May 12, 2020 / 11:29 AM / 24 days ago

RPT-ICRA ratings for Indian debt instruments-May 12

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


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Invesco Asset Management               Invesco India Ultra  ICRA A1+mfs -      Reaffirmed
(India) Pvt Ltd                        ST Fund
Invesco Asset Management               Invesco India        ICRA A1+mfs -      Reaffirmed
(India) Pvt Ltd                        Overnight Fund
Invesco Asset Management               Invesco India Liquid ICRA A1+mfs -      Reaffirmed
(India) Pvt Ltd                        Fund
Invesco Asset Management               Invesco India Money  ICRA A1+mfs -      Reaffirmed
(India) Pvt Ltd                        Market Fund
Kirloskar Ferrous Industries           CP                   ICRA A1+    1000   Outstanding
Ltd
P. N. Gadgil & Sons Ltd                ST FB/Non-fund Based ICRA A1     -      Outstanding
                                       – Interchangeable#
(#Interchangeable with CC limits)
Shaarc Projects Ltd                    BG                   ICRA A4     80     -
(Downgraded from ICRA A4+ and moved to ‘Issuer not cooperating category’)
Suryoday Small Finance Bank Ltd        CD programme         ICRA A1+    1300   Outstanding
The Sandur Manganese & Iron            Non-fund based       ICRA A2+    600    Reaffirmed
Ores Ltd                               Working Capital Fac
The Sandur Manganese & Iron            Unallocated Fac      ICRA A2+    1300   Reaffirmed
Ores Ltd
Windlas Biotech Pvt Ltd                ST: Non-FBL          ICRA A1     20     Outstanding
Windlas Biotech Pvt Ltd                ST: FBL              ICRA A1     250    Outstanding
Windlas Biotech Pvt Ltd                ST: Interchangeable  ICRA A1     -      Outstanding
Winfab Equipments Pvt. Ltd.            ST- BG               ICRA A4     35     Issuer
                                                                               delayed in
                                                                               giving
                                                                               information

MEDIUM TERM RATINGS:
-------------------
P. N. Gadgil & Sons Ltd                Fixed Deposits       MA+(Stable) 400    Outstanding
                                       Programme
Satya Microcapital Ltd                 MFI Grading          M2+         -      Assigned
Suryoday Small Finance Bank Ltd        Fixed deposit        MA+(Stable) -      -
                                       programme
(reaffirmed and simultaneously withdrawn)


LONG TERM RATINGS:
-------------------
Allied Energy Systems Pvt Ltd          CC                   ICRA D      80     -
(Rating ccontinues to remain under the ‘Issuer Not Cooperating’ category)
Allied Energy Systems Pvt Ltd          Unallocated          ICRA D      165    -
(Rating ccontinues to remain under the ‘Issuer Not Cooperating’ category)
Allied Energy Systems Pvt Ltd          Non-fund Based       ICRA D      95     -
(Rating ccontinues to remain under the ‘Issuer Not Cooperating’ category)
Fusion Microfinance (Pvt.) Ltd         NCD Programme        ICRA        3000   Assigned
                                                            A-(Stable)
Fusion Microfinance (Pvt.) Ltd         NCD Programme        ICRA        -      -
                                                            A-(Stable)
(Reaffirmed and simultaneously withdrawn)
Fusion Microfinance (Pvt.) Ltd         NCD Programme        ICRA        4145   Reaffirmed
                                                            A-(Stable)
Happy Forgings Ltd                     TL Transaction       ICRA A      623.8  Reaffirmed
                                                            (Stable)
(outlook revised to Stable from Positive Rating Action)
Happy Forgings Ltd                     FB – Working Capital ICRA A      1470   Reaffirmed
                                       Fac                  (Stable)
(outlook revised to Stable from Positive Rating Action)
Happy Forgings Ltd                     Unallocated Limits   ICRA A      856.2  Reaffirmed
                                                            (Stable) /
                                                            ICRA A1
(outlook revised to Stable from Positive Rating Action)
Invesco Asset Management               Invesco India ST Fund ICRA AAAmfs -     Reaffirmed
(India) Pvt Ltd
Invesco Asset Management               Invesco India        ICRA AAAmfs -      Reaffirmed
(India) Pvt Ltd                        Treasury Advantage
                                       Fund
Invesco Asset Management               Invesco India        ICRA AAAmfs -      Reaffirmed
(India) Pvt Ltd                        Corporate Bond Fund
Invesco Asset Management               Invesco India Bking  ICRA AAAmfs -      Reaffirmed
(India) Pvt Ltd                        and PSU Debt Fund
Kirloskar Ferrous Industries           Non-fund Based -     ICRA AA-    6900   Outstanding
Ltd                                    Working Capital Fac  (Stable) /
                                                            ICRA A1+
Kirloskar Ferrous Industries           FB - Working Capital ICRA AA-    4550   Outstanding
Ltd                                                         (Stable) /
                                                            ICRA A1+
Kirloskar Ferrous Industries           FB - TL              ICRA        2200   -
Ltd                                                         AA-(Stable)
Assigned/Outstanding
Moonlight Marbles Pvt Ltd              Fund Based - Working ICRA D      120    -
                                       Capital
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Moonlight Marbles Pvt Ltd              Fund Based - TL      ICRA D      5.4    -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
P. N. Gadgil & Sons Ltd                FB Working Capital Fac ICRA A    3350   Outstanding
                                                            (Stable)
Parcon India Pvt Ltd                   Fund based-CC        ICRA        200    Reaffirmed
                                                            BBB+(Stable)
Parcon India Pvt Ltd                   Fund based- TL       ICRA        1.8    Reaffirmed
                                                            BBB+(Stable)
Real Growth Commercial                 FBL                  ICRA D      210    -
Enterprises Ltd
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Real Growth Commercial                 Non-FBL              ICRA D      40     -
Enterprises Ltd
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Shaarc Projects Ltd                    CC^                  ICRA        35     -
                                                            B+(Stable)
(^Includes Rs. 1.00 crore as sublimit in the form of inland letter of credit. 
Downgraded from ICRA BB+ Stable and moved to ‘Issuer not cooperating category’)
Shaarc Projects Ltd                    TL                   ICRA        25     -
                                                            B+(Stable)
(Downgraded from ICRA BB+ Stable and moved to ‘Issuer not cooperating category’)
Shriram Transport Finance Co.          Bk OF INDIA PCG      Provisional 2347.6 Assigned
Ltd                                    MAR2020 -Assignee    ICRA AA(SO)
                                       Payouts
Suryoday Small Finance Bank Ltd        NCD programme        ICRA        50     Outstanding
                                                            A(Stable)
Suryoday Small Finance Bank Ltd        Subordinated debt    ICRA        500    Outstanding
                                       programme            A(Stable)
The Sandur Manganese & Iron            FB TL                ICRA A-     4000   Reaffirmed
Ores Ltd                                                    (Stable)
(outlook revised from Positive to Stable)
The Sandur Manganese & Iron            FB Working Capital   ICRA A-     100    Reaffirmed
Ores Ltd                               Fac                  (Stable)
(outlook revised from Positive to Stable)
Voltas Ltd                             LT/ ST fund          ICRA AA+    27825  Reaffirmed
                                       based/Non-FB Fac     (Stable) /
                                                            ICRA A1+
Voltas Ltd                             Unallocated - LT/ST  ICRA AA+    12175  Reaffirmed
                                                            (Stable) /
                                                            ICRA A1+
Windlas Biotech Pvt Ltd                LT: TL               ICRA A      128.3  Outstanding
                                                            (Stable)
Windlas Biotech Pvt Ltd                LT: FBL              ICRA A      673    Outstanding
                                                            (Stable)
Windlas Biotech Pvt Ltd                Long/ ST: Unallocated ICRA A     16.7   Outstanding
                                                            (Stable)/
                                                            ICRA A1
Winfab Equipments Pvt. Ltd.            LT- Fund Based/CC    ICRA        40     Issuer
                                                            BB-(Stable)        delayed in
                                                                               giving
                                                                               information
--------------------------------------------------------------------------------------------
$: 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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