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ICRA ratings for Indian debt instruments-Sep 28

   Sep 28 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of September 25, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Banswara Syntex Ltd                    LOC / BG             ICRA A3     780    -
(Rating downgraded from ICRA A3+)
Gokak Textiles Ltd                     Unallocated Limits   ICRA A4     500    Reaffirmed
Kalthia Ashti Pachod Pvt Ltd           Non-FB limits#       ICRA A2+    -      Reaffirmed
                                                            (CE)
(# interchangeable with term loan)
Kalthia Bagodara Tarapur               Non-FB limits#       ICRA A2+    -      Assigned
Highway Pvt Ltd                                             (CE)
(# interchangeable with term loan)
Kalthia Bhavnagar Pipli                Non-FB limits#       ICRA A2     -      Reaffirmed
Highway Pvt. Ltd
(# interchangeable with term loan)
Kalthia Engineering And                Non-FBL – BG         ICRA A2+    3100   Reaffirmed
Construction Ltd
Kalthia Infra Pvt Ltd                  Non-FBL – BG         ICRA A2+(CE)20     Reaffirmed
Kalthia Priyheer                       Non-FBL              ICRA A2+(CE)-      Reaffirmed
Infrastructure Pvt Ltd
Kosol Energie Pvt Ltd                  Non-FBL – LC, BG     ICRA A2+(CE)60     Reaffirmed
Myoung Shin India Automotive           ST - Interchangeable ICRA A3     -      Withdrawn
Pvt Ltd
Northern Arc Capital Ltd               CP                   ICRA A1+    3000   outstanding
Ptc India Ltd                          ST Bk Facility       ICRA A1+    20000  Assigned
Ptc India Ltd                          Non-FBL              ICRA A1+    35000  Assigned
Ptc India Ltd                          CP                   ICRA A1+    3000   Assigned
Sovereign Metals Ltd                   ST non-FBL           ICRA A4+    1400   -
(upgraded from ICRA A4)
Tvs Industrial & Logistics             ST, FB Fac           ICRA A2+    200    Reaffirmed
Parks Pvt Ltd
United Breweries Ltd                   Fund based           ICRA A1+    6000   Reaffirmed
                                       (inter-changeable)
                                       Fac – ST
United Breweries Ltd                   Non-fund based       ICRA A1+    1500   Reaffirmed
                                       (inter-changeable)
                                       Fac – ST
United Breweries Ltd                   CP – ST              ICRA A1+    5000   Reaffirmed
Zinka Logistics Solutions Pvt          ST FB Fac            ICRA A4+    5670   Reaffirmed
Ltd
Zinka Logistics Solutions Pvt          ST non-FB Fac        ICRA A4+    100    Reaffirmed
Ltd
Zinka Logistics Solutions Pvt          Unallocated          ICRA A4+    730    Reaffirmed
Ltd
 

MEDIUM TERM RATINGS:
-------------------
Banswara Syntex Ltd                    Fixed Deposit        MB+(Stable) 300    -
(Rating downgraded from MA- (Negative))

 

LONG TERM RATINGS:
-------------------
Accord Life Spec Pvt Ltd               Fund based-TL        ICRA D      500    Withdrawn
(ISSUER NOT COOPERATING)
Alstom Systems India Pvt Ltd           Bk Loan Ratings      ICRA A+(CE) 5550   -
                                                            (Stable)
                                                            /ICRA A1+(CE)
(Reason for delay in carrying out periodic review: Review process underway)
Alstom Transport India Ltd             Bk Loan Ratings      ICRA A+(CE) 27710  -
                                                            (Stable)
                                                            /ICRA A1+(CE)
(Reason for delay in carrying out periodic review: Review process underway)
Banswara Syntex Ltd                    LT / ST Unallocated  ICRA BBB-   1049   -
                                                            (Stable) /
                                                            ICRA A3
(Rating downgraded from ICRA BBB (Negative)/ ICRA A3+)
Banswara Syntex Ltd                    Domestic / Export    ICRA        3600   -
                                       Credit Facility      BBB-(Stable)
(Rating downgraded from ICRA BBB (Negative))
Banswara Syntex Ltd                    TL                   ICRA        1271   -
                                                            BBB-(Stable)
(Rating downgraded from ICRA BBB (Negative))
Birla Corporation Ltd                  9.25% NCD            ICRA AA     2000   -
                                                            (Stable)
Birla Corporation Ltd                  9.25% NCD            ICRA AA     500    -
                                                            (Stable)
Birla Corporation Ltd                  9.15% NCD            ICRA AA     1500   -
                                                            (Stable)
Five-Star Business Finance Ltd         NCD Programme        ICRA        700    Assigned
                                                            A(Stable)
Five-Star Business Finance Ltd         NCD Programme        ICRA        11790  outstanding
                                                            A(Stable)
Five-Star Business Finance Ltd         LT FB Bk Fac         ICRA        9099.6 outstanding
                                                            A(Stable)
Five-Star Business Finance Ltd         LT - Unallocated     ICRA        2900.4 outstanding
                                                            A(Stable)
Five-Star Business Finance Ltd         NCD Programme        PP-MLDICRA  250    outstanding
                                                            A(Stable)
Ganesh Industries                      LT, FB TL            ICRA        13.4   -
                                                            BB-(Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Ganesh Industries                      LT, FBCC             ICRA        37.5   -
                                                            BB-(Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Ganesh Industries                      LT, Unallocated limit ICRA       29.1   -
                                                            BB-(Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Gokak Textiles Ltd                     FB Working Capital   ICRA B+     -      -
                                       Limits               (Stable)
(Reaffirmed and simultaneously withdrawn)
Gopalan Enterprises                    LT - TL              ICRA BB+    316.5  -
                                                            (Stable)
(Rating downgraded from ICRA BBB+ (Stable) and moved to the ‘Issuer Not Cooperating’ category)
Gopalan Enterprises                    LT - Overdraft       ICRA BB+    2000   -
                                                            (Stable)
(Rating downgraded from ICRA BBB+ (Stable) and moved to the ‘Issuer Not Cooperating’ category)
Gopalan Enterprises                    LT - Unallocated     ICRA BB+    133.5  -
                                                            (Stable)
(Rating downgraded from ICRA BBB+ (Stable) and moved to the ‘Issuer Not Cooperating’ category)
Gopalan Enterprises (India)            LT - TL              ICRA BB+    4023.2 -
Pvt. Ltd                                                    (Stable)
(Rating downgraded from ICRA BBB+ (Stable) and moved to the ‘Issuer Not Cooperating’ category)
Gopalan Enterprises (India)            LT - Unallocated     ICRA BB+    2476.8 -
Pvt. Ltd                                                    (Stable)
(Rating downgraded from ICRA BBB+ (Stable) and moved to the ‘Issuer Not Cooperating’ category)
Gopalan Foundation                     LT - TL              ICRA BB+    130    -
                                                            (Stable)
(Rating downgraded from ICRA BBB+ (Stable) and moved to the ‘Issuer Not Cooperating’ category)
Hotel Excelsior Ltd                    Fund based-TL        ICRA A      837.5  -
                                                            (Negative)
(reaffirmed/assigned)
Hotel Excelsior Ltd                    Fund based- Working  ICRA A      200    Reaffirmed
                                       Capital Limit        (Negative)
Indiabulls Housing Finance Ltd         Innovation Trust     Provisional -      Withdrawn
                                       XXXVIII June’20 -PTC ICRA AAA(SO)
                                       Series A
Isgec Redecam Enviro Solutions         Non-fund based       ICRA AA     200    Reaffirmed
Pvt. Ltd                                                    (CE)
                                                            (Stable)
Ivrcl Chandrapur Tollways Ltd          FB – TL              ICRA D      3139.9 -
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Kalthia Ashti Pachod Pvt Ltd           FB –TL               ICRA A-     736.5  Reaffirmed
                                                            (CE)
                                                            (Stable)
Kalthia Bagodara Tarapur               FB –TL               ICRA A-     3398.3 Assigned
Highway Pvt Ltd                                             (CE)
                                                            (Stable)
Kalthia Bagodara Tarapur               Unallocated Limits   ICRA A-     90     Assigned
Highway Pvt Ltd                                             (CE)
                                                            (Stable)/ICRA A2+(CE)
Kalthia Bhavnagar Pipli                FB –TL               ICRA        3690   Reaffirmed
Highway Pvt. Ltd                                            BBB+(Stable)
Kalthia Engineering And                FB – CC              ICRA A-     350    Reaffirmed
Construction Ltd                                            (Stable)
Kalthia Infra Projects Pvt Ltd         Fund Based – TL      ICRA BBB+   1478.6 Reaffirmed
                                                            (Stable)
Kalthia Infra Pvt Ltd                  Fund Based – TL      ICRA A-(CE) 89.7   Reaffirmed
                                                            (Stable)
Kalthia Infra-Con Pvt Ltd              Fund Based – TL      ICRA A-(CE) 509.2  Reaffirmed
                                                            (Stable)
Kalthia Priyheer                       FB - TL              ICRA A-     520    Reaffirmed
Infrastructure Pvt Ltd                                      (CE)
                                                            (Stable)
Khed Economic Infrastructure           Fund Based - TL      ICRA B-&    4300   -
Pvt Ltd
(rating placed on Watch with Developing Implications. 
& Watch with Developing Implications)
Kosol Energie Pvt Ltd                  Fund Based – CC      ICRA A-(CE) 60     Reaffirmed
                                                            (Stable)
Manipal Academic Services              LT- Fund Based TL    ICRA BBB    11250  Assigned
International                                               (Stable)
Manipal Academic Services              LT- Unallocated      ICRA BBB    750    Assigned
International                                               (Stable)
Maragathammbal Industrial And          Long-TL              ICRA A-     1450   Reaffirmed
Logistics Park Llp                                          (Negative)
Marudhamalai Industrial And            Long-TL              ICRA A-     1050   Assigned
Logistics Parks Llp:                                        (Negative)
Modest Infrastructure Pvt Ltd          LT Fund Based        ICRA        500    -
                                                            B-(Stable)
(Upgraded from ICRA C+)
Modest Infrastructure Pvt Ltd          LT /ST Non-Fund Base ICRA       180    -
                                                            B-(Stable)
                                                            / ICRA A4
(Long term rating upgraded from ICRA C+ Short term rating reaffirmed)
Modest Infrastructure Pvt Ltd          LT ST Unallocated    ICRA        1820   -
                                                            B-(Stable)
                                                            / ICRA A4
(Long term rating upgraded from ICRA C+ Short term rating reaffirmed)
Myoung Shin India Automotive           LT - Fund Based TL   ICRA BBB-   1901   Withdrawn
Pvt Ltd                                                     (Stable)
Myoung Shin India Automotive           LT - Fund Based/ CC  ICRA BBB-   34.8   Withdrawn
Pvt Ltd                                                     (Stable)
Myoung Shin India Automotive           LT - Interchangeable ICRA BBB-   -      Withdrawn
Pvt Ltd                                                     (Stable)
Myoung Shin India Automotive           LT – Unallocated     ICRA BBB-   164.2  Withdrawn
Pvt Ltd                                                     (Stable)
Northern Arc Capital Ltd               NCD                  ICRA        2350   Assigned
                                                            A+(Negative)
Northern Arc Capital Ltd               NCD                  ICRA        9400   outstanding
                                                            A+(Negative)
Northern Arc Capital Ltd               LT – Unallocated     ICRA        4686.3 outstanding
                                                            A+(Negative)
Northern Arc Capital Ltd               LT – FB limits       ICRA        3550   outstanding
                                                            A+(Negative)
Northern Arc Capital Ltd               LT – TL              ICRA       16763.7 outstanding
                                                            A+(Negative)
Northern Arc Capital Ltd               Subordinated debt    ICRA        400    outstanding
                                                            A+(Negative)
Northern Arc Capital Ltd               NCD                  PP-MLDICRA  200    outstanding
                                                            A+(Negative)
Pahal Financial Services Pvt.          Northern Arc 2019 MFI ICRA A(SO) 71.6   Reaffirmed
Ltd                                    Stohr -PTC Series A1
Pahal Financial Services Pvt.          Northern Arc 2019 MFI ICRA A-(SO) 8.9   Reaffirmed
Ltd                                    Sachs -PTC Series A2
Pahal Financial Services Pvt.          Northern Arc 2019 MFI ICRA A+(SO) 33.7  Reaffirmed
Ltd                                    Sachs -PTC Series A1
Pahal Financial Services Pvt.          Northern Arc 2019 MFI ICRA        6.2   Reaffirmed
Ltd                                    Stohr -PTC Series A2 BBB+(SO)
R. K. Chavan Infrastructure            LT -FBL              ICRA B+     145    -
Pvt. Ltd                                                    (Stable)
(Rating downgraded from ICRA BB- (Stable) and moved to the ‘Issuer Non Cooperating’ category)
R. K. Chavan Infrastructure            LT- Non-FBL          ICRA B+     86.8   -
Pvt. Ltd                                                    (Stable)
(Rating downgraded from ICRA BB- (Stable) and moved to the ‘Issuer Non Cooperating’ category)
Shriram Transport Finance Co.          Sansar Trust March   ICRA AAA(SO) 3584.9 -
Ltd                                    2020 -PTC Series A1
(provisional rating confirmed as final)
Shriram Transport Finance Co.          Sansar Trust March   ICRA AAA(SO) 1434.1 -
Ltd                                    2020 -PTC Series A2
(provisional rating confirmed as final)
Shriram Transport Finance Co.          Sansar Trust March   ICRA AAA(SO) 2825.5 -
Ltd                                    2020 IV - PTC Series
                                       A1
(provisional rating confirmed as final)
Shriram Transport Finance Co.          Sansar Trust March   ICRA        501.9  -
Ltd                                    2020 -Second Loss    BBB+(SO)
                                       Facility
(provisional rating confirmed as final)
Siruvapuri Murugan Industrial          Long-TL              ICRA A-     1130   Assigned
And Logistics Llp                                           (Negative)
Sovereign Metals Ltd                   LT FB limits         ICRA        500    -
                                                            BB(Stable)
(upgraded from ICRA BB-(Stable))
Sovereign Metals Ltd                   LT/ST unallocated    ICRA        900    -
                                       limits               BB(Stable)
                                                            / A4+
(upgraded from ICRA BB-(Stable)/A4)
The Kadri Mills (Cbe) Pvt Ltd          LT unallocated       ICRA        230    Reaffirmed
                                                            A-(Stable)
The Kadri Mills (Cbe) Pvt Ltd          LT/ST Fac            ICRA        370    Reaffirmed
                                                            A-(Stable)
                                                            / ICRA A2+
Tvs Industrial & Logistics             Long-TL              ICRA A-     9600   Reaffirmed
Parks Pvt Ltd                                               (Negative)
Tvs Industrial & Logistics             LT, FB Fac           ICRA A-     200    Reaffirmed
Parks Pvt Ltd                                               (Negative)
United Breweries Ltd                   TL – LT              ICRA AA+    1300   Reaffirmed
                                                            (Stable)
United Breweries Ltd                   Fund based           ICRA AA+    6000   Reaffirmed
                                       (inter-changeable)   (Stable)
                                       Fac – LT
United Breweries Ltd                   Non-fund based       ICRA AA+    1500   Reaffirmed
                                       (inter-changeable)   (Stable)
                                       Fac – LT
Vivriti Capital Pvt Ltd                Vivriti MBCEL III    ICRA A-(CE) 20.8   Reaffirmed
                                       2019- Chaitanya India
                                       Fin Credit Private Limited
(Stable outlook assigned)
Vivriti Capital Pvt Ltd                Vivriti MBCEL III    ICRA A-(CE) 62.5   Reaffirmed
                                       2019-Namra Finance
                                       Limited
(Stable outlook assigned)
Vivriti Capital Pvt Ltd                Vivriti MBCEL III    ICRA A-(CE) 50     Reaffirmed
                                       2019-Pahal Financial
                                       Services Private Limited
(Stable outlook assigned)
Vivriti Capital Pvt Ltd                Vivriti MBCEL III    ICRA A-(CE) 50     Reaffirmed
                                       2019-Midland Microfin
                                       Limited
(Stable outlook assigned)
--------------------------------------------------------------------------------------------
$: 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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