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ICRA ratings for Indian debt instruments-Sep 14

    Sep 14 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of September 11, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Avera Resource Pvt Ltd                 ST – Non Fund Based  ICRA D      110    -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Endurance Technologies Ltd             CP                   ICRA A1+    1000   Reaffirmed
Green Gas Ltd                          ST Non-Fund Based    ICRA A1+    2400   Reaffirmed
Indian Compressors Ltd                 Non-fund based –     ICRA A4     80     -
                                       Working Capital Fac
(Rating downgraded from ICRA A4+ and continues to remain in the ‘Issuer Not Cooperating’
category)
Indian Farmers Fertiliser              ST non fund based    ICRA A1+    53500  Outstanding
Cooperative Ltd
Indian Farmers Fertiliser              ST-fund based        ICRA A1+    156050 Outstanding
Cooperative Ltd
Indian Farmers Fertiliser              ST-Unallocated       ICRA A1+    1560   Outstanding
Cooperative Ltd
Indian Farmers Fertiliser              CP                   ICRA A1+    1560   Assigned
Cooperative Ltd
Mahadev Industries                     Fund Based -         ICRA A4     50     -
                                       Inventory Funding
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Merck Specialities Pvt Ltd             ST, FB Limits        ICRA A1+    200    Withdrawn
Nuevosol Energy Pvt Ltd                ST - Fund Based      ICRA A4     50     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Sigma Chemicals                        Non-fund based - BG  ICRA A4     100    -
(Rating downgraded from ICRA A4+ and continues to remain in the ‘Issuer Not Cooperating’
category)
Truwoods Pvt Ltd                       ST - Non Fund Based  ICRA D      130    -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Sahakar Shiromani Vasantrao            ST - Fund Based      ICRA D      170    -
Kale Sahakari Sakhar Karkhana
Ltd
(Rating downgraded from ICRA A4 ISSUER NOT COOPERATING and continues to remain under ‘Issuer Not
Cooperating’ category)
Supertron Electronics Pvt Ltd          ST - Non-fund based  ICRA A2+    1960   Reaffirmed
(Outlook revised to ‘Positive’ from ‘Stable’)
Union Bank Of India                    Certificates of      ICRA A1+    150000 Reaffirmed
                                       Deposit
Yogi Construction Co.                  BG                   ICRA A4     300    -
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Alpine Panels Pvt. Ltd                 ST - Non Fund Based  ICRA D      100    -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
 


MEDIUM TERM RATINGS:
-------------------
Pai International Electronics          Medium Term - Fixed  MA-(Stable) 500    Withdrawn
Ltd                                    Deposit


 
LONG TERM RATINGS:
-------------------
Alpine Panels Pvt. Ltd                 LT - Fund Based/ CC  ICRA D      7.5    -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Alpine Panels Pvt. Ltd                 LT / ST – Unallocated ICRA D/ICRA 32.5  -
                                                            D
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Arshit Gems                            LT / ST, FBL         ICRA D/ICRA 280    -
                                                            D
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
C S Construction Company Pvt           FB - Working Capital ICRA A-     41     Reaffirmed
Ltd                                    Fac                  (Stable)
C S Construction Company Pvt           Non-fund             ICRA A-     4959   Reaffirmed
Ltd                                    Based-Working Capital(Stable)
                                       Fac
Endurance Technologies Ltd             FB/Non-fund based/   ICRA        220    Reaffirmed
                                       Long/short -Term     AA+(Stable)
                                                            / ICRA A1+
Gayathri Sustainable Energies          LT - Fund Based TL   ICRA        48     -
India Pvt Ltd                                               B+(Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Gayathri Sustainable Energies          LT - Unallocated     ICRA        180.7  -
India Pvt Ltd                                               B+(Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Global Metal & Energy Pvt Ltd          Fund Based – TL      ICRA D      537.4  -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Global Metal & Energy Pvt Ltd          Unallocated          ICRA D      20.6   -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Green Gas Ltd                          Proposed TL          ICRA AA     5000   Reaffirmed
                                                            (Stable)
Indian Compressors Ltd                 Fund based - TL      ICRA        10     -
                                                            B+(Stable)
(Rating downgraded from ICRA BB+(Stable) and continues to remain in the ‘Issuer Not Cooperating’
category)
Indian Compressors Ltd                 Fund based - Working ICRA        110    -
                                       Capital Fac          B+(Stable)
(Rating downgraded from ICRA BB+(Stable) and continues to remain in the ‘Issuer Not Cooperating’
category)
Indian Compressors Ltd                 Unallocated Limits   ICRA        50     -
                                                            B+(Stable)
                                                            / A4
(Rating downgraded from ICRA BB+(Stable)/A4+ and continues to remain in the ‘Issuer Not
Cooperating’ category)
Indian Farmers Fertiliser              TL                   ICRA AA     13890  Outstanding
Cooperative Ltd                                             (Stable)
Indian Farmers Fertiliser              LT fund based-CC limit ICRA AA   55000  Outstanding
Cooperative Ltd                                             (Stable)
Kartikey Resorts And                   Fund based TL        ICRA D      125    -
Hospitality (P) Ltd
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Lakshmi Finance Pvt Ltd                LT Bk Fac            ICRA        2000   -
                                                            BBB-(Stable)
(assigned/reaffirmed)
Mahadev Industries                     Fund Based - CC      ICRA        220    -
                                                            B(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Merck Specialities Pvt Ltd             LT, FB Limits        ICRA AA-    30     Withdrawn
                                                            (Stable)
Merck Specialities Pvt Ltd             LT, Non-FBL          ICRA AA-    45     Withdrawn
                                                            (Stable)
Nuevosol Energy Pvt Ltd                LT - Fund Based/ CC  ICRA        60     -
                                                            B-(Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Nuevosol Energy Pvt Ltd                LT / ST - Non-Fund   ICRA        230    -
                                       Based                B-(Stable)
                                                            / ICRA A4
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Nuevosol Energy Pvt Ltd                LT / ST – Unallocated ICRA       240    -
                                                            B-(Stable)
                                                            / ICRA A4
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
R R Gold Palace Pvt Ltd                LT - Fund Based/ CC  ICRA B+     620    -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain in the ‘Issuer Not
Cooperating’ category)
Ramapriya Solar Energy Pvt Ltd         LT - Fund Based TL   ICRA B      105    -
                                                            (Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Shriram Transport Finance Co.          Sansar Trust May 2019 ICRA AA(SO)@  -   Withdrawn
Ltd                                    - PTC Series A1a
(@: The symbol implies that the ratings are under Watch with Negative Implications)
Siddarth Intercrafts Pvt Ltd           Fund Based - CC      ICRA C      25     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Siddarth Intercrafts Pvt Ltd           Unallocated          ICRA C/A4   75     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sigma Chemicals                        Fund based - Working ICRA        97.5   -
                                       Capital Fac          B+(Stable)
(Rating downgraded from ICRA BB+(Stable) and continues to remain in the ‘Issuer Not Cooperating’
category)
Sri Jyoti Renewable Energy             LT - Fund Based/ CC  ICRA B+     100    -
Pvt. Ltd                                                    (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain in the ‘Issuer Not
Cooperating’ category)
Sri Jyoti Renewable Energy             LT - Unallocated     ICRA B+     371.7  -
Pvt. Ltd                                                    (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain in the ‘Issuer Not
Cooperating’ category)
Supertron Electronics Pvt Ltd          LT fund based – CC   ICRA A-     1350   Reaffirmed
(Outlook revised to ‘Positive’ from ‘Stable’)
Supertron Electronics Pvt Ltd          LT fund based –      ICRA A-     1750   Reaffirmed
                                       Channel financing
(Outlook revised to ‘Positive’ from ‘Stable’)
Truwoods Pvt Ltd                       LT - Fund Based/ CC  ICRA D      70     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Union Bank Of India                    Basel III Compliant  ICRA        20000^ Assigned
                                       Tier II Bonds        AA+(hyb)
(^Yet to be issued)
Varun Finance                          LT Bk Fac            ICRA        650    Reaffirmed
                                                            BBB-(Stable)
Varun Leasing                          LT Bk Fac            ICRA        100    Reaffirmed
                                                            BBB-(Stable)
Wave Beverages Pvt Ltd                 Fund based - TL      ICRA        174.4  -
                                                            B+(Stable)
(Rating downgraded from ICRA BB+(Stable) and continues to remain in the ‘Issuer Not Cooperating’
category)
Wave Beverages Pvt Ltd                 Fund based - Working ICRA        350    -
                                       Capital              B+(Stable)
(Rating downgraded from ICRA BB+(Stable) and continues to remain in the ‘Issuer Not Cooperating’
category)
Wave Beverages Pvt Ltd                 Unallocated          ICRA        135.9  -
                                                            B+(Stable)
(Rating downgraded from ICRA BB+(Stable) and continues to remain in the ‘Issuer Not Cooperating’
category)
Yes Bank Ltd                           Basel II Compliant   ICRA        3070   -
                                       Tier I Bond          BB+(Stable)
(upgraded from ICRA D)
Yes Bank Ltd                           Basel II Compliant   ICRA        13441  -
                                       Upper Tier II Bond   BB+(Stable)
(upgraded from ICRA D)
Yes Bank Ltd                           Basel III Compliant  ICRA BBB-   109000 -
                                       Tier II Bond         (hyb)
                                                            (Stable)
(upgraded from ICRA BB(hyb)&, removed from rating watch and Stable outlook assigned)
Yes Bank Ltd                           Infrastructure Bond  ICRA BBB    70300  -
                                       Programme            (Stable)
(upgraded from ICRA BB+& removed from rating watch and Stable outlook assigned. & Rating Watch
with Developing Implications,)
Yes Bank Ltd                           Basel II Compliant   ICRA BBB    19246  -
                                       Lower Tier II Bond   (Stable)
(upgraded from ICRA BB+& removed from rating watch and Stable outlook assigned. & Rating Watch
with Developing Implications,)
Yes Bank Ltd                           Basel II Compliant   ICRA BBB    -      -
                                       Lower Tier II Bond   (Stable)
(upgraded from ICRA BB+& removed from rating watch and Stable outlook assigned and withdrawn. &
Rating Watch with Developing Implications)
Yes Bank Ltd                           Basel III Compliant  ICRA C(hyb) 2800   -
                                       Additional Tier I Bond
(upgraded from ICRA D)
Yes Bank Ltd                           Basel III Compliant  ICRA C(hyb) -      Withdrawn
                                       Additional Tier I Bond
(upgraded from ICRA D(hyb) and withdrawn)
Yes Bank Ltd                           Basel III Compliant  ICRA D(hyb) 84150  Reaffirmed
                                       Additional Tier I
                                       Bond*
(*was written down as a part of the restructuring of liabilities)
Yogi Construction Co.                  CC                   ICRA BB     40     -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
--------------------------------------------------------------------------------------------
$: 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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