4      -       Withdrawn
#sub limit of Letter of Credit of Rs. 14 crore
Energy Efficiency Services Ltd          Non-fund based – ST   ICRA A1+     70      Reaffirmed
Energy Efficiency Services Ltd          Fund based – ST       ICRA A1+     885     Reaffirmed
Gawar Construction Ltd                  CP                    ICRA A1+     50      Withdrawn
Jm Financial Capital Ltd                CP (CP) Programme     ICRA A1+     1250    Assigned /
                                        (IPO Financing)                            outstanding
Jm Financial Capital Ltd                CP Programme          ICRA A1+     1000    outstanding
Jm Financial Products Ltd               CP (CP) Programme     ICRA A1+     3500    Assigned /
                                        (IPO Financing)                            outstanding
Jm Financial Products Ltd               CP Programme          ICRA A1+     4500    outstanding
Jm Financial Properties And             CP (CP) Programme     ICRA A1+     4250    Assigned /
Holdings Ltd                            (IPO Financing)                            outstanding
Jm Financial Properties And             CP Programme          ICRA A1+     250     outstanding
Holdings Ltd
Mandovi Casting Pvt Ltd                 ST NFBL               ICRA A4      4.61    Withdrawn
Nippon Life India Asset                 Money Market Fund     ICRA A1+mfs  -       outstanding
Management Ltd
Nippon Life India Asset                 Overnight Fund        ICRA A1+mfs  -       outstanding
Management Ltd
Nippon Life India Asset                 Interval Fund –       ICRA A1+mfs  -       outstanding
Management Ltd                          Monthly Interval Fund
                                        – Series II
Nippon Life India Asset                 Interval Fund -       ICRA A1+mfs  -       outstanding
Management Ltd                          Quarterly Interval
                                        Fund - Series II
Nippon Life India Asset                 Interval Fund –       ICRA A1+mfs  -       outstanding
Management Ltd                          Quarterly Interval
                                        Fund – Series III
Nippon Life India Asset                 Interval Fund –       ICRA A1+mfs  -       outstanding
Management Ltd                          Monthly Interval Fund
                                        – Series I
Nippon Life India Asset                 Liquid Fund           ICRA A1+mfs  -       outstanding
Management Ltd
Shree Shankar Vijay Saw Mill            Foreign Currency Loan ICRA A4      -       Withdrawn
#sub limit of Letter of Credit of Rs. 12.50 crore
Shree Shankar Vijay Saw Mill            Letterof Credit       ICRA A4      12.5    Withdrawn
Shree Shankar Vijay Saw Mill            Inland LOC            ICRA A4      -       Withdrawn
#sub limit of Letter of Credit of Rs. 12.50 crore
Shree Shankar Vijay Saw Mill            Letter of Comfort     ICRA A4      -       Withdrawn
#sub limit of Letter of Credit of Rs. 12.50 crore
Shree Shankar Vijay Saw Mill            Import LOC            ICRA A4      -       Withdrawn
#sub limit of Letter of Credit of Rs. 12.50 crore
Solaris Chemtech Industries Ltd         Non-FBL               ^ICRA A1+    20      Upgraded
                                                                                   from ICRA A1
                                                                                   (CE)
^ICRA's analytical approach for rating Solaris Chemtech Industries Limited’s (Solaris) facility
has changed. The rating is now based on a consolidated view of the rated entity with its parent,
Agrocel Industries Private Limited (Agrocel), instead of the approach followed earlier whereby
the rating of the instrument was based on the corporate guarantee furnished by the parent. The
change in the suffix should not be construed as a change in the rating.
Spartan Engineering Industries          ST Scale: Non-FBL     ICRA A4      14.00#  Withdrawn
Pvt Ltd
Issuer Not Cooperating’ category,#consists interchangeable sublimit
Spartan Engineering Industries          ST Scale:Unallocated  ICRA A4      0.02    Withdrawn
Pvt Ltd                                 limits
Issuer Not Cooperating’ category
Spartan Engineering Industries          ST Scale:             ICRA A4      -       Withdrawn
Pvt Ltd                                 Interchangeable limits

LONG TERM RATINGS:
-------------------
Agrocel Industries Pvt Ltd              FB – TL               -            -       -
Agrocel Industries Pvt Ltd              FB – CC               ICRA         72      Upgraded
                                                              AA-Stable            from ICRA A+
                                                                                   Stable
Allsec Technologies Ltd                 LT- Fund- Based       ICRA         4       Withdrawn
                                                              BBB+Stable
Asansol Polyfabs Pvt Ltd                Fund based-CC         ICRA BB+     7       Withdrawn
                                                              Stable
Issuer Not Cooperating’ category
Asansol Polyfabs Pvt Ltd                Unallocated Limit     ICRA         1       Withdrawn
                                                              BB+Stable /
                                                              ICRA A4+
Issuer Not Cooperating’ category
Bhagawati Enterprises                   CC                    ICRA         -       Withdrawn
                                                              B+Stable
#sub limit of Letter of Credit of Rs. 14 crore
Bhagawati Enterprises                   Unallocated Limit     ICRA         6       Withdrawn
                                        Trust Name            B+Stable /
                                                              ICRA A4
Cyberwalk Tech Park Pvt Ltd             LT – Fund Based – TL  ICRA D       68.84   Reaffirmed
Energy Efficiency Services Ltd          Non-convertible       ICRA AA-     1500    Reaffirmed
                                        Debenture Programme
                                        (NCD)
outlook revised to negative from stable
Jm Financial Capital Ltd                NCD (NCD) Programme   ICRA AA      200     outstanding
                                                              Stable
Jm Financial Capital Ltd                LT Mkt Linked Deb     PP-MLD ICRA  200     outstanding
                                        (Principal Protected) AA Stable
                                        {MLD (PP)} Progr
Jm Financial Products Ltd               NCD (NCD) Programme   ICRA AA      2338.1  outstanding
                                                              Stable
Jm Financial Products Ltd               NCD Programme (Public ICRA AA      2000    outstanding
                                        Issue)                Stable
Jm Financial Products Ltd               LT, Bk Lines (CC)     ICRA AA      249     outstanding
                                                              Stable
Jm Financial Products Ltd               LT, Bk Lines (TL)     ICRA AA      1325    outstanding
                                                              Stable
Jm Financial Products Ltd               LT, Bk Lines          ICRA AA      926     outstanding -
                                        (Unallocated) Long-TL Stable
Jm Financial Products Ltd               LT Market Linked      PP-MLDICRA   500     outstanding
                                        Debentures (Principal AA Stable
                                        Protected) {MLD (PP)} Programme
Jm Financial Properties And             LT, Bk Lines          ICRA AA      135     outstanding
Holdings Ltd                                                  Stable
Jodas Expoim Pvt. Ltd                   Fund based- TL        -            -       -
Jodas Expoim Pvt. Ltd                   Unallocated Limits    ICRA BBB-    35      Reaffirmed
                                                              Stable
Mandovi Casting Pvt Ltd                 LT FBL                ICRA         2.76    Withdrawn
                                                              BStable
Mandovi Casting Pvt Ltd                 Unallocated amount    ICRA         0.44    Withdrawn
                                                              BStable
                                                              /ICRA A4
Mytrah Vayu (Godavari) Pvt Ltd          FB - TL               ICRA BB+     623.61  Downgraded
                                                                                   from ICRA
                                                                                   BBB-
outlook remains Negative
Mytrah Vayu (Godavari) Pvt Ltd          FB - Overdraft        ICRA BB+     80      Downgraded
                                                                                   from ICRA
                                                                                   BBB-
outlook remains Negative
Mytrah Vayu (Godavari) Pvt Ltd          Unallocated           ICRA BB+     28.39   Downgraded
                                                                                   from ICRA
                                                                                   BBB-
outlook remains Negative
Mytrah Vayu (Indravati) Pvt Ltd         FB - TL               ICRA B-      915.9   Downgraded
                                                                                   from ICRA BB
outlook remains negative
Mytrah Vayu (Indravati) Pvt Ltd         FB – CC               ICRA B-      100     Downgraded
                                                                                   from ICRA BB
outlook remains negative
Mytrah Vayu (Indravati) Pvt Ltd         Unallocated           ICRA B-      134.1   Downgraded
                                                                                   from ICRA BB
outlook remains negative
Mytrah Vayu (Sabarmati) Pvt Ltd         FB - TL               ICRA BB+     1452    Downgraded
                                                                                   from ICRA
                                                                                   BBB-
outlook remains negative
Mytrah Vayu (Tungabhadra) Pvt           FB - TL               ICRA B-      952.83  Downgraded
Ltd                                                                                from ICRA BB-
outlook remains Negative
Mytrah Vayu (Tungabhadra) Pvt           FB - Overdraft        ICRA B-      43      Downgraded
Ltd                                                                                from ICRA BB-
outlook remains Negative
Mytrah Vayu (Tungabhadra) Pvt           Unallocated Fund      ICRA B-      38.17   Downgraded
Ltd                                     based- TL                                  from ICRA BB-
outlook remains Negative -
Nippon Life India Asset                 Low Duration Fund     ICRA A+mfs@  -       outstanding
Management Ltd
@Under rating Watch with Negative Implications
Nippon Life India Asset                 ETF LT Gilt           ICRA AAAmfs  -       Assigned
Management Ltd
Nippon Life India Asset                 ST Fund               ICRA AAAmfs  -       outstanding
Management Ltd
Nippon Life India Asset                 Gilt Securities Fund  ICRA AAAmfs  -       outstanding
Management Ltd
Nippon Life India Asset                 Bking & PSU Debt Fund ICRA AAAmfs  -       outstanding
Management Ltd
Nippon Life India Asset                 Dynamic Bond fund     ICRA AAAmfs  -       outstanding
Management Ltd
Nippon Life India Asset                 Floating Rate Fund    ICRA AAAmfs  -       outstanding
Management Ltd
Nippon Life India Asset                 Income Fund           ICRA AAAmfs  -       outstanding
Management Ltd
Nippon Life India Asset                 Prime Debt Fund       ICRA AA-mfs@ -       outstanding
Management Ltd
@Under rating Watch with Negative Implications
Nippon Life India Asset                 Capital Protection    Provisional  -       outstanding
Management Ltd                          Fund II - Plan A      ICRA AAA
                                                              (SO)
Nippon Life India Asset                 Capital Protection    Provisional  -       outstanding
Management Ltd                          Fund II - Plan B      ICRA AAA
                                                              (SO)
Praveen Electrical Works                LT - Fund Based/ CC   ICRA D       5       Downgraded
                                                                                   from ICRA
                                                                                   B+Stable
Continues to remain under ‘Issuer Not Cooperating’ category
Praveen Electrical Works                LT - Non-Fund Based   ICRA D       9       Downgraded
                                                                                   from ICRA
                                                                                   B+Stable
Continues to remain under ‘Issuer Not Cooperating’ category
Praveen Electrical Works                LT / ST - Unallocated ICRA D       6       Downgraded
                                                                                   from ICRA
                                                                                   B+Stable
Continues to remain under ‘Issuer Not Cooperating’ category
Sarwadi Finance Pvt Ltd                 Rating Without        ICRA BB-     -       -
                                        Explicit Credit
                                        Enhancement
Sarwadi Finance Pvt Ltd                 LT Bk lines           Provisional  20      Assigned
                                                              ICRA
                                                              BB+(CE) Stable
Sheetal Manufacturing Company           Long-TL               -            -       -
Pvt Ltd
Sheetal Manufacturing Company           LT, Unallocated       -            -       -
Pvt Ltd
Sheetal Manufacturing Company           LT, FB Fac            ICRA         562     Downgraded
Pvt Ltd                                                       A-(Negative)         from ICRA
                                                                                   AStable
Sheetal Manufacturing Company           LT, Non-FB Fac LT,    ICRA         174     Downgraded
Pvt Ltd                                 Unallocated           A-(Negative)         from ICRA
                                                                                   Astable
Shree Shankar Vijay Saw Mill            CC                    ICRA         6.25    Withdrawn
                                                              B+Stable
Shree Shankar Vijay Saw Mill            Unallocated Limit     ICRA         2.5     Withdrawn
                                                              B+Stable /
                                                              ICRA A4
Solaris Chemtech Industries Ltd         FB – CC               ^ICRA        30      Upgraded
                                                              AA-Stable            from ICRA A+
                                                                                   (CE) Stable
^ICRA's analytical approach for rating Solaris Chemtech Industries Limited’s (Solaris) facility
has changed. The rating is now based on a consolidated view of the rated entity with its parent,
Agrocel Industries Private Limited (Agrocel), instead of the approach followed earlier whereby
the rating of the instrument was based on the corporate guarantee furnished by the parent. The
change in the suffix should not be construed as a change in the rating.
Solaris Chemtech Industries Ltd         FB – TL               ^ICRA        550     Upgraded
                                                              AA-Stable            from ICRA A+
                                                                                   (CE) Stable
^ICRA's analytical approach for rating Solaris Chemtech Industries Limited’s (Solaris) facility
has changed. The rating is now based on a consolidated view of the rated entity with its parent,
Agrocel Industries Private Limited (Agrocel), instead of the approach followed earlier whereby
the rating of the instrument was based on the corporate guarantee furnished by the parent. The
change in the suffix should not be construed as a change in the rating.
Solaris Chemtech Industries Ltd         Unallocated Limits    ^ICRA        20      Upgraded
                                                              AA-Stable /          from ICRA A+
                                                              ICRA A1+             (CE)
                                                                                    Stable/ICRA
A1
                                                                                    (CE)
^ICRA's analytical approach for rating Solaris Chemtech Industries Limited’s (Solaris) facility
has changed. The rating is now based on a consolidated view of the rated entity with its parent,
Agrocel Industries Private Limited (Agrocel), instead of the approach followed earlier whereby
the rating of the instrument was based on the corporate guarantee furnished by the parent. The
change in the suffix should not be construed as a change in the rating.
Spartan Engineering Industries          LT Scale: Fund based  ICRA B+      4.48    Withdrawn
Pvt Ltd                                 TL limits             Stable
Issuer Not Cooperating’ category
Spartan Engineering Industries          LT Scale: Fund based  ICRA B+      25      Withdrawn
Pvt Ltd                                 CC limits             Stable
Issuer Not Cooperating’ category
Vaya Finserv Pvt Ltd                    Northern Arc 2020 MFI Provisional  34.3    Assigned
                                        Nasser PTC Series A1  ICRA A(SO)
Vaya Finserv Pvt Ltd                    Northern Arc 2020 MFI Provisional  2.02    Assigned
                                        Nasser PTC Series A2  ICRA BBB(SO)
--------------------------------------------------------------------------------------------
$: 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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