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ICRA ratings for Indian debt instruments-Sep 18

    Sep 18 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of September 17, 2020.

COMPANY                                INSTRUMENT            ATING       AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                 ----------           ------        -----  ---------
SHORT TERM RATINGS:
-------------------
Cosa Ceramics Pvt. Ltd.                Non-fund Based BG    ICRA A3+      70     Reaffirmed
Escorts Ltd                            Non-fund Based –     ICRA A1+      3560   Reaffirmed
                                       Working Capital Fac
Escorts Ltd                            CP                   ICRA A1+      2000   Reaffirmed
Hightemp Furnaces Ltd                  ST – Fund Based      ICRA A2+      20     Reaffirmed
Hightemp Furnaces Ltd                  ST – Non-Fund Based  ICRA A2+      130    Reaffirmed
India Infradebt Ltd                    CP programme         ICRA A1+      5000   Outstanding
Mirha Exports Pvt Ltd                  ST: Fund based       ICRA A4       1400   Reaffirmed
Mirha Exports Pvt Ltd                  ST/Non-fund Based    ICRA A4       330    Reaffirmed
Moneywise Financial Services Pvt Ltd   CP Programme         ICRA A1+(CE)         reaffirmed
                                                                                 and withdrawn
Plasto India Pvt Ltd                   ST non-fund based -  ICRA A4       86
                                       FLC/ILC
Reaffirmed and removed from Issuer Not Cooperating category
Remsons Industries Ltd                 ST—Non FB limits     ICRA A3 &     7
rating placed on watch with developing implications
Vns Finance & Capital Services Ltd     ST non-fund based Bk ICRA A4              Withdrawn
                                       Fac

LONG TERM RATINGS:
-------------------
Brc Infra Pvt. Ltd.                    LT – FB/ CC          ICRA          60     Reaffirmed
                                                            BB(Stable)
Cholamandalam Ms General Insurance Co. Subordinated         ICRA          1000
Ltd                                    debenture (sub debt) AA(Stable)
rating reaffirmed, Outlook revised to Stable from Negative
Clean Wind Power (Ratlam) Pvt Ltd      FB Bk Fac (TL)       ICRA A-       5280   Withdrawn
                                                            (Stable)
Clean Wind Power (Ratlam) Pvt Ltd      Working Capital      ICRA A-       300    Withdrawn
                                                            (Stable)
Cosa Ceramics Pvt. Ltd.                FB CC                ICRA          120^   Reaffirmed
                                                            BBB(Stable)
^Includes sublimit LC of Rs. 5.00 crore
Cosa Ceramics Pvt. Ltd.                FB TL                ICRA          49.2   Reaffirmed
                                                            BBB(Stable)
Cosa Ceramics Pvt. Ltd.                Unallocated          ICRA          290.8  Reaffirmed
                                                            BBB(Stable)/
                                                            A3+
Damodar Tradelinks Pvt Ltd             LT – FB- CC          ICRA B+       140
                                                            (Stable)
Downgraded from ICRA BB- (Stable)
Damodar Tradelinks Pvt Ltd             LT/ ST –             ICRA B+
                                       Interchangeable      (Stable)
Downgraded from ICRA BB- (Stable) and ICRA A4 Reaffirmed
Electro Polychem Ltd                   LT – FB- CC          ICRA B+       180
                                                            (Stable)
downgraded from ICRA BB- (Stable)
Electro Polychem Ltd                   LT/ ST –             ICRA B+
                                       Interchangeable      (Stable)
downgraded from ICRA BB- (Stable) and ICRA A4 reaffirmed
Escorts Ltd                            FB – Working Capital ICRA AA       3390
                                       Fac                  (Stable)
Upgraded from ICRA AA- &, removed from rating watch with developing implications; ICRA A1+
Reaffirmed
Escorts Ltd                            Unallocated          ICRA AA       2550
                                                            (Stable)
Upgraded from ICRA AA- &, removed from rating watch with developing implications; ICRA A1+
Reaffirmed
Fortis Healthcare Holdings Pvt Ltd     NCDs                 ICRA D        4900
Rating continues to remain under ‘Issuer Not Cooperating’ category
Fortis Healthcare Holdings Pvt Ltd     CP                   ICRA D        5000
Rating continues to remain under ‘Issuer Not Cooperating’ category
Gujarat Guardian Ltd                   LT, FB / Non-FBL     ICRA AA       100    Withdrawn
                                                            (Stable)
Gujarat Guardian Ltd                   LT, Non-FBL          ICRA AA       300    Withdrawn
                                                            (Stable)
Hightemp Furnaces Ltd                  LT – Fund Based (CC) ICRA A-       100    Reaffirmed
                                                            (Stable)
India Infradebt Ltd                    Subordinated debt    ICRA AAA      5000   Assigned
                                       programme            (stable)
India Infradebt Ltd                    NCD programme        ICRA AAA      134650 Outstanding
                                                            (stable)
India Infradebt Ltd                    Subordinated debt    ICRA AAA      4100   Outstanding
                                       programme            (stable)
Kp Sanghvi & Sons Llp                  LT/ST, FB limits     ICRA BB+      8000
                                                            (Stable)/
                                                            ICRA A4+
Issuer not co-operating; Withdrawn
Laila Hotels And Resorts Pvt. Ltd.     Fund Based – TL      ICRA BB       250
reaffirmed; Outlook revised to Negative from Stable
Laila Hotels And Resorts Pvt. Ltd.     Unallocated Limits   ICRA BB       350
reaffirmed; Outlook revised to Negative from Stable
Lords Chloro Alkali Ltd                Fund Based – Working ICRA BBB      200    Reaffirmed
                                       Capital              (Stable)
Lords Chloro Alkali Ltd                Fund Based – TL      ICRA BBB      130    Reaffirmed
                                                            (Stable)
Lords Chloro Alkali Ltd                Fund Based – TL      ICRA BBB
                                                            (Stable)
reaffirmed and put on notice of withdrawal for one month
Manba Finance Ltd- Northern Arc 2019 CvPTC Series A1        ICRA AA(SO)   241.6  Withdrawn
Bloom
Moneywise Financial Services Pvt Ltd   Bk Lines – LT (fund  ICRA A-       1000   Outstanding
                                       based/ non-fund based(Stable)
Plasto India Pvt Ltd                   LT FB - CC           ICRA          40
                                                            B+(Stable)
Reaffirmed and removed from Issuer Not Cooperating category
Plasto India Pvt Ltd                   LT/ST Unallocated    ICRA          19
                                                            B+(Stable)/
                                                            A4
Reaffirmed and removed from Issuer Not Cooperating category
Remsons Industries Ltd                 LT—FB - CC           ICRA BBB- &   220
rating placed on watch with developing implications
Remsons Industries Ltd                 Unallocated Limits – ICRA BBB- &   65
                                       TL
rating placed on watch with developing implications
Siri Tecon                             LT: Fund based       ICRA BB       7.5
                                                            (Stable)
Upgraded from ICRA BB- (Stable)
Siri Tecon                             LT / ST: Non -fund   ICRA BB       40
                                       based                (Stable)/
                                                            ICRA A4
Long term rating Upgraded from ICRA BB- (Stable)
Siri Tecon                             LT / ST: Unallocated ICRA BB       52.5
                                       limits               (Stable)/
                                                            ICRA A4
Long term rating Upgraded from ICRA BB- (Stable)/ ICRA A4
The Scottish Assam (India) Ltd         FB – working capital ICRA BBB+     105    Reaffirmed
                                                            (Stable)
Vns Finance & Capital Services Ltd     LT FB Bk Fac         ICRA BB-             Withdrawn
                                                            (Stable)
--------------------------------------------------------------------------------------------
$: 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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