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ICRA ratings for Indian debt instruments-Oct 23

    Oct 23 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of October 22, 2020.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Ace Designers Ltd                       ST – FB Fac           ICRA A1      800    Reaffirmed
Adam & Coal Resources Pvt Ltd           ST – Non-Fund Based   ICRA A4+     920    Reaffirmed
Avg Motors Ltd                          ST – Fund based       ICRA A3+     250    Reaffirmed
Can Fin Homes Ltd                       Bk Fac – ST           ICRA A1+     26000  Reaffirmed
Can Fin Homes Ltd                       CP                    ICRA A1+     45000  Reaffirmed
Globe Steels Pvt Ltd                    ST- Non Fund Based    ICRA A4+     47.5
Issuer Not Cooperating Withdrawn
Hindustan Copper Ltd                    Non-FB Fac            ICRA A1+     1500   Reaffirmed
Hindustan Copper Ltd                    CP                    ICRA A1+     1000   Reaffirmed
Leviton Ceramic Llp                     Non-fund Based BG     ICRA A4      24     Reaffirmed
Munjal Kiriu Industries Pvt Ltd         ST Interchangeable -  ICRA A1             Reaffirmed
                                        Limits**
**Sub-limits of cash credit facility
Munjal Kiriu Industries Pvt Ltd         ST NFBL               ICRA A1      52.5   Reaffirmed
Phoenix Tech Zone Pvt Ltd (Formerly     Non-fund based        ICRA A4+     152.7  Withdrawn
Known As Phoenix Embassy Tech Zone Pvt  Working Capital Fac
Ltd)
S.A.N. Garment Manufacturing Pvt Ltd    FB - Working Capital  ICRA A4+     470
revised from ICRA A3
S.A.N. Garment Manufacturing Pvt Ltd    Non-FBL               ICRA A4+     6
revised from ICRA A3
Somany Ceramics Ltd                     CP                    ICRA A1      750
Reaffirmed and rating Withdrawn
Voyants Solutions Pvt Ltd               Non-fund Based        ICRA A3+     300    Reaffirmed
                                        Working Capital Fac

MEDIUM TERM RATINGS:
-------------------
Can Fin Homes Ltd                       Fixed deposits        MAAA &              Reaffirmed
& Rating on Watch with Developing Implications

LONG TERM RATINGS:
-------------------
Ace Designers Ltd                       LT – TL               ICRA A+      1200   Reaffirmed
                                                              (Negative)
Adam & Coal Resources Pvt Ltd           LT/ST - Fund Based    ICRA BB+     30     Reaffirmed
                                        /Non-fund Based       (Stable)/
                                                              ICRA A4+
Amplus Sunshine Pvt Ltd                 LT fund based TL      ICRA AA-     380    Reaffirmed
                                                              (Stable)
Amplus Sunshine Pvt Ltd                 LT unallocated limits ICRA AA-     10     Reaffirmed
                                                              (Stable)
Asa International India Microfinance LtdNCD programme         ICRA BBB     400    Assigned
                                                              (Stable)
Asa International India Microfinance LtdLT Bk lines           ICRA BBB     8000   Outstanding
                                                              (Stable)
Asa International India Microfinance LtdNCD programme         ICRA BBB     3514.6 Outstanding
                                                              (Stable)
Ashutosh Container Services Pvt Ltd     FB limits -           ICRA BBB+           Reaffirmed
                                        Unallocated           (Stable)
Ashutosh Container Services Pvt Ltd     Non-FBL - Unallocated ICRA BBB+    2      Reaffirmed
                                                              (Stable)
Avg Motors Ltd                          LT – FB               ICRA BBB     54     Reaffirmed
                                                              (Stable)
outlook revised to Stable from Negative
Avg Motors Ltd                          LT – FB- TL           ICRA BBB     20     Reaffirmed
                                                              (Stable)
outlook revised to Stable from Negative
Berar Finance Ltd- Vivriti Mike 12 2018 PTC Series A          ICRA A- (SO)        Withdrawn
Berar Finance Ltd- Vivriti Mike 12 2018 PTC Series A          ICRA AA- (SO)       Withdrawn
Can Fin Homes Ltd                       Bk Fac – LT           ICRA AA+ &   124000 Reaffirmed
& Rating on Watch with Developing Implications
Can Fin Homes Ltd                       NCD (NCD) programme   ICRA AA+ &   46200  Reaffirmed
& Rating on Watch with Developing Implications
Can Fin Homes Ltd                       Subordinated debt     ICRA AA+ &   3000   Reaffirmed
                                        programme
& Rating on Watch with Developing Implications
Can Fin Homes Ltd                       NCD programme         ICRA AA+ &
Reaffirmed and simultaneously Withdrawn ; & Rating on Watch with Developing Implications
Chowgule Industries Pvt Ltd             BLR                   ICRA A       530.6
                                                              (Negative)/
                                                              ICRA A1
Review process is underway
Country Club Hospitality And Holidays   LT - Fund Based TL    ICRA D       2814.5
Ltd (Formerly Country Club (India) Ltd)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Country Club Hospitality And Holidays   LT - Unallocated      ICRA D       185.5
Ltd (Formerly Country Club (India) Ltd)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Ess Kay Fincorp Ltd -Vivriti Arod 02    PTC Series A2         ICRA AA (SO)        Withdrawn
2019
Ess Kay Fincorp Ltd -Vivriti Arod 02    PTC Series A1         ICRA AA- (SO)       Withdrawn
2019
Fusion Microfinance (Pvt.) Ltd.-        PTC Series A1         ICRA AA (SO)        Withdrawn
Northern Arc 2019 Mfi Reznor
Fusion Microfinance (Pvt.) Ltd.-        PTC Series A2         ICRA AA (SO)        Withdrawn
Northern Arc 2019 Mfi Reznor
Fusion Microfinance (Pvt.) Ltd.-        PTC Series A1         ICRA AA-            Withdrawn
Vivriti Slytherin 03 2019                                     (SO)
Fusion Microfinance (Pvt.) Ltd.-        PTC Series A2         ICRA AA+            Withdrawn
Vivriti Slytherin 03 2019                                     (SO)
Globe Steels Pvt Ltd                    LT- Fund Based- CC    ICRA BB+     122.5
                                                              (Stable)
Issuer Not Cooperating Withdrawn
Hindustan Copper Ltd                    TL                    ICRA AA     10537.5 Reaffirmed
                                                              (Stable)
Hindustan Copper Ltd                    FB Fac                ICRA AA      3500   Reaffirmed
                                                              (Stable)
Hindustan Copper Ltd                    FB Fac                ICRA AA      5462.5 Reaffirmed
                                                              (Stable)/ A1+
Ireo Hospitality Company Pvt Ltd        LT FB limits          ICRA D       8633
Issuer Not Cooperating^; ^Issuer did not co-operate; based on best available information
Ireo Hospitality Company Pvt Ltd        LT non-FBL            ICRA D       600
Issuer Not Cooperating^; ^Issuer did not co-operate; based on best available information
Leviton Ceramic Llp                     FB TL                 ICRA BB-     92.2
                                                              (Stable)
Upgraded from ICRA B+(Stable)
Leviton Ceramic Llp                     FB CC                 ICRA BB-     50
                                                              (Stable)
Upgraded from ICRA B+(Stable)
Magppie Exports Pvt Ltd                 Fund based- CC Limits ICRA D       195
Rating continues to remain under ‘Issuer Not Cooperating’ category
Mcleod Russel India Ltd                 TL                    ICRA D       3600
Rating continues to remain under ‘Issuer Not Cooperating’ category
Mcleod Russel India Ltd                 FB Bk Fac             ICRA D       4917.6
Rating continues to remain under ‘Issuer Not Cooperating’ category
Mcleod Russel India Ltd                 Non-FB Bk Fac         ICRA D       154.1
Rating continues to remain under ‘Issuer Not Cooperating’ category
Mcleod Russel India Ltd                 FB Bk Fac**           ICRA D/ D    1639.2
Rating continues to remain under ‘Issuer Not Cooperating’ category; **Fungible with LT
facilities
Munjal Kiriu Industries Pvt Ltd         TL                    ICRA A+      892.5  Reaffirmed
                                                              (Stable)
Munjal Kiriu Industries Pvt Ltd         LT FBL                ICRA A+      600    Reaffirmed
                                                              (Stable)
Munjal Kiriu Industries Pvt Ltd         Unallocated           ICRA A+      87.5   Reaffirmed
                                                              (Stable)
Phoenix Tech Zone Pvt Ltd (Formerly     FB TL                 ICRA BB+            Withdrawn
Known As Phoenix Embassy Tech Zone Pvt                        (Stable)
Ltd)
Phoenix Tech Zone Pvt Ltd (Formerly     Unallocated (LT)      ICRA BB+     4.6    Withdrawn
Known As Phoenix Embassy Tech Zone Pvt                        (Stable)
Ltd)
Ranchi Expressway Ltd                   LT - Fund Based TL    ICRA D       11516
Rating continues to remain under ‘Issuer Not Cooperating’ category
S.A.N. Garment Manufacturing Pvt Ltd    FB - TL               ICRA BB+     37.5
                                                              (Stable)
revised from ICRA BBB- (Stable)
South Central Railway Employees’        CC Fac                ICRA BBB+    1450
Co-Operative Credit Society Ltd                               (Stable)
Reaffirmed/ Assigned
South Central Railway Employees’        TL                    ICRA BBB+    611.9
Co-Operative Credit Society Ltd                               (Stable)
Reaffirmed/ Assigned
South Central Railway Employees’        Unallocated Bk lines  ICRA BBB+    1438.1
Co-Operative Credit Society Ltd                               (Stable)
Reaffirmed/ Assigned
Su Toll Road Pvt Ltd                    TL                    ICRA BB      5880   Outstanding
                                                              (Negative)
Su Toll Road Pvt Ltd                    NCD (NCD)             ICRA BB      800    Outstanding
                                                              (Negative)
Vbhc Value Homes Pvt Ltd                Fund based – working  ICRA BB+     400    Reaffirmed
                                        capital Fac           (Stable)
Vbhc Value Homes Pvt Ltd                Fund based – TL       ICRA BB+            Reaffirmed
                                                              (Stable)
Voyants Solutions Pvt Ltd               FB Working Capital FacICRA BBB     30     Reaffirmed
                                                              (Stable)
Voyants Solutions Pvt Ltd               Unallocated (LT/ST)   ICRA BBB     720    Reaffirmed
                                                              (Stable)/
                                                              ICRA A3+
--------------------------------------------------------------------------------------------
$: 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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