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

ICRA ratings for Indian debt instruments-Oct 13

    Oct 13 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of October 12, 2020.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Apeejay Surrendra Park Hotels Ltd       FB Limits             ICRA A2+     50
Downgraded to ICRA A2+ from ICRA A1+
Apeejay Surrendra Park Hotels Ltd       Non-FB Limits         ICRA A2+     150
Downgraded to ICRA A2+ from ICRA A1+
Covalent Laboratories Pvt Ltd           ST – FB               ICRA A2+     40
Upgraded from ICRA A2
Covalent Laboratories Pvt Ltd           ST – Non-fund Based   ICRA A2+     1030
Upgraded from ICRA A2
Ganganagar Commodity Ltd                ST non-fund based Bk  ICRA A4      350    Outstanding
                                        lines
Ganganagar Commodity Ltd                Unallocated           ICRA A4      150    Outstanding
Honest Derivatives Pvt Ltd              ST - Non-Fund Based   ICRA D       35
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Incred Financial Services Ltd           ST Bk Limits –        ICRA A1      1000   Assigned
                                        Unallocated
Indian Overseas Bank                    CDs                   ICRA A1+
Reaffirmed and Withdrawn
Shri Tradco Deesan Pvt Ltd              ST - Non-Fund Based   ICRA D       50
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Somany Ceramics Ltd                     CP                    ICRA A1      750
Downgraded from ICRA A1+; rating removed from watch with negative implications

LONG TERM RATINGS:
-------------------
Anand Jewels (Indore) Pvt Ltd           Fund based            ICRA BBB-    1365   Reaffirmed
                                                              (Stable)/ A3
reaffirmed, outlook revised from Negative to Stable
Anand Jewels (Indore) Pvt Ltd           Fund based/CC         ICRA         135    Reaffirmed
                                                              BBB-(Stable)
outlook revised from Negative to Stable
Apeejay Surrendra Park Hotels Ltd       Unallocated           ICRA A-      35.5
Downgraded to ICRA A-
Apeejay Surrendra Park Hotels Ltd       TL                    ICRA A-      4304.8
                                                              (Negative)
Downgraded to ICRA A- (Negative) from ICRA A+ (Negative)
Apeejay Surrendra Park Hotels Ltd       FB Limits             ICRA A-      500
                                                              (Negative)
Downgraded to ICRA A- (Negative) from ICRA A+ (Negative)
Baba Commercial And Finvest Pvt Ltd     Issuer Rating         ICRA B+             Assigned
                                                              (Stable)
Covalent Laboratories Pvt Ltd           LT – FB TL            ICRA A-      512.2
                                                              (Stable)
Upgraded from ICRA BBB+(Stable)
Covalent Laboratories Pvt Ltd           LT – FB/ CC           ICRA A-      1400
                                                              (Stable)
Upgraded from ICRA BBB+(Stable)
Covalent Laboratories Pvt Ltd           LT – Unallocated      ICRA A-      131.2
                                                              (Stable)
Upgraded from ICRA BBB+(Stable)
Ganganagar Commodity Ltd                LT FB Bk lines        ICRA         100    Outstanding
                                                              BB-(Stable)
Honest Derivatives Pvt Ltd              FB - TL               ICRA D       175
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Honest Derivatives Pvt Ltd              FB - Working Capital  ICRA D       580
                                        Fac
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Indian Overseas Bank                    Basel II Upper        ICRA A-      9670   Reaffirmed
                                        Tier-II Bonds         (Negative)
Indian Overseas Bank                    Basel III Tier-II     ICRA A+      11000  Reaffirmed
                                        Bonds                 (hyb)
                                                              (Negative)
Indian Overseas Bank                    Basel II Lower        ICRA A+      10000  Reaffirmed
                                        Tier-II Bonds         (Negative)
L S Automotive India Pvt Ltd            Issuer Rating         ICRA BB-            Withdrawn
                                                              (Stable)
Mfar Services Pvt Ltd                   Proposed NCDs         ICRA BB      1600   Assigned
                                                              (Stable)
Piramal Capital & Housing Finance Ltd   NCD (NCD) Programme   ICRA AA      10000  Assigned
                                                              (Negative)
Piramal Capital & Housing Finance Ltd   NCD Programme         ICRA AA      23950  Outstanding
                                                              (Negative)
Piramal Capital & Housing Finance Ltd   Subordinated          ICRA AA      15000  Outstanding
                                        (Tier-II) Bonds       (Negative)
Piramal Capital & Housing Finance Ltd   LT FB Limits          ICRA AA      16250  Outstanding
                                                              (Negative)
Piramal Capital & Housing Finance Ltd   LT TL                 ICRA AA      84000  Outstanding
                                                              (Negative)
Shri Tradco Deesan Pvt Ltd              FB - TL               ICRA D       667.5
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Shri Tradco Deesan Pvt Ltd              FB - Working Capital  ICRA D       975
                                        Fac
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Shri Tradco India Pvt Ltd               FB - TL               ICRA D       150
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Shri Tradco India Pvt Ltd               FB - Working Capital  ICRA D       1557.5
                                        Fac
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Shriram Transport Finance Co. Ltd- STFC Assignee Payouts      Provisional  1601   Assigned
BOI Sep 2020                                                  ICRA AA (SO)
Sks Power Generation (Chhattisgarh) Ltd FB TL                 ICRA C+&     16000
Downgraded from ICRA BB(CE)(Stable); placed on watch with developing implications
Sks Power Generation (Chhattisgarh) Ltd FB CC                 ICRA C+&     3300
Downgraded from ICRA BB(CE)(Stable); placed on watch with developing implications
Sks Power Generation (Chhattisgarh) Ltd Non-fund based        ICRA C+&     5350
Downgraded from ICRA BB(CE)(Stable); placed on watch with developing implications
Spandana Sphoorty Financial Ltd         NCDs                  ICRA A-      2000   Assigned
                                                              (Stable)
Spandana Sphoorty Financial Ltd         NCDs                  ICRA A-      4283.8 Reaffirmed
                                                              (Stable)
Spandana Sphoorty Financial Ltd         Bk Fac                ICRA A-      35000  Outstanding
                                                              (Stable)
Spandana Sphoorty Financial Ltd         NCDs                  PP-MLD ICRA  2000   Assigned
                                                              A- (Stable)
Sri Sai Baba Agro Commodities           LT – Unallocated      ICRA B       100
                                                              (Stable)
Issuer Not Cooperating; Withdrawn
Sri Sai Baba Agro Tech                  LT-Fund Based-CC      ICRA B+      100
                                                              (Stable)
Issuer Not Cooperating; Withdrawn
Sri Sai Baba Agro Tech                  LT - Fund Based - TL  ICRA B+      13
                                                              (Stable)
Issuer Not Cooperating; Withdrawn
Sri Sai Baba Agro Tech                  LT - Unallocated      ICRA B+      7
                                                              (Stable)
Issuer Not Cooperating; Withdrawn
Sri Sai Baba Enterprises                LT-Fund Based-CC      ICRA B+      120
                                                              (Stable)
Issuer Not Cooperating; Withdrawn
Sri Sai Baba Enterprises                LT - Fund Based - TL  ICRA B+      17.4
                                                              (Stable)
Issuer Not Cooperating; Withdrawn
Sri Sai Baba Enterprises                LT - Unallocated      ICRA B+      42.6
                                                              (Stable)
Issuer Not Cooperating; Withdrawn
Vindus Holdings Ltd                     Issuer Rating         ICRA B+             Assigned
                                                              (Stable)
--------------------------------------------------------------------------------------------
$: 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