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ICRA ratings for Indian debt instruments-Sep 2

    Sep 2 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of September 1, 2020.

COMPANY                                INSTRUMENT           RATING      AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                                 ----------           ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Barbeque Nation Hospitality Ltd        ST FB limits         ICRA A2     300    Revised from
                                                                               ICRA A2+
East India Udyog Ltd.                  CP                   ICRA A3     100    Assigned
East India Udyog Ltd.                  Non-FB limits        ICRA A3     2494.5 Assigned
E-Durables Prefab Pvt Ltd              Non-FBL              ICRA A2     80     Reaffirmed
Epack Durables Solutions Pvt Ltd       Non-FBL              ICRA A2     230    Reaffirmed
E-Pack Polymers Pvt Ltd                Non-FBL              ICRA A2     327.2  Reaffirmed
Gtn Industries Ltd                     FB limits            ICRA A4     871    Reaffirmed
Gtn Industries Ltd                     Non-FBL              ICRA A4     256    Reaffirmed
Oriental Hotels Ltd                    ST non-fund based –  ICRA A1            Reaffirmed
                                       sub limit
Ramdev Food Products Pvt Ltd           Non-FBL              ICRA A2     165.2  Reaffirmed
State Bank Of India                    Certificates of      ICRA A1+    415000 Reaffirmed
                                       Deposit
Virgo Aluminium Ltd                    ST/Non-fund Based    ICRA A2     292.5  Reaffirmed

MEDIUM TERM RATINGS:
-------------------
State Bank Of India                    Medium Term Deposits MAAA (Stable)      Reaffirmed

LONG TERM RATINGS:
-------------------
Barbeque Nation Hospitality Ltd        TL                   ICRA BBB+   1015
                                                            (Negative)
Revised from ICRA A- (Negative)
Bharti Axa General Insurance Co. Ltd   Subordinated Debt    ICRA AA-&   2550
                                       Programme
placed under watch with developing implications
Coastal Farms                          LT - Fund Based/ CC  ICRA BB+    270    Review
                                                            (Stable)           process is
                                                                               underway
Coastal Farms                          LT - Fund Based TL   ICRA BB+    230    Review
                                                            (Stable)           process is
                                                                               underway
East India Udyog Ltd.                  FBL                  ICRA BBB-   1510.9 Assigned
                                                            (Stable)
East India Udyog Ltd.                  Unallocated Limits   ICRA BBB-   694.6  Assigned
                                                            (Stable)/ A3
E-Durables Prefab Pvt Ltd              FB – CCs             ICRA BBB+   220    Reaffirmed
                                                            (Stable)
E-Durables Prefab Pvt Ltd              FB – TL              ICRA BBB+   52.7   Reaffirmed
                                                            (Stable)
E-Durables Prefab Pvt Ltd              Unallocated          ICRA BBB+   97.3   Reaffirmed
                                                            (Stable)
Epack Durables Solutions Pvt Ltd       FB – CCs             ICRA BBB+   540    Reaffirmed
                                                            (Stable)
Epack Durables Solutions Pvt Ltd       FB – TL              ICRA BBB+   380    Reaffirmed
                                                            (Stable)
E-Pack Polymers Pvt Ltd                FB – CCs             ICRA BBB+   280    Reaffirmed
                                                            (Stable)
E-Pack Polymers Pvt Ltd                FB – TL              ICRA BBB+   192.8  Reaffirmed
                                                            (Stable)
Goldcoin Foam Pvt Ltd                  TL                   ICRA BB-    78.3   Issuer Not
                                                            (Stable)           Cooperating
Goldcoin Foam Pvt Ltd                  CC                   ICRA BB-    70     Issuer Not
                                                            (Stable)           Cooperating
Gtn Industries Ltd                     TL                   ICRA B-     441.8  Revised from
                                                            (Stable)           ICRA B
                                                                               (Stable)
Icici Lombard General Insurance Co. LtdSubordinated debt    ICRA AAA    4850   outstanding
                                       programme            (Stable)
Keisha Enterprises Pvt. Ltd.           LT - Fund Based TL   ICRA BBB-   128.7  Reaffirmed
                                                            (Stable)
Keisha Enterprises Pvt. Ltd.           LT - Unallocated     ICRA BBB-   11.3   Reaffirmed
                                                            (Stable)
Madhucon Granites Ltd                  LT- Fund Based – TL  ICRA D      820.6
Rating downgraded from ICRA B-(Stable); Rating continues to remain under ‘Issuer Not
Cooperating’ category
Madhucon Granites Ltd                  ST- Fund Based       ICRA D      425.7
Rating downgraded from ICRA A4; Rating continues to remain under ‘Issuer Not Cooperating’
category
Madhucon Granites Ltd                  ST- Non-Fund Based   ICRA D      91
Rating downgraded from ICRA A4; Rating continues to remain under ‘Issuer Not Cooperating’
category
Oriental Hotels Ltd                    LT fund based        ICRA A+     300
reaffirmed; outlook on the long-term rating revised to negative from stable
Orra Fine Jewellery Pvt Ltd            LT/ ST, FB/Non-FB FacICRA BBB    1300
                                                            (CE)
                                                            (Negative)/ ICRA A3+ (CE)
removed from watch with negative implications
Orra Fine Jewellery Pvt Ltd            LT/ST, FB / Non-fund ICRA BBB
                                       based sublimit       (CE)
                                                            (Negative)/ ICRA A3+ (CE)
removed from watch with negative implications
Pratham Motors Pvt Ltd                 Fund Based – TL      ICRA B+     175
                                                            (Stable)
Downgraded from ICRA BB- (Negative)
Pratham Motors Pvt Ltd                 Fund Based – CC      ICRA B+     555
                                                            (Stable)
Downgraded from ICRA BB- (Negative)
Pristine Industries Ltd                LT - CC              ICRA BBB-   150
                                                            (Stable)
upgraded from ICRA BB (Stable)
Pristine Industries Ltd                LT- TL               ICRA BBB-   63.2
                                                            (Stable)
upgraded from ICRA BB (Stable)
Pristine Industries Ltd                LT - Unallocated     ICRA BBB-   86.8
                                                            (Stable)
upgraded from ICRA BB (Stable)
Priyadarshini Polysacks Ltd            LT - CC              ICRA BBB-   180    Reaffirmed
                                                            (Stable)
Priyadarshini Polysacks Ltd            LT - TL              ICRA BBB-   102.8  Reaffirmed
                                                            (Stable)
Priyadarshini Polysacks Ltd            LT/ST –              ICRA BBB-          Reaffirmed
                                       Interchangeable      (Stable)/
                                                            ICRA A3
Priyadarshini Polysacks Ltd            LT/ST – Unallocated  ICRA BBB-   17.2   Reaffirmed
                                                            (Stable)/
                                                            ICRA A3
Ramdev Food Products Pvt Ltd           FB CC                ICRA BBB+   706.6
Reaffirmed and outlook revised to Negative from Stable
Ramdev Food Products Pvt Ltd           FB TL                ICRA BBB+   168.4
Reaffirmed and outlook revised to Negative from Stable
Ramdev Food Products Pvt Ltd           FB/Non-FBL- sublimit ICRA BBB+/ A2
                                       to CC
Reaffirmed and outlook revised to Negative from Stable
Rosy Blue (India) Pvt Ltd              LT / ST, Fund- based-ICRA BBB+   11800
                                       Working Capital Fac  (Negative)/
                                                            ICRA A2
removed from watch with negative implications
Sri Lakshmi Srinivasa Hi-Tech IndustrieFund based – CC      ICRA BB-    120    Reaffirmed
                                                            (Stable)
Sri Lakshmi Srinivasa Hi-Tech IndustrieFund based – TL      ICRA BB-    2.4    Reaffirmed
                                                            (Stable)
Sri Lakshmi Srinivasa Hi-Tech IndustrieUnallocated          ICRA BB-    34.6   Reaffirmed
                                                            (Stable)
State Bank Of India                    Basel III Compliant  ICRA AA+    40000  Assigned
                                       Tier I Bonds         (hyb)
                                                            (Stable)
State Bank Of India                    Basel III Compliant  ICRA AA+   150000^ Reaffirmed
                                       Tier I Bonds         (hyb)
                                                            (Stable)
^ Includes Rs. 764.30 crore of bonds that are yet to be issued
State Bank Of India                    Basel III Compliant  ICRA AAA    157430 Reaffirmed
                                       Tier II Bonds        (hyb)
                                                            (Stable)
State Bank Of India                    Lower Tier II Bonds  ICRA AAA    5000   Reaffirmed
                                       Programme            (Stable)

Virgo Aluminium Ltd                    LT: Fund based       ICRA BBB+   222.5  Reaffirmed
                                                            (Stable)
Virgo Aluminium Ltd                    LT/Unallocated       ICRA BBB+   35     Reaffirmed
                                                            (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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