May 21, 2020 / 11:42 AM / 15 days ago

ICRA ratings for Indian debt instruments-May 21

   May 21 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of May 20, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Bajaj Electricals Ltd                  ST – FB Limits       ICRA A2+    3150   Reaffirmed
Bajaj Electricals Ltd                  ST – CP              ICRA A2+    -      -
(Rating reaffirmed and simultaneously withdrawn)
Indus Vegpro Pvt Ltd                   ST- Fund Based       ICRA A4+    85     Withdrawn
J.J.Automotive Ltd                     Non-Fund Based Letter ICRA A4    -      Withdrawn
                                       of Guarantee#
(# Sub-limit of Cash Credit)
Sonal Irons Industry Pvt Ltd           Non-fund based – LOC ICRA A4     140    -
(Erstwhile Sri Sri Rukmani
Rolling Mill Pvt Ltd)
(Issuer did not co-operate; based on best available information)
Varadharaja Foods Pvt Ltd              Non-FB facility      ICRA A4     -      -
                                       (sub-limit)
(Issuer did not co-operate; based on best available information)


LONG TERM RATINGS:
-------------------
Aziz Enterprises                       LT – Fund Based/ CC  ICRA B      80     -
                                                            (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Bajaj Electricals Ltd                  LT - TL              ICRA A-     200    Reaffirmed
                                                            (Negative)
Bajaj Electricals Ltd                  LT – FB Limits       ICRA A-     3797   Reaffirmed
                                                            (Negative)
Bajaj Electricals Ltd                  LT-NCD programme     ICRA A-     2000   Reaffirmed
                                                            (Negative)
Bajaj Electricals Ltd                  LT/ST - Non-FBL      ICRA A-     27003  Reaffirmed
                                                            (Negative)/
                                                            ICRA A2
Bajaj Electricals Ltd                  LT/ST – FB/Non FBL   ICRA A-     13275  Reaffirmed
                                                            (Negative)/
                                                            ICRA A2+
Bajaj Electricals Ltd                  LT-NCD programme     Provisional -      -
                                                            ICRA A-
                                                            (Negative)
(Rating reaffirmed and simultaneously withdrawn)
Bochem Healthcare Pvt. Ltd             FBL                  ICRA D      167.2  -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Bochem Healthcare Pvt. Ltd             Non-FBL              ICRA D      50     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Five-Star Business Finance Ltd         Northern Arc 2020 SBL Provisional 701   Final
                                       Otis - PTC Series A1 ICRA AA-(SO)
Imperial Tubes Pvt Ltd                 FBL – Open CC        ICRA D      500    -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Imperial Tubes Pvt Ltd                 Non-Fund Based – BG  ICRA D      50     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Imperial Tubes Pvt Ltd                 Non-Fund Based –     ICRA D      50     -
                                       Inland LOC
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Indus Vegpro Pvt Ltd                   LT- TL               ICRA BB     28.2   Withdrawn
                                                            (Stable)
J.J.Automotive Ltd                     Fund based-TL        ICRA B+     132.5  Withdrawn
                                                            (Stable)
J.J.Automotive Ltd                     Fund based-CC        ICRA B+     250    Withdrawn
                                                            (Stable)
J.J.Automotive Ltd                     Fund Based Untied    ICRA B+     5      Withdrawn
                                       Limits               (Stable)
Jayant Snacks & Beverages Pvt          BLR                  ICRA BB     273.4  -
Ltd                                                         (Stable) /
                                                            ICRA A4+
(Reason for delay in carrying out periodic review: - Issuer not co-operating)
Regency Nirman Ltd                     LT Fund Based        ICRA BBB    -      -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer not co-operating)
S.D. Education Trust                   FBL                  ICRA D      67.5   -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Shree Vishwakarma Builders             LT/Fund- based/TL    ICRA D      345    -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Sonal Irons Industry Pvt Ltd           Fund Based – CC      ICRA BB-    185    -
(Erstwhile Sri Sri Rukmani                                  (Stable)
Rolling Mill Pvt Ltd)
(Issuer did not co-operate; based on best available information)
Sonal Irons Industry Pvt Ltd           Fund Based – TL      ICRA BB-    118.2  -
(Erstwhile Sri Sri Rukmani                                  (Stable)
Rolling Mill Pvt Ltd)
(Issuer did not co-operate; based on best available information)
Sonal Irons Industry Pvt Ltd           Unallocated          ICRA BB-    22.8   -
(Erstwhile Sri Sri Rukmani                                  (Stable)/
Rolling Mill Pvt Ltd)                                       ICRA A4
(Issuer did not co-operate; based on best available information)
Svasti Microfinance Pvt Ltd            Vivriti Ellaria 01   ICRA A+(SO) -      Withdrawn
                                       2019 PTC Series A1
Varadharaja Foods Pvt Ltd              Unallocated facility ICRA BB     77.3   -
                                                            (Stable)/
                                                            ICRA A4
(Issuer did not co-operate; based on best available information)
Varadharaja Foods Pvt Ltd              TL                   ICRA        2.7    -
                                                            BB(Stable)
(Issuer did not co-operate; based on best available information)
Varadharaja Foods Pvt Ltd              Fund based facility  ICRA        70     -
                                                            BB(Stable)
(Issuer did not co-operate; based on best available information)
Veer Plastics Pvt Ltd                  BLR                  ICRA BBB+   2157   -
                                                            (Stable)/
                                                            ICRA A2
(Reason for delay in carrying out periodic review: - Issuer not co-operating)
Warora Chandrapur Ballarpur            LT - Fund Based TL   ICRA B      3360   -
Toll Road Ltd                                               (Stable)
(Rating downgraded from ICRA BB(Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Western India Transport                Sanchez CV Northern  ICRA A+(SO) -      Withdrawn
                                       Arc Capital 2018
                                       PTC Series A1    
--------------------------------------------------------------------------------------------
$: 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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