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ICRA ratings for Indian debt instruments-Oct 15

   Oct 15 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of October 14, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Arunachal Pradesh Power                Proposed Working     ICRA A3     500    Reaffirmed
Corporation Pvt Ltd                    capital facility
                                       (Fund based/ Non fund based)
Baba Jhareswar Multipurpose            ST – Non Fund Based   ICRA A4     1.5    -
Himghar Pvt Ltd
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Kulkarni & Sahu Buildcon Pvt           NFBL – BG            ICRA A4     90     -
Ltd
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Orson Holdings Co. Ltd                 Non-fund based -LOC  ICRA A3+    120    Reaffirmed
Orson Holdings Co. Ltd                 Non-fund based -     ICRA A3+    4.9    Reaffirmed
                                       Forward Contract
Renite Vitrified Llp                   ST Non-fund based BG ICRA A4     32.5   -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Rayban Foods Pvt Ltd                   ST- Non Fund Based   ICRA D      75     -
(Rating downgraded from ICRA A4 ISSUER NOT COOPERATING and continues to remain under Issuer Not
Cooperating’ category)
 
LONG TERM RATINGS:
-------------------
Baba Jhareswar Multipurpose            Fund based - CC      ICRA B      67.5   -
Himghar Pvt Ltd                                             (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Baba Jhareswar Multipurpose            Fund based – TL      ICRA B      28     -
Himghar Pvt Ltd                                             (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Baba Jhareswar Multipurpose            LT - Unallocated     ICRA B      3      -
Himghar Pvt Ltd                                             (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Badepally Municipality                 Issuer Rating        ICRA        -      -
                                                            B+(Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Bindu Food Processors Pvt Ltd          Fund based - CC      ICRA C+     60     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Bindu Food Processors Pvt Ltd          Fund based – TL      ICRA C+     13.5   -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Bindu Food Processors Pvt Ltd          LT / ST – Unallocated ICRA C+/A4 6.5    -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Edu Realty Wagholi School Llp          TL                   ICRA BBB-&  174.5  -
(rating placed on watch with developing implications)
Gokak Power & Energy Ltd               TL                   ICRA        860    -
                                                            BB-(CE)@
(downgraded from ICRA BBB- (CE) ‘negative’ outlook removed, and rating placed on watch with
negative implications.
@ - Rating watch with negative implications)
Icici Prudential Life                  Subordinated debt    ICRA        12000  Assigned
Insurance Co. Ltd                      programme            AAA(Stable)
Jhv Steels Ltd                         Fund based - CC      ICRA B      125    -
                                                            (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Kulkarni & Sahu Buildcon Pvt           FBL – CC             ICRA B+     40     -
Ltd                                                         (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Mad Studios Pvt Ltd                    LT FB TL             ICRA D      130    -
(Rating Continues to remain under the ‘Issuer Not Cooperating’ category)
Mad Studios Pvt Ltd                    LT FB CC             ICRA D      25     -
(Rating Continues to remain under the ‘Issuer Not Cooperating’ category)
Mad Studios Pvt Ltd                    LT Non-fund Based    ICRA D      20     -
(Rating Continues to remain under the ‘Issuer Not Cooperating’ category)
Orson Holdings Co. Ltd                 FB working capital   ICRA BBB    130    Reaffirmed
                                       -EPC /PCFC           (Stable)
Orson Holdings Co. Ltd                 FB –TL               ICRA BBB    20.9   Reaffirmed
                                                            (Stable)
Rayban Foods Pvt Ltd                 LT- Fund Based Working ICRA D     300    -
                                       Capital
(Rating downgraded from ICRA B (Stable) ISSUER NOT COOPERATING and continues to remain under
Issuer Not Cooperating’ category)
Rayban Foods Pvt Ltd                   LT- Fund Based TL    ICRA D      26.9   -
(Rating downgraded from ICRA B (Stable) ISSUER NOT COOPERATING and continues to remain under
Issuer Not Cooperating’ category)
Rayban Foods Pvt Ltd                   LT/ ST Unallocated   ICRA D/D    98.1   -
(Rating downgraded from ICRA B (Stable)/A4 ISSUER NOT COOPERATING and continues to remain under
Issuer Not Cooperating’ category)
Renite Vitrified Llp                   LT TL                ICRA        290    -
                                                            B+(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Renite Vitrified Llp                   LT FB CC             ICRA        100    -
                                                            B+(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Renite Vitrified Llp                   LT/ST Unallocated    ICRA        7.5    -
                                                            B+(Stable)
                                                            / ICRA A4
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Tn Solar Power Energy Pvt Ltd          Fund Based – TL      ICRA        1450   -
                                                            BBB(CE)
                                                            (Stable)
(Downgraded from ICRA A(CE)& withdrawn)
Tn Solar Power Energy Pvt Ltd          Fund Based – Working ICRA        50     -
                                       Capital Fac          BBB(CE)
                                                            (Stable)
(Downgraded from ICRA A(CE)& withdrawn)
Truevalue Engineering Pvt Ltd          Fund based-CC        ICRA D      125    -
(Rating downgraded from ICRA B+ (Stable) ISSUER NOT COOPERATING and continues to remain under
Issuer Not Cooperating’ category)
Truevalue Engineering Pvt Ltd          Non-Fund based LOC   ICRA D      275    -
(Rating downgraded from ICRA A4 ISSUER NOT COOPERATING and continues to remain under Issuer Not
Cooperating’ category)
Truevalue Engineering Pvt Ltd          Non-Fund based       ICRA D      5.5    -
                                       Forward Contract
(Rating downgraded from ICRA A4 ISSUER NOT COOPERATING and continues to remain under Issuer Not
Cooperating’ category)
Visage Holdings & Finance Pvt.         Northern Arc 2020 SBL ICRA       147.3  -
Ltd                                    Mihira - PTC Series A BBB-(SO)
(Provisional rating confirmed as final)
--------------------------------------------------------------------------------------------
$: 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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