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ICRA ratings for Indian debt instruments-Sep 24

   Sep 24 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of September 23, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Hill Stone Ceramic Pvt Ltd             Non-Fund Based BG    ICRA A4     11     -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Ibm India Pvt Ltd                      ST - Non-Fund based  ICRA A1+    200    Assigned
Japfa Comfeed India Pvt Ltd            ST –Interchangeable^ ICRA A2     -      Reaffirmed
(^: sublimit of cash credit facilities,)
Karnataka Power Corporation Ltd        FB Short-TL          ICRA A4+    143000 Reaffirmed
Lakhotia Transport Co. Pvt. Ltd        Non-fund based – BG/ ICRA A4+    -      Reaffirmed
                                       Sight LOC/ Usance LOC^
(removed from ISSUER NOT COOPERATING category. 
^Sub-limit of cash credit)
Lubi Industries Llp                    EPC/PCFC/FBP/FBD/EBR ICRA A1+    -      -
(Reason for delay in carrying out periodic review: - Review process is underway)
Lubi Industries Llp                    BG                   ICRA A1+    -      -
(Reason for delay in carrying out periodic review: - Review process is underway)
Lubi Industries Llp                    LOC/Buyers Credit    ICRA A1+    -      -
(Reason for delay in carrying out periodic review: - Review process is underway)
Lubi Industries Llp                    LER                  ICRA A1+    -      -
(Reason for delay in carrying out periodic review: - Review process is underway)
M/S B. P. Construction                 Non Fund Based – BG  ICRA A4     65     -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Modern Agro-Tech Industries            Non Fund Based – BG  ICRA A4     5      -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Narendra Emporis Ltd                   Non Fund             ICRA A4     -      -
                                       Based sublimit to CC
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Purbanchal Laminates Pvt Ltd           Non-fund Based –     ICRA A4     40     -
                                       Import LOC cum Buyers
                                       Credit
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Samasta Microfinance Ltd               CP programme         ICRA A1     5500   -
(Reason for delay in carrying out periodic review: - Review process is underway)
Sepal Tiles Pvt Ltd                    Non Fund based Letter ICRA A4    12.5   -
                                       of guarantee
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Siddhraj Infrabuild Pvt. Ltd           Non Fund based BG    ICRA A4     13.2   -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Svarn Infratel Pvt Ltd                 ST: Non-fund Based   ICRA A3+    320    -
(Reason for delay in carrying out periodic review: - Review process is underway)
The Ramco Cements Ltd                  ST fund based        ICRA A1+    2500   Reaffirmed
The Ramco Cements Ltd                  ST non-fund based    ICRA A1+    4850   Reaffirmed
The Ramco Cements Ltd                  CP                   ICRA A1+    9000   Reaffirmed
 

LONG TERM RATINGS:
-------------------
Hill Stone Ceramic Pvt Ltd             Fund based TL        ICRA        30.1   -
                                                            B+(Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Hill Stone Ceramic Pvt Ltd             Fund based CC        ICRA        35     -
                                                            B+(Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Ibm India Pvt Ltd                      LT (Interchangeable) ICRA AAA    -      Assigned
                                                            (Stable)
Ibm India Pvt Ltd                      LT/ST – Proposed Fac ICRA AAA    1500   Assigned
                                                            (Stable) /
                                                            ICRA A1+
Japfa Comfeed India Pvt Ltd            LT – Fund Based / TL ICRA        1200   Reaffirmed
                                                            BBB+(Stable)
Japfa Comfeed India Pvt Ltd            LT – Fund Based / CC ICRA        900    Reaffirmed
                                                            BBB+(Stable)
Japfa Comfeed India Pvt Ltd            LT – Interchangeable# ICRA       -      Reaffirmed
                                                            BBB+(Stable)
(#interchangeable with term loan facility)
Kalyani Developers                     LT - Unallocated Fac ICRA BBB+   3600   Assigned
                                                            (Stable)
Karnataka Power Corporation Ltd        FB Long-TL           ICRA BB+  173716.2 Reaffirmed
                                                            (Negative)
Karnataka Power Corporation Ltd        FB CC                ICRA BB+    26365  Reaffirmed
                                                            (Negative)
Karnataka Power Corporation Ltd        Non-fund based       ICRA BB+    1940   Reaffirmed
                                                            (Negative)
Krishna Tuff Pvt Ltd                   Fund based - CC      ICRA B      15     -
                                                            (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Krishna Tuff Pvt Ltd                   Fund Based - TL      ICRA B      43.2   -
                                                            (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Krishna Tuff Pvt Ltd                   Unallocated Limits   ICRA B      11.8   -
                                                            (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Lakhotia Transport Co. Pvt. Ltd        Fund based – CC      ICRA BB     420    Reaffirmed
(Outlook revised to Negative from Stable and removed from ISSUER NOT COOPERATING category)
Lakhotia Transport Co. Pvt. Ltd        Fund based – Bill    ICRA BB     40     Reaffirmed
                                       Discounting
(Outlook revised to Negative from Stable and removed from ISSUER NOT COOPERATING category)
Lubi Industries Llp                    CC/Overdraft         ICRA A+     1150   -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Lubi Industries Llp                    Working Capital      ICRA A+     -      -
                                       Demand Loan          (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
M/S B. P. Construction                 Fund Based – CC      ICRA B+     10     -
                                                            (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
M/S B. P. Construction                 Untied Limits        ICRA B+     65     -
                                                            (Stable) /
                                                            ICRA A4
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Mehta & Associates Fire                Fund based- CC       ICRA D      40     -
Protection Systems Pvt Ltd:
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Mehta & Associates Fire                Non Fund based BG    ICRA D      80     -
Protection Systems Pvt Ltd:
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Mehta & Associates Fire                Non Fund Based LOC   ICRA D      22.5   -
Protection Systems Pvt Ltd:
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Modern Agro-Tech Industries            Fund Based – TL      ICRA B      35.5   -
                                                            (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Modern Agro-Tech Industries            Fund Based – CC      ICRA B      25     -
                                                            (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Modern Agro-Tech Industries            Untied Limits        ICRA B      34.5   -
                                                            (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Narendra Emporis Ltd                   Fund Based- CC       ICRA B+     150    -
                                                            (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Pr Packing Service                     LT FB limit          ICRA D      150    -
(Downgraded from ICRA B+(Stable))
Pr Packing Service                     Unallocated limit    ICRA D/ICRA 35     -
                                                            D
(Downgraded from ICRA B+(Stable)/ICRA A4)
Purbanchal Laminates Pvt Ltd           FB – Working Capital ICRA B+     77.5   -
                                       Limit                (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain in the ‘Issuer Not
Cooperating’ category)
Purbanchal Laminates Pvt Ltd           Fun-based – TL       ICRA B+     35.1   -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain under the ‘Issuer Not
Cooperating’ category)
Samasta Microfinance Ltd               LT Bk lines          ICRA        4000   -
                                                            A(Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Samasta Microfinance Ltd               NCDs                 ICRA        1250   -
                                                            A(Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Sant Deepak Education And              FB / CC              ICRA D      17.5   -
Charitable Trust
(Rating moved to ‘Issuer Not Cooperating’ category)
Sant Deepak Education And              FB / TL              ICRA D      112.5  -
Charitable Trust
(Rating moved to ‘Issuer Not Cooperating’ category)
Sepal Tiles Pvt Ltd                    Fund Based- CC       ICRA B-     30     -
                                                            (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Sepal Tiles Pvt Ltd                    Fund based- TL       ICRA B-     40.4   -
                                                            (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Sepal Tiles Pvt Ltd                    Non Fund Based Inter ICRA B-     -      -
                                       changeble            (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Shantol Green Energy (India)           Fund based - CC      ICRA D      25     -
Pvt. Ltd
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Shantol Green Energy (India)           Fund based - TL      ICRA D      185    -
Pvt. Ltd
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Siddhraj Infrabuild Pvt. Ltd           Fund Based- CC       ICRA B      25     -
                                                            (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Siddhraj Infrabuild Pvt. Ltd           Fund based- TL       ICRA B      30     -
                                                            (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Svarn Infratel Pvt Ltd                 LT: CC limits        ICRA BBB    400    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Svarn Infratel Pvt Ltd                 LT: TL               ICRA BBB    100    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Svarn Infratel Pvt Ltd                 Long / ST:           ICRA BBB    10     -
                                       Unallocated limits   (Stable)/
                                                            ICRA A3+
(Reason for delay in carrying out periodic review: - Review process is underway)
The Ramco Cements Ltd                  NCDs                 ICRA AA+    4000   -
                                                            (Stable)
(reaffirmed for existing facilities and assigned for enhanced facilities)
The Ramco Cements Ltd                  TL                   ICRA AA+    19150  -
                                                            (Stable)
(reaffirmed for existing facilities and assigned for enhanced facilities)
The Ramco Cements Ltd                  LT fund based        ICRA AA+    7350   -
                                                            (Stable)
(reaffirmed for existing facilities and assigned for enhanced facilities)
The Ramco Cements Ltd                  LT unallocated       ICRA AA+    1850   -
                                                            (Stable)
(reaffirmed for existing facilities and assigned for enhanced facilities)
--------------------------------------------------------------------------------------------
$: 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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