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ICRA ratings for Indian debt instruments-Sep 4

    Sep 4 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of September 3, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Adani Gas Ltd                          ST Non-fund Based -  ICRA A1+    11000  Reaffirmed
                                       BG/LC
(rating watch with positive implications removed)
Adani Gas Ltd                          ST Fund Based - BD/ST ICRA A1+   750    Reaffirmed
                                       loan
(rating watch with positive implications removed)
Banox Exim Pvt Ltd                     Non-FBL              ICRA A3+    20     Assigned
Britannia Industries Ltd               CP Programme         ICRA A1+    12790  Assigned
(assigned to enhanced limits)
Chandra Singh Contractor               Non-Fund Based- BG   ICRA A4+    9      Reaffirmed
Dileep Industries Pvt Ltd              ST - FB - Packing    ICRA A3     160    -
                                       Credit
(Rating upgraded from ICRA A4+ and removed from ‘Issuer Not Cooperating’ category)
Dileep Industries Pvt Ltd              ST - FB – FDB/FBE    ICRA A3     140    -
(Rating upgraded from ICRA A4+ and removed from ‘Issuer Not Cooperating’ category)
Gopal Sweets Pvt Ltd                   LT: Fund Based       ICRA A4+    50     -
                                       –Overdraft
(Revised from ICRA A3)
Haldia Petrochemicals Ltd              ST Limits- Non-FBL   ICRA A1+    16060  Reaffirmed
Haldia Petrochemicals Ltd              ST – CP programme    ICRA A1+    1000   Reaffirmed
High-Volt Electricals Pvt Ltd          ST, Non-FBL          ICRA A3+    50     Reaffirmed
Motherson Sumi Systems Ltd             CP/STD programme     ICRA A1+    1500   Reaffirmed
Neptunus Power Plant Services          FB – Standby Limit   ICRA A2     36     Reaffirmed
Pvt Ltd
Neptunus Power Plant Services          Non-fund Based - LOC ICRA A2     50     Reaffirmed
Pvt Ltd
Neptunus Power Plant Services          ST Interchangeable   ICRA A2     -      Reaffirmed
Pvt Ltd
Onward Eservices Ltd                   ST – non FB Fac      ICRA A3     20     -
(Reaffirmed and withdrawn)
Onward Technologies Ltd                ST – non FB Fac      ICRA A3     10     Reaffirmed
Polyplastics Decorative Pvt.           ST – Non-fund Based  ICRA A2+    80     Reaffirmed
Ltd
Polyplastics Industries India          ST – Non-fund Based  ICRA A2+    170    Reaffirmed
Pvt. Ltd
Prasuna Vamsikrishna Spinning          ST – fund based      ICRA A3+    -      Reaffirmed
Mills Pvt Ltd                          (Sub-limit)
Prasuna Vamsikrishna Spinning          ST – non-FB          ICRA A3+    2      Reaffirmed
Mills Pvt Ltd
Sadhu Forging Ltd                      ST - Non Fund Based  ICRA A3+    45     Reaffirmed
Santosh & Associates                   ST non-fund based/ BG ICRA A4    15     Reaffirmed
The Coronation Arts Crafts             ST – Fund Based      ICRA A4     1      Withdrawn
(ISSUER NOT COOPERATING)
The Coronation Arts Crafts             ST – Non Fund Based  ICRA A4     16     Withdrawn
(ISSUER NOT COOPERATING)
Tirumala Cotton & Agro                 ST - Fund Based      ICRA A4     120    Reaffirmed
Products Pvt Ltd
Tracks & Towers Infratech Pvt          Non-fund based BG    ICRA A2+    4150   Reaffirmed
Ltd
Tracks & Towers Infratech Pvt          CC#                  ICRA A2+    -      Reaffirmed
Ltd
(#Interchangeable with BG limits)
Velocis Systems Pvt. Ltd               Non-fund based/ BG   ICRA        392.5  Assigned
                                                            A2(Stable)


 
LONG TERM RATINGS:
-------------------
Adani Gas Ltd                          TL                   ICRA AA-    4102.7 -
(upgraded from ICRA A+ rating watch with positive implications removed and Stable outlook
assigned)
Adani Gas Ltd                          LT Fund Based - CC   ICRA AA-    750    -
(upgraded from ICRA A+ rating watch with positive implications removed and Stable outlook
assigned)
Adani Gas Ltd                          LT/ST Unallocated    ICRA AA-/A1+1407.3 -
(upgraded from ICRA A+/A1+ rating watch with positive implications removed and Stable outlook
assigned)
Associated Works Infra Pvt. Ltd        Fund based – CC      ICRA BB     15     Reaffirmed
                                                            (Stable)
Associated Works Infra Pvt. Ltd        Non Fund Based – BG  ICRA BB     55     Reaffirmed
                                                            (Stable)
Associated Works Infra Pvt. Ltd        Untied limits        ICRA BB     5      Reaffirmed
                                                            (Stable) /
                                                            ICRA A4+
Autotech-Sirmax India Pvt Ltd          FB limits            ICRA BBB    170    Withdrawn
                                                            (Stable)
Banox Exim Pvt Ltd                     FB Limits            ICRA BBB    150    -
                                                            (Stable)
(reaffirmed/assigned)
Banox Exim Pvt Ltd                     Unallocated          ICRA BBB    80     -
                                                            (Stable)
(reaffirmed/assigned)
Britannia Industries Ltd               NCDs                 ICRA AAA    10000  Assigned
                                                            (Stable)
Chandra Singh Contractor               Fund based- Overdraft ICRA       50     Reaffirmed
                                       Limits               BB+(Stable)
Chandra Singh Contractor               Fund based- TL       ICRA        9.4    Reaffirmed
                                                            BB+(Stable)
Chandra Singh Contractor               Unallocated Limits   ICRA        35     Reaffirmed
                                                            BB+(Stable)
Dharmanandan Diamonds Pvt Ltd          FB working capital Fac ICRA     14301.6 Reaffirmed
                                                            A-/ICRA A2+
(removed from Watch with Negative Implications Negative outlook assigned)
Dharmanandan Diamonds Pvt Ltd          Unallocated limits   ICRA        1948.4 Reaffirmed
                                                            A-/ICRA A2+
(removed from Watch with Negative Implications Negative outlook assigned)
Gopal Sweets Pvt Ltd                   LT: Fund Based – TL  ICRA BB+    140    -
                                                            (Negative)
(Revised from ICRA BBB-(Negative))
Greenpack Industries                   LT Fund Based – CC   ICRA BBB-   30     Reaffirmed
                                                            (stable)
Greenpack Industries                   LT Fund Based TL     ICRA BBB-   60     Reaffirmed
                                                            (stable)
Haldia Petrochemicals Ltd              LT/ST Unallocated    ICRA A+     50030  Reaffirmed
                                                            (Stable)
(downgraded from ICRA AA-(Negative)/ICRA A1+)
Haldia Petrochemicals Ltd              Proposed NCD Programme ICRA A+   -      Withdrawn
                                                            (Stable)
(downgraded from ICRA AA-(Negative))
Haldia Petrochemicals Ltd              Issuer Rating        ICRA A+     -      -
                                                            (Stable)
(downgraded from ICRA AA-(Negative))
Haldia Petrochemicals Ltd              LT Limits- TL        ICRA        30680  -
                                                            A+(Stable)
(downgraded from ICRA AA-(Negative))
Haldia Petrochemicals Ltd              LT Limits-FB         ICRA        3810   -
                                                            A+(Stable)
(downgraded from ICRA AA-(Negative))
Haldia Petrochemicals Ltd              LT-Non fund based    ICRA        40000  -
                                                            A+(Stable)
(downgraded from ICRA AA-(Negative))
High-Volt Electricals Pvt Ltd          LT, FB - CC          ICRA BBB    140    Reaffirmed
                                                            (Stable)
High-Volt Electricals Pvt Ltd          LT, FB -TL           ICRA BBB    38.1   Reaffirmed
                                                            (Stable)
High-Volt Electricals Pvt Ltd          Unallocated amount   ICRA BBB    4      Reaffirmed
                                                            (Stable) /
                                                            ICRA A3+
Jagatjit Industries Ltd                LT TL                ICRA B+     2000   Assigned
                                                            (Stable)
Motherson Sumi Systems Ltd             TL                   ICRA AA+    11082.7Reaffirmed
                                                            (Stable)
(removed from rating watch with negative implications)
Motherson Sumi Systems Ltd             FB Fac               ICRA AA+    6000   Reaffirmed
                                                            (Stable)
(removed from rating watch with negative implications)
Motherson Sumi Systems Ltd             Non-fund based Bk Fac ICRA AA+   1000   Reaffirmed
                                                            (Stable)
(removed from rating watch with negative implications)
Mumbai Pune Expressway Ltd             TL                   ICRA AA     -      -
                                                            (Stable)
(removed from ‘rating watch with developing implications’, ‘Stable’ outlook assigned and
withdrawn)
Neptunus Power Plant Services          FB – CC/Packing      ICRA        180    Reaffirmed
Pvt Ltd                                Credit/ Packing      BBB(Stable)
                                       Credit in Foreign Cur/ ICRA A2
Neptunus Power Plant Services          Unallocated Amount   ICRA        84     Reaffirmed
Pvt Ltd                                                     BBB(Stable)
                                                            / ICRA A2
Onward Eservices Ltd                   LT – unallocated     ICRA        50     -
                                       limits               BBB-(Stable)
(Reaffirmed and withdrawn)
Onward Technologies Ltd                Fund based – working ICRA        137.5  Reaffirmed
                                       capital Fac          BBB-(Stable)
Onward Technologies Ltd                LT – fund based /non ICRA        10     Reaffirmed
                                       FB Fac               BBB-(Stable)
Polyplastics Auto Components           LT – Fund Based/CC   ICRA A-     35     Reaffirmed
Pvt Ltd                                                     (Negative)
Polyplastics Auto Components           LT – Fund Based TL   ICRA A-     50     Reaffirmed
Pvt Ltd                                                     (Negative)
Polyplastics Decorative Pvt.           LT – Fund Based/CC   ICRA A-     70     Reaffirmed
Ltd                                                         (Negative)
(outlook revised to Negative from Stable)
Polyplastics Decorative Pvt.           LT – Fund Based TL   ICRA A-     527    Reaffirmed
Ltd                                                         (Negative)
(outlook revised to Negative from Stable)
Polyplastics Industries India          LT – FB/ CC          ICRA A-     640    Reaffirmed
Pvt. Ltd                                                    (Negative)
(outlook revised to Negative from Stable)
Polyplastics Industries India          LT – FB TL           ICRA A-     1591.6 Reaffirmed
Pvt. Ltd                                                    (Negative)
(outlook revised to Negative from Stable)
Polyplastics Industries India          LT/ST Unallocated    ICRA A-     88.4   Reaffirmed
Pvt. Ltd                                                    (Negative)
                                                            / ICRA A2+
(outlook revised to Negative from Stable)
Prasuna Vamsikrishna Spinning          Fund based-TL        ICRA BBB    3.3    Reaffirmed
Mills Pvt Ltd                                               (Negative)
(Outlook revised to Negative from Stable)
Prasuna Vamsikrishna Spinning          Fund based- CC       ICRA BBB    147.5  Reaffirmed
Mills Pvt Ltd                                               (Negative)
(Outlook revised to Negative from Stable)
Prasuna Vamsikrishna Spinning          Unallocated          ICRA BBB    345.3  Reaffirmed
Mills Pvt Ltd                                               (Negative)
(Outlook revised to Negative from Stable)
Sadhu Forging Ltd                      LT - Fund Based TL   ICRA BBB    145.5  Reaffirmed
                                                            (Negative)
(outlook revised to Negative from Stable)
Sadhu Forging Ltd                      LT / ST - Fund Based ICRA BBB    750    Reaffirmed
                                                            (Negative)
                                                            / ICRA A3+
(outlook revised to Negative from Stable)
Sadhu Forging Ltd                      LT / ST – Unallocated ICRA BBB   59.5   Reaffirmed
                                                            (Negative)
                                                            / ICRA A3+
(outlook revised to Negative from Stable)
Santosh & Associates                   LT FB/ CC            ICRA B+     50     Reaffirmed
                                                            (Stable)
Sri Balaji Educational &               LT- Fund Based – CC  ICRA B+     90     -
Charitable Public Trust                                     (Stable)
(Rating downgraded from ICRA BB+ (Stable) ISSUER NOT COOPERATING and continues to remain under
‘Issuer Not Cooperating’ category)
Sri Balaji Educational &               LT- Fund Based – TL  ICRA B+     942.1  -
Charitable Public Trust                                     (Stable)
(Rating downgraded from ICRA BB+ (Stable) ISSUER NOT COOPERATING and continues to remain under
‘Issuer Not Cooperating’ category)
Sri Balaji Educational &               LT- Non Fund Based   ICRA B+     374.5  -
Charitable Public Trust                                     (Stable)
(Rating downgraded from ICRA BB+ (Stable) ISSUER NOT COOPERATING and continues to remain under
‘Issuer Not Cooperating’ category)
The Coronation Arts Crafts             LT – Fund Based – CC ICRA        77     Withdrawn
                                                            BB-(Stable)
(ISSUER NOT COOPERATING)
The Coronation Arts Crafts             LT – Fund Based – TL ICRA        22.7   Withdrawn
                                                            BB-(Stable)
(ISSUER NOT COOPERATING)
Tirumala Cotton & Agro                 FB/ CC               ICRA        600    Reaffirmed
Products Pvt Ltd                                            BB-(Stable)
Tirumala Cotton & Agro                 LT - Fund Based TL   ICRA        459.1  Reaffirmed
Products Pvt Ltd                                            BB-(Stable)
Tirumala Cotton & Agro                 LT / ST – Unallocated ICRA      75.1   Reaffirmed
Products Pvt Ltd                                            BB-(Stable)
                                                            / ICRA A4
Tracks & Towers Infratech Pvt          Fund Based – Working ICRA A-     720    Reaffirmed
Ltd                                    Capital Fac          (Stable)
Tracks & Towers Infratech Pvt          Unallocated Limits   ICRA A-     630    Reaffirmed
Ltd                                                         (Stable)
Velocis Systems Pvt. Ltd               Unallocated          ICRA BBB+   37.5   Assigned
                                                            (Stable) /
                                                            A2
Velocis Systems Pvt. Ltd               FB/ CC               ICRA        370    Assigned
                                                            BBB+(Stable)
Visage Holdings & Finance Pvt.         Northern Arc 2020 SBL Provisional 147.3 Assigned
Ltd                                    Mihira PTC Series A1 ICRA
                                                            BBB-(SO)
Walled City Hotels Pvt Ltd             CC                   ICRA BBB-   30     -
                                                            (Negative)
(rating revised from ICRA BBB (Stable))
Walled City Hotels Pvt Ltd             TL                   ICRA BBB-   278.5  -
                                                            (Negative)
(rating revised from ICRA BBB (Stable))
Walled City Hotels Pvt Ltd             Unallocated          ICRA BBB-   91.5   -
                                                            (Negative)
(rating revised from ICRA BBB (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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