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RPT-ICRA ratings for Indian debt instruments-Aug 21

 (Repeating to add additional ratings)
   Aug 21 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of August 20, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Adh Chemicals Pvt Ltd                  Non-FBL – LOC        ICRA A4     35     Reaffirmed
Adh Chemicals Pvt Ltd                  Non-fund Based – PSR ICRA A4     3.5    Reaffirmed
Asm Technologies Ltd                   ST –Interchangeable^ ICRA A3     -      Reaffirmed
Auro Industries Ltd                    Non Fund based- LOC  ICRA A4     22.5   -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Auro Industries Ltd                    Non-Fund based- BG   ICRA A4     7.5    -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Chanvim Engineering (India)            LOC                  ICRA A4+    120    -
Pvt Ltd
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Eicl Ltd                               ST-Non-FB            ICRA A2     75     -
Jm Financial Capital Ltd               CP (CP) Programme    ICRA A1+    1000   Reaffirmed
Jm Financial Capital Ltd               CP Programme (IPO    ICRA A1+    12500  Outstanding
                                       Financing)
Jm Financial Ltd                       CP (CP) Programme    ICRA A1+    3000   Reaffirmed
Jm Financial Properties And            CP (CP) Programme    ICRA A1+    1250   Reaffirmed
Holdings Ltd
Jm Financial Properties And            CP Programme (IPO    ICRA A1+    42500  Outstanding
Holdings Ltd                           Financing)
Jm Financial Services Ltd              CP (CP) Programme    ICRA A1+    10000  Reaffirmed
Minda Industries Ltd                   Non-FBL              ICRA A1+    370    Reaffirmed
Minda Industries Ltd                   CP Programme         ICRA A1+    1000   Reaffirmed
Pandoul Flour Mills Pvt Ltd            Non-FB               ICRA A4     1.3    -
(Rating moved to ‘Issuer Not Cooperating’ category)
Pankaj Steel Corporation               Import LOC           ICRA A4+    80     -
(Reason for delay in carrying out periodic review: - Issuer not Cooperating)
Pankaj Steel Corporation               Letter of Comfort/   ICRA A4+    -      -
                                       Buyers Credit
(Reason for delay in carrying out periodic review: - Issuer not Cooperating)
Pankaj Steel Corporation               Inland LOC           ICRA A4+    -      -
(Reason for delay in carrying out periodic review: - Issuer not Cooperating)
Rlj Woven Sacks Pvt Ltd                Non-Fund Based BG    ICRA A4     12.5   -
(Continues to remain under ‘Issuer Not Cooperating’ category.)
Rnp Scaffolding & Formwork Pvt         ST non FBL           ICRA A4     -      -
Ltd
(Rating Continues to remain under issuer not cooperating category)
Rungta Irrigation Ltd                  Non-fund based – BG  ICRA A4     80     -
(Issuer did not co-operate based on best available information)
Sangeetha Mobiles Pvt Ltd              Fund based- ST       ICRA A2     200    Reaffirmed
Sangeetha Mobiles Pvt Ltd              Fund Based/Non-Fund  ICRA A2     600    Reaffirmed
                                       Based ST
Sangeetha Mobiles Pvt Ltd              ST - Interchangeable ICRA A2     -      Reaffirmed
Sanskar Ceramics Pvt Ltd               Non-fund Based – BG  ICRA A3     44     -
(upgraded from ICRA A4+)
Shakti Hormann Pvt Ltd                 NFBL                 ICRA A2+    220    Reaffirmed
Small Johnson Floor Tiles Pvt          Non-fund Based – BG  ICRA A3     15     Assigned
Ltd
Sml Isuzu Limite                       ST FB Limits         ICRA A1+    1720   Reaffirmed
Sml Isuzu Limite                       ST Non-FBL           ICRA A1+    300    Reaffirmed
Sml Isuzu Limite                       CP                   ICRA A1+    500    Reaffirmed
Stanfab Apparels Pvt Ltd               ST FB                ICRA A3     478    Reaffirmed
Stanfab Apparels Pvt Ltd               ST non-fund based    ICRA A3     21     Reaffirmed
Steel & Metals                         Non fund based – LC/ ICRA A4     9      -
                                       LG
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Tata Motors Ltd                        CP Programme         ICRA A1+    42000  Reaffirmed
Tata Motors Ltd                        ST Debt Programme    ICRA A1+    8000   Reaffirmed
The Indian Card Clothing Co.           ST, Non-fund based   ICRA A4+    20     Reaffirmed
Ltd
Ve Commercial Vehicles Ltd             CP Programme         ICRA A1+    4000   -
Veejay International (India)           FBL – FDBP/FUDBP/    ICRA A4     70     -
                                       AFDBC**
(Rating continues to remain under the ‘Issuer Not Cooperating’ category. 
**Foreign discount bill purchase/foreign usance discount bill purchase/ advance against foreign
documentary bills for collection)
Veejay International (India)           FBL – Packing Credit/ICRA A4     -      -
                                       Packing Credit in
                                       Foreign Currency***
(Rating continues to remain under the ‘Issuer Not Cooperating’ category. 
***Packing credit/ Packing Credit Foreign Currency limit is a sub limit of FDBP/FUDBP/ AFDBC)
Veejay International (India)           NFBL – Letter of     ICRA A4     10     -
                                       Guarantee
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Veejay International (India)           NFBL – Imp/Inland    ICRA A4     -      -
                                       LOC****
(Rating continues to remain under the ‘Issuer Not Cooperating’ category. 
**** Letter of Credit is a sub limit of Letter of Guarantee)


 
LONG TERM RATINGS:
-------------------
Adh Chemicals Pvt Ltd                  FB Limits – CC       ICRA B+     10     Reaffirmed
                                                            (Stable)
Adh Chemicals Pvt Ltd                  Untied Limits        ICRA B+     51.5   Reaffirmed
                                                            (Stable)/
                                                            ICRA A4
Aristo Industries                      Unallocated Limits   ICRA B+     120    -
                                                            (Stable)/A4
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Asm Technologies Ltd                   LT - CC              ICRA BBB-   180    Reaffirmed
                                                            (Stable)
Asm Technologies Ltd                   LT - Unallocated     ICRA BBB-   56.4   Reaffirmed
                                                            (Stable)
Auro Industries Ltd                    Fund based-CC        ICRA B+     80     -
                                                            (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Aye Finance (P) Ltd                    Vivriti Anvesha MSME ICRA A+(SO) 29.8   -
                                       Trust - June 2019 PTC
                                       Series A2
(Upgraded from ICRA A(SO))
Aye Finance (P) Ltd                    Vivriti Anvesha MSME ICRA AA(SO) 140.9  -
                                       Trust - June 2019 PTC
                                       Series A1
(Upgraded from ICRA AA-(SO))
Breal Estate One Pvt Ltd               LT – FB/TL           ICRA BB+    610    Reaffirmed
                                                            (Stable)
Chanvim Engineering (India)            CC                   ICRA BB+    70     -
Pvt Ltd                                                     (STABLE)
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Chanvim Engineering (India)            TL                   ICRA BB+    35     -
Pvt Ltd                                                     (STABLE)
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Citizencredit Co-Operative             Issuer Rating        ICRA BBB    -      Assigned
Bank Ltd                                                    (Stable)
Ds-Max Properties Pvt Ltd              LT-TL                ICRA        820    Reaffirmed
                                                            BBB+(Stable)
Ds-Max Properties Pvt Ltd              LT- BG               ICRA        50     Reaffirmed
                                                            BBB+(Stable)
Ds-Max Properties Pvt Ltd              LT- Unallocated      ICRA        400    Reaffirmed
                                                            BBB+(Stable)
Eastern Gases Ltd                      Fund Based – CC      ICRA D      410    -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Eastern Gases Ltd                      Non-Fund Based BG    ICRA D      60     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Eicl Ltd                               LT - Fund Based-TL   ICRA BBB+   150    -
                                                            (Negative)
Eicl Ltd                               LT / ST -FB          ICRA BBB+   450    -
                                                            (Negative)
                                                            / ICRA A2
Jm Financial Capital Ltd               NCD (NCD) Programme  ICRA AA     -      -
                                                            (stable)
(reaffirmed and withdrawn)
Jm Financial Capital Ltd               NCD Programme        ICRA AA     1000   Reaffirmed
                                                            (stable)
Jm Financial Capital Ltd               LT Market Linked     PP-MLD ICRA 2000   Outstanding
                                       Debentures (Principal AA(stable)
                                       Protected) {MLD (PP)} Programme
Jm Financial Institutional             LT Bk Lines          ICRA AA     -      -
Securities Ltd                                              (stable)
(assigned/reaffirmed)
Jm Financial Institutional             LT Bk Lines –        ICRA AA     1250   -
Securities Ltd                         Unallocated          (stable)
(assigned/reaffirmed)
Jm Financial Ltd                       NCD (NCD) Programme  ICRA AA     1000   Outstanding
                                                            (stable)
Jm Financial Ltd                       LT Bk Lines –        ICRA AA     1000   Outstanding
                                       Unallocated          (stable)
Jm Financial Properties And            LT Bk Lines          ICRA AA     1750   -
Holdings Ltd                                                (stable)
(assigned/reaffirmed)
Jm Financial Services Ltd              LT Bk Lines          ICRA AA     9000   -
                                                            (stable)
(assigned/reaffirmed)
Jm Financial Services Ltd              LT Market Linked     PP-MLD ICRA 2500   Outstanding
                                       Debentures (Principal AA(Stable)
                                       Protected) {MLD (PP)} Programme
M/S Jagatpal Singh                     Fund based-CC        ICRA B+     6      -
                                                            (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
M/S Jagatpal Singh                     Non-Fund based- BG   ICRA B+     45     -
                                                            (Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
M/S Jagatpal Singh                     Fund Based/Non FBL – ICRA B+     4      -
                                       Untied Limits        (Stable) /
                                                            ICRA A4
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
M/S. Radhanath Bhunia & Sons           FB Limit – CC        ICRA B      60     -
                                                            (Stable)
(Rating Moved to ‘Issuer Not Cooperating’ category)
Meghnad Saha Institute Of              Overdraft limit      ICRA B+     100    -
Technology                                                  (Stable)
(Rating downgraded from ICRA BB (Stable) and moved to ‘Issuer Not Cooperating’ category)
Minda Industries Ltd                   TL                   ICRA AA     1850   Reaffirmed
                                                            (Stable)
(removed from rating watch with negative implications and Stable outlook assigned)
Minda Industries Ltd                   CC Fac               ICRA AA     1175   Reaffirmed
                                                            (Stable)
Minda Industries Ltd                   Unallocated          ICRA AA     105    Reaffirmed
                                                            (Stable)
Nitesh Fashion Pvt. Ltd                Fund Based - CC      ICRA        135    -
                                                            B(Stable)
(Issuer did not co-operate based on best available information)
Nitesh Fashion Pvt. Ltd                Unallocated limited  ICRA        2.5    -
                                                            B(Stable)
(Issuer did not co-operate based on best available information)
Nspr Constructions (India)             LT / ST - Non Fund   ICRA BBB+   1105   Reaffirmed
Pvt. Ltd:                              Based                (Stable) /
                                                            ICRA A2
Nspr Constructions (India)             LT / ST – unallocated ICRA BBB+  150    Reaffirmed
Pvt. Ltd:                                                   (Stable) /
                                                            ICRA A2
Nspr Constructions (India)             LT - Fund Based/ CC  ICRA        95     Reaffirmed
Pvt. Ltd:                                                   BBB+(Stable)
Pandoul Flour Mills Pvt Ltd            FB CC                ICRA B+     35     -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and moved to ‘Issuer Not Cooperating’ category)
Pandoul Flour Mills Pvt Ltd            FB TL                ICRA B+     40     -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and moved to ‘Issuer Not Cooperating’ category)
Pandoul Flour Mills Pvt Ltd            Unallocated limits   ICRA B+     55.2   -
                                                            (Stable) /
                                                            ICRA A4
(Rating downgraded from ICRA BB-(Stable)/ICRA A4 and moved to ‘Issuer Not Cooperating’ category)
Pankaj Steel Corporation               CC                   ICRA B+     -      -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer not Cooperating)
Ranchi Expressway Ltd                  FB TL                ICRA D      11516  -
(Reason for delay in carrying out periodic review: Issuer Not Cooperating)
Rlj Woven Sacks Pvt Ltd                Fund Based – TL      ICRA        45.4   -
                                                            B+(Stable)
(Rating downgraded from ICRA BB (Stable) ISSUER NOT COOPERATING and Continues to remain under
‘Issuer Not Cooperating’ category)
Rlj Woven Sacks Pvt Ltd                Fund Based – CC      ICRA        110    -
                                                            B+(Stable)
(Rating downgraded from ICRA BB (Stable) ISSUER NOT COOPERATING and Continues to remain under
‘Issuer Not Cooperating’ category)
Rlj Woven Sacks Pvt Ltd                LT Unallocated       ICRA        2.1    -
                                                            B+(Stable)
(Rating downgraded from ICRA BB (Stable) ISSUER NOT COOPERATING and Continues to remain under
‘Issuer Not Cooperating’ category)
Rnp Scaffolding & Formwork Pvt         LT fund based limit  ICRA        300    -
Ltd                                                         B(Stable)
(Rating Continues to remain under issuer not cooperating category)
Rungta Irrigation Ltd                  Fund Based - CC      ICRA        140    -
                                                            B(Stable)
(Issuer did not co-operate based on best available information)
Sangeetha Mobiles Pvt Ltd              Fund Based-LT        ICRA BBB+   700    Reaffirmed
                                                            (Stable)
Sanskar Ceramics Pvt Ltd               FB – TL              ICRA BBB-   370.6  -
                                                            (Stable)
(upgraded from ICRA BB (Stable))
Sanskar Ceramics Pvt Ltd               FB – CC              ICRA BBB-   250    -
                                                            (Stable)
(upgraded from ICRA BB (Stable))
Sarbamangala Agro Products Pvt         Fund based- TL       ICRA D      19     -
Ltd
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sarbamangala Agro Products Pvt         Fund based- CC       ICRA D      38     -
Ltd
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sarbamangala Agro Products Pvt         Fund based- Untied   ICRA D      1.2    -
Ltd                                    Limits
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sarbamangala Agro Products Pvt         Non-Fund based BG    ICRA D      1.8    -
Ltd
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Shakti Hormann Pvt Ltd                 Fund Based – CC      ICRA A-     60     Reaffirmed
                                                            (Positive)
Shakti Hormann Pvt Ltd                 Unallocated          ICRA A-     1      Reaffirmed
                                                            (Positive)
                                                            / ICRA A2+
Shriram Transport Finance Co.          Bk OF INDIA – PCG    ICRA AA(SO) 2347.6 -
Ltd                                    MAR2020 -Assignee
                                       Payouts
(provisional rating confirmed as final)
Small Johnson Floor Tiles Pvt          FB – TL              ICRA BBB-   38.9   Assigned
Ltd                                                         (Stable)
Small Johnson Floor Tiles Pvt          FB – CC              ICRA BBB-   120    Assigned
Ltd                                                         (Stable)
Sml Isuzu Limite                       CC                   ICRA        180    -
                                                            A+(Negative)
(Downgraded from ICRA AA- (Negative))
Sml Isuzu Limite                       LT Fund based TL     ICRA        400    -
                                                            A+(Negative)
(Downgraded from ICRA AA- (Negative))
Spandana Sphoorty Financial Ltd        Kartikeya 07 2019 PTC ICRA A(SO) 312    Reaffirmed
                                       Series A
Spandana Sphoorty Financial Ltd        Pragathi 09 2019 PTC ICRA A(SO)  975.6  Reaffirmed
                                       Series A
Spandana Sphoorty Financial Ltd        Kartikeya 09 2019 PTC ICRA A(SO) 457.4  Reaffirmed
                                       Series A
Stanfab Apparels Pvt Ltd               FB – TL              ICRA BBB-   49.8   Reaffirmed
Stanfab Apparels Pvt Ltd               Unallocated – LT/ST  ICRA        31.2   Reaffirmed
                                                            BBB-/ICRA A3
Steel & Metals                         Fund based – CC      ICRA B+     55     -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) continues to remain under ‘Issuer Not Cooperating’
category)
Steel & Metals                         Unallocated Limits   ICRA B+     46     -
                                                            (Stable)/A4
(Rating downgraded from ICRA BB- (Stable)/A4 continues to remain under ‘Issuer Not Cooperating’
category)
Tata Motors Ltd                        NCD Programme        ICRA AA-    22500  Reaffirmed
                                                            (Negative)
Tata Motors Ltd                        Long-TL              ICRA AA-    10000  Reaffirmed
                                                            (Negative)
Tata Motors Ltd                        LT, FB Fac           ICRA AA-    80000  Reaffirmed
                                                            (Negative)
Tata Motors Ltd                        LT / ST, Non-FB Fac  ICRA AA-    60000  Reaffirmed
                                                            (Negative)
                                                            / ICRA A1+
The Indian Card Clothing Co.           LT, Fund Based – WCDL ICRA BB+   10     Reaffirmed
Ltd                                                         (Stable)
The Indian Card Clothing Co.           LT – Unallocated     ICRA BB+    56     Reaffirmed
Ltd                                    Amount               (Stable)
The Indian Card Clothing Co.           LT, Fund Based - CC  ICRA BB+    90     Reaffirmed
Ltd                                                         (Stable) /
                                                            ICRA A4+
Tusha Textiles (Mumbai) Pvt Ltd        FB-Packing Credit/   ICRA BB     150    -
                                       Post Shipment Credit (Stable)
(downgraded from ICRA BB+ (Negative))
Tusha Textiles (Mumbai) Pvt Ltd        Fund based- Foreign  ICRA BB     -      -
                                       Bill Purchase/ Post  (Stable)
                                       shipment in Foreign 
                                       Currency/ Foreign Bill Negotiation**
(downgraded from ICRA BB+ (Negative) 
**sub-limit of Packing Credit))
Tusha Textiles (Mumbai) Pvt Ltd        Non-Fund based-LOC** ICRA BB     -      -
                                                            (Stable)
(downgraded from ICRA BB+ (Negative). 
**sub-limit of Packing Credit)
Ve Commercial Vehicles Ltd             FB – Working Capital ICRA AA+    7250   -
                                       Fac                  (Stable) /
                                                            ICRA A1+
Ve Commercial Vehicles Ltd             Non-fund Based –     ICRA AA+    420    -
                                       Working Capital Fac  (Stable) /
                                                            ICRA A1+
Ve Commercial Vehicles Ltd             FB/Non-fund Based –  ICRA AA+    1550   -
                                       Working Capital Fac  (Stable) /
                                                            ICRA A1+
Ve Commercial Vehicles Ltd             Unallocated Limits   ICRA AA+    2000   -
                                                            (Stable) /
                                                            ICRA A1+
Ve Commercial Vehicles Ltd             TL Fac               ICRA        4000   -
                                                            AA+(Stable)
Ve Commercial Vehicles Ltd             Proposed NCD Programm ICRA        5000   -
                                                            AA+(Stable)
Vivriti Capital Pvt Ltd                Vivriti CABSEC 002   ICRA AAA(SO)  -    Withdrawn
                                       2019 -PTC Series A1
Tirunelveli Vayu Energy Generation Pvt LT – FB              ICRA BB+    71.7   Information
Ltd                                                         (Stable)           yet to be
                                                                               received
Tirunelveli Vayu Energy Generation Pvt LT – Unallocated     ICRA BB+    28.3   Information
Ltd                                                         (Stable)           yet to be
                                                                               received
--------------------------------------------------------------------------------------------
$: 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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