June 25, 2020 / 11:20 AM / 16 days ago

RPT-ICRA ratings for Indian debt instruments-Jun 25

 (Repeating to add additional ratings)
   Jun 25 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of June 24, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Agarwal Fasteners Pvt Ltd              Fund based- Packing  ICRA A4     120    -
                                       Credit
(Rating downgraded from ICRA A4+ and Rating continues to remain under the ‘Issuer Not
Cooperating’ category)
Agarwal Fasteners Pvt Ltd              Non Fund based- LOC  ICRA A4     40     -
(Rating downgraded from ICRA A4+ and Rating continues to remain under the ‘Issuer Not
Cooperating’ category)
Ami Riddhi Chem Pvt. Ltd               Non-fund Based – LOC ICRA A4     15     -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Ami Riddhi Chem Pvt. Ltd               Non-fund Based –     ICRA A4     0.8    -
                                       Forward Contract
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Ami Riddhi Chem Pvt. Ltd               Fund Based – Buyer’s ICRA A4     -      -
                                       Credit**
(Rating continue to remain under the ‘Issuer Not Cooperating’ category.
 **Sublimit of cash credit)
Ami Riddhi Chem Pvt. Ltd               Non-fund Based – BG** ICRA A4    -      -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category. 
 **Sublimit of cash credit)
Elica Vitrified Pvt Ltd                Non-fund Based BG    ICRA A4     25     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Geetha Timbers                         ST - Non Fund Based  ICRA A4     95     -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Haldia Petrochemicals Ltd              ST – CP programme    ICRA A1+    1000   Reaffirmed
(removed from watch with negative implications)
Haldia Petrochemicals Ltd              ST Limits- Non-FBL   ICRA A1+    16060  Reaffirmed
(removed from watch with negative implications)
Jaina India Pvt Ltd                    ST - Unallocated     ICRA A3     1190   -
(Rating revised from ICRA 3+)
Jaina India Pvt Ltd                    ST non-fund based    ICRA A3     2810   -
(Rating revised from ICRA 3+)
Jaina Marketing & Associates           ST- Unallocated      ICRA A3     800    -
(Rating revised from ICRA A3+)
Krishnaveni Seeds And                  ST - Non Fund Based  ICRA A4     1.1    -
Fertilizers
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Ksb Mil Controls Ltd                   ST FB                ICRA A1+    50     Reaffirmed
Ksb Mil Controls Ltd                   ST non-fund based    ICRA A1+    50     Reaffirmed
Le Marble Gallery Pvt Ltd              ST – LOC             ICRA A4     70     -
(Rating to continue to remain in the ‘Issuer Not Cooperating’ category)
Mitc Rolling Mills Pvt Ltd             ST - Fund Based      ICRA A2+    120    -
(Reason for delay in carrying out periodic review: - Issuer delayed in giving information)
Mitc Rolling Mills Pvt Ltd             ST - Non - Fund Based ICRA A2+   250    -
(Reason for delay in carrying out periodic review: - Issuer delayed in giving information)
Mitc Rolling Mills Pvt Ltd             ST - Unallocated     ICRA A2+    6.9    -
(Reason for delay in carrying out periodic review: - Issuer delayed in giving information)
Omexo Tiles                            BG                   ICRA A4     7.5    -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Pvr Ltd                                CP                   ICRA A1+    2000   Reaffirmed
Radiant Energy Solutions Pvt.          Non-fund based - FLC ICRA A4     -      -
Ltd                                    (sublimit of CC)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Radiant Energy Solutions Pvt.          Non-fund based - BG  ICRA A4     40     -
Ltd
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Saimax Ceramic Pvt Ltd                 Non-fund based       ICRA A4     27.5   -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Shri Laxminarayan Chemical &           ST - Unallocated     ICRA A4     20     -
Fertilizers Pvt Ltd
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Spinel Microns                         Non-fund based - BG  ICRA A4     7      -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Trw Sun Steering Wheels Pvt.           ST non-fund based    ICRA A4+    10     -
Ltd
(Rating downgraded from ICRA A2+ and continues to remain under ‘Issuer Not Cooperating’
category)
Vardhini Industries                    ST: Non-FBL          ICRA A4     10     -
(continues to remain under ‘Issuer Not Cooperating’ category)
Anantha Pvc Pipes Pvt Ltd              ST – NFBL            ICRA A4     70     Issuer Not
                                                                               Cooperating
Nandi Irrigation Systems Ltd           ST – NFBL            ICRA A4     30     Issuer Not
                                                                               Cooperating



LONG TERM RATINGS:
-------------------
Agarwal Fasteners Pvt Ltd              LT FBL               ICRA B+     155.7  -
                                                            (Stable)
(Rating downgraded from ICRA BB+ (Stable) and Rating continues to remain under the ‘Issuer Not
Cooperating’ category)
Ami Riddhi Chem Pvt. Ltd               FB – CC              ICRA B+     110    -
                                                            (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Asb Projects Ltd                       Fund based- CC       ICRA B+     125    -
                                                            (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Asb Projects Ltd                       Unallocated          ICRA B+     25     -
                                                            (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Attra Infotech Pvt Ltd                 LT/ST – Unallocated  ICRA BBB+   20     Outstanding
                                                            (Stable) /
                                                            ICRA A2
Attra Infotech Pvt Ltd                 Fund Based – Working ICRA        280    Outstanding
                                       Capital Fac          BBB+(Stable)
Attra Infotech Pvt Ltd                 Fund Based – TL      ICRA        50     Outstanding
                                                            BBB+(Stable)
Attra Infotech Pvt Ltd                 Issuer Rating        ICRA        -      Assigned
                                                            BBB+(Stable)
Auto Hi-Tech Pvt Ltd                   TL                   ICRA B+     20     -
                                                            (Stable)
(Rating downgraded from ICRA BB+ (Stable) and Rating continues to remain under ‘Issuer Not
Cooperating’ category)
Auto Hi-Tech Pvt Ltd                   FB Fac               ICRA B+     175    -
                                                            (Stable)
(Rating downgraded from ICRA BB+ (Stable) and Rating continues to remain under ‘Issuer Not
Cooperating’ category)
Butterfly Gandhimathi                  Fund based: TL       ICRA BBB    250    Reaffirmed
Appliances Ltd
(outlook revised to Stable from Positive and rating withdrawn)
Eagle Extrusion Pvt Ltd                LT fund based        ICRA B      70     Withdrawn
                                                            (Stable)
(ISSUER NOT COOPERATING)
Eagle Extrusion Pvt Ltd                Unallocated limits   ICRA B      36.6   Withdrawn
                                                            (Stable)/A4
(ISSUER NOT COOPERATING)
Elica Vitrified Pvt Ltd                Fund based-TL        ICRA B+     52.5   -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Elica Vitrified Pvt Ltd                FB CC                ICRA B+     90     -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Elica Vitrified Pvt Ltd                Unallocated limits   ICRA B+     2.5    -
                                                            (Stable)/A4
(Long term rating downgraded from ICRA BB- (Stable) and rating continues to remain Issuer
Non-Cooperating category)
Geetha Timbers                         LT - Fund Based/ CC  ICRA B+     5      -
                                                            (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Green Farm Agri Exports                FB Limits            ICRA D      76     -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Green Farm Agri Exports                Interchangeable Limit ICRA D     -      -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Green Farm Agri Exports                Non-FB Limits        ICRA D      6.9    -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Green Farm Agri Exports                Unallocated Limits   ICRA D      15.8   -
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Haldia Petrochemicals Ltd              LT/ST Unallocated    ICRA AA-    50030  -
                                                            (Negative)
(downgraded from ICRA AA/ICRA A1+ reaffirmed removed from watch with negative implications)
Haldia Petrochemicals Ltd             Proposed NCD Programme ICRA AA-   10000  -
                                                            (Negative)
(downgraded from ICRA AA and removed from Watch with Negative Implication.)
Haldia Petrochemicals Ltd              Issuer Rating        ICRA AA-    -      -
                                                            (Negative)
(downgraded from ICRA AA and removed from Watch with Negative Implication.)
Haldia Petrochemicals Ltd              LT Limits- TL        ICRA AA-    30680  -
                                                            (Negative)
(downgraded from ICRA AA and removed from Watch with Negative Implication)
Haldia Petrochemicals Ltd              LT Limits-FB         ICRA AA-    3810   -
                                                            (Negative)
(downgraded from ICRA AA and removed from Watch with Negative Implication)
Haldia Petrochemicals Ltd              LT-Non fund based    ICRA AA-    40000  Assigned
                                                            (Negative)
Hutch India Pvt Ltd                    LT, FB CC Limit      ICRA B-     136.2  Withdrawn
                                                            (Stable)
Hutch India Pvt Ltd                    LT, FB TL            ICRA B-     19.3   Withdrawn
                                                            (Stable)
Jaina India Pvt Ltd                    LT - Unallocated     ICRA BBB-   174    -
                                                            (Negative)
(revised from ICRA BBB (Negative))
Jaina India Pvt Ltd                    LT fund based        ICRA BBB-   1076   -
                                                            (Negative)
(revised from ICRA BBB (Negative))
Jaina Marketing & Associates           LT- Unallocated      ICRA BBB-   200    -
                                                            (Negative)
(Rating revised from ICRA BBB (Negative))
K. K. Cotex                            FB-TL                ICRA B      15.8   -
                                                            (Stable)
(Rating moved to ‘Issuer Not Cooperating’ category)
K. K. Cotex                            FB - Working Capital ICRA B      220    -
                                       Fac                  (Stable)
(Rating moved to ‘Issuer Not Cooperating’ category)
K. K. Cotex                            Unallocated limits   ICRA B      11.2   -
                                                            (Stable)
(Rating moved to ‘Issuer Not Cooperating’ category)
Karimnagar Municipal                   Issuer Rating        ICRA        -      -
Corporation                                                 BB+(Stable)
(Rating downgraded from ICRA BBB (Stable) and Rating Continues to remain under issuer not
cooperating category)
Kotadiya Reality                       TL                   ICRA B+     320    -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Krishnaveni Seeds And                  LT - Fund Based/ CC  ICRA B+     50     -
Fertilizers                                                 (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Ksb Mil Controls Ltd                   LT non-fund based    ICRA        650    Reaffirmed
                                                            AA(Stable)
Ksb Mil Controls Ltd                   LT FB                ICRA        50     Reaffirmed
                                                            AA(Stable)
Le Marble Gallery Pvt Ltd              LT – CC              ICRA B+     90     -
                                                            (Stable)
(Rating downgraded from ICRA BB (Stable) and continues to remain in the ‘Issuer Not Cooperating’
category)
Mitc Rolling Mills Pvt Ltd             LT - Fund Based      ICRA BBB+   500    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer delayed in giving information)
Neo Paper Mill Pvt Ltd                 LT - Fund Based/ CC  ICRA B-     11.4   -
                                                            (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Neo Paper Mill Pvt Ltd                 LT - Fund Based TL   ICRA B-     49.7   -
                                                            (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Neo Paper Mill Pvt Ltd                 LT - Unallocated     ICRA B-     38.9   -
                                                            (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Omexo Tiles                            CC                   ICRA        20     -
                                                            B+(Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Omexo Tiles                            TL                   ICRA        40.5   -
                                                            B+(Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Pvr Ltd                                NCD Programme        ICRA AA-    1850   -
                                                            (Negative)
(reaffirmed and removed from watch with developing implications, Negative outlook assigned
Rating withdrawn)
Pvr Ltd                                Fund based-TL        ICRA AA-    40     -
                                                            (Negative)
(reaffirmed and removed from watch with developing implications, Negative outlook assigned
Rating withdrawn)
Radiant Energy Solutions Pvt.          FB – TL              ICRA B      22.5   -
Ltd                                                         (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Radiant Energy Solutions Pvt.          FB - CC              ICRA B      60     -
Ltd                                                         (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Rajamahendravaram Municipal            Issuer Rating        ICRA        -      -
Corporation                                                 BB+(Stable)
(Rating downgraded from ICRA BBB (Stable) and Rating Continues to remain under issuer not
cooperating category)
Saimax Ceramic Pvt Ltd                 FB                   ICRA B+     80.5   -
                                                            (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Sb Urbanscapes                         LT - Unallocated     ICRA B      200    -
                                                            (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Shri Laxminarayan Chemical &           LT - Fund Based/ CC  ICRA B-     50     -
Fertilizers Pvt Ltd                                         (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Spinel Microns                         FB - TL              ICRA B      54     -
                                                            (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Spinel Microns                         FB - CC              ICRA B      50     -
                                                            (Stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Sri Sai Shivanagere Solar              LT Unallocated       ICRA B      56     -
Power Pvt Ltd                                               (stable)
(Rating continue to remain under the ‘Issuer Not Cooperating’ category)
Talegaon Industrial Parks Pvt          LT FB – TL           ICRA BBB    2500   Assigned
Ltd                                                         (Stable)
Talegaon Industrial Parks Pvt          LT Non-fund Based – BICRA BBB    50     Assigned
Ltd                                                         (Stable)
Talegaon Industrial Parks Pvt         LT/ST Interchangeable ICRA BBB    -      Assigned
Ltd                                    – LOC#               (Stable)/A3+
(# - Letter of credit facility is sublimit to the term loan facility)
Toplink Motors Pvt Ltd                 FB Limits            ICRA B+     126.8  -
                                                            (Stable)
(Rating downgraded from ICRA BB (Stable) and Rating continues to remain under ‘Issuer Not
Cooperating’ category)
Toplink Motors Pvt Ltd                 Untied Limits        ICRA B+     0.7    -
                                                            (Stable)
(Rating downgraded from ICRA BB (Stable) and Rating continues to remain under ‘Issuer Not
Cooperating’ category)
Trw Sun Steering Wheels Pvt.           LT FB                ICRA BB+    29     -
Ltd                                                         (Stable)
(Rating downgraded from ICRA A- (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Trw Sun Steering Wheels Pvt.           LT/ ST unallocated   ICRA BB+    40.1   -
Ltd                                                         (Stable)/
                                                            ICRA A4+
(Rating downgraded from ICRA A- (Stable)/ ICRA A2+ and continues to remain under ‘Issuer Not
Cooperating’ category)
Vardhini Industries                    LT: FBL              ICRA        110    -
                                                            B+(Stable)
(continues to remain under ‘Issuer Not Cooperating’ category)
Vardhini Industries                    LT/ST: Unallocated   ICRA        30     -
                                                            B+(Stable)
                                                            / ICRA A4
(continues to remain under ‘Issuer Not Cooperating’ category)
Visage Holdings & Finance Pvt.         Vivriti Cordell 01   ICRA A+(SO) 372.2  Final
Ltd                                    2020 - PTC Series A1
Visage Holdings & Finance Pvt.         Vivriti Cordell 01   ICRA        12.9   Final
Ltd                                    2020 - PTC Series A2 BBB+(SO)
Anantha Pvc Pipes Pvt Ltd              LT-Fund Based        ICRA B      80     Issuer Not
                                                            (Stable)           Cooperating
Guruvayoor Infrastructure Pvt Ltd      TL                   ICRA BBB    2591.2 Review
                                                            (Stable)           process is
                                                                               underway
Guruvayoor Infrastructure Pvt Ltd      NCD                  ICRA BBB    895.3  Review
                                                            (Stable)           process is
                                                                               underway
Jalannagar Development Pvt. Ltd.       Bk Fac               ICRA D      100    Review
                                                                               process is
                                                                               underway
Nandi Irrigation Systems Ltd           Fund Based           ICRA B      60     Issuer Not
                                                            (Stable)           Cooperating
Nandi Irrigation Systems Ltd           LT/ST - Unallocated  ICRA B      30     Issuer Not
                                                            (Stable)/          Cooperating
                                                            ICRA A4
S.K.R. Constructions                   Fund Based – CC      ICRA BB+    40     Review under
                                                            (Stable)           process
S.K.R. Constructions                   LT/Sort Term - NFBL  ICRA BB+    230    Review under
                                                            (Stable)/ A4+      process
Sant Deepak Education And Charitable   Fund Based/CC        ICRA D      17.5   Issuer Not
Trust                                                                          Cooperating
Sant Deepak Education And Charitable   Fund Based/TL        ICRA D      112.5  Issuer Not
Trust                                                                          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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