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ICRA ratings for Indian debt instruments-Sep 11

   Sep 11 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of September 10, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Axis Securities Ltd                    ST FB Bk Fac         ICRA A1+    1150   -
(assigned/reaffirmed)
Axis Securities Ltd                    ST non-fund based Bk ICRA A1+    4100   -
                                       Fac
(assigned/reaffirmed)
Axis Securities Ltd                    CP programme         ICRA A1+    10000  -
(assigned/reaffirmed)
Basant Agro-Tech (India) Ltd           Short - Term –       ICRA A2     404    Reaffirmed
                                       Non-fund Based
Danlaw Electronics Assembly Ltd        ST- Non Fund Based   ICRA A4     15     Withdrawn
(ISSUER NOT COOPERATING)
Everest Ply & Veneers Pvt Ltd          ST - Non Fund Based/LC ICRA A4+  20    Reaffirmed
India Infoline Finance Ltd             Orelia Trust Aug 2019 ICRA A1+(SO) -    Withdrawn
                                       - PTC Series A
Indoco Remedies Ltd                    ST, FB Limits        ICRA A1     200    -
(upgraded from ICRA A2+)
Indoco Remedies Ltd                    ST, Non-FBL          ICRA A1     202.5  -
(upgraded from ICRA A2+)
Infina Finance Pvt Ltd                 CP Programme (IPO    ICRA A1+    85000  assigned
                                       financing)
Infina Finance Pvt Ltd                 CP Programme         ICRA A1+    12000  outstanding
M.S. Life Drug House Pvt Ltd           Non-FBL – BG         ICRA A3+    13     -
(Upgraded from ICRA A3)
Maestro Fashions                       ST - Fund based      ICRA A4+    105    Reaffirmed
                                       facility
Mangalam Pipes Pvt Ltd                 ST - Fund Based      ICRA A4     30     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Mangalam Pipes Pvt Ltd                 ST - Non Fund Based  ICRA A4     34.7   -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Plycom Pvt. Ltd                        ST - Non Fund Based/LC ICRA A4   10     Reaffirmed
Pm Granite Exports Pvt Ltd             ST - Fund Based      ICRA A4     50     -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Radiance Renewables Pvt Ltd            ST unallocated limits ICRA A2+   400    assigned
Ranger Apparel Export Pvt Ltd          ST - Fund Based /CC  ICRA A2+    125    Reaffirmed
Ranger Apparel Export Pvt Ltd          ST - Non Fund Based  ICRA A2+    -      Reaffirmed
                                       (Interchangeable)
Sharekhan Bnp Paribas                  CP programme         ICRA A1+    10000  outstanding
Financial Services Ltd
Sharekhan Bnp Paribas                  CP programme (IPO    ICRA A1+    27000  -
Financial Services Ltd                 financing)
(assigned / reaffirmed)
Sivaswati Textile Pvt Ltd              ST – Non Fund Based  ICRA A3     80     -
(Rating moved to the ‘Issuer Not Cooperating’ category)
Solid Ply Pvt Ltd                      ST - Non Fund Based/LC ICRA A4+  50     Reaffirmed
Susee Motors (India) Pvt Ltd           ST - Non Fund Based  ICRA A4     30     -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Tirupati Veneers Pvt Ltd               ST - Non Fund Based/LC ICRA A4+  100    Reaffirmed
 

LONG TERM RATINGS:
-------------------
Axis Securities Ltd                    NCDs                 ICRA AAA    2000   assigned
                                                            (Stable)
Axis Securities Ltd                    LT/ST                ICRA AAA    2750   assigned
                                       Fund based/non-fund  (Stable) /
                                       based Bk Fac         ICRA A1+
Basant Agro-Tech (India) Ltd           Long - Term – FB TL  ICRA BBB    108.6  Reaffirmed
                                                            (Positive)
(Outlook revised from Stable)
Basant Agro-Tech (India) Ltd           Long - Term – Fund   ICRA BBB    995    Reaffirmed
                                       Based/ CC            (Positive)
(Outlook revised from Stable)
Capfloat Financial Services            Northern Arc 2019 SBL ICRA A(SO)  -     Withdrawn
Pvt Ltd                                Gaul - PTC Series A2
Capsol Energy Pvt Ltd                  LT fund based TL (SO)ICRA        369.4  assigned
                                                            A-(Stable)
Danlaw Electronics Assembly Ltd        LT- Fund Based       ICRA B+     10     Withdrawn
                                                            (Stable)
(ISSUER NOT COOPERATING)
Everest Ply & Veneers Pvt Ltd          LT - Fund Based/CC   ICRA BB     170    Reaffirmed
                                                            (Stable)
French Motor Car Co. Ltd               FB - CC              ICRA B+     145    -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain in the ‘Issuer Not
Cooperating’ category)
French Motor Car Co. Ltd               Unallocated Limits   ICRA B+     5      -
                                                            (Stable)
                                                            /ICRA A4
(Long Term rating downgraded from ICRA BB- (Stable) and ratings continues to remain under the
‘Issuer Not Cooperating’ category)
Gsj Envo Ltd                           Fund Based           ICRA BB     120    -
                                                            (Stable)
(upgraded from ICRA BB- (Stable))
Gsj Envo Ltd                           Non-fund Based       ICRA BB     700    -
                                                            (Stable)
(upgraded from ICRA BB- (Stable))
Gsj Envo Ltd                           Unallocated          ICRA BB     30     -
                                                            (Stable)
(upgraded from ICRA BB- (Stable))
Ideal Ice Cream                        FB – CC              ICRA BBB    50     Reaffirmed
(outlook revised to Negative from Stable)
Ideal Ice Cream                        TL                   ICRA BBB    200    Reaffirmed
(outlook revised to Negative from Stable)
Indoco Remedies Ltd                    Long-TL              ICRA A+     2500   -
                                                            (Stable)
(upgraded from ICRA A (Negative))
Indoco Remedies Ltd                    LT, FB Limits        ICRA A+     294    -
                                                            (Stable)
(upgraded from ICRA A (Negative))
Indoco Remedies Ltd                    LT, Non-FBL          ICRA A+     243.7  -
                                                            (Stable)
(upgraded from ICRA A (Negative))
Indoco Remedies Ltd                    LT/ST, Fund based    ICRA A+     250    -
                                       Limits               (Stable) /
                                                            ICRA A1
(upgraded from ICRA A(Negative)/ICRA A2+)
Indoco Remedies Ltd                    LT/ ST, Unallocated  ICRA A+     600    -
                                       Limits               (Stable) /
                                                            ICRA A1
(upgraded from ICRA A(Negative)/ICRA A2+)
Kallagam - Meensurutti Highway         LT – TL              ICRA        4556   -
Pvt Ltd                                                     A-(Stable)
Ksr Properties Pvt Ltd                 LT - Unallocated     ICRA B      300    -
                                                            (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
M.S. Life Drug House Pvt Ltd           FB Limits – CC       ICRA BBB    200    -
                                                            (Stable)
(Upgraded from ICRA BBB- (Stable))
Maestro Fashions                       LT/ST - Non-fund     ICRA        5      Reaffirmed
                                       based facility       BB+(Stable)
                                                            / ICRA A4+
Mangalam Pipes Pvt Ltd                 LT - Fund Based/ CC  ICRA B+     44     -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Mangalam Pipes Pvt Ltd                 LT - Fund Based TL   ICRA B+     6.9    -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Mangalore Sea Products                 LT - Fund Based/ CC  ICRA B+     50     -
                                                            (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Mangalore Sea Products                 LT - Fund Based TL   ICRA B+     25     -
                                                            (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Manoj Vaibhav Jewellers Pvt Ltd        CC                   ICRA BB     380    Reaffirmed
(Outlook revised to Negative from Stable)
Manoj Vaibhav Jewellers Pvt Ltd        Unallocated Limits   ICRA BB     20     Reaffirmed
(Outlook revised to Negative from Stable)
Plycom Pvt. Ltd                        LT - Fund Based/CC   ICRA B+     20     Reaffirmed
                                                            (Stable)
Plycom Pvt. Ltd                        LT/ST- Unallocated   ICRA B+     30     Reaffirmed
                                                            (Stable)/
                                                            ICRA A4
Pm Granite Exports Pvt Ltd             LT - Fund Based/ CC  ICRA C+     7.5    -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Pm Granite Exports Pvt Ltd             LT - Fund Based TL   ICRA C+     17.2   -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Pm Granite Exports Pvt Ltd             LT / ST – Unallocated ICRA       29.3   -
                                                            C+/ICRA A4
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Pune Solapur Expressways Pvt           NCD Programme        ICRA A      7755   outstanding
Ltd                                                         (Stable)
Pune Solapur Expressways Pvt           TL                   ICRA A      2000   outstanding
Ltd                                                         (Stable)
Pune Solapur Expressways Pvt           NCD Programme (Sub   Provisional 1974   assigned
Ltd                                    Debt)#               ICRA AA
                                                            (CE) (Stable)
(#Rating Without Explicit Credit)
Pune Solapur Expressways Pvt           TL (Sub Debt)#       Provisional 1974   assigned
Ltd                                                         ICRA AA
                                                            (CE) (Stable)
(#Rating Without Explicit Credit)
Pune Solapur Expressways Pvt           NCD Programme (Senior Provisional 3587  assigned
Ltd                                    Debt)                ICRA
                                                            AA-(Stable)
Pune Solapur Expressways Pvt           TL (Senior Debt)     Provisional 1913   assigned
Ltd                                                         ICRA
                                                            AA-(Stable)
R. P. Motors                           FBL– TL              ICRA B      18.6   -
                                                            (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
R. P. Motors                           FBL – CC e-DFS       ICRA B      28     -
                                                            (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
R. P. Motors                           FBL - CC Regular     ICRA B      10     -
                                                            (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
R. P. Motors                           Unallocated Limits   ICRA B      3      -
                                                            (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Radiance Renewables Pvt Ltd            LT/ ST unallocated   ICRA        600    assigned
                                       limits               A(Stable) /
                                                            A2+
Remedy Medical Services Pvt.           FBL– TL              ICRA B      82     -
Ltd                                                         (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Remedy Medical Services Pvt.           FBL – CC             ICRA B      5      -
Ltd                                                         (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Remedy Medical Services Pvt.           Unallocated Limits   ICRA B      33     -
Ltd                                                         (Stable) /
                                                            ICRA A4
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Samruddha Resources Ltd                CC                   ICRA D      250    -
(Rating Continues to remain under issuer not cooperating category)
Sivaswati Textile Pvt Ltd              LT - Fund Based/ CC  ICRA        444    -
                                                            BBB-(Stable)
(Rating moved to the ‘Issuer Not Cooperating’ category and Outlook revised to Stable from
Positive)
Sivaswati Textile Pvt Ltd              LT - Unallocated     ICRA        388.2  -
                                                            BBB-(Stable)
(Rating moved to the ‘Issuer Not Cooperating’ category and Outlook revised to Stable from
Positive)
Solid Ply Pvt Ltd                      LT - Fund Based/CC   ICRA BB     130    Reaffirmed
                                                            (Stable)
Solid Ply Pvt Ltd                      LT- TL               ICRA BB     70     Reaffirmed
                                                            (Stable)
Susee Motors (India) Pvt Ltd           LT - Fund Based/ CC  ICRA B      30     -
                                                            (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
The Indian Hotels Co. Ltd              NCD Programme        ICRA AA     8000   Reaffirmed
(Outlook revised to Negative from Stable)
Tirupati Veneers Pvt Ltd               LT - Fund Based/CC   ICRA BB     120    Reaffirmed
                                                            (Stable)
Tirupati Veneers Pvt Ltd               LT/ST- Unallocated   ICRA BB     30     Reaffirmed
                                                            (Stable)/
                                                            ICRA A4+
--------------------------------------------------------------------------------------------
$: 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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