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ICRA ratings for Indian debt instruments-Oct 8

    Oct 8 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of October 7, 2020.

COMPANY                                INSTRUMENT            RATING      AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                 ----------            ------      -----   ---------
SHORT TERM RATINGS:
-------------------
Apollo Micro Systems Ltd               Non-fund              ICRA A3      300    Withdrawn
                                       based-Working Capital
                                       Fac –LC
Asbesco (India) Pvt Ltd                Non-FB limits         ICRA A4+     662.5  Reaffirmed
Baba Ispat (P) Ltd.                    Non Fund Based – BG   ICRA A4+     15.5   Reaffirmed
Bharat Timber & Construction Co.       ST-Fund Based         ICRA A4+     140
Rating downgraded from ICRA A3 and continues to be in ‘Issuer Not Cooperating’ category
Bhawar Lifestyle                       ST –Fund Based        ICRA A4      100
                                       Channel Financing
Rating moved to ‘Issuer Not Cooperating’ category
Bhawar Lifestyle                       ST –Non-Fund Based BG ICRA A4      200
Rating moved to ‘Issuer Not Cooperating’ category
C. J. Jewelleries Pvt. Ltd.            PSC/EBRD              ICRA A4      50     Reaffirmed
C. J. Jewelleries Pvt. Ltd.            Direct^               ICRA A4             Reaffirmed
^Sublimit of PSC/EBRD
C. J. Jewelleries Pvt. Ltd.            PC/PCFC^              ICRA A4             Reaffirmed
^Sublimit of PSC/EBRD
C. J. Jewelleries Pvt. Ltd.            PCFC (DDA /Collection ICRA A4             Reaffirmed
                                       bill backed)^
^Sublimit of PSC/EBRD
C. J. Jewelleries Pvt. Ltd.            Associate Bills^      ICRA A4             Reaffirmed
^Sublimit of PSC/EBRD
C. J. Jewelleries Pvt. Ltd.            Unallocated           ICRA A4      23     Reaffirmed
Federal Engineers                      ST Non-FBL            ICRA A2      110    Reaffirmed
Hydropack (India) Pvt Ltd              Non-fund Based –BG    ICRA A4      25
Downgraded from ICRA A4+
Industrial Chemical Works              FB Packing Credit     ICRA A4+     30     Reaffirmed
Industrial Chemical Works              Non-fund based        ICRA A4+     20     Reaffirmed
                                       Inland/Import LC cum
                                       Buyer’s Credit
Kvr Projects Pvt Ltd                   ST-Non-Fund Based     ICRA A4      150
Moved to the ‘Issuer Not Cooperating’ category
Maheshwari Mining Pvt Ltd              Non-Fund based – BG   ICRA A3+     460    Reaffirmed
Maheshwari Mining Pvt Ltd              Non-Fund based – LOC1 ICRA A3+            Reaffirmed
1Sublimit of Cash Credit/ Bank Guarantee
Metal Ore                              Non-FB - LOC          ICRA A4      500    Reaffirmed
P. N. Gadgil & Sons Ltd                ST FB/Non-fund Based  ICRA A1             Reaffirmed
                                       – Interchangeable#
#Interchangeable with CC limits
Realtime Techsolutions Pvt. Ltd.       ST – LOC              ICRA D       30
Downgraded from ICRA A4
Realtime Techsolutions Pvt. Ltd.       ST – BG               ICRA D       160
Downgraded from ICRA A4
Rossell India Ltd                      Non-Fund based – BG / ICRA A2+     40
                                       LOC
Upgraded from ICRA A2
S.V.S Classic Foods                    ST- Fund Based        ICRA A4      13.5
Rating continues to remain under Issuer Not Cooperating’ category
S.V.S Classic Foods                    ST- Non Fund Based    ICRA A4      1
Rating continues to remain under Issuer Not Cooperating’ category
Shree Shyam Designs Pvt. Ltd.          ST – Interchangeable  ICRA A4
Downgraded from ICRA A4+ and moved to ‘Issuer Not Cooperating’ category
Shreeram And Sons                      ST – Fund Based       ICRA A4      150
Downgraded from ICRA A4+ and continues to be ‘Issuer Not Cooperating’ category
Shreeram And Sons                      ST - Non-Fund Based   ICRA A4      10
Downgraded from ICRA A4+and continues to be ‘Issuer Not Cooperating’ category
Shri Bhagwati Flour Mills Pvt Ltd      Non-fund Based LOC^   ICRA A3             Reaffirmed
^sublimit of Cash Credit
Shri Bhagwati Flour Mills Pvt Ltd      Non-fund Based - LOU  ICRA A3             Reaffirmed
                                       for Buyers Credit^
^sublimit of Cash Credit
Shri Bhagwati Flour Mills Pvt Ltd      Non-fund Based - BG^  ICRA A3             Reaffirmed
^sublimit of Cash Credit
Shri Bhagwati Flour Mills Pvt Ltd      Non-fund Based - LER^ ICRA A3             Reaffirmed
^sublimit of Cash Credit
Sudhakar Plastic Pvt. Ltd.             ST - Non-Fund Based   ICRA A4+     155
Downgraded from ICRA A3+ and moved to ‘Issuer Not Cooperating’ category
Tirupathi Yarntex Spinners Pvt Ltd     ST– Interchangeable   ICRA A4
                                       FB – ST
Rating Continues to remain under Issuer Not Cooperating’ category
Vinit Gloves Manufacturing Pvt Ltd     FB – Packing Credit/  ICRA A3      160
                                       Pre- Shipment Credit
                                       in Foreign Currency
Reaffirmed and removed from watch with negative implications
Vinit Gloves Manufacturing Pvt Ltd     FB – Post Shipment    ICRA A3      20
                                       Limit
Reaffirmed and removed from watch with negative implications
Vinit Gloves Manufacturing Pvt Ltd     Non-fund based – LOC  ICRA A3      7.5
                                       (Inland/Import)
Reaffirmed and removed from watch with negative implications
Vinit Gloves Manufacturing Pvt Ltd     Non-fund Based –Loan  ICRA A3      110
                                       Equivalent Factor for
                                       Forward Covers
Reaffirmed and removed from watch with negative implications

MEDIUM TERM RATINGS:
-------------------
P. N. Gadgil & Sons Ltd                Fixed Deposits        MA+(Stable)  400    Reaffirmed
                                       Programme
LONG TERM RATINGS:
-------------------
Alapatt Jewels                         LT– Fund Based- CC    ICRA B       55
                                                             (Stable)
Rating Continues to remain under Issuer Not Cooperating’ category
Apollo Micro Systems Ltd               Fund based-TL         ICRA BBB-    20     Withdrawn
                                                             (Negative)
Apollo Micro Systems Ltd               Fund based- Working   ICRA BBB-    925    Withdrawn
                                       Capital Fac           (Negative)
Apollo Micro Systems Ltd               Non-fund              ICRA BBB-    175    Withdrawn
                                       based-Working Capital (Negative)
                                       Fac –BG
Asbesco (India) Pvt Ltd                FB limits – CC        ICRA BB+     305    Reaffirmed
                                                             (Stable)
Asbesco (India) Pvt Ltd                FB limits – Bill      ICRA BB+            Reaffirmed
                                       Discounting Fac#      (Stable)
#Sub-limit of the cash credit limit
Asbesco (India) Pvt Ltd                FB limits – Packing   ICRA BB+            Reaffirmed
                                       Credit#               (Stable)
#Sub-limit of the cash credit limit
Asbesco (India) Pvt Ltd                Unallocated limits    ICRA BB+     302.5  Reaffirmed
                                                             (Stable) /
                                                             ICRA A4+
Baba Ispat (P) Ltd.                    Fund based – CC       ICRA BB+     110    Reaffirmed
                                                             (Stable)
Baba Ispat (P) Ltd.                    Untied limits         ICRA BB+     24.5   Reaffirmed
                                                             (Stable)/
                                                             ICRA A4+
Bharat Timber & Construction Co.       LT-TL                 ICRA BB+     30
                                                             (Stable)
Downgraded from ICRA BBB- (Stable) and continues to be in ‘Issuer Not Cooperating’ category
Bhawar Lifestyle                       LT –Fund Based CC     ICRA B+      90
                                                             (Stable)
Downgraded from ICRA BB (Stable) and moved to ‘Issuer Not Cooperating’ category
Bhawar Lifestyle                       LT/ST- Unallocated    ICRA         110
                                       limits                B+(Stable)/
                                                             A4
Rating downgraded from ICRA BB(Stable)/A4 and moved to ‘Issuer Not Cooperating’ category
Dolphin Foods India Ltd                LT-Fund Based-CC      ICRA BBB     50     Withdrawn
                                                             (Stable)
Dolphin Foods India Ltd                LT - Fund Based - TL  ICRA BBB     250    Withdrawn
                                                             (Stable)
Federal Engineers                      LT/ST Fundbased LimitsICRA         100    Reaffirmed
                                                             BBB(Stable)/
                                                             ICRA A2
Gokul Cotton Industries                CC                    ICRA         90
                                                             B+(Stable)
Rating moved to ‘Issuer Not Cooperating category’
Gokul Cotton Industries                Unallocated Limits    ICRA         110
                                                             B+(Stable)
Rating moved to ‘Issuer Not Cooperating category’
Gramaudyogik Shikshan Mandal           FBL                   ICRA BBB+    496.6  Reaffirmed
                                                             (Stable)
Hydropack (India) Pvt Ltd              Fund Based – CC       ICRA BB-     25
                                                             (Stable)
Downgraded from ICRA BB (Stable)
Industrial Chemical Works              FB CC                 ICRA         20     Reaffirmed
                                                             BB+(Stable)
Kvr Projects Pvt Ltd                   LT-Fund Based/ CC     ICRA         50
                                                             B+(Stable)
Downgraded from ICRA BB-(Negative) and Moved to the ‘Issuer Not Cooperating’ category. The
outlook revised to Stable from Negative.
Kvr Projects Pvt Ltd                   LT/STUnallocated      ICRA         210
                                                             B+(Stable)/
                                                             ICRA A4
Long term Rating downgraded from ICRA BB-(Negative) and Moved to the ‘Issuer Not Cooperating’
category. The outlook revised to Stable from Negative
Lea Associates South Asia Pvt Ltd      LT – FB Overdraft     ICRA A+      300    Reaffirmed
                                                             (Stable)
Lea Associates South Asia Pvt Ltd      LT - Interchangeable  ICRA A+             Reaffirmed
                                                             (Stable)
Lea Associates South Asia Pvt Ltd      LT/ST – Non-fund BasedICRA A+      1700   Reaffirmed
                                                             (Stable)/
                                                             ICRA A1
M R Steel Corporation                  LT/STUnallocated      ICRA         80
                                                             B+(Stable)/
                                                             ICRA A4
Long term Rating downgraded from ICRA BB-(Stable) and Short term rating Moved to the ‘Issuer Not
Cooperating’ category
Magnum Export                          FB Limits – Packing   ICRA BB+     730    Assigned
                                       Credit                (Stable)/
                                                             ICRA A4+
Magnum Export                          FB Limits – Bills     ICRA BB+     195    Assigned
                                       Discounting           (Stable)/
                                                             ICRA A4+
Maheshwari Mining Pvt Ltd              Fund based – CC       ICRA BBB     320    Reaffirmed
                                                             (Stable)
Maheshwari Mining Pvt Ltd              Fund based – Working  ICRA BBB            Reaffirmed
                                       Capital Demand Loan1  (Stable)
1Sublimit of Cash Credit/ Bank Guarantee
Maheshwari Mining Pvt Ltd              Fund Based – Foreign  ICRA BBB            Reaffirmed
                                       Currency Demand Loan1 (Stable)
1Sublimit of Cash Credit/ Bank Guarantee
Maheshwari Mining Pvt Ltd              Unallocated Limits    ICRA BBB     470    Reaffirmed
                                                             (Stable)/
                                                             ICRA A3+
Manickbag Automobiles Pvt Ltd          LT- Fund Based – CC   ICRA B+      100
                                                             (Stable)
Downgraded from ICRA BB (Stable) Issuer Not Cooperating and continues to remain under Issuer Not
Cooperating’ category
Metal Ore                              FB Interchangeable -  ICRA BB-            Reaffirmed
                                       Cash -Credit**
outlook revised to Negative from Stable; **Cash credit is sublimit of letter of credit facility
Mohan Mutha Polytech Pvt Ltd           LT- Fund Based- CC    ICRA BB+     60
                                                             (CE) (Stable)
Issuer Not Cooperating; Withdrawn
Mohan Mutha Polytech Pvt Ltd           LT- Fund Based- TL    ICRA BB+     180
                                                             (CE) (Stable)
Issuer Not Cooperating; Withdrawn
Mytrah Vayu (Godavari) Pvt Ltd         FB TL                 ICRA BB+     6236.1 Reaffirmed
                                                             (Negative)
Mytrah Vayu (Godavari) Pvt Ltd         FB- Overdraft         ICRA BB+     800    Reaffirmed
                                                             (Negative)
Mytrah Vayu (Godavari) Pvt Ltd         Unallocated           ICRA BB+     283.9  Reaffirmed
                                                             (Negative)
Mytrah Vayu (Sabarmati) Pvt Ltd        FB - TL               ICRA BB+     14520  Reaffirmed
                                                             (Negative)
Neosym Industry Ltd                    Non-fund Based –      ICRA BBB     240
                                       Working Capital Fac   (Negative)/
                                                             ICRA A3+
revised from ICRA BBB+(Negative)/ ICRA A2
Neosym Industry Ltd                    Fund Based – TL       ICRA         538.9
                                                             BBB(Negative)
revised from ICRA BBB+(Negative)
Neosym Industry Ltd                    Fund Based – Working  ICRA         700
                                       Capital Fac           BBB(Negative)
revised from ICRA BBB+(Negative)
Neosym Industry Ltd                    LT unallocated        ICRA         71.1
                                                             BBB(Negative)
revised from ICRA BBB+(Negative)
P. N. Gadgil & Sons Ltd                Fund Based – Working  ICRA         3350   Reaffirmed
                                       Capital Fac           A(Stable)
Raghu Rama Rice Industry               Fund based – CC       ICRA         120    Reaffirmed
                                                             B+(Stable)
Raghu Rama Rice Industry               Fund based – TL       ICRA         10     Reaffirmed
                                                             B+(Stable)
Raghu Rama Rice Industry               Unallocated limits    ICRA         30     Reaffirmed
                                                             B+(Stable)
Realtime Techsolutions Pvt. Ltd.       LT – CC               ICRA D       60
Downgraded from ICRA B- (Stable)
Rossell India Ltd                      Fund Based – TL       ICRA A-      534.3
                                                             (Stable)
Upgraded from ICRA BBB+ (Stable)
Rossell India Ltd                      Fund Based – Working  ICRA A-      1725
                                       Capital Limits        (Stable)
Upgraded from ICRA BBB+ (Stable)
Rossell India Ltd                      Untied Limits         ICRA A-      8.6
                                                             (Stable)/
                                                             ICRA A2+
Upgraded from ICRA BBB+ (Stable) / ICRA A2
S.V.S Classic Foods                    LT- Fund Based – CC   ICRA B+      90
                                                             (Stable)
Downgraded from ICRA BB- (Stable) Issuer Not Cooperating and continues to remain under Issuer
Not Cooperating’ category
S.V.S Classic Foods                    LT- Interchangeable   ICRA B+
                                                             (Stable)
Downgraded from ICRA BB- (Stable) Issuer Not Cooperating and continues to remain under Issuer
Not Cooperating’ category
S.V.S Classic Foods                    LT- Unallocated       ICRA B+      1
                                                             (Stable)
Downgraded from ICRA BB- (Stable) Issuer Not Cooperating and continues to remain under Issuer
Not Cooperating’ category
Saanvi Clothing Pvt Ltd                LT - Fund Based/ CC   ICRA B       80
                                                             (Stable)
Rating Moved to the ‘Issuer Not Cooperating’ category
Saanvi Clothing Pvt Ltd                LT - Fund Based TL    ICRA B       18.8
                                                             (Stable)
Rating Moved to the ‘Issuer Not Cooperating’ category
Saanvi Clothing Pvt Ltd                LT / ST - Unallocated ICRA B       1.2
                                                             (Stable)/ A4
Rating Moved to the ‘Issuer Not Cooperating’ category
Saratha Electro Plater                 LT– Fund Based- CC    ICRA B       15
                                                             (Stable)
Rating Continues to remain under Issuer Not Cooperating’ category
Saratha Electro Plater                 LT- Fund Based- TL    ICRA B       48
                                                             (Stable)
Rating Continues to remain under Issuer Not Cooperating’ category
Saratha Electro Plater                 LT/ ST- Unallocated   ICRA B       37
                                                             (Stable) / A4
Rating Continues to remain under Issuer Not Cooperating’ category
Sbc Minerals Pvt Ltd                   LT – Fund Based – CC  ICRA B+      250
                                                             (Stable)
Rating downgraded from ICRA BB- (Stable) and continues to remain in the ‘Issuer Not Cooperating’
category
Shorapur Solar Power Ltd               LT - TL               ICRA         362.5  Reaffirmed
                                                             BB+(Stable)
Shorapur Solar Power Ltd               LT – Unallocated      ICRA         87.5   Reaffirmed
                                       limits                BB+(Stable)
Shree Shyam Designs Pvt. Ltd.          LT –Fund Based        ICRA B+      100    Rating
                                                             (Stable)
Downgraded from ICRA BB (Stable) and moved to ‘Issuer Not Cooperating’ category
Shree Shyam Designs Pvt. Ltd.          LT/ST- Unallocated    ICRA         150
                                       limits                B+(Stable) /
                                                             A4
Downgraded from ICRA BB(Stable)/A4+ and moved to ‘Issuer Not Cooperating’ category
Shreeram And Sons                      LT - Fund Based       ICRA B+
                                                             (Stable)
Downgraded from ICRA BB (Stable) and continues to be ‘Issuer Not Cooperating’ category
Shri Bhagwati Flour Mills Pvt Ltd      FB CC                 ICRA         890    Reaffirmed
                                                             BBB-(Stable)
Sri Ramcharan Energy & Infra Pvt. Ltd. FB - TL               ICRA BBB-    361.1
                                                             (Stable)
Upgraded from ICRA BB (Stable)
Sri Ramcharan Energy & Infra Pvt. Ltd. FB - Unallocated      ICRA BBB-    88.9
                                                             (Stable)
Upgraded from ICRA BB (Stable)
Sudhakar Plastic Pvt. Ltd.             LT - Fund Based/ CC   ICRA         80
                                                             BB+(Stable)
Downgraded from ICRA BBB (Stable) and moved to ‘Issuer Not Cooperating’ category
Sudhakar Plastic Pvt. Ltd.             LT - Fund Based TL    ICRA         26.2
                                                             BB+(Stable)
Downgraded from ICRA BBB (Stable) and moved to ‘Issuer Not Cooperating’ category
Sudhakar Plastic Pvt. Ltd.             LT - Unallocated      ICRA         15.8
                                                             BB+(Stable)
Downgraded from ICRA BBB (Stable) and moved to ‘Issuer Not Cooperating’ category
Suvidha Realtors And Constructions Pvt LT – FB TL            ICRA BB-&    155
Ltd
placed under watch with developing implications
The Mahatma Gandhi Sahakara Sakkare    LT- Fund Based/CC     ICRA C+      150
Karkhane
continues to be in ‘Issuer Not Cooperating’ category
The Mahatma Gandhi Sahakara Sakkare    LT - Unallocated      ICRA C+      200
Karkhane
continues to be in ‘Issuer Not Cooperating’ category
Tirupathi Yarntex Spinners Pvt Ltd     LT– Fund Based- CC    ICRA B-      145
                                                             (Stable)
Rating Continues to remain under Issuer Not Cooperating’ category
Tirupathi Yarntex Spinners Pvt Ltd     LT– Fund Based- TL    ICRA B-      29
                                                             (Stable)
Rating Continues to remain under Issuer Not Cooperating’ category
Tirupathi Yarntex Spinners Pvt Ltd     LT– Non Fund Based    ICRA B-      6
                                                             (Stable)
Rating Continues to remain under Issuer Not Cooperating’ category
Tirupati Cotton-Dwarka                 FB – CC               ICRA         45
                                                             B(Stable)
Rating moved to ‘Issuer Not Cooperating category’
Tirupati Cotton-Dwarka                 FB – TL               ICRA         15
                                                             B(Stable)
Rating moved to ‘Issuer Not Cooperating category’
Vijeta Projects & Infrastructures Ltd. Fund Based - Working  ICRA D       800
                                       Capital Fac
Downgraded from ICRA B-(Stable) and continues in ‘Issuer Not Cooperating category’
Vijeta Projects & Infrastructures Ltd. Non-fund Based -      ICRA D       1945
                                       Working Capital Fac
Rating downgraded from ICRA A4 and continues in ‘Issuer Not Cooperating category’
Vinit Gloves Manufacturing Pvt Ltd     FB – CC#              ICRA BBB-
                                                             (Stable)
Reaffirmed and removed from watch with negative implications stable , outlook; # Sub-limit of
packing credit
Vinit Gloves Manufacturing Pvt Ltd     Non-fund Based – BG^  ICRA BBB-
                                                             (Stable)
Reaffirmed and removed from watch with negative implications stable , outlook; ^ Sub-limit of
the letter of credit
Vinit Gloves Manufacturing Pvt Ltd     FB – TL               ICRA         39
                                                             BBB-(Stable)
Reaffirmed and removed from watch with negative implications stable , outlook

--------------------------------------------------------------------------------------------
$: 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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