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Company News

RPT-ICRA ratings for Indian debt instruments-Apr 28

 (Repeating to add additional ratings)
   Apr 28 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of April 27, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Abc Leathers                           Fund based- Working  ICRA A3+    150    Reaffirmed
                                       Capital Fac
Abc Leathers                           Non-FB Fac – LOC     ICRA A3+    75     -
                                       (LC)/ BG (BG)
(Reaffirmed/ assigned to enhanced amount)
East Coast Engineering Company         ST – BG              ICRA A4     40     -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Gaurav International                   Fund based- Working  ICRA A2     600    Reaffirmed
                                       Capital Fac
Gaurav International                   Non-FB Fac – LOC     ICRA A2     200    Reaffirmed
                                       (LC)/ BG (BG)
Ghai Construction Ltd                  Non-fund based – BG  ICRA A4+    250    -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Godrej Properties Ltd                  CP                   ICRA A1+    15000  outstanding
Hindustan Copper Ltd                   CP                   ICRA A1+    1000   Reaffirmed
Indiabulls Commercial Credit           CP (CP) Programme    ICRA A1+    -      Withdrawn
Ltd
Indiabulls Housing Finance Ltd         CP (CP) Programme    ICRA A1+    -      Withdrawn
Kredence Multi Trading Ltd             Non-FBL              ICRA A4     2950   -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Krishnae Infrastructure Pvt Ltd        Non-fund based – BG  ICRA A3     500    -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
L&T Infrastructure Development         CP Programme         ICRA A1+    5000   Reaffirmed
Projects Ltd
Netmatrix Crop Care Ltd                ST Non-Fund Based    ICRA A4     -      -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Pyramid Timber Associates Pvt          ST Fund Based (Inland ICRA A4+   10     -
Ltd                                    Bill Discounting)
(Reason for delay in carrying out periodic review: Issue delayed in sharing information)
Pyramid Timber Associates Pvt          ST- Non-Fund based   ICRA A4+    100    -
Ltd
(Reason for delay in carrying out periodic review: Issue delayed in sharing information)
Richa & Company                        Fund based- Working  ICRA A2     1300   Reaffirmed
                                       Capital Fac
Richa & Company                        Non-FB Fac – LOC     ICRA A2     200    Reaffirmed
                                       (LC)/ BG (BG)
Richa Global Exports Pvt Ltd           FB – Working Capital ICRA A2     2050   Reaffirmed
                                       Fac
Sri Sharadha Timbers                   ST – Nonfund based   ICRA D      167.5  -
(Reason for delay in carrying out periodic review: Issuer yet to provide information)
Jayaswal Neco Industries Ltd           ST Non-fund based -  ICRA D      3138.1 Reaffirmed
                                       Letter of Credit / BG
Richa Global Exports Pvt Ltd           Non-FB Fac – LOC     ICRA A2     200    Reaffirmed
                                       (LC)/ BG (BG)
Senthil Murugan Jewellers Pvt          ST Non- Fund based   ICRA A4+    -      -
Ltd                                    (Sublimit)
(Reason for delay in carrying out periodic review: Review process under)
Unique Biotech Ltd                     ST- Non fund based   ICRA A3     25     -
(Rating downgraded from ICRA A2 and Rating Moved to ‘Issuer Not Cooperating’ category)
Valvoline Cummins Pvt Ltd              ST Non-FBL           ICRA A1+    100    Reaffirmed
Cesc Ltd                               CP                   ICRA A1+    16000
Review process is underway
Gina Engineering Company Pvt Ltd       ST non fund based    ICRA A3+    250
Review process is underway

LONG TERM RATINGS:
-------------------
Apoorva Construction Co.               LT - Fund Based/ CC  ICRA B+     80     -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable)and continues to remain in the ‘Issuer Not Cooperating’
category)
Apoorva Construction Co.               LT - Non Fund Based  ICRA B+     30     -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable)and continues to remain in the ‘Issuer Not Cooperating’
category)
Citrus Alpha Marine Llp                LT/ ST – Unallocated ICRA B+     241.9  -
                                                            (Stable) /
                                                            ICRA A4
(Long Term Rating downgraded from ICRA BB-(Stable) and Ratings continues to remain under ‘Issuer
Not Cooperating’ category)
Citrus Alpha Marine Llp                LT -Fund based- TL   ICRA        68.1   -
                                                            B+(Stable)
(Rating downgraded from ICRA BB-(Stable) and Ratings continues to remain under ‘Issuer Not
Cooperating’ category)
Citrus Alpha Marine Llp                LT – Fund based- CC  ICRA        290    -
                                                            B+(Stable)
(Rating downgraded from ICRA BB-(Stable) and Ratings continues to remain under ‘Issuer Not
Cooperating’ category)
Deepa Developers                       LT – Fund Based - CC ICRA B      60     -
                                                            (Stable)
(Rating Continues to remain under issuer not cooperating category)
Deepa Developers                       TL                   ICRA B      90     -
                                                            (Stable)
(Rating Continues to remain under issuer not cooperating category)
East Coast Engineering Company         LT – CC              ICRA BB-    100    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Gaurav International                   Fund based- TL       ICRA BBB+   92.3   Reaffirmed
                                                            (Negative)
( revision in outlook to Negative from Stable)
Gaurav International                   Unallocated Limits   ICRA BBB+   7.7    Reaffirmed
                                                            (Negative)/
                                                            ICRA A2
( revision in outlook to Negative from Stable)
Gaursons Hi-Tech                       Fund Based – TL      ICRA BBB    7000   Reaffirmed
Infrastructure Pvt Ltd
(outlook revised to Stable from Positive and CE suffix removed)
Gaursons India (P) Ltd                 Fund Based – TL      ICRA BBB    3400   Reaffirmed
(outlook revised to Stable from Positive)
Ghai Construction Ltd                  Fund based – OverdrafICRA BB     80     -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Ghai Construction Ltd                  Unallocated limits   ICRA        270    -
                                                            BB(Stable)/
                                                            ICRA A4+
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Godrej Properties Ltd                  LT – Fund Based/CC   ICRA AA     18000  Reaffirmed
                                                            (Stable)
Godrej Properties Ltd                  LT – Non-FBL         ICRA AA     1000   Reaffirmed
                                                            (Stable)
Godrej Properties Ltd                  NCD Programme        ICRA AA     5000   outstanding
                                                            (Stable)
Godrej Properties Ltd                  LT/ ST – Proposed    ICRA AA     1000   Reaffirmed
                                                            (Stable)/A1+
Hindustan Copper Ltd                   TL                   ICRA AA+    6000   Reaffirmed
(outlook revised to Negative from Stable)
Hindustan Copper Ltd                   FB Fac               ICRA AA+    3500   Reaffirmed
(outlook revised to Negative from Stable)
Hindustan Copper Ltd                   FB/Non-FB Fac        ICRA        6500   Reaffirmed
                                                            AA+/A1+
(outlook revised to Negative from Stable)
Honer Developers Pvt Ltd               FBL                  ICRA BB+    650    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Honer Developers Pvt Ltd               Unallocated          ICRA BB+    150    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Hpcl Shapoorji Energy Pvt Ltd          Fund based- TL       ICRA A      30100  Reaffirmed
                                                            (Stable);
Indiabulls Housing Finance Ltd         NCD (NCD) Programme  ICRA AA     -      Withdrawn
                                                            (Negative)
Indiabulls Housing Finance Ltd         NCD Programme        ICRA AA     142350 outstanding
                                                            (Negative)
Indiabulls Housing Finance Ltd         Subordinated Debt    ICRA AA     -      Withdrawn
                                       Programme            (Negative)
Indiabulls Housing Finance Ltd         Subordinated Debt    ICRA AA     15000  outstanding
                                       Programme            (Negative)
Indiabulls Housing Finance Ltd         LT Bk Fac            ICRA AA     -      Withdrawn
                                                            (Negative)
Jayaswal Neco Industries Ltd           LT Fund based - TL   ICRA D      35489.4Reaffirmed
(#Excludes unpaid interest)
Jayaswal Neco Industries Ltd           LT Fund based - CC   ICRA D      537.1  Reaffirmed
Krishnae Infrastructure Pvt Ltd        Fund based – CC      ICRA BBB-   250    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Krishnae Infrastructure Pvt Ltd        Unallocated limits   ICRA BBB-   250    -
                                                            (Stable) /
                                                            ICRA A3
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
L&T Infrastructure Development         NCD Programme 1      ICRA        800    Reaffirmed
Projects Ltd                           (NCD-1) Series H, I, AA(Stable)
(outlook revised from Positive)
L&T Infrastructure Development         Non-FB Fac - BGs     ICRA        12500  Reaffirmed
Projects Ltd                                                AA(Stable)
(outlook revised from Positive)
L&T Infrastructure Development         NCD Programme 2      ICRA        2500   Reaffirmed
Projects Ltd                           (NCD-2)              AA+(CE)
                                                            (Stable)
Maars Infra Developers Pvt Ltd         NCDs                 ICRA BBB(CE)-      Withdrawn
( outlook revised to Negative from Positive)
Netmatrix Crop Care Ltd                Fund Based CC        ICRA        -      -
                                                            BB-(Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Netmatrix Crop Care Ltd                Fund Based Term Loan ICRA        -      -
                                                            BB-(Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Netmatrix Crop Care Ltd                Unallocated          ICRA        -      -
                                                            BB-(Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Prestige Estates Projects Ltd          LT – TL              ICRA A+     41490  outstanding
                                                            (Stable)
Prestige Estates Projects Ltd          LT – Non-fund based  ICRA A+     3510   outstanding
                                                            (Stable)
Prestige Estates Projects Ltd          NCDs                 ICRA A+     6500   outstanding
                                                            (Stable)
Prestige Mysore Retail                 TL                   ICRA A+(CE) 900    Assigned
Ventures Pvt Ltd                                            (Stable)
Pyramid Timber Associates Pvt          LT fund based CC     ICRA BB     45     -
Ltd                                                         (Stable)
(Reason for delay in carrying out periodic review: Issue delayed in sharing information)
Pyramid Timber Associates Pvt          LT TL                ICRA BB     4.1    -
Ltd                                                         (Stable)
(Reason for delay in carrying out periodic review: Issue delayed in sharing information)
Pyramid Timber Associates Pvt          LT/ST Unallocated    ICRA BB     0.9    -
Ltd                                                         (Stable)/A4+
(Reason for delay in carrying out periodic review: Issue delayed in sharing information)
Richa & Company                        Fund based- TL       ICRA BBB+   129.4  Reaffirmed
                                                            (Negative)
(outlook to Negative from Stable)
Richa & Company                        Unallocated Limits   ICRA BBB+   0.6    Reaffirmed
                                                            (Negative)/
                                                            ICRA A2
(outlook to Negative from Stable)
Richa Global Exports Pvt Ltd           FB – TL              ICRA BBB+   200    Reaffirmed
                                                            (Negative)
(outlook to Negative from Stable)
Senthil Murugan Jewellers Pvt          LT – Fund Based CC   ICRA        400    -
Ltd                                                         BB+(Stable)
(Reason for delay in carrying out periodic review: Review process under)
Shriram Properties Ltd                 NCD                  ICRA BBB    1045   Reaffirmed
Solapur District Police                FB–CC                ICRA BB-    200    Reaffirmed
Employee Co-Operative Society                               (Stable);
Ltd
Sri Sharadha Timbers                   LT – Fundbased- CC   ICRA D      20     -
(Reason for delay in carrying out periodic review: Issuer yet to provide information)
Sri Venkata Umashankar Spintex         TL                   ICRA D      330    -
Pvt Ltd
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Tema India Ltd                         TL                   ICRA BBB    21.6   Reaffirmed
(outlook revised to Negative from Stable)
Tema India Ltd                         FBL                  ICRA BBB    675    Reaffirmed
(outlook revised to Negative from Stable)
Tema India Ltd                         Non-FBL              ICRA        2650   Reaffirmed
                                                            BBB/ICRA A3+
(outlook revised to Negative from Stable)
Ultratech Nathdwara Cement Ltd         TL                   ICRA AAA    27000  Reaffirmed
                                                            (Stable)
Ultratech Nathdwara Cement Ltd         LT/ST Non-fund Based ICRA AAA    1250   Reaffirmed
                                       Working Capital Fac  (Stable) /
                                                            ICRA A1+
Ultratech Nathdwara Cement Ltd         LT/ST Proposed       ICRA AAA    1500   Reaffirmed
                                       Working Capital Fac  (Stable) /
                                                            ICRA A1+
Ultratech Nathdwara Cement Ltd         LT/ST FB Working     ICRA AAA    250    Reaffirmed
                                       Capital Fac          (Stable)
                                                            /ICRA A1+
Unique Biotech Ltd                     LT – Fund based- CC  ICRA BBB-   60     -
                                                            (Stable)
(Rating downgraded from ICRA BBB+ (Stable) and Rating Moved to ‘Issuer Not Cooperating’
category)
Unique Biotech Ltd                     LT -Fund based- TL   ICRA BBB-   95.6   -
                                                            (Stable)
(Rating downgraded from ICRA BBB+ (Stable) and Rating Moved to ‘Issuer Not Cooperating’
category)
Unique Biotech Ltd                     LT/ ST – Unallocated ICRA BBB-   41.6   -
                                                            (Stable)/
                                                            ICRA A3
(Rating downgraded from ICRA BBB+ (Stable)/ ICRA A2 and Rating Moved to ‘Issuer Not Cooperating’
category)
Valvoline Cummins Pvt Ltd              LT FBL/ST Non-FBL*   ICRA AA+    180    Reaffirmed
                                                            (Stable)
                                                            /ICRA A1+;
(*The Long-Term Fund based Limits are interchangeable with Short Term Non-Fund based Limits)
Virgin Rock Pvt Ltd                    Unallocated          ICRA B+     14.1   -
                                                            (Stable) /
                                                            ICRA A4
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Virgin Rock Pvt Ltd                    Fund Based - CC      ICRA        30     -
                                                            B+(Stable)
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Virgin Rock Pvt Ltd                    Fund Based -TL       ICRA        30     -
                                                            B+(Stable)
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Vishesh Engineering Company            LT – CC              ICRA BB-    100    -
                                                            (Stable)
(Reason for delay in carrying out periodic review:- Issuer not cooperating)
Vitp Pvt Ltd                           NCD Programme        ICRA BBB    3500   Reaffirmed
                                                            (Stable)
Aastha Infracity Ltd                   LT Fund based TL     ICRA B      480
                                                            (Stable)
Issuer delayed in giving information
Gina Engineering Company Pvt Ltd       LT fund based        ICRA BBB    250
                                                            (Stable)
Review process is underway
Sudhir Power Ltd                       Bk loan Ratings      ICRA AA-    5040
                                                            (Stable)/
                                                            ICRA A1+
Review process is underway
Sudhir Power Projects Ltd              Bk loan Ratings      ICRA AA-(CE)1810
                                                            (Stable)/
                                                            ICRA A1+ (CE)
Review process is underway
Sudhir Sales And Services Ltd          Bk loan Ratings      ICRA AA-(CE)200
                                                            (Stable)/
                                                            ICRA A1+ (CE)
Review process is underway
Sudhir Transformers Ltd                Bk loan Ratings      ICRA AA-(CE)240
                                                            (Stable)/
                                                            ICRA A1+ (CE)
Review process is underway
Sun Packaging                          Fund based – TL      ICRA B+     40
                                                            (Stable)
Issuer not cooperating
Sun Packaging                          Fund based – CC      ICRA B+     50
                                                            (Stable)
Issuer not cooperating
Sun Packaging                          Unallocated limits   ICRA B+     10
                                                            (Stable)
Issuer not cooperating
--------------------------------------------------------------------------------------------
$: 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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