March 12, 2020 / 8:42 AM / 20 days ago

RPT-ICRA ratings for Indian debt instruments-Mar 12

 (Repeating to add additional ratings)
    Mar 12 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of March 11, 2020.


COMPANY                                INSTRUMENT           RATING     AMOUNT  MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Dynamatic Technologies Ltd             Non-FBL – Sub limit  ICRA A2            Withdrawn
Dynamatic Technologies Ltd             Non-FBL              ICRA A2     230    Withdrawn
Ekta Electricals                       BG                   ICRA A4     40
Rating continues to remain under ‘Issuer Not Cooperating’ category
Ganesha Ecosphere Ltd                  ST Non-fund Based    ICRA A1     235    Reaffirmed
                                       (NFB) Limits
Infina Finance Pvt Ltd                 CP Programme (IPO    ICRA A1+    150000
                                       financing)
Assigned / Outstanding
Infina Finance Pvt Ltd                 CP Programme         ICRA A1+    12000  Outstanding
Mulberry Silks Ltd                     ST: Fund based       ICRA A2     100    Reaffirmed
Mulberry Silks Ltd                     ST: Non-Fund based   ICRA A2     151    Reaffirmed
Navneeta Steels Pvt Ltd                NFBL                 ICRA A4     60     Reaffirmed
Sembcorp Green Infra Ltd               CP                   ICRA A1+    3000   Reaffirmed
Shri Maa Polyfabs Ltd                  Non FBL              ICRA A4+    70     Withdrawn
Issuer Not Cooperating
Tekza Ceramic Llp                      Non-fund Based BG    ICRA A4     20     Assigned
Vijay Sabre Safety Pvt Ltd             ST Non-FBL           ICRA A4     89.8
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Dolf Industries                         Fund based-           ICRA A4+     #       Reaffirmed
                                        EPC/PCFC/EBD/EBP
# Sublimit of Cash Credit facility
Dolf Industries                         Non-fund based – BG   ICRA A4+     45      Reaffirmed
Dolf Industries                         Non-fund based – LOC  ICRA A4+     10      Reaffirmed
Dolf Industries                         Fund based – Bill     ICRA A4+     ^       Reaffirmed
                                        Discounting
^ Sublimit of Bank Guarantee
Tasty Bite Eatables Ltd                 ST, Non FB Fac        ICRA A1      20      Reaffirmed
Rana Sugars Ltd                         ST-Non Fund Based-BGs ICRA D      318
                                        and LCs
Rating Continues to remain under the ‘Issuer Not Cooperating’ category

LONG TERM RATINGS:
-------------------
Apg Industrial Conglomerate Pvt Ltd    TL                   ICRA BBB    1650   Assigned
                                                            (Stable)
Arambhan Hospitality Services Ltd      LT: Fund based       ICRA D      150
(Erstwhile Cawasji Behramji Catering
Services Ltd)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Dynamatic Technologies Ltd             Fund Based- TL       ICRA BBB+   3690   Withdrawn
                                                            (Stable)
Dynamatic Technologies Ltd             Proposed Limits      ICRA BBB+   0.1    Withdrawn
                                                            (Stable)
Dynamatic Technologies Ltd             FB Limits            ICRA BBB+   1450   Withdrawn
                                                            (Stable)
Ekta Electricals                       CC                   ICRA B+     20
                                                            (Stable)
Downgraded from ICRA BB- (Stable) and continues to remain under ‘Issuer Not Cooperating’
category
Ekta Electricals                       LT/ Short term       ICRA B+     40
                                       Unallocated          (Stable)/ A4
long term rating Downgraded from ICRA BB- (Stable), continues to remain under ‘Issuer Not
Cooperating’ category
Ganesha Ecosphere Ltd                  FB (FB) Working      ICRA A      1250   Reaffirmed
                                       Capital              (Stable)
Ganesha Ecosphere Ltd                  LT/ ST               ICRA A             Reaffirmed
                                       Interchangeable      (Stable)/
                                                            ICRA A1
Ganesha Ecosphere Ltd                  LT/ ST Unallocated   ICRA A      645    Reaffirmed
                                                            (Stable)/
                                                            ICRA A1
Giesecke & Devrient India Pvt Ltd      LT – FB              ICRA BBB+   491    Reaffirmed
                                                            (Stable)
Giesecke & Devrient India Pvt Ltd      LT and ST – Non-Fund ICRA BBB+   1150   Reaffirmed
                                       Based                (Stable)/
                                                            ICRA A2
Habib Textiles Pvt. Ltd.               LT – Fund Based      ICRA B+     100
                                                            (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Lb Cotton Industries Llp               Fund based-TL        ICRA D      50
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Lb Cotton Industries Llp               Fund based-CC        ICRA D      50
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Lok Enterprises                        Non-fund Based LOC   ICRA D      100
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Lok Enterprises                        Fund based-CC        ICRA D      10^
Rating continues to remain under the ‘Issuer Not Cooperating’ category; ^Sublimit of Letter of
Credit
Malik Cars Pvt Ltd                     LT - Fund Based/ CC  ICRA BB     290    Reaffirmed
                                                            (Stable)
Malik Cars Pvt Ltd                     LT – Unallocated     ICRA BB     0      Reaffirmed
                                                            (Stable)
Margadarsi Marketing Pvt Ltd           CC                   ICRA BB-    120    Reaffirmed
                                                            (Stable)
Margadarsi Marketing Pvt Ltd           Unallocated limits   ICRA BB-    45.1   Reaffirmed
                                                            (Stable)
Mulberry Silks Ltd                     LT: TL               ICRA BBB+   82.4   Reaffirmed
                                                            (Stable)
Mulberry Silks Ltd                     LT / ST - UnallocatedICRA BBB+   38.6   Reaffirmed
                                                            (Stable)/ A2
Navneeta Steels Pvt Ltd                Fund based - working ICRA BB-    400    Reaffirmed
                                       capital limits       (Stable)
Panchshil Tech Park Pvt Ltd            TL                   ICRA BBB+   4950   Withdrawn
                                                            (Stable)
Rana Sugars Ltd                        LT-Fund Based- CC    ICRA D      5022
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Rana Sugars Ltd                        LT-Fund Based- TL    ICRA D      1048.7
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Rana Sugars Ltd                        LT Unallocated       ICRA D      811.3
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Sembcorp Green Infra Ltd               LT- NFBL             ICRA AA-    1500   Reaffirmed
                                                            (Positive)
Sembcorp Green Infra Ltd               LT-unallocated limitsICRA AA-    1000   Reaffirmed
                                                            (Positive)
Shree Govindam Prime Foods Pvt. Ltd    LT/ FundBased / CC   ICRA B+     105
                                                            (Stable)
Downgraded from ICRA BB(Stable) and continues to remain under ‘Issuer Not Cooperating’ category
Shri Maa Polyfabs Ltd                  Fund based-TL        ICRA BB+    350    Withdrawn
                                                            (Stable)
Issuer Not Cooperating
Shri Maa Polyfabs Ltd                  Fund based-CC        ICRA BB+    190    Withdrawn
                                                            (Stable)
Issuer Not Cooperating
Shriram Transport Finance Co. Ltd      PTC Series A1a       Provisional 891.7
                                                            ICRA AAA (SO)
confirmed as final
Shriram Transport Finance Co. Ltd      PTC Series A1b       Provisional 866.7
                                                            ICRA AAA (SO)
confirmed as final
Shriram Transport Finance Co. Ltd      PTC Series A1c       Provisional 593.5
                                                            ICRA AAA (SO)
confirmed as final
Shriram Transport Finance Co. Ltd      PTC Series A1d       Provisional 552.1
                                                            ICRA AAA (SO)
confirmed as final
Sri Lakshmi Janardhan Rice Industries  LT - Fund Based - CC ICRA B+     90
                                                            (Stable)
Downgraded from ICRA BB- (Stable) and continues to remain under ‘Issuer Not Cooperating’
category
Tekza Ceramic Llp                      FB TL                ICRA B+     70     Assigned
                                                            (Stable)
Tekza Ceramic Llp                      FB Working Capital FaICRA B+     50     Assigned
                                                            (Stable)
Thermax Engineering Construction Co. LtFund Based – Working ICRA AA-    10
                                       Capital Fac          (Stable)
Downgraded from ICRA AA (Stable)
Thermax Engineering Construction Co. LtNon-fund Based –     ICRA AA+    690    Reaffirmed
                                       Working Capital Fac  (CE) (Stable)
Uday Jewellery Industries Ltd          LT- Fun Based/ CC    ICRA BBB-   180
                                                            (Stable)
Upgraded from ICRA BB+ (Stable)
Vasundhara Developers                  LT/ ST – Unallocated ICRA B      100
                                                            (Stable)/ A4
Rating Continues to remain under Issuer Not Cooperating category
Vijay Sabre Safety Pvt Ltd             LT Based Limits      ICRA C      109
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Aditya Constructions                   LT/ ST – Unallocated ICRA        100     -
                                                            B(Stable)/
                                                            A4
(Rating Continues to remain under issuer not cooperating category)
Cholamandalam Investment And           PTC Series A         Provisional  3047.6  Assigned
Finance Co. Ltd - Platinum                                  ICRA AAA(SO)
Trust February 2020
Cholamandalam Investment And           Second Loss Facility Provisional  152.4   Assigned
Finance Co. Ltd - Platinum                                  ICRA
Trust February 2020                                         BBB+(SO)
Dolf Industries                        Fund based- CC       ICRA BB      52.5    Reaffirmed
                                                            (Stable)
Dolf Industries                        Fund based- TL       ICRA BB      7.8     Reaffirmed
                                                            (Stable)
Dolf Industries                        Unallocated Limits   ICRA BB      25.6    Reaffirmed
                                                            (Stable) /
                                                             A4+
Indostar Capital Finance Ltd -         Assignee Payouts     Provisional  -       Withdrawn
Star Pcg Cv Nov 2019                                        ICRA AA(SO)
Lohitka Properties Llp                 TL                   ICRA BBB-    3000    Assigned
                                                            (Stable)
Lohitka Properties Llp                 Issuer rating        ICRA BBB-    -       outstanding
                                                            (Stable)
Piombino Steel Ltd                     Proposed NCD Prog    Provisional  30000   Assigned
                                                            ICRA
                                                            AA-(CE) (Negative)
Prani Auto Plaza Pvt Ltd               LT - Fund Based- CC  ICRA D       130     -
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Prani Auto Plaza Pvt Ltd               LT - Fund Based – TL ICRA D       44      -
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Prani Auto Plaza Pvt Ltd               LT - Unallocated     ICRA D       3.5     -
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Sri Janardhan Raw And Boiled           LT - Fund Based - CC ICRA         90      Downgraded
Rice Mill                                                   B+(Stable)           from ICRA
                                                                                 BB- (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Sri Janardhan Raw And Boiled           LT / ST – UnallocatedICRA         30      -
Rice Mill                                                   +(Stable)
                                                            / A4
(Long term Rating downgraded from ICRA BB- (Stable) and continues to remain under ‘Issuer Not
Cooperating’ category)
Tasty Bite Eatables Ltd                LT, FB – Working     ICRA         200     Reaffirmed
                                        Capital Fac         A(Stable)
Vijaya Diagnostic Centre Pvt           Fund Based – TL      ICRA A+      226.9   Reaffirmed
Ltd                                                         (Stable)
Vijaya Diagnostic Centre Pvt           Unallocated Limits   ICRA A+      113.1   -
Ltd                                                         (Stable) /
                                                             A1+
(Reaffirmed/ICRA A1+ upgraded from ICRA A1)
 
--------------------------------------------------------------------------------------------
$: 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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