for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Company News

ICRA ratings for Indian debt instruments-May 18

   May 18 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of May 15, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Abi-Showatech (India) Pvt Ltd          Non-fund Based –     ICRA A1     200    -
                                       Working Capital Fac
(Downgraded from ICRA A1+)
Akums Drugs & Pharmaceuticals          Non-fund Based –     ICRA A1+    100    Reaffirmed
Ltd                                    Working Capital Fac
Beml Ltd                               ST Non-FB Fac        ICRA A1+    8000   Reaffirmed
Beml Ltd                               CP                   ICRA A1+    4000   Assigned
Bommidala Enterprises Pvt Ltd          ST – FB Fac          ICRA A2+    250    Reaffirmed
Bommidala Enterprises Pvt Ltd          ST – FB Fac (sublimit)ICRA A2+   -      Reaffirmed
Bommidala Enterprises Pvt Ltd          ST – Non-FB Fac      ICRA A2+    346.1  Reaffirmed
Bommidala Enterprises Pvt Ltd          ST – Non-FB Fac      ICRA A2+    -      Reaffirmed
                                       (sublimit)
Dlf Home Developers Ltd                CP                   ICRA A1     3500   Reaffirmed
Dlf Ltd                                CP                   ICRA A1     10000  Reaffirmed
Fusion Jewellery Manufacturing         ST fundbased limits  ICRA A4     75     -
Co. Pvt. Ltd.
(ISSUER NOT COOPERATING)
Fusion Jewellery Manufacturing         ST interchangeable   ICRA A4     -      -
Co. Pvt. Ltd.                          limit
(ISSUER NOT COOPERATING)
Gulf Ashley Motor Ltd                  ST FB Fac            ICRA A2     1450   Reaffirmed
Gulf Ashley Motor Ltd                  ST FB Fac (sublimit) ICRA A2     -      Reaffirmed
Hariom Ingots & Power Pvt. Ltd.        Non-FBL              ICRA A4     50     -
(ISSUER NOT COOPERATING)
Hariom Ingots & Power Pvt. Ltd.        Unallocated          ICRA A4     48.4   -
(ISSUER NOT COOPERATING)
Kalra Overseas & Precision             ST, fund based       ICRA A4     36     -
Engineering Ltd
(ISSUER NOT COOPERATING)
Kalra Overseas & Precision             ST, non fund based   ICRA A4     3      -
Engineering Ltd
(ISSUER NOT COOPERATING)
Malik Lifesciences Pvt Ltd             Non-fund Based -     ICRA A2+    150    Reaffirmed
                                       Working Capital Fac
Maxcure Nutravedics Ltd.               Non-fund Based –     ICRA A2+    600    Assigned
                                       Working Capital Fac
New India Roadways                     ST non FBL           ICRA A4     360    -
(ISSUER NOT COOPERATING)
New India Roadways                     Unallocated limit    ICRA A4     140    -
(ISSUER NOT COOPERATING)
Parasrampuria Engineers Pvt Ltd        Non-fund based LOC   ICRA A4+    150    -
(ISSUER NOT COOPERATING)
Parasrampuria Engineers Pvt Ltd        Non-fund based –     ICRA A4+    40     -
                                       Forex Derivative
(ISSUER NOT COOPERATING)
Pinnacle Biomed Pvt Ltd                ST, Non-fund Based   ICRA A4     50     -
(ISSUER NOT COOPERATING)
Pmr Construction Company               ST - Non Fund Based  ICRA A4     150    -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Pnb Gilts Ltd                          CP Programme         ICRA A1+    5000   Reaffirmed
Premier Tobacco Packers Pvt Ltd        ST – FB Fac          ICRA A2+    600    Reaffirmed
Premier Tobacco Packers Pvt Ltd        ST – Non-FB Fac      ICRA A2+    50     Reaffirmed
Pure & Cure Healthcare Pvt Ltd         FB - Working Capital ICRA A1+    100    Reaffirmed
                                       Fac
Rajputana Properties Pvt Ltd           Non-FBL              ICRA A1+    120    Reaffirmed
Ramkumar Mills Pvt Ltd                 ST - Non Fund Based  ICRA A4     40     -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Ramnord Research Laboratories          ST Non-Fund Based –  ICRA A4     150    -
Pvt. Ltd.                              Import LC
(ISSUER NOT COOPERATING)
Ramnord Research Laboratories          ST Non-Fund Based    ICRA A4     -      -
Pvt. Ltd.                              Sub-limit – Buyer’s
                                       Credit
(ISSUER NOT COOPERATING)
Range Ceramic Pvt Ltd                  Non-FB BG            ICRA A4     24     -
(Rating moved to ‘Issuer Not Cooperating’ category)
Rnp Scaffolding & Formwork Pvt         ST non FBL^          ICRA A4     -      -
Ltd
(ISSUER NOT COOPERATING. ^Sublimit of long-term fund-based limit )
Shankaranarayan Jewellers              ST - Fund Based      ICRA D      55     -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Shankaranarayan Jewellers              ST - Non Fund Based  ICRA D      57.5   -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Sri Krishna Shelters Pvt Ltd           ST - Non Fund Based  ICRA D      50     -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Shantai Exim Ltd                       ST fund based limits ICRA A4     230    -
(ISSUER NOT COOPERATING)
Sportking India Ltd                    ST non-FB Bk Fac     ICRA A3+    756.1  Reaffirmed
Vicky Fashion Ltd                      FB – Packing Credit  ICRA A4     20     -
(ISSUER NOT COOPERATING)
Vijeta Projects Amp;                   Non-fund Based -     ICRA A4     1945   -
Infrastructures Ltd.                   Working Capital Fac
(rating continues in ‘Issuer not cooperating category’ )
Vsp Enterprises Pvt Ltd                Non- FBL             ICRA A4+    100    -
(rating continues in ‘Issuer not cooperating category’ )


LONG TERM RATINGS:
-------------------
Aadarshini Real Estate                 NCD (NCD) Programme  ICRA A+ (CE)9000   Reaffirmed
Developers Pvt Ltd
(outlook revised from Positive to (Stable))
Aadarshini Real Estate                 Fund based - TL      Provisional 32800  outstanding
Developers Pvt Ltd                                          ICRA A
                                                            (Stable)
Abi-Showatech (India) Pvt Ltd          Fund Based – TL      ICRA A      500    -
( downgraded from ICRA A+; outlook revised to ‘Stable’ from ‘Negative’)
Abi-Showatech (India) Pvt Ltd          Fund Based – Working ICRA A      550    -
                                       Capital
(downgraded from ICRA A+; outlook revised to ‘Stable’ from ‘Negative’)
Akums Drugs & Pharmaceuticals          Fund Based – Working ICRA A+     650    Reaffirmed
Ltd                                    Capital Fac
(outlook revised to ‘Positive’ from ‘(Stable)’)
Alsthom Industries Ltd                 TL                   ICRA AA     -      -
                                                            (Stable)
(reaffirmed and withdrawn)
Alsthom Industries Ltd                 FB Working Capital   ICRA AA     50     Reaffirmed
                                       Limits               (Stable)
Ashiana Dwellings Pvt Ltd              FB – TL              ICRA C      -      Withdrawn
(revised from ICRA B-(Stable) ISSUER NOT COOPERATING and rating withdrawn)
Ashiana Dwellings Pvt Ltd              Non-fund based – BG  ICRA C      -      Withdrawn
(revised from ICRA B-(Stable) ISSUER NOT COOPERATING and rating withdrawn)
Ashiana Dwellings Pvt Ltd              Optionally           ICRA C      648.1  revised from
                                       Convertible Debenture
(revised from ICRA B-(Stable) ISSUER NOT COOPERATING; Continues to remain under non-cooperation
)
Bbm Estates Pvt Ltd                    LT - Fund Based TL   ICRA A-(CE) 1100   Reaffirmed
                                                            (Stable)
Beml Ltd                               LT FB Fac            ICRA A+     12000  Reaffirmed
                                                            (Negative)
(outlook changed to Negative from Stable)
Beml Ltd                               LT Non-FB Fac        ICRA A+     25000  Reaffirmed
                                                            (Negative)
(outlook changed to Negative from Stable)
Beml Ltd                               NCDs                 ICRA A+     3000   Reaffirmed
                                                            (Negative)
(outlook changed to Negative from Stable)
Bommidala Enterprises Pvt Ltd          LT – TL              ICRA A-     94.5   Reaffirmed
                                                            (Stable)
Bommidala Enterprises Pvt Ltd          LT – FB Fac (sublimit) ICRA A-   -      Reaffirmed
                                                            (Stable)
Chemtrade Overseas Pvt Ltd             LT FBL               ICRA BB-    250    -
                                                            (Stable)
(ISSUER NOT COOPERATING)
Darjeeling Power Pvt Ltd               TL                   ICRA B+     227.5  -
                                                            (Stable)
(ISSUER NOT COOPERATING)
Darjeeling Power Pvt Ltd               CC                   ICRA B+     7.8    -
                                                            (Stable)
(ISSUER NOT COOPERATING)
Darjeeling Power Pvt Ltd               Unallocated          ICRA B+     14.7   -
                                                            (Stable)
(ISSUER NOT COOPERATING)
Dlf Home Developers Ltd                Fund based-TL        ICRA A+     7090   Reaffirmed
(outlook revised from Positive to (Stable))
Dlf Ltd                                Fund based - TL      ICRA A+     24520  Reaffirmed
(outlook revised from Positive to (Stable))
Dlf Ltd                                Fund based - Working ICRA A+     21820  Reaffirmed
                                       Capital Fac
(outlook revised from Positive to (Stable))
Dlf Ltd                                Non-fund based -     ICRA A+     9500   Reaffirmed
                                       Working Capital
                                       Fac/Bk Guarantee
(outlook revised from Positive to (Stable))
Dlf Ltd                                NCD Programme        ICRA A+     31900  Reaffirmed
(outlook revised from Positive to (Stable))
Embaby General Finance (India)         LT Bk Fac            ICRA        200    Reaffirmed
Pvt Ltd                                                     BB+(Stable)
Gulf Ashley Motor Ltd                  LT FB Fac (sublimit) ICRA BBB+   -      Reaffirmed
(outlook revised to Negative from (Stable))
Hariom Ingots & Power Pvt. Ltd.        CC                   ICRA B+     200    -
                                                            (Stable)
(ISSUER NOT COOPERATING)
Hariom Ingots & Power Pvt. Ltd.        TL                   ICRA B+     81.6   -
                                                            (Stable)
(ISSUER NOT COOPERATING)
Indiafirst Life Insurance Co.          Subordinated debt    ICRA        1000   Reaffirmed
Ltd                                    programme            AA(Stable)
Kalra Overseas & Precision             LT, Fund based – TL  ICRA        142.2  -
Engineering Ltd                                             BB(Stable)
(ISSUER NOT COOPERATING)
Kanchan Auto Pvt Ltd                   LT FBL               ICRA        90     -
                                                            BB+(Stable)
(ISSUER NOT COOPERATING)
Laxmi Memorial Education Trust         LT - Fund Based TL   ICRA BB+    150    -
                                                            (Stable)
(Downgraded from ICRA BBB (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Laxmi Memorial Education Trust         LT - Non Fund Based  ICRA BB+    80     -
                                       Amount               (Stable)
(Downgraded from ICRA BBB (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Malik Lifesciences Pvt Ltd             FB - Working Capital ICRA        410    Reaffirmed
                                       Fac                  A-(Stable)
Maxcure Nutravedics Ltd.               Fund Based – Working ICRA        250    Assigned
                                       Capital Fac          A-(Stable)
Neeta Developer                        Fund Based-TL        ICRA BB-    150    -
                                                            (Stable)
(ISSUER NOT COOPERATING)
Parasrampuria Engineers Pvt Ltd        Fund Based-TL        ICRA BB     60     -
                                                            (Stable)
(ISSUER NOT COOPERATING)
Parasrampuria Engineers Pvt Ltd        Fund Based – CC      ICRA BB     120    -
                                                            (Stable)
(ISSUER NOT COOPERATING)
Pinnacle Biomed Pvt Ltd                LT, Fund Based       ICRA B+     200    -
                                                            (Stable)
(ISSUER NOT COOPERATING)
Pmr Construction Company               LT - Fund Based/ CC  ICRA B+     50     -
                                                            (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Premier Tobacco Packers Pvt Ltd        LT – FB Fac          ICRA A-     -      Reaffirmed
                                       (sub-limit)          (Stable)
Pure & Cure Healthcare Pvt Ltd         FB - Working Capital ICRA        1070   Reaffirmed
                                       Fac                  A+(Stable)
Pure & Cure Healthcare Pvt Ltd         TL                   ICRA        561.8  Reaffirmed
                                                            A+(Stable)
Ramkumar Mills Pvt Ltd                 LT - Fund Based/ CC  ICRA B+     190    -
                                                            (Stable)
(Downgraded from ICRA BB (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Ramkumar Mills Pvt Ltd                 LT - Fund Based TL   ICRA B+     15.9   -
                                                            (Stable)
(Downgraded from ICRA BB (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Ramkumar Mills Pvt Ltd                 LT / ST – Unallocated ICRA B+    8      -
                                                            (Stable) /
                                                            ICRA A4
(Long term rating downgraded from ICRA BB (Stable); and ratings continues to remain under
‘Issuer Not Cooperating’ category)
Ramnord Research Laboratories          LT FB Sub-limit – CC ICRA B+     -      -
Pvt. Ltd.
(ISSUER NOT COOPERATING)
Ranganathan Rajeswari                  LT - Fund Based TL   ICRA D      85     -
Charitable Trust
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Range Ceramic Pvt Ltd                  FB – TL              ICRA B+     117.8  -
                                                            (Stable)
(Rating moved to ‘Issuer Not Cooperating’ category)
Range Ceramic Pvt Ltd                  FB – CC              ICRA B+     140    -
                                                            (Stable)
(Rating moved to ‘Issuer Not Cooperating’ category)
Rich Offset (I) Pvt Ltd                LT FBL               ICRA        80.8   -
                                                            BB+(Stable)
(ISSUER NOT COOPERATING)
Rich Offset (I) Pvt Ltd                Unallocated limits   ICRA        49.9   -
                                                            BB+(Stable)
(ISSUER NOT COOPERATING)
Rmz Azure Projects Pvt Ltd             TL                   ICRA A(CE)  3000   -
                                                            (Negative)
(Assigned/outstanding)
Rnp Scaffolding & Formwork Pvt         LT fund based limit  ICRA B      300    -
Ltd
(ISSUER NOT COOPERATING)
Sahastraa Exports Pvt Ltd              Bk loans             ICRA        225    -
                                                            B+(Stable)
                                                            /ICRA A4
( Issuer delayed in providing information )
Sezon Papers Pvt Ltd                   FB TL                ICRA BB-    92.5   Withdrawn
                                                            (Stable)
Sezon Papers Pvt Ltd                   FB CC                ICRA BB-    110    Withdrawn
                                                            (Stable)
Shankaranarayan Jewellers              LT - Fund Based/ CC  ICRA D      7.5    -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Shantai Exim Ltd                       LT FBL               ICRA C      70     -
(ISSUER NOT COOPERATING)
Sigma Power And Energy                 Rating Action        -           -      -
Engineers
(ICRA has moved the rating of Sigma Power and Energy Engineers to the ‘ISSUER NOT COOPERATING’
category due to non submission of monthly ‘No Default Statement’ (“NDS”) by the entity.) 
Sportking India Ltd                    LT FB Bk Fac         ICRA BBB    4944.8 Reaffirmed
                                                            (Negative)
(outlook revised from (Stable))
Sportking India Ltd                    Unallocated Bk Fac   ICRA BBB    299.1  Reaffirmed
                                                            (Negative)
(outlook revised from (Stable))
Sri Krishna Shelters Pvt Ltd           LT - Fund Based TL   ICRA D      100    -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Vicky Fashion Ltd                      FB – CC              ICRA        50     -
                                                            B(Stable)
(ISSUER NOT COOPERATING)
Vijeta Projects Amp;                   Fund Based - Working ICRA        800    -
Infrastructures Ltd.                   Capital Fac          B-(Stable)
(Rating downgraded from ICRA B+(Stable) and continues in ‘Issuer not cooperating category’)
Vsp Enterprises Pvt Ltd                FBL                  ICRA BB+    100    -
                                                            (Stable)
(rating continues in ‘Issuer not cooperating category’)
--------------------------------------------------------------------------------------------
$: 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)
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up