June 17, 2020 / 11:36 AM / 19 days ago

RPT-ICRA ratings for Indian debt instruments-Jun 17

 (Repeating to add additional ratings)
   Jun 17 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of June 16, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Bharat Silks                           ST - Non Fund Based  ICRA A4     31     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Biop Steels & Power Pvt Ltd            ST - Non Fund Based  ICRA A4     145    Withdrawn
Classic Solvents Pvt Ltd               ST: Non-FBL          ICRA A4+    142    Reaffirmed
Cmc Commutator Pvt Ltd                 ST - Non Fund Based  ICRA A4     16.5   -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Dsp Investment Managers Pvt Ltd        DSP Overnight Fund   ICRA A1+mfs -      Outstanding
Hnb Engineers Pvt Ltd                  ST – Non-Fund Based – ICRA A4    600    Withdrawn
                                       BG
Hnb Engineers Pvt Ltd                  ST – Non-Fund Based  ICRA A4     100    Withdrawn
                                       LOC
Indo Vacuum Technologies Pvt           ST - Non Fund Based  ICRA A4     5      -
Ltd
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Ivax Paper Chemicals Ltd               ST - Fund Based      ICRA A4+    20     -
(Rating downgraded from ICRA A3+ and Rating Continues to remain under issuer not cooperating
category)
Ivax Paper Chemicals Ltd               ST – Interchangeable ICRA A4+    -      -
                                       (sub limits)
(Rating downgraded from ICRA A3+ and Rating Continues to remain under issuer not cooperating
category)
Ivax Paper Chemicals Ltd               ST – Non Fund Based  ICRA A4+    195    -
(Rating downgraded from ICRA A3+ and Rating Continues to remain under issuer not cooperating
category)
Northern Arc Capital Ltd               CP                   ICRA A1+    5000   Reaffirmed
P. Dasaratharama Reddy                 ST - Non Fund Based  ICRA A4     80     -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Roj Leather Exports Pvt Ltd            ST- Fund Based       ICRA A4+    100    Withdrawn
Roj Leather Exports Pvt Ltd            ST- Non Fund Based   ICRA A4+    3      Withdrawn
Roj Leather Exports Pvt Ltd            ST- Interchangeable  ICRA A4+    -      Withdrawn
Kay Bouvet Engineering Ltd             ST - Non-Fund Based  ICRA D      3000   -
(Rating downgraded from ICRA A4 ISSUER NOT COOPERATING* and Continued to remain under the
‘Issuer Not Cooperating’ category)
S.K. Exports                           FB – Packing credit  ICRA A4     78.5   Reaffirmed
(removed from non cooperating category)
S.K. Exports                           Non-fund based – LOC ICRA A4     2.5    Reaffirmed
(removed from non cooperating category)
S.K. Exports                           Unallocated          ICRA A4     14     Reaffirmed
(removed from non cooperating category)
Sentini Cermica Pvt Ltd                ST – Non-fund Based  ICRA A2+    25     Reaffirmed
Srinivasa Enterprises                  ST - Non-FBL         ICRA A4     140    Assigned

LONG TERM RATINGS:
-------------------
Advaith Bio Remedies                   LT - Fund Based/ CC  ICRA D      30     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Advaith Bio Remedies                   LT - Fund Based TL   ICRA D      30     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Bharat Silks                           LT - Fund Based/ CC  ICRA B+     100    -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Biop Steels & Power Pvt Ltd            LT - Fund Based/ CC  ICRA B+     190    Withdrawn
                                                            (Stable)
Classic Solvents Pvt Ltd               LT: FB – CC          ICRA        200    Reaffirmed
                                                            BB(Stable)
Classic Solvents Pvt Ltd               LT/ST: Unallocated   ICRA        83     Reaffirmed
                                       limits               BB(Stable)
                                                            /ICRA A4+
Cmc Commutator Pvt Ltd                 LT - Fund Based/ CC  ICRA B      30     -
                                                            (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Cmc Commutator Pvt Ltd                 LT - Fund Based TL   ICRA B      20     -
                                                            (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Cmc Commutator Pvt Ltd                 LT - Unallocated     ICRA B      33.5   -
                                                            (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Darwin Pharma Pvt.Ltd                  LT Unallocated       ICRA        100    -
                                                            B(Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Dempo Industries Pvt Ltd               LT - Fund Based TL   ICRA        15     Reaffirmed
                                                            BB(Stable)         and Withdrawn
Dempo Industries Pvt Ltd               LT – Unallocated     ICRA        40     Reaffirmed
                                                            BB(Stable)         and Withdrawn
Dsp Investment Managers Pvt Ltd        DSP Corporate Bond   ICRA AAAmfs -      Assigned
                                       Fund
Dsp Investment Managers Pvt Ltd        DSP Low Duration Fund ICRA AAAmfs -     Outstanding
Dsp Investment Managers Pvt Ltd        DSP Liquidity Fund   ICRA AAAmfs -      Outstanding
Dsp Investment Managers Pvt Ltd        DSP Ultra Short Fund ICRA AAAmfs -      Outstanding
Dsp Investment Managers Pvt Ltd        DSP ST Fund          ICRA AAAmfs -      Outstanding
Dsp Investment Managers Pvt Ltd        DSP Bking & PSU Debt ICRA AAAmfs -      Outstanding
                                       Fund
Dsp Investment Managers Pvt Ltd        DSP Savings Fund     ICRA AAAmfs -      Outstanding
Dsp Investment Managers Pvt Ltd        DSP Strategic Bond   ICRA AAAmfs -      Outstanding
                                       Fund
Hdfc Life Insurance Co. Ltd            Issuer Rating        ICRA        -      Assigned
                                                            AAA(Stable)
Hdfc Life Insurance Co. Ltd            Subordinated Debt    ICRA        6000   Assigned
                                       Programme            AAA(Stable)
Hnb Engineers Pvt Ltd                  LT – Fund Based – CC ICRA BB-    370    Withdrawn
                                                            (stable)
Indo Vacuum Technologies Pvt           LT / ST – Unallocated ICRA B     33.5   -
Ltd                                                         (Stable)/
                                                            ICRA A4
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Indo Vacuum Technologies Pvt           LT - Fund Based/ CC  ICRA B      22     -
Ltd                                                         (Stable);
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Indo Vacuum Technologies Pvt           LT - Fund Based TL   ICRA B      15     -
Ltd                                                         (Stable);
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
International Travel House Ltd         LT: FBL              ICRA AA     100    -
                                                            (Stable)
International Travel House Ltd         Long/ ST: Non-FBL    ICRA AA     200    -
                                                            (Stable)/
                                                            ICRA A1+
Ivax Paper Chemicals Ltd               LT – TL              ICRA        100    -
                                                            BB+(Stable)
(Rating downgraded from ICRA BBB (Stable) and Rating Continues to remain under issuer not
cooperating category)
Ivax Paper Chemicals Ltd               LT - Fund Based CC   ICRA        150    -
                                                            BB+(Stable)
(Rating downgraded from ICRA BBB (Stable) and Rating Continues to remain under issuer not
cooperating category)
Kay Bouvet Engineering Ltd             LT - Fund Based/ CC  ICRA D      1100   -
(Rating downgraded from ICRA B+(Stable) ISSUER NOT COOPERATING and Continued to remain under the
‘Issuer Not Cooperating’ category)
Kay Bouvet Engineering Ltd             LT - Fund Based TL   ICRA D      410    -
(Rating downgraded from ICRA B+(Stable) ISSUER NOT COOPERATING and Continued to remain under the
‘Issuer Not Cooperating’ category.)
Northern Arc Capital Ltd               Cumulative           ICRA A      -      Reaffirmed
                                       nonconvertible                          and Withdrawn
                                       compulsorily redeemable PS (pref shares)
(outlook revised from Stable to Negative)
Northern Arc Capital Ltd               NCDs                 ICRA A+     5250   Reaffirmed
(outlook revised from Stable to Negative)
Northern Arc Capital Ltd               NCDs                 ICRA A+     4900   Reaffirmed
                                                                               and Withdrawn
(outlook revised from Stable to Negative)
Northern Arc Capital Ltd               LT – Unallocated     ICRA A+     4686.3 Reaffirmed
(outlook revised from Stable to Negative)
Northern Arc Capital Ltd               LT – FB limits       ICRA A+     3550   Reaffirmed
(outlook revised from Stable to Negative)
Northern Arc Capital Ltd               LT – TL              ICRA A+     16763.7Reaffirmed
(outlook revised from Stable to Negative)
Northern Arc Capital Ltd               Subordinated debt    ICRA A+     400    Reaffirmed
(outlook revised from Stable to Negative)
Northern Arc Capital Ltd               Subordinated debt    ICRA A+     350    Reaffirmed
                                                                               and Withdrawn
(outlook revised from Stable to Negative)
Northern Arc Capital Ltd               NCDs (NCDs)          ICRA        4000   Assigned
                                                            A+(Negative)
Northern Arc Capital Ltd               NCDs                 PP-MLD ICRA 100    Reaffirmed
                                                            A+
(outlook revised from Stable to Negative)
P. Dasaratharama Reddy                 LT - Fund Based/ CC  ICRA B+     20     -
                                                            (Stable);
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Sentini Cermica Pvt Ltd                LT – FB/ CC          ICRA A-     280    Reaffirmed
Sree Chaitanya Corporation             LT Unallocated       ICRA D      80     -
Pvt. Ltd
(Rating Continues to remain under issuer not cooperating category)
Sri Lakshmi Srinivasa Raw &            LT - Fund Based CC   ICRA B+     112.5  -
Boiled Rice Mill                                            (Stable);
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Sri Lakshmi Srinivasa Raw &            LT/ST Unallocated    ICRA        37.5   -
Boiled Rice Mill                                            B+(Stable)
                                                            /A4
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Sri Ram Industries                     FB – Working Capital ICRA B+     80     Reaffirmed
                                                            (Stable)
Sri Ram Industries                     FB – TL              ICRA        25     Reaffirmed
                                                            B+(Stable)
Srinivasa Enterprises                  LT - FBL             ICRA BB     54.6   Assigned
                                                            (Stable)
Srinivasa Enterprises                  LT / ST – Unallocated ICRA BB    105.4  Assigned
                                                            (Stable)/
                                                            ICRA A4
Veerabhadra Exports Pvt Ltd            LT - Fund Based TL   ICRA        140.4  -
                                                            B+(Stable)
(Rating downgraded from ICRA BB-(Stable) and Rating Continues to remain under issuer not
cooperating category)
Veerabhadra Exports Pvt Ltd            LT - Fund Based/ CC  ICRA        400    -
                                                            B+(Stable)
(Rating downgraded from ICRA BB-(Stable) and Rating Continues to remain under issuer not
cooperating category)
Veerabhadra Exports Pvt Ltd            LT – Non Fund Based  ICRA        60     -
                                                            B+(Stable)
(Rating downgraded from ICRA BB-(Stable) and Rating Continues to remain under issuer not
cooperating category)
Veerabhadra Exports Pvt Ltd            LT – Unallocated     ICRA        49.6   -
                                                            B+(Stable)
(Rating downgraded from ICRA BB-(Stable) and Rating Continues to remain under issuer not
cooperating category)
Classic Cotton Pvt Ltd                 CC                   ICRA        220    Issuer Not
                                                            B+(Stable)         Cooperating
Classic Cotton Pvt Ltd                 Unallocated Limits   ICRA        34     Issuer Not
                                                            B+(Stable)/        Cooperating
                                                            ICRA A4
Kalwakurthy Municipality               Issuer Rating        ICRA BB-           Issuer Not
                                                            (Stable)           Cooperating
Padmaja Farms                          Fund based CC        ICRA B+     69.5   Issuer
                                                            (Stable)           delayed in
                                                                               giving
                                                                               information
Padmaja Farms                          Unallocated          ICRA B+     30.5   Issuer
                                                            (Stable)           delayed in
                                                                               giving
                                                                               information
Shadnagar Municipality                 Issuer Rating        ICRA BB-           Issuer Not
                                                            (Stable)           Cooperating
Sri Vijaya Lakshmi Raw & Boiled Rice   LT Fund Based        ICRA BB-    450    Issuer Not
Mill                                                        (Stable)           Cooperating
Sri Vijaya Lakshmi Raw & Boiled Rice   Unallocated          ICRA BB-    30     Issuer Not
Mill                                                        (Stable)           Cooperating
Wanaparthy Municipality                Issuer Rating        ICRA BB-           Issuer Not
                                                            (Stable)           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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