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ICRA ratings for Indian debt instruments-Nov 20

    Nov 20 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of November 19, 2020.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Agro Indus Credits Ltd                  ST Bk Fac             ICRA A4      50     Reaffirmed
Agro Indus Credits Ltd                  ST Bk Fac             ICRA A4      200
Reaffirmed and Withdrawn
Alpha Design Technologies Pvt Ltd       ST - Non-fund Based   ICRA A2      1020   Reaffirmed
Alpha Design Technologies Pvt Ltd       ST - Interchangeable  ICRA A2             Reaffirmed
Black Burn & Co. Pvt Ltd                Non-Fund based - BG#  ICRA A3      24.9   Reaffirmed
#Bank Guarantee and Letter of Credit are fully interchangeable among each other
Black Burn & Co. Pvt Ltd                Non-Fund based - LOC# ICRA A3      9      Reaffirmed
#Bank Guarantee and Letter of Credit are fully interchangeable among each other
Kali Aerated Water Works Pvt Ltd        ST- Interchangeable^  ICRA A3             Reaffirmed
^sub-limit of long-term facilities
Kobe Suspension Company Pvt Ltd         ST: Fund Based        ICRA A4      32
Issuer Not Cooperating
M.K. Wood India Pvt Ltd                 Non-fund Based – LC & ICRA A4      700
                                        Buyer’s Credit Limit
Rating continues to remain under ‘Issuer Not Cooperating’ category
Oxyzo Financial Services Pvt Ltd        CP Programme          ICRA A2+     250    Outstanding
Radiant Indus Chem Pvt. Ltd.            ST - Fund Based       ICRA A4+     5      Reaffirmed
Radiant Indus Chem Pvt. Ltd.            ST - Non Fund Based   ICRA A4+     4      Reaffirmed
S&P Infrastructure Developers Pvt Ltd   ST Non-FB limits      ICRA A4      670
Downgraded from ICRA A4+ and continues to remain under ‘Issuer Not Cooperating’ category
S&P Infrastructure Developers Pvt Ltd   Unallocated           ICRA A4      60
Downgraded from ICRA A4+ and continues to remain under ‘Issuer Not Cooperating’ category
Sadhu Forging Ltd                       ST - Non Fund Based   ICRA A3+     45     Outstanding
Usha Shriram Enterprises Pvt Ltd        ST - Fund Based       ICRA A4      100
Downgraded from ICRA A4+ and continues to remain under ‘Issuer Not Cooperating’ category
Usha Shriram Enterprises Pvt Ltd        ST - Non Fund Based   ICRA A4      92
Downgraded from ICRA A4+ and continues to remain under ‘Issuer Not Cooperating’ category

LONG TERM RATINGS:
-------------------
Agro Indus Credits Ltd                  LT Bk Fac             ICRA B+      250    Assigned
                                                              (Stable)
Alpha Design Technologies Pvt Ltd       LT - Fund Based/ CC   ICRA BBB+    1100   Reaffirmed
                                                              (Stable)
Alpha Design Technologies Pvt Ltd       LT - Fund Based/TL    ICRA BBB+    523    Reaffirmed
                                                              (Stable)
Arkas Energy Llp                        FB Limits-TL          ICRA D       230
Reaffirmed and removed from Issuer Not Cooperating category
Black Burn & Co. Pvt Ltd                Fund based - CC       ICRA BBB-    110    Reaffirmed
                                                              (Stable)
outlook revised to Stable from Negative
Black Burn & Co. Pvt Ltd                Fund based - TL       ICRA BBB-    6.1    Reaffirmed
                                                              (Stable)
outlook revised to Stable from Negative
Ess Kay Fincorp Ltd                     Rating Without        ICRA A-
                                        Explicit Credit
                                        Enhancement
Ess Kay Fincorp Ltd                     NCDs (NCD)            Provisional  1500   Assigned
                                                              ICRA AA+(CE)
                                                              (Stable)
Kali Aerated Water Works Pvt Ltd        LT - TL               ICRA BBB-    100    Reaffirmed
                                                              (Stable)
Kali Aerated Water Works Pvt Ltd        LT - FB Fac           ICRA BBB-    70     Reaffirmed
                                                              (Stable)
Kalis Sparkling Water (P) Ltd.          LT - TL               ICRA BBB-    560.8  Reaffirmed
                                                              (Stable)
Kalis Sparkling Water (P) Ltd.          LT - FB Fac           ICRA BBB-    50     Reaffirmed
                                                              (Stable)
Kobe Suspension Company Pvt Ltd         LT: Fund Based/CC     ICRA B+      8
                                                              (Stable)
Issuer Not Cooperating
Kobe Suspension Company Pvt Ltd         LT/ST: Unallocated    ICRA B+      30
                                                              (Stable)/
                                                              ICRA A4
Issuer Not Cooperating
M.K. Wood India Pvt Ltd                 Fund Based - CC       ICRA B+      125
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Mixed Bag Overseas                      LT - Fund Based/CC    ICRA D       100
Rating continues to remain under ‘Issuer Not Cooperating’ category
Oxyzo Financial Services Pvt Ltd        Long-TL               ICRA A-(CE)  80     Outstanding
                                                              (Stable)
Oxyzo Financial Services Pvt Ltd        NCD                   ICRA A-(CE)  230    Outstanding
                                                              (Stable)
Oxyzo Financial Services Pvt Ltd        Rating without        ICRA BBB+
                                        Explicit Credit
                                        Enhancement
Oxyzo Financial Services Pvt Ltd        NCD                   ICRA BBB+    2000   Assigned
                                                              (Stable)
Oxyzo Financial Services Pvt Ltd        NCD                   ICRA BBB+    1120   Outstanding
                                                              (Stable)
Oxyzo Financial Services Pvt Ltd        LT Bk Lines           ICRA BBB+    2000   Outstanding
                                                              (Stable)
Oxyzo Financial Services Pvt Ltd        Issuer Rating         ICRA BBB+           Outstanding
                                                              (Stable)
Oxyzo Financial Services Pvt Ltd        LT Market Linked      PP-MLDICRA   440    Outstanding
                                        Debenture             BBB+ (Stable)
Prataap Snacks Ltd                      LT: Unallocated       ICRA A+      580    Reaffirmed
                                                              (Stable)
Radiant Indus Chem Pvt. Ltd.            LT - Fund Based / CC  ICRA         120    Reaffirmed
                                                              BB(Stable)
Radiant Indus Chem Pvt. Ltd.            LT - Fund Based / TL  ICRA         99     Reaffirmed
                                                              BB(Stable)
Renaatus Procon Pvt Ltd                 LT – Fund based / TL  ICRA         387.5  Reaffirmed
                                                              BBB(Stable)
Renaatus Procon Pvt Ltd                 LT – Fund based / CC  ICRA         50     Reaffirmed
                                                              BBB(Stable)
Renaatus Procon Pvt Ltd                 LT – Unallocated      ICRA         69.5   Reaffirmed
                                                              BBB(Stable)
S&P Infrastructure Developers Pvt Ltd   LT FBL/CC             ICRA B+      70
                                                              (Stable)
Downgraded from ICRA BB (Stable) and continues to remain under ‘Issuer Not Cooperating’ category
S.S. Construction                       Fund Based            ICRA B-      59.5
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
S.S. Construction                       Non-fund based        ICRA B-      20.5
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Sadhu Forging Ltd                       LT - Fund Based TL    ICRA BBB     145.5  Outstanding
                                                              (Negative)
Sadhu Forging Ltd                       LT / ST - Fund Based  ICRA BBB     1035
                                                              (Negative)/
                                                              ICRA A3+
Assigned/ outstanding
Sadhu Forging Ltd                       LT / ST - Unallocated ICRA BBB     4.5    Outstanding
                                                              (Negative)/
                                                              ICRA A3+
Sudarshan Tv Channel Ltd                LT Fund based         ICRA D       164
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Sudarshan Tv Channel Ltd                ST Fundbased          ICRA D       35
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Sudarshan Tv Channel Ltd                Unallocated           ICRA D       19.8
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Sunil And Company                       Fund Based - CC       ICRA B-      75
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Sunil And Company                       FB Channel Funding    ICRA B-      20
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
The Oriental Insurance Company Ltd.     Issuer Rating         ICRA                Assigned
                                                              AAA(Negative)
The Oriental Insurance Company Ltd.     Subordinated Debt     ICRA         7500   Reaffirmed
                                        Programme             AAA(Negative)
Tirupati Cotton (Ghatanji)              Fund Based - CC       ICRA B+      85
                                                              (Stable)
Downgraded from ICRA BB(Stable) and continues to remain under ‘Issuer Not Cooperating’ category.
Tirupati Cotton (Ghatanji)              Fund Based - TL       ICRA B+      15
                                                              (Stable)
Downgraded from ICRA BB(Stable) and continues to remain under ‘Issuer Not Cooperating’ category.
U D Developers Llp                      Fund Based - TL       ICRA BB&     325
placed on rating watch with developing implications
Usha Shriram Enterprises Pvt Ltd        LT FBL/CC             ICRA B+      210
                                                              (Stable)
Downgraded from ICRA BB (Stable) and continues to remain under ‘Issuer Not Cooperating’ category
Usha Shriram Enterprises Pvt Ltd        LT / ST - Unallocated ICRA B+      8
                                                              (Stable)/ A4
Downgraded from ICRA BB (Stable)/A4+ and continues to remain under ‘Issuer Not Cooperating’
category
Yashodha Motors Pvt Ltd                 Fund Based - CC       ICRA B+      115
                                                              (Stable)
Downgraded from ICRA BB-(Stable) and continues to remain under ‘Issuer Not Cooperating’
category.
Yashodha Motors Pvt Ltd                 Fund Based -          ICRA B+      150
                                        Inventory Funding     (Stable)
Downgraded from ICRA BB-(Stable) and continues to remain under ‘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)
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