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ICRA ratings for Indian debt instruments-Sep 22

   Sep 22 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of September 21, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Airports Authority Of India            ST FB - Working      ICRA A1+    15000  Reaffirmed
                                       capital Fac
Ajay Enterprises Pvt Ltd               ST Non-fund Based    ICRA A3+    100    Reaffirmed
Dhanuka Agritech Ltd                   Non-fund based – LC/BICRA A1+    333.5  Reaffirmed
(removed from watch with negative implications)
Ganges Internationale Pvt. Ltd         ST fund based        ICRA A4+    1007.5 -
(Rating downgraded from ICRA A2 and moved to the ‘Issuer Not Cooperating’ category)
Ganges Internationale Pvt. Ltd         ST Non-fund based    ICRA A4+    950    -
(Rating downgraded from ICRA A2 and moved to the ‘Issuer Not Cooperating’ category)
Ganges Internationale Pvt. Ltd         ST Interchangeable   ICRA A4+    -      -
(Rating downgraded from ICRA A2 and moved to the ‘Issuer Not Cooperating’ category)
Jindal Power Ltd                       ST FB                ICRA A3+    250    Reaffirmed
Jindal Steel & Power Ltd               ST non-FB Bk Fac     ICRA A3     47000  -
(reaffirmed and removed from watch with negative implications)
Jindal Steel & Power Ltd               ST FB Bk Fac         ICRA A3     12618.7-
(reaffirmed and removed from watch with negative implications)
Kineco Ltd                             ST, Interchangeable  ICRA A3     -      Reaffirmed
                                       limits
Mahanagar Gas Ltd                      ST non-FBL           ICRA A1+    4000   Reaffirmed
Penver Products Ltd                    ST - Fund based/CC   ICRA A3     1535   Assigned
Proline India Ltd                      ST-LOC/BG            ICRA A4+    30     -
(downgraded from ICRA A3)
Rosabella Ceramic Llp                  Non-fund Based BG    ICRA A4     10     Reaffirmed
Sahastraa Exports Pvt Ltd              ST non-FBL           ICRA A4     150    Reaffirmed
Time Technoplast Ltd                   CP Programme         ICRA A1+    2000   Reaffirmed
 


LONG TERM RATINGS:
-------------------
Airports Authority Of India            Fund based – TL      ICRA        21000  Reaffirmed
                                                            AAA(Stable)
Airports Authority Of India            FB - Working capital ICRA        2150   Reaffirmed
                                       Fac                  AAA(Stable)
                                                            / ICRA A1+
Ajay Enterprises Pvt Ltd               Fund based -TL       ICRA BBB+   780    -
                                                            (Stable)
(reaffirmed/assigned)
Ajay Enterprises Pvt Ltd               Fund based - CC      ICRA BBB+   475    Reaffirmed
                                                            (Stable)
Asbesco (India) Pvt Ltd                Bk Fac               ICRA BB+    1270   -
                                                            (Stable) /
                                                            ICRA A4+
(Reason for delay in carrying out periodic review: - Review Process is underway)
Bipin Kumar Agrawal                    Fund based – TL      ICRA        15     -
                                                            B+(Stable)
(Rating downgraded from ICRA BB- (Stable) ISSUER NOT COOPERATING and Continues to remain under
‘Issuer Not Cooperating’ category)
Bipin Kumar Agrawal                    Fund based – CC      ICRA        40     -
                                                            B+(Stable)
(Rating downgraded from ICRA BB- (Stable) ISSUER NOT COOPERATING and Continues to remain under
‘Issuer Not Cooperating’ category.)
Bipin Kumar Agrawal                    Non-fund based – BG  ICRA        45     -
                                                            B+(Stable)
(Rating downgraded from ICRA BB- (Stable) ICRA A4 ISSUER NOT COOPERATING and Continues to remain
under ‘Issuer Not Cooperating’ category)
Brijnandan Industries Pvt Ltd          Fund Based – CC      ICRA D      95     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Brijnandan Industries Pvt Ltd          Fund based – TL      ICRA D      25     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Chhattisgarh Hydro Power Llp           LT- TL               ICRA BBB+   1100   -
(Formerly Chhattisgarh Hydro                                (Stable)
Power (P) Ltd.):
(Upgraded from ICRA BBB/Stable)
Chhattisgarh Hydro Power Llp           LT – Non-Fund Based  ICRA BBB+   50     -
(Formerly Chhattisgarh Hydro                                (Stable)
Power (P) Ltd.):
(Upgraded from ICRA BBB/Stable)
Chhattisgarh Hydro Power Llp           LT – Unallocated     ICRA BBB+   60     -
(Formerly Chhattisgarh Hydro                                (Stable)
Power (P) Ltd.):
(Upgraded from ICRA BBB/Stable)
Chhattisgarh Hydro Power Llp           Issuer Rating        ICRA BBB+   -      -
(Formerly Chhattisgarh Hydro                                (Stable)
Power (P) Ltd.):
(Upgraded from ICRA BBB/Stable)
Dhanuka Agritech Ltd                   Fund based - Working ICRA AA-    300    Reaffirmed
                                       Capital Fac          (Positive)
(removed from watch with negative implications Positive outlook assigned)
Ganges Internationale Pvt. Ltd         LT Fund based – TL   ICRA BB+    116.9  -
                                                            (Stable)
(Rating downgraded from ICRA BBB+ (Stable) and moved to the ‘Issuer Not Cooperating’ category)
Ganges Internationale Pvt. Ltd         LT Fund based - CC   ICRA BB+    750    -
                                                            (Stable)
(Rating downgraded from ICRA BBB+ (Stable) and moved to the ‘Issuer Not Cooperating’ category)
Ganges Internationale Pvt. Ltd         LT Interchangeable   ICRA BB+    -      -
                                                            (Stable)
(Rating downgraded from ICRA BBB+ (Stable) and moved to the ‘Issuer Not Cooperating’ category)
Ganges Internationale Pvt. Ltd         Long/Term ST         ICRA BB+    75.6   -
                                       unallocated          (Stable)
(Rating downgraded from ICRA BBB+ (Stable)/ICRA A2 and moved to the ‘Issuer Not Cooperating’
category)
Goyal Automobiles                      Fund Based- CC       ICRA B+     50     -
                                                            (Stable)
(Rating Continues to remain under issuer not cooperating category)
H N Construction Pvt Ltd               Fund based – CC      ICRA        30     -
                                                            B+(Stable)
(Rating downgraded from ICRA BB+ (Stable) ISSUER NOT COOPERATING and Continues to remain under
‘Issuer Not Cooperating’ category)
H N Construction Pvt Ltd               Unallocated Limit    ICRA        70     -
                                                            B+(Stable)
(Rating downgraded from ICRA BB+ (Stable) ISSUER NOT COOPERATING and Continues to remain under
‘Issuer Not Cooperating’ category)
Jalaram Cotton Ginning And             FB Limits            ICRA B      70     -
Pressing Factory                                            (Stable)
(Rating moved to ‘Issuer Not Cooperating’ category)
Jindal Power Ltd                       LT FB TL             ICRA BBB    64438  -
                                                            (Stable)
(reaffirmed with revision in outlook from Negative to Stable)
Jindal Power Ltd                       LT FB CC             ICRA BBB    6780   -
                                                            (Stable)
(reaffirmed with revision in outlook from Negative to Stable)
Jindal Power Ltd                       LT non-FB            ICRA BBB    7000   -
                                                            (Stable)
(reaffirmed with revision in outlook from Negative to Stable)
Jindal Power Ltd                       Unallocated          ICRA BBB    15412  -
                                                            (Stable)
(reaffirmed with revision in outlook from Negative to Stable)
Jindal Steel & Power Ltd               LT/ST Unallocated    ICRA BBB-   27500  -
                                                            (Stable) /
                                                            ICRA A3
(reaffirmed and removed from watch with negative implications, Stable outlook assigned on long
term rating)
Jindal Steel & Power Ltd               LT FB Bk Fac         ICRA        153577.-
                                                            BBB-(Stable)
(reaffirmed and removed from watch with negative implications Stable outlook assigned)
Jindal Steel & Power Ltd               LT non-FB Bk Fac     ICRA        11000  -
                                                            BBB-(Stable)
(reaffirmed and removed from watch with negative implications Stable outlook assigned)
Jindal Steel & Power Ltd               NCDs (NCD)           ICRA        14472  -
                                                            BBB-(Stable)
(reaffirmed and removed from watch with negative implications Stable outlook assigned)
Kineco Ltd                             LT, FB Fac           ICRA BBB-   280    Reaffirmed
Kineco Ltd                             LT, Interchangeable  ICRA BBB-   -      Reaffirmed
                                       limits
Kineco Ltd                             LT, TL/ Working      ICRA BBB-   287.8  Reaffirmed
                                       Capital TL
Kineco Ltd                             LT/ST, Non-fund based ICRA BBB-  210    Reaffirmed
                                                            /ICRA A3
Kineco Ltd                             LT/ST, Unallocated Fac ICRA BBB- 28.2   Reaffirmed
                                                            /ICRA A3
Mahanagar Gas Ltd                      LT debt programme    ICRA AAA    1000   Reaffirmed
                                                            (Stable)
Mahanagar Gas Ltd                      LT non-FBL           ICRA AAA    2000   Reaffirmed
                                                            (Stable)
Maxion Wheels Aluminum India           TL                   ICRA        2060   Reaffirmed
Pvt Ltd                                                     BBB+(Stable)
Maxion Wheels Aluminum India           LT, FB Limits        ICRA        1340   Reaffirmed
Pvt Ltd                                                     BBB+(Stable)
Navin Cold Storage Pvt. Ltd            Fund based – TL      ICRA D      18.1   -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Navin Cold Storage Pvt. Ltd            Fund based- CC       ICRA D      11.7   -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Navin Cold Storage Pvt. Ltd            Fund based working   ICRA D      55     -
                                       capital loan
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Navin Cold Storage Pvt. Ltd            Unallocated Limits   ICRA D      5.2    -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Ozone Homes Pvt Ltd                    NCD                  ICRA B+ @   1800   -
(@Rating placed on Watch with negative implications)
Peninsula Projects (Bangalore)         LT - Fund Based TL   ICRA B      200    Withdrawn
Pvt Ltd                                                     (Stable)
Penver Products Ltd                    LT – TL              ICRA BBB-   236.6  Assigned
                                                            (Stable)
Penver Products Ltd                    LT – Unallocated     ICRA BBB-   228.4  Assigned
                                                            (Stable)
Proline India Ltd                      LT-CC                ICRA        190    -
                                                            BB+(Stable)
(downgraded from ICRA BBB- (Stable))
Proline India Ltd                      LT-Stand-by Line of  ICRA        20     -
                                       Credit               BB+(Stable)
(downgraded from ICRA BBB- (Stable))
Rajarambapu Patil Sahakari             LT Fund based - Cash ICRA BB-    5000   -
Sakhar Karkhana Ltd                                         (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Rosabella Ceramic Llp                  FB TL                ICRA B      70.8   Reaffirmed
                                                            (Stable)
Rosabella Ceramic Llp                  FB CC                ICRA B      50     Reaffirmed
                                                            (Stable)
Sahastraa Exports Pvt Ltd              LT FB limit          ICRA        75     Reaffirmed
                                                            B+(Stable)
The Jute Corporation Of India          Fund based – CC      ICRA A+     1000   -
Ltd                                                         (Stable)
(Rating upgraded from ICRA A (Stable))
The Jute Corporation Of India          Unallocated Limits   ICRA A+     100    -
Ltd                                                         (Stable)
United Builders                        LT - TL              ICRA BB-    147    Withdrawn
                                                            (Stable)
United Builders                        LT – Unallocated     ICRA BB-    3      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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