May 22, 2020 / 11:59 AM / 15 days ago

ICRA ratings for Indian debt instruments-May 22

   May 22 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of May 21, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Bhagwati Woven Pvt. Ltd.               ST non-fund based-   ICRA A4     -      -
                                       LOC^
(Reason for delay in carrying out periodic review: Issuer Not Cooperating. 
^sub-limit of cash credit)
Corona Vitrified Pvt Ltd               Non-Fund Based BG    ICRA A4     30     -
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Equinox Solutions Ltd                  Non-fund based LOC   ICRA A4     -      -
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Equinox Solutions Ltd                  Non-fund based Credit ICRA A4    -      -
                                       Exposure Limit
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Future Corporate Resources Pvt         ST, Non-FB Fac       ICRA D      1300   Outstanding
Ltd
Forbes Technosys Ltd                   ST Non-FBL           ICRA A2(CE) 320    outstanding
Healthcare Global Enterprises          ST-Non-fund based    ICRA A2+    285    Reaffirmed
Ltd
Healthcare Global Enterprises          ST Non-fund based    ICRA A2+    -      Reaffirmed
Ltd                                    (sub-limits)
Hyundai Steel India Pvt Ltd            FB and non-FB Fac    ICRA A2(CE) -      outstanding
Hyundai Steel India Pvt Ltd            FB and non-FB        ICRA A2(CE) 3700   Assigned
Hyundai Steel India Pvt Ltd            FB Fac               ICRA A3     -      outstanding
India Infoline Finance Ltd             Secure Trust July    ICRA        -      Withdrawn
                                       2019 -PTC Series A   A1+(SO)
Isolloyd Engineering                   Non-fund Based       ICRA A3     200    Downgraded
Technologies Ltd                       Working Capital Fac                     from ICRA A3+
Lavis Signature Panel Pvt Ltd          Non Fund Based – BG  ICRA A4     10     -
(Issuer did not co-operate; based on best available information)
Lavis Signature Panel Pvt Ltd          Non Fund Based –     ICRA A4     50     -
                                       Forward Contract
(Issuer did not co-operate; based on best available information)
Lavis Signature Panel Pvt Ltd          Non Fund Based – LOC ICRA A4     -      -
                                       **
(Issuer did not co-operate; based on best available information. 
** sub-limit of cash credit facility)
Lloyd Insulations (India) Ltd          Non-fund Based       ICRA A3     5700   -
                                       Working Capital Fac
(Downgraded from ICRA A2)
Mehta Petro Refineries Ltd             Non-FBL              ICRA A3     800    Reaffirmed
Peb Steel Lloyd (India) Ltd            Non-FBL              ICRA A4+    80     -
(Downgraded from ICRA A3+(CE))
Skoda Auto Volkswagen India            CP                   ICRA A1+    15000  -
Pvt Ltd
(Assigned/ Outstanding)
Starlite Lighting Ltd                  ST- Non-FB limits    ICRA A2 (CE)100    Reaffirmed
Sterling Tools Ltd                     Non-FBL              ICRA A1+    340.9  Reaffirmed
Sundar Timber Products                 LOC cum Buyers Credit ICRA A4    70     -
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Unique Ship Breaking                   Non Fund Based LOC   ICRA A4     450    -
Corporation
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)


LONG TERM RATINGS:
-------------------
Aptus Value Housing Finance            Vivriti Gryffindor 02 ICRA A+(SO) -     Reaffirmed
India Ltd                              2019 -PTC Series A2
Aptus Value Housing Finance            Vivriti Gryffindor 02 ICRA        -     Reaffirmed
India Ltd                              2019 -PTC Series A1  AA+(SO)
Arohan Financial Services Ltd          Aavishkaar MSME      ICRA        655.8  -
                                       February 2019 -PTC   BBB+(SO)
                                       Series A1
(Reason for delay in carrying out periodic review:-Review process is underway)
Au Small Finance Bank Ltd              India Standard Loan  ICRA AA(SO) 361.9  -
                                       Trust XXIX -PTC
                                       Series A
(Reason for delay in carrying out periodic review: - Review process is underway)
Au Small Finance Bank Ltd              India Standard Loan  ICRA        9.8    -
                                       Trust XXIX -         AAA(SO)
                                       Liquidity Facility
(Reason for delay in carrying out periodic review: - Review process is underway)
Au Small Finance Bank Ltd              India Standard Loan  ICRA        32.6   -
                                       Trust XXIX - Second  BBB(SO)
                                       Loss Facility
(Reason for delay in carrying out periodic review: - Review process is underway)
Bhagwati Woven Pvt. Ltd.               FB – CC              ICRA B      50     -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Bhagwati Woven Pvt. Ltd.               FB – TL              ICRA B      50.8   -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Bhoomi Ginning Pressing Pvt Ltd        FB – CC              ICRA D      -      -
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Corona Vitrified Pvt Ltd               Unallocated Limits   ICRA BB-    33     -
                                                            (Stable)/A4
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Corona Vitrified Pvt Ltd               FB – CC              ICRA BB-    80     -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Equinox Solutions Ltd                  FB – CC              ICRA BB-    49.5   -
                                                            (Stable)
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Equinox Solutions Ltd                  Unallocated Limits   ICRA BB-    50.5   -
                                                            (Stable)/A4
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Ess Kay Fincorp Ltd                    Northern Arc 2018 CV ICRA        -      Withdrawn
                                       PERSEC Aurora -PTC   AA(SO)
                                       Series A1
Farida Shoes Pvt Ltd                   Bk loan ratings      ICRA BBB    108.5  -
                                                            (Positive)
                                                            /A3+
Focal Energy Solar India Pvt           Fund Based – TL      ICRA        260    Reaffirmed
Ltd                                                         BBB(Stable)
Focal Energy Solar India Pvt           Unallocated limits   ICRA        20     Reaffirmed
Ltd                                                         BBB(Stable)
Focal Energy Solar One India           Fund Based – TL      ICRA A-     1060   Reaffirmed
Pvt Ltd                                                     (Stable)
Focal Energy Solar One India           Fund Based – CC      ICRA A-     35     Reaffirmed
Pvt Ltd                                                     (Stable)
Focal Energy Solar One India           Unallocated limits   ICRA A-     5      Reaffirmed
Pvt Ltd                                                     (Stable)
Forbes Technosys Ltd                   LT - Loan            ICRA A-(CE) 57     outstanding
                                                            (Negative)
Forbes Technosys Ltd                   LT FB Limits         ICRA BBB+   480    outstanding
                                                            (CE)
                                                            (Negative)
Forbes Technosys Ltd                   NCD (NCD) Programme  ICRA BBB+   350    outstanding
                                                            (CE)
                                                            (Negative)
Forbes Technosys Ltd                   LT - Loans           ICRA        200    -
                                                            BBB+(CE)
                                                            (Negative)
(assigned/outstanding)
Forbes Technosys Ltd                   NCD Programme        ICRA        -      -
                                                            BBB+(CE)
                                                            (Negative)
(Reaffirmed and Withdrawn)
Future Corporate Resources Pvt         Long-TL              ICRA D      2266.7 Outstanding
Ltd
Future Corporate Resources Pvt         LT, FB Fac           ICRA D      500    Outstanding
Ltd
Future Corporate Resources Pvt         Principal Protected  PP-MLD      4371.1 Outstanding
Ltd                                    Market Linked        ICRA D
                                       Debenture Programme (PP-MLD)
Golhar Ginning & Oil Pvt. Ltd.         Term - Loan          ICRA D      41     -
(Issuer did not co-operate; based on best available information)
Golhar Ginning & Oil Pvt. Ltd.         CC                   ICRA D      47.5   -
(Issuer did not co-operate; based on best available information)
Golhar Ginning & Oil Pvt. Ltd.         Unallocated Limits   ICRA D      11.5   -
(Issuer did not co-operate; based on best available information)
Healthcare Global Enterprises          TL                   ICRA A-     5313.1 Reaffirmed
Ltd
(outlook revised to (Stable) from Negative)
Healthcare Global Enterprises          LT Fund Based – CC   ICRA A-     1000   Reaffirmed
Ltd
Healthcare Global Enterprises          LT Non-fund based    ICRA A-     -      Reaffirmed
Ltd                                    (sub-limits)
Hyundai Steel India Pvt Ltd            LT fund based        ICRA BBB+   -      Assigned
                                       sub-limits           (CE)
                                                            (Negative)
Hyundai Steel India Pvt Ltd            LT/ ST FB sub-limit  ICRA        -      outstanding
                                                            BBB+(CE) /
                                                            Negative / ICRA A2(CE)
India Shoes Exports Pvt Ltd            Bk loan ratings      ICRA BBB    -      -
                                                            (Positive)
                                                            / A3+
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Isolloyd Engineering                   FB Working Capital Fac ICRA BBB- 50     Downgraded
Technologies Ltd                                                               from ICRA BBB
(outlook revised to Negative from (Stable))
Lavis Signature Panel Pvt Ltd          Fund based-TL        ICRA B+     51.2   -
                                                            (Stable)
(Issuer did not co-operate; based on best available information)
Lavis Signature Panel Pvt Ltd          Fund based-CC        ICRA B+     100    -
                                                            (Stable)
(Issuer did not co-operate; based on best available information)
Lloyd Insulations (India) Ltd          FB Working Capital Fac ICRA BBB- 750    -
(Downgraded from ICRA BBB+)
Lloyd Insulations (India) Ltd          LT Unallocated LimitsICRA BBB-   350    -
(Downgraded from ICRA BBB+)
Magma Fincorp Ltd                      PTC Series A1        ICRA AA(SO) 1596.7 -
(Reason for delay in carrying out periodic review: Review process is underway)
Magma Fincorp Ltd                      PTC Series A2        ICRA AA(SO) 84     -
(Reason for delay in carrying out periodic review: Review process is underway)
Magma Fincorp Ltd                      Second Loss Facility ICRA        39.3   -
                                                            BBB-(SO)
(Reason for delay in carrying out periodic review: Review process is underway)
Magma Housing Finance Ltd              MHFL Securitisation  ICRA AA(SO) 480.6  -
                                       Trust I - PTC Series
                                       A1
(Reason for delay in carrying out periodic review: - Review process is underway)
Magma Housing Finance Ltd              MHFL Securitisation  ICRA AA(SO) 17.4   -
                                       Trust I - PTC Series
                                       A2
(Reason for delay in carrying out periodic review: - Review process is underway)
Magma Housing Finance Ltd              MHFL Securitisation  ICRA AA(SO) 558.9  -
                                       Trust II - PTC Series
                                       A1
(Reason for delay in carrying out periodic review: - Review process is underway)
Magma Housing Finance Ltd              MHFL Securitisation  ICRA AA(SO) 27.9   -
                                       Trust II - PTC Series
                                       A2
(Reason for delay in carrying out periodic review: - Review process is underway)
Magma Housing Finance Ltd              MHFL Securitisation  ICRA AA(SO) 632.6  -
                                       Trust III - PTC
                                       Series A1
(Reason for delay in carrying out periodic review: - Review process is underway)
Magma Housing Finance Ltd              MHFL Securitisation  ICRA AA(SO) 22.9   -
                                       Trust III - PTC
                                       Series A2
(Reason for delay in carrying out periodic review: - Review process is underway)
Magma Housing Finance Ltd              MHFL Securitisation  ICRA        29.9   -
                                       Trust I - Second Loss BBB-(SO)
                                       Facility
(Reason for delay in carrying out periodic review: - Review process is underway)
Magma Housing Finance Ltd              MHFL Securitisation  ICRA        30.8   -
                                       Trust II - Second    BBB-(SO)
                                       Loss Facility
(Reason for delay in carrying out periodic review: - Review process is underway)
Magma Housing Finance Ltd              MHFL Securitisation  ICRA        39.3   -
                                       Trust III - Second   BBB-(SO)
                                       Loss Facility
(Reason for delay in carrying out periodic review: - Review process is underway)
Mahi Corporation Pvt. Ltd.             Fund based-TL        ICRA D      14.5   -
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Mahi Corporation Pvt. Ltd.             Fund based-CC        ICRA D      50     -
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Mehta Petro Refineries Ltd             FB sub-limits#       ICRA BBB-   -      Reaffirmed
                                                            (Negative)
                                                            /ICRA A3;
(#Total utilisation of fund based and non-fund based sublimits should not exceed Rs. 80.00
crore)
Mehta Petro Refineries Ltd             Non-fund based       ICRA BBB-   -      Reaffirmed
                                       sub-limits#          (Negative)
                                                            /ICRA A3;
(#Total utilisation of fund based and non-fund based sublimits should not exceed Rs. 80.00
crore)
Mehta Petro Refineries Ltd             Unallocated limits   ICRA BBB-   300    Reaffirmed
                                                            (Negative)
                                                            /ICRA A3;
Midland Microfin Ltd                   Northern Arc 2019 MFIICRA A(SO)  -      Withdrawn
                                       Gromov -PTC Series A1
Northland Holding Company Pvt          Fund based - TL      ICRA A+(CE) 3000   Assigned
Ltd                                                         (Stable)
Peb Steel Lloyd (India) Ltd            FB CC Limits         ICRA BB+    70     -
(Downgraded from ICRA BBB (CE))
Saija Finance Pvt Ltd                  Northern Arc 2019 MFI ICRA A(SO)  -     Withdrawn
                                       Marcus -PTC Series A1
Shree Ram Rayon - Surat                Term - Loan          ICRA D      54.4   -
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Shree Ram Rayon - Surat                CC                   ICRA D      27.5   -
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Shree Ram Rayon - Surat                Seasonal CC          ICRA D      15     -
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Shree Ram Rayon - Surat                Proposed CC          ICRA D      2.1    -
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Skn- Haryana City Gas                  FB CC                ICRA BB+ &  25     Withdrawn
Distribution Pvt Ltd
Skn- Haryana City Gas                  FB TL                ICRA BB+ &  45.8   Withdrawn
Distribution Pvt Ltd
Skn- Haryana City Gas                  Non-fund Based       ICRA BB+ &  100    Withdrawn
Distribution Pvt Ltd
Skoda Auto Volkswagen India            FB/Non-FB Fac        ICRA AA+    26070  Outstanding
Pvt Ltd                                                     (Stable) /
                                                            ICRA A1+
Starlite Lighting Ltd                  LT - NCD Programme   ICRA A-     800    Reaffirmed
                                                            (CE)
                                                            (Negative)
Starlite Lighting Ltd                  LT - NCD Programme   ICRA A-     600    Reaffirmed
                                                            (CE)
                                                            (Negative)
Starlite Lighting Ltd                  LT - FBL             ICRA BBB+   920    Reaffirmed
                                                            (CE)
                                                            (Negative)
Sterling Tools Ltd                     TL                   ICRA AA-    765.8  Reaffirmed
                                                            (Negative)
(outlook revised to Negative from (Stable))
Sterling Tools Ltd                     LT Fundbased Fac     ICRA AA-    950    Reaffirmed
                                                            (Negative)
(outlook revised to Negative from (Stable))
Sudha Somany Ceramics Pvt. Ltd.        LT – FB/ CC          ICRA BBB@   130    -
(placed on Watch with Negative Implications (revised from Watch with Developing Implications). 
@- placed on watch with negative implications)
Sudha Somany Ceramics Pvt. Ltd.        LT - fund based TL   ICRA BBB@   785    -
(placed on Watch with Negative Implications (revised from Watch with Developing Implications). 
@- placed on watch with negative implications)
Sudha Somany Ceramics Pvt. Ltd.        LT / ST - Non fund   ICRA        20     -
                                       based                BBB@/ICRA
                                                            A3+@
(placed on Watch with Negative Implications (revised from Watch with Developing Implications). 
@- placed on watch with negative implications)
Sudha Somany Ceramics Pvt. Ltd.        LT / ST - unallocatedICRA        30     -
                                                            BBB@/ICRA
                                                            A3+@
(placed on Watch with Negative Implications (revised from Watch with Developing Implications). 
@- placed on watch with negative implications)
Sundar Timber Products                 CC                   ICRA B      10     -
                                                            (Stable)
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Swastik Cold Storage                   FB – CC Pledge       ICRA B      22     -
                                                            (Stable)
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Swastik Cold Storage                   FB – CC Clean        ICRA B      2.5    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Swastik Cold Storage                   FB – TL              ICRA B      -      -
                                                            (Stable)
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Vivriti Capital Pvt Ltd                Vivriti CABSEC 002   ICRA AA(SO) 17.2   -
                                       2019 -PTC Series A2
(Upgraded from ICRA BBB(SO))
Vivriti Capital Pvt Ltd                Vivriti CABSEC 002   ICRA AAA(SO)9.3    -
                                       2019 -PTC Series A1
(Upgraded from ICRA A-(SO))
Wall Cera Tiles Pvt. Ltd.              Fund based-TL        ICRA B+     34.6   -
                                                            (Stable)
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Wall Cera Tiles Pvt. Ltd.              Fund based-CC        ICRA B+     40     -
                                                            (Stable)
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Wall Cera Tiles Pvt. Ltd.              Unallocated Limit    ICRA B+     35.4   -
                                                            (Stable)/A4
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
--------------------------------------------------------------------------------------------
$: 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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