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ICRA ratings for Indian debt instruments-Nov 4

   Nov 4 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of November 3, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
A1 Facility And Property               Non-fund Based BG    ICRA A4+(CE)481.5  Assigned
Managers Pvt Ltd
Beumer India Pvt Ltd                   Non-FBL 2            ICRA A2     270    Reaffirmed
Jain Farm Fresh Foods Ltd              Non-fund Based -     ICRA A4     2550   -
                                       Working Capital Fac
(Rating moved to ‘Issuer Not Cooperating’ category)
Jain Farm Fresh Foods Ltd              ST Unallocated Limits ICRA A4    400    -
(Rating moved to ‘Issuer Not Cooperating’ category)
Julius Baer Capital (India)            CP (CP) Programme    ICRA A1+    18000  Reaffirmed
Pvt Ltd
Kanaiya Exports Pvt Ltd                Packing Credit       ICRA A4     100    Reaffirmed
Onward Technologies Ltd                ST – non FB Fac      ICRA A3     10     -
Raghunath Agro Commodities             ST- FBL              ICRA A4     700    Reaffirmed
(removed from “Issuer Not-Cooperating” category)
Raghunath Agro Commodities             ST- Non-FB limits    ICRA A4     125    Reaffirmed
(removed from “Issuer Not-Cooperating” category)
Super Smelters Ltd                     Non-FBL              ICRA A3+    1500   -
(upgraded from ICRA A3)
The Tata Power Co. Ltd                 CP (CP)              ICRA A1+    -      -
(reaffirmed and withdrawn)
Xander Finance Pvt Ltd                 CP                   ICRA A1+    1000   Reaffirmed
Xander Finance Pvt Ltd                 CP                   ICRA A1+    -      -
(reaffirmed and withdrawn)
 
MEDIUM TERM RATINGS:
--------------------
State Bank Of India                    Medium Term Deposits MAAA(Stable)  -    Reaffirmed
    

LONG TERM RATINGS:
-------------------
A1 Facility And Property               FB CC                ICRA BB+    32     Assigned
Managers Pvt Ltd                                            (CE)
                                                            (Stable)
A1 Facility And Property               FB TL                ICRA BB+    186.5  Assigned
Managers Pvt Ltd                                            (CE)
                                                            (Stable)
Beumer India Pvt Ltd                   FB Limits            ICRA        200#   Reaffirmed
                                                            BBB+(Stable)
(# interchangeable towards non-fund limits)
Fourth Partner Energy Pvt Ltd          LT / ST- Non Fund    ICRA BBB+   1000   Reaffirmed
                                       Based                (Stable) /
                                                            ICRA A2
Fourth Partner Energy Pvt Ltd          LT - Fund Based/ CC  ICRA        400    Reaffirmed
                                                            BBB+(Stable)
Fourth Partner Energy Pvt Ltd          LT - NCD             ICRA        1260   Reaffirmed
                                                            BBB+(Stable)
J.D.Jadia Infrastructures              LT: CC Fac           ICRA B+     50     -
Pvt.Ltd.:                                                   (Stable)
(Rating downgraded from ICRA BB- (Stable) and moved to the ‘ISSUER NOT COOPERATING’ category)
J.D.Jadia Infrastructures              LT: TL Fac           ICRA B+     33.8   -
Pvt.Ltd.:                                                   (Stable)
(Rating downgraded from ICRA BB- (Stable) and moved to the ‘ISSUER NOT COOPERATING’ category)
J.D.Jadia Infrastructures              Long/ST: Non FB Fac  ICRA B+     30     -
Pvt.Ltd.:                                                   (Stable)/A4
(Rating downgraded from ICRA BB- (Stable)/A4 and moved to the ‘ISSUER NOT COOPERATING’ category)
Jain Farm Fresh Foods Ltd              TL                   ICRA C      1500   -
(Rating moved to ‘Issuer Not Cooperating’ category)
Jain Farm Fresh Foods Ltd              FB - Working Capital ICRA C      2850   -
                                       Fac
(Rating moved to ‘Issuer Not Cooperating’ category)
Jain Farm Fresh Foods Ltd              LT Unallocated Limits ICRA C     500    -
(Rating moved to ‘Issuer Not Cooperating’ category)
K.P.R. Rice Mills                      Fund based - CC      ICRA BB-    100    -
                                                            (Stable)
(Upgraded to ICRA BB- (Stable) from ICRA B+ (Stable))
K.P.R. Rice Mills                      Fund based – Export  ICRA BB-    115    -
                                       Packaging Credit     (Stable)
(Upgraded to ICRA BB- (Stable) from ICRA B+ (Stable))
K.P.R. Rice Mills                      LT- Unallocated      ICRA BB-    35     -
                                                            (Stable)
(Upgraded to ICRA BB- (Stable) from ICRA B+ (Stable))
Kanaiya Exports Pvt Ltd                CC                   ICRA B+     30     Reaffirmed
                                                            (Stable)
Kanaiya Exports Pvt Ltd                Stand by Limit       ICRA B+     20     Reaffirmed
                                                            (Stable)
Karvy Financial Services Ltd           LT Bk Lines (Basel II ICRA C     1743.6 -
(upgraded from ICRA D)
Km Toll Road Pvt Ltd                   LT– Fund Based- TL   ICRA D      7890   -
(Rating Continues to remain under Issuer Not Cooperating’ category)
Mahateja Rice Mills Pvt Ltd            LT/ST - Unallocated  ICRA BB     40     Withdrawn
                                                            (Stable) /
                                                            ICRA A4+
Mahateja Rice Mills Pvt Ltd            LT - Fund based/CC   ICRA        180    Withdrawn
                                                            BB(Stable)
Mahateja Rice Mills Pvt Ltd            LT - Fund based/TL   ICRA        30     Withdrawn
                                                            BB(Stable)
Northern Arc Capital Ltd               Aye Finance (P)      ICRA A-(CE) 24.2   Reaffirmed
                                       Limited
(Stable outlook assigned)
Northern Arc Capital Ltd               CapFloat Financial   ICRA A-(CE) -      Withdrawn
                                       Services Private
                                       Limited#
(# Formerly Zen Lefin Private Limited)
Northern Arc Capital Ltd               Essel Finance        ICRA A-(CE) -      Withdrawn
                                       Business Loans Limited
Northern Arc Capital Ltd               Ess Kay Fincorp      ICRA A-(CE) 16.1   Reaffirmed
                                       Limited
Northern Arc Capital Ltd               Kogta Financial India ICRA A-(CE) 24.1  Reaffirmed
                                       Limited
Northern Arc Capital Ltd               Shri Ram Finance     ICRA A-(CE) 16.3   Reaffirmed
                                       Corporation Private
                                       Limited
Northern Arc Capital Ltd               Western India        ICRA A-(CE) 10     Reaffirmed
                                       Transport Finance
                                       Company Private Limited
Onward Technologies Ltd                Fund based – working ICRA        137.5  -
                                       capital Fac          BBB-(Stable)
Onward Technologies Ltd                LT – fund based /non ICRA        10     -
                                       FB Fac               BBB-(Stable)
Raghunath Agro Commodities             FBL- CC              ICRA B+     300    -
                                                            (Stable)
(Upgraded to ICRA B+ (Stable) from ICRA B (Stable) removed from “Issuer Not Cooperating”
category)
Raghunath Agro Commodities             LT/ST Unallocated    ICRA B+     145    -
                                                            (Stable)
(Long-term rating upgraded to ICRA B+ (Stable) from ICRA B (Stable) and short-term rating
reaffirmed at ICRA A4 removed from “Issuer Not-Cooperating” category) 
Riyan Paper Mill                       FB - CC              ICRA BB-    35     Reaffirmed
                                                            (Stable)
Riyan Paper Mill                       FB - TL              ICRA BB-    59     Reaffirmed
                                                            (Stable)
Spandana Sphoorty Financial Ltd        Vivriti Ohio 09 2020 ICRA A+(SO) 499.3  -
                                       PTC Series A1
(provisional rating confirmed as final)
Sprint Telefilms Pvt Ltd               FB–FB limits         ICRA BB-    39.5   -
                                                            (Stable)
(downgraded from ICRA BB (Stable))
Sprint Telefilms Pvt Ltd               FB - Unallocated     ICRA BB-    30.5   -
                                                            (Stable)
(downgraded from ICRA BB (Stable))
Star Security And Detective            Issuer Rating        ICRA BB-    -      Reaffirmed
Agency                                                      (Stable)
State Bank Of India                    Basel III Compliant  ICRA AA+    50000  Assigned
                                       Tier I Bonds         (hyb)
                                                            (Stable)
State Bank Of India                    Basel III Compliant  ICRA        182357 Reaffirmed
                                       Tier I Bonds         AA+(hyb)
                                                            (Stable)
State Bank Of India                    Basel III Compliant  ICRA        272430 Reaffirmed
                                       Tier II Bonds        AAA(hyb)
                                                            (Stable)
State Bank Of India                    Lower Tier II Bonds  ICRA        5000   Reaffirmed
                                       Programme            AAA(Stable)
Super Smelters Ltd                     CC                   ICRA        3250   -
                                                            BBB(Stable)
(upgraded from ICRA BBB- /Stable)
Super Smelters Ltd                     TL                   ICRA        7009.1 -
                                                            BBB(Stable)
(upgraded from ICRA BBB- /Stable)
Super Smelters Ltd                     LT – Unallocated     ICRA        3740.9 -
                                                            BBB(Stable)
(upgraded from ICRA BBB- /Stable)
The Tata Power Co. Ltd                 NCD (NCD) Programme  ICRA AA-    2310   outstanding
                                                            (Positive)
Vsv Renewables Pvt Ltd                 Fund based – LT TL   ICRA        1094.1 -
                                                            BBB+(Stable)
(Upgraded to ICRA BBB+(Stable) from ICRA BBB(Stable))
Vsv Renewables Pvt Ltd                 LT - Unallocated     ICRA        205.9  -
                                                            BBB+(Stable)
(Upgraded to ICRA BBB+(Stable) from ICRA BBB(Stable))
Xander Finance Pvt Ltd                 NCD Programme        ICRA        5000   Reaffirmed
                                                            A+(stable)
Xander Finance Pvt Ltd                 LT Bk Lines - TL     ICRA        3250   Reaffirmed
                                                            A+(stable)
Xander Finance Pvt Ltd                 LT Bk Lines -        ICRA        -      -
                                       Unallocated          A+(stable)
(reaffirmed and withdrawn)
Xander Finance Pvt Ltd                LT Borrowing Programme ICRA       6000   Reaffirmed
                                                            A+(stable)
Xander Finance Pvt Ltd                LT Borrowing Programme ICRA       -      -
                                                            A+(stable)
(reaffirmed and withdrawn)
--------------------------------------------------------------------------------------------
$: 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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