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

ICRA ratings for Indian debt instruments-Oct 9

    Oct 9 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of October 8, 2020.

COMPANY                                INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                                 ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Bhagwati Power & Steel Ltd             Non-fund Based – LOC  ICRA A2      200    Reaffirmed
Bhagwati Power & Steel Ltd             Non-fund Based –      ICRA A2      10     Reaffirmed
                                       Forward Contract
Darpan Infrastructure Pvt Ltd          Non-fund Based – BG   ICRA A4      22.5
Review process is underway
Enterprising Enterprises               ST- Non Fund Based    ICRA A4      5
Rating Continues to remain under Issuer Not Cooperating’ category
Fcm Travel Solutions (India) Pvt Ltd   Non-Fund Based        ICRA A3+     250    Reaffirmed
Lahoti Overseas Ltd.                   ST, FB Limits         ICRA A3+     664.4  Reaffirmed
Lahoti Overseas Ltd.                   ST, Non-FBL           ICRA A3+            Reaffirmed
Ongc Petro Additions Ltd               CP                    ICRA A1+     5000   Outstanding
Ongc Petro Additions Ltd               Non-FBL               ICRA A1+     29240  Outstanding
Prateek Wires (P) Ltd                  Non-Fund based – BG   ICRA A4+     30     Reaffirmed
Sargam Metals Pvt Ltd                  ST– Non Fund Based    ICRA D       85
Rating Continues to remain under Issuer Not Cooperating’ category
S.M. Engineers                         ST– Non Fund Based    ICRA A4      25
Rating Continues to remain under Issuer Not Cooperating’ category
Shah Precicast Pvt Ltd                 ST – Non Fund Based   ICRA A4      15     Reaffirmed
Stove Kraft Ltd                        ST – Non Fund based   ICRA A3+     350    Assigned
Suryalakshmi Cotton Mills Ltd          ST Non-FB Limits      ICRA A4@     580
rating remains on Watch with Negative Implications
Svm Pvt Ltd                            ST – FB               ICRA A3      10     Withdrawn
Svm Pvt Ltd                            ST – Non-fund based   ICRA A3      50     Withdrawn
Svm Pvt Ltd                            ST – Interchangeable  ICRA A3             Withdrawn
Tata Capital Financial Services Ltd    CP programme (IPO     ICRA A1+     50000  Assigned
                                       financing)
Tata Capital Financial Services Ltd    CP                    ICRA A1+     150000 Outstanding

LONG TERM RATINGS:
-------------------
Avon Rims Pvt Ltd                      LT - Fund Based/ CC   ICRA         65
                                                             BB+(Stable)
Issuer non-cooperation; Withdrawn
Bangalore International Airport Ltd    FB -TL                ICRA AA      18137.4
Negative outlook
Bangalore International Airport Ltd    FB - Working Capital  ICRA AA      500
                                       Fac
Negative outlook
Bardiya Real Estate Developers Pvt Ltd Fund Based            ICRA BB-     865
                                                             (Negative)
downgraded from ICRA BB (Negative)
Bhagwati Power & Steel Ltd             FB – TL               ICRA BBB+    161.3  Reaffirmed
                                                             (Stable)
Bhagwati Power & Steel Ltd             FB – CC / Working     ICRA BBB+    351.5  Reaffirmed
                                       Capital Demand Loan   (Stable)
Bhagwati Power & Steel Ltd             Unallocated Limit     ICRA BBB+    27.2   Reaffirmed
                                                             (Stable)
Chennai United Metal Industries Pvt LtdLT – Fund Based – CC  ICRA         150
                                                             BB(Stable)
Issuer Not Cooperating; Withdrawn
Darpan Infrastructure Pvt Ltd          FB – TL               ICRA BB-     39
                                                             (Stable)
Review process is underway
Darpan Infrastructure Pvt Ltd          FB – CC               ICRA BB-     70
                                                             (Stable)
Review process is underway
Enterprising Enterprises               LT– FB Fac            ICRA B       295
                                                             (Stable)
Rating Continues to remain under Issuer Not Cooperating’ category
Fcm Travel Solutions (India) Pvt Ltd   Fund Based/Non-Fund   ICRA A-(CE)  1475.6
                                       Based                 (Negative)/
                                                             ICRA A2+(CE)
Reaffirmed, and , outlook changed from Stable to Negative
Fcm Travel Solutions (India) Pvt Ltd   Fund Based – CC       ICRA BBB     150
                                                             (Negative)
Reaffirmed and , outlook changed from Stable to Negative
Fcm Travel Solutions (India) Pvt Ltd   Rating Without        ICRA BBB/ A3+
                                       Explicit Credit
                                       Enhancement
Gmr Ambala - Chandigarh Expressways PvtFB -TL                ICRA D       2364.8
Ltd
Downgraded from ICRA BB(Stable)
Gmr Hyderabad International Airport LtdFB TL                 ICRA AA      21000
reaffirmed and negative outlook assigned; removed from watch with negative implications
Jalan Synthetics                       CC                    ICRA         140
                                                             B+(Stable)
Downgraded from ICRA BB- (Stable) and continues to remain in the ‘Issuer Not Cooperating’
category
Kanani Industries Ltd                  LT/ ST – FB           ICRA B+      250    Reaffirmed
                                                             (Stable)/
                                                             ICRA A4
Karda Constructions Ltd                LT – FB – CC          ICRA BB-&    330
rating placed on watch with developing implications
Karda Constructions Ltd                LT – FB – TL          ICRA BB-&    310
rating placed on watch with developing implications
Karda Constructions Ltd                NCD/Debt              ICRA BB-&    500
rating placed on watch with developing implications
Karda Constructions Ltd                LT/ST – FB/ Non-fund  ICRA BB-&/   360
                                       based                 ICRA A4&
ratings placed on watch with developing implications
Lahoti Overseas Ltd.                   LT & ST Unallocated   ICRA BBB     410.1  Reaffirmed
                                       Limits                (Negative)/
                                                             ICRA A3+
Lvp Foods Pvt Ltd                      LT: FBL               ICRA BBB+    115    Reaffirmed
                                                             (Stable)
Mu Sigma Business Solutions Pvt Ltd    Issuer Rating         ICRA                Assigned
                                                             A(Stable)
Ongc Petro Additions Ltd               TL (Secured)          ICRA AA             Outstanding
                                                             (Stable)
Ongc Petro Additions Ltd               FBL                   ICRA AA      15580  Outstanding
                                                             (Stable) /
                                                             ICRA A1+
Ongc Petro Additions Ltd               NCD                   ICRA         2600   confirmed as
                                                             AA(Stable)          final
Ongc Petro Additions Ltd               NCD                   ICRA AAA(CE) 30000  Outstanding
                                                             (Stable)
Ongc Petro Additions Ltd               Compulsorily          ICRA AAA(CE) 72860  Outstanding
                                       Convertible Debentures(Stable)
Ongc Petro Additions Ltd               TL (Unsecured)        ICRA AAA(CE) 65000  Outstanding
                                                             (Stable)
Ongc Petro Additions Ltd               NCD                   Provisional  44400  Outstanding
                                                             ICRA
                                                             AA(Stable)
Ongc Petro Additions Ltd               NCD                   Provisional  5000   Outstanding
                                                             ICRA AAA(CE)
                                                             (Stable)
Prabhu Agarwalla Construction Pvt Ltd  Fund Based – CC Fund  ICRA D       330
                                       Based – TL
Reaffirmed and rating removed from Issuer Not Cooperating category
Prabhu Agarwalla Construction Pvt Ltd  Non-Fund Based – BG#  ICRA D /     400
                                                             ICRA D
Reaffirmed and ratings removed from Issuer Not Cooperating category ; #Previously this facility
was rated on short-term scale only, however, it has been rated on both long-term and short-term
scale for the current exercise
Prateek Wires (P) Ltd                  Fund based – CC       ICRA BB      120    Reaffirmed
                                                             (Stable)
S.M. Engineers                         LT– Fund Based- CC    ICRA B       25
                                                             (Stable)
Rating Continues to remain under Issuer Not Cooperating’ category
S.M. Engineers                         LT– Fund Based- TL    ICRA B       50
                                                             (Stable)
Rating Continues to remain under Issuer Not Cooperating’ category
Sargam Metals Pvt Ltd                  LT– Fund Based- CC    ICRA D       300
Rating Continues to remain under Issuer Not Cooperating’ category
Sargam Metals Pvt Ltd                  LT– Fund Based- TL    ICRA D       25
Rating Continues to remain under Issuer Not Cooperating’ category
Savidha Medical Center And Hospital    LT– Fund Based- TL    ICRA B       50
                                                             (Stable)
Rating Continues to remain under Issuer Not Cooperating’ category
Savidha Medical Center And Hospital    LT- Fund Based- TL    ICRA B       50
                                                             (Stable)
Rating Continues to remain under Issuer Not Cooperating’ category
Shah Precicast Pvt Ltd                 LT – Fund Based / CC  ICRA         57.5   Reaffirmed
                                                             B+(Stable)
Shah Precicast Pvt Ltd                 LT – Unallocated      ICRA         27.5   Reaffirmed
                                                             B+(Stable)
Shreyans Oils Ltd                      Fund Based - CC       ICRA         60
                                                             B+(Stable)
Downgraded from ICRA BB-(Stable) and continues to remain under ‘Issuer Not Cooperating’ category
Shreyans Oils Ltd                      Unallocated Limits    ICRA         25
                                                             B+(Stable)/
                                                             ICRA A4
Long term rating downgraded from ICRA BB-(Stable); Ratings continue to remain under ‘Issuer Not
Cooperating’ category
Stove Kraft Ltd                        LT – Fund Based (CC)  ICRA         900    Assigned
                                                             BBB(Stable)
Stove Kraft Ltd                        LT – TL               ICRA         309.8  Assigned
                                                             BBB(Stable)
Stove Kraft Ltd                        LT/ST –               ICRA                Assigned
                                       Interchangeable       BBB(Stable)/
                                                             ICRA A3+
Suryalakshmi Cotton Mills Ltd          TL                    ICRA BB-@    810.7
Downgraded from ICRA BB@; rating remains on Watch with Negative Implications
Suryalakshmi Cotton Mills Ltd          LT FB Limits          ICRA BB-@    1495
Downgraded from ICRA BB@; rating remains on Watch with Negative Implications
Suryalakshmi Cotton Mills Ltd          LT/ST Unallocated     ICRA BB-@/   1291.8
                                       Limits                ICRA A4@
long-term rating downgraded from ICRA BB@; ratings remain on Watch with Negative Implications
Svm Pvt Ltd                            LT – FB CC            ICRA BBB-    130    Withdrawn
                                                             (Stable)
Svm Pvt Ltd                            LT – FB TL            ICRA BBB-    60     Withdrawn
                                                             (Stable)
Svm Pvt Ltd                            LT/ST – Unallocated   ICRA BBB-    150    Withdrawn
                                                             (Stable)/
                                                             ICRA A3
Tata Capital Financial Services Ltd    Perpetual debt        ICRA AA+     10865.5Outstanding
                                       programme             (Stable)
Tata Capital Financial Services Ltd    Retail bonds          ICRA AAA     50000  Outstanding
                                       programme (inlc. NCDs (Stable)
                                       and subordinated debt)
Tata Capital Financial Services Ltd    NCD programme         ICRA AAA     157934.Outstanding
                                                             (Stable)
Tata Capital Financial Services Ltd    Subordinated debt     ICRA AAA     19054.5Outstanding
                                       programme             (Stable)
Tata Capital Financial Services Ltd    LT/ST – Fund          ICRA         250000 Outstanding
                                       based/Non-fund based  AAA(Stable)/
                                                             ICRA A1+
Vd Global Pvt Ltd                      LT / ST, FB Fac       ICRA BBB-/   1999.5
                                                             ICRA A3
                                                             revised from ICRA BBB/ ICRA A3+
outlook revised to Stable from Negative
Vd Global Pvt Ltd                      LT / ST – Unallocated ICRA BBB-/   0.5
                                                             ICRA A3
                                                             revised from ICRA BBB/ ICRA A3+
outlook revised to Stable from Negative
Waisl Ltd                              Fund based – TL       ICRA BBB     1200
                                                             (Negative)
Downgrade from ICRA BBB+; Removed from watch with developing implications and Negative outlook
assigned
Waisl Ltd                              Non-FB Fac (LT)       ICRA BBB     350
                                                             (Negative)
Downgrade from ICRA BBB+; Removed from watch with developing implications and Negative outlook
assigned
Waisl Ltd                              LT/ST Unallocated Fac ICRA BBB     170
                                                             (Negative)/
                                                             ICRA A3+
Downgrade from ICRA BBB+/ICRA A2; Removed watch with developing implications and Negative
outlook assigned
--------------------------------------------------------------------------------------------
$: 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