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ICRA ratings for Indian debt instruments-Oct 5

    Oct 5 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of October 1, 2020.

COMPANY                                INSTRUMENT           RATING      AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                 ----------           ------      -----   ---------
SHORT TERM RATINGS:
-------------------
Bajaj Finance Ltd.                     CP Programme         ICRA A1+    200000 Reaffirmed
Bharat Fritz Werner Ltd                Non-fund             ICRA A2+    880.6  Reaffirmed
                                       Based-Working Capital
                                       Fac
Bharat Fritz Werner Ltd                Unallocated Limits   ICRA A2+           Reaffirmed
Clean Max Enviro Energy Solutions Pvt. ST - Non-fund based  ICRA A3+    2965.4 Withdrawn
Ltd.
Clean Max Ipp1 Pvt Ltd                 ST - Non-fund based  ICRA A3+    7.6    Withdrawn
Dott Services Ltd                      ST- Non-Fund Based   ICRA D      363
Revised from ICRA A4+
Dott Services Ltd                      ST- Unallocated      ICRA D      637
Revised from ICRA A4+
G.M. Pens International Pvt Ltd        ST: Non-FB Fac       ICRA A4     80
Rating downgraded from ICRA A4+ and continues to be in ‘Issuer Not Cooperating’ category
G.M. Pens International Pvt Ltd        ST: Unallocated Fac  ICRA A4     0.9
Rating downgraded from ICRA A4+ and continues to be in ‘Issuer Not Cooperating’ category
Hafele India Pvt Ltd                   ST, fund based       ICRA A1     550    Reaffirmed
Ini Design Studio Pvt. Ltd.            Non-Fund based BG    ICRA A3     30     Reaffirmed
Iris Business Services Ltd             ST, non fund based – ICRA A4     30     Assigned
                                       BG
Iris Business Services Ltd             ST, non fund based – ICRA A4     20     Assigned
                                       Forward Contract
Kribhco Infrastructure Ltd             Fund Based – ST      ICRA A1+    850
                                                            (CE)&
Rating on watch with developing implications; Withdrawn
Kribhco Infrastructure Ltd             Non-Fund Based -ST   ICRA A1+    100
                                                            (CE)&
Rating on watch with developing implications; Withdrawn
N A Construction Pvt. Ltd.             Non-FBL              ICRA A3     865    Reaffirmed
Ngl Fine-Chem Ltd                      ST Non-fund Based-LOCICRA A2     48     Reaffirmed
Ngl Fine-Chem Ltd                      ST Non-fund Based-   ICRA A2     40     Reaffirmed
                                       PSR Limit
Revision in rating watch from developing to negative implications
Powertech Engineers                    ST – Non-Fund based –ICRA D      760
                                       BG
downgraded from ICRA A4
Rk Infracorp Pvt Ltd                   Non-fund based       ICRA A3+    1200   Withdrawn
Shree Ajit Pulp And Paper Ltd          ST Non-Fund based    ICRA A2+    20     Reaffirmed
Shree Ajit Pulp And Paper Ltd          ST Interchangeable   ICRA A2+           Reaffirmed
The Mithra Agencies (Hyderabad)        Fund Based –         ICRA A4+    273    Reaffirmed
                                       Inventory Funding
U P Telelinks Ltd                      Non-FBL              ICRA A4+    3
reaffirmed and removed from watch with negative implications
United Office Systems Pvt Ltd          ST FB^               ICRA A2            Reaffirmed
^sublimit under cash credit facility
United Office Systems Pvt Ltd          ST Non-fund Based    ICRA A2     60     Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Bajaj Finance Ltd.                     Fixed Deposit        MAAA (Stable)      Reaffirmed
                                       Programme
LONG TERM RATINGS:
-------------------
Ayushman Merchants Pvt Ltd             LT – FB              ICRA BB-    310    Reaffirmed
                                                            (Stable)
Ayushman Merchants Pvt Ltd             LT/ST – Non-fund baseICRA BB-    40     Reaffirmed
                                                            (Stable)/
                                                            ICRA A4
Bajaj Finance Ltd.                     NCD Programme        ICRA AAA
                                                            (Stable)
reaffirmed and simultaneously withdrawn
Bajaj Finance Ltd.                     Subordinated Debt    ICRA AAA
                                       Programme            (Stable)
reaffirmed and simultaneously withdrawn
Bajaj Finance Ltd.                     NCD Programme        ICRA AAA    1700   Reaffirmed
                                                            (Stable)
Bajaj Finance Ltd.                     Subordinated Debt    ICRA AAA    11133  Reaffirmed
                                       Programme            (Stable)
Bharat Fritz Werner Ltd                FB - Working Capital ICRA A-     605
                                       Fac
Reaffirmed and outlook revised to Negative from Stable
Bharat Fritz Werner Ltd                FB -TL               ICRA A-     314.4
Reaffirmed and outlook revised to Negative from Stable
Clean Max Enviro Energy Solutions Pvt. NCDs (NCD)           ICRA BBB    620    Outstanding
Ltd.                                                        (Stable)
Clean Max Enviro Energy Solutions Pvt. LT - TL              ICRA BBB    1620.1 Withdrawn
Ltd.                                                        (Stable)
Clean Max Ipp1 Pvt Ltd                 LT - TL              ICRA BBB    1483   Withdrawn
                                                            (Stable)
Clean Max Power Projects Pvt. Ltd.     LT - TL              ICRA BBB    1000   Withdrawn
                                                            (Stable)
D Nitin & Company Pvt Ltd              LT FB limits         ICRA BB+    600
                                                            (Stable)
Revised from ICRA BBB-(Negative)
Eagle Continental Foods Pvt Ltd        FB LT/ST facility -  ICRA D      475
                                       Working Capital
downgraded from ICRA BB+ (Stable)/A4+
Eagle Continental Foods Pvt Ltd        FB LT facility - TL  ICRA D      20
downgraded from ICRA BB+ (Stable)/A4+
Eagle Continental Foods Pvt Ltd        LT/ST - Unallocated  ICRA D      305
downgraded from ICRA BB+ (Stable)/A4+
G.M. Pens International Pvt Ltd        LT: TL               ICRA B+     481.4
                                                            (Stable)
Rating downgraded from ICRA BB+ (Stable) and continues to be in ‘Issuer Not Cooperating’
category
G.M. Pens International Pvt Ltd        LT: FB Fac           ICRA B+     110.5
                                                            (Stable)
Rating downgraded from ICRA BB+ (Stable) and continues to be in ‘Issuer Not Cooperating’
category
G.M. Pens International Pvt Ltd        LT: Unallocated Fac  ICRA B+     47.2
                                                            (Stable)
Rating downgraded from ICRA BB+ (Stable) and continues to be in ‘Issuer Not Cooperating’
category
Hafele India Pvt Ltd                   LT /ST, FB           ICRA A+     300    Reaffirmed
                                                            (Stable)/
                                                            ICRA A1
Hafele India Pvt Ltd                   LT/ST; Fund          ICRA A+     2220   Reaffirmed
                                       based/Non-fund Based (Stable)/
                                                            ICRA A1
Hafele India Pvt Ltd                   LT/ST interchangeableICRA A+            Reaffirmed
                                                            (Stable)/
                                                            ICRA A1
Ini Design Studio Pvt. Ltd.            FB Overdraft         ICRA BBB-   26.9   Reaffirmed
                                                            (Stable)
Ini Design Studio Pvt. Ltd.            Unallocated Limits   ICRA BBB-   18.1   Reaffirmed
                                                            (Stable)/ A3
Iris Business Services Ltd             LT, fund based – CC  ICRA BB-    60     Assigned
                                                            (Stable)
Iris Business Services Ltd             LT, fund based – TL  ICRA BB-    63.1   Assigned
                                                            (Stable)
Iris Business Services Ltd             LT, unallocated      ICRA BB-    6.9    Assigned
                                       amount               (Stable)
Kkrc Infrastructure Pvt Ltd            LT- Secured OverdraftICRA B      100
                                                            (Stable)
Issuer delayed in giving information
Kkrc Infrastructure Pvt Ltd            LT- BG               ICRA B      240
                                                            (Stable)
Issuer delayed in giving information
Kribhco Infrastructure Ltd             NCD Programme        ICRA AA (CE)1250
Rating on watch with developing implications; Withdrawn
Kribhco Infrastructure Ltd             TL                   ICRA AA (CE)1675
Rating on watch with developing implications; Withdrawn
N A Construction Pvt. Ltd.             FBL                  ICRA BBB-   142.5  Reaffirmed
                                                            (Stable)
N A Construction Pvt. Ltd.             Unallocated Limits   ICRA BBB-   26.2   Reaffirmed
                                                            (Stable) /
                                                            ICRA A3
Ngl Fine-Chem Ltd                      LT FB- TL            ICRA BBB+   153    Reaffirmed
                                                            (Stable)
Ngl Fine-Chem Ltd                      LT FB- CC            ICRA BBB+   185    Reaffirmed
                                                            (Stable)
Nmdc Ltd                               Proposed NCD (NCD)   ICRA AAA@   44762
                                       Programme
Revision in rating watch from developing to negative implications
Nmdc Ltd                               NCD Programme        ICRA AAA@   5238
Revision in rating watch from developing to negative implications
Pinkcity Build Home Pvt Ltd            Fund based- TL       ICRA BB     305
                                                            (Negative)
Revised from ICRA BB+(Stable)
Pinkcity Build Home Pvt Ltd            Unallocated Limits   ICRA BB     125.3
                                                            (Negative)/
                                                            A4
Revised from ICRA BB+(Stable)/A4+
Powertech Engineers                    LT- CC               ICRA D      50
downgraded from ICRA BB (Stable)
Powertech Engineers                    LT/ST - Unallocated  ICRA D/ D   190
downgraded from ICRA BB (Stable)/ ICRA A4
Rk Infracorp Pvt Ltd                   Fund based/CC        ICRA BBB    280    Withdrawn
                                                            (Stable)
Rk Infracorp Pvt Ltd                   Unallocated limits   ICRA BBB    20     Withdrawn
                                                            (Stable)/
                                                            ICRA A3+
Sentini Hospitals Pvt Ltd              Fund based- CC       ICRA B+     82.5
                                                            (Stable)
Rating downgraded from ICRA BB+ (Stable) and Moved to ‘Issuer Not Cooperating’ category
Sentini Hospitals Pvt Ltd              TL                   ICRA B+     125.9
                                                            (Stable)
Rating downgraded from ICRA BB+ (Stable) and Moved to ‘Issuer Not Cooperating’ category
Sentini Hospitals Pvt Ltd              Unallocated Limits   ICRA B+     161.6
                                                            (Stable)
Rating downgraded from ICRA BB+ (Stable) and Moved to ‘Issuer Not Cooperating’ category
Shree Ajit Pulp And Paper Ltd          LT FB -CC            ICRA A-     500    Reaffirmed
                                                            (Positive)
Shree Ajit Pulp And Paper Ltd          LT FB -TL            ICRA A-     414.9  Reaffirmed
                                                            (Positive)
Skanray Technologies Pvt. Ltd.         Fund Based – TL      ICRA BB+
upgraded from ICRA BB-; outlook revised to Positive from Stable
The Mithra Agencies (Hyderabad)        Fund Based-Working   ICRA BB     100    Reaffirmed
                                       Capital              (Stable)
The Mithra Agencies (Hyderabad)        Fund Based – TL      ICRA BB     29.5   Reaffirmed
                                                            (Stable)
U P Telelinks Ltd                      Fund based - CC      ICRA BB     96.1
                                                            (Stable)
reaffirmed and removed from watch with negative implications
U P Telelinks Ltd                      Unallocated limits   ICRA BB     0.9
                                                            (Stable)
reaffirmed and removed from watch with negative implications
United Office Systems Pvt Ltd          LT FB - CC           ICRA BBB+   180    Reaffirmed
                                                            (Stable)
United Office Systems Pvt Ltd          LT FB - TL           ICRA BBB+   31.4   Reaffirmed
                                                            (Stable)
Volumnus Developers Pvt Ltd            LT FB – TL           ICRA BBB+   1000   Assigned
                                                            (Stable)
Volumnus Developers Pvt Ltd            #LT Interchangeable  ICRA BBB+          Assigned
                                       -Fund based and      (Stable)
                                       Non-Fund based
#Includes Overdraft facility of Rs. 25 crores, Letter of credit facility of Rs. 25 crores and
Bank Guarantee of Rs. 10 crores; sublimit to the term loan facility
--------------------------------------------------------------------------------------------
$: 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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