December 18, 2019 / 10:23 AM / 2 months ago

ICRA ratings for Indian debt instruments-Dec 18

    Dec 18 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of December 17, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aajveto Manufacturing Pvt Ltd           Non-fund Based BG     ICRA A4      45      Reaffirmed
Clair Engineers Pvt Ltd                 ST: Non Fund based –  ICRA A4+     50      Reaffirmed
                                        LOC
Cnr Infratech                           ST – Non-fund Based/BGICRA A4      38      Assigned
Core Carbons Pvt Ltd                    ST: Non-fund based    ICRA A1      30      Reaffirmed
Devi Iron & Power Pvt. Ltd.             Non - FBL             ICRA A4      175
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
Dh Ltd                                  Non-FBL               ICRA A4+     100     Revised from
                                                                                   ICRA A3
removed from ‘issuer not co-operating’ category
Dh Ltd                                  Unallocated           ICRA A4+     305     Revised from
                                                                                   ICRA A3
removed from ‘issuer not co-operating’ category
G Khanna & Co.                          ST Non-fund Based LOC ICRA A4+     160     Reaffirmed
Kerala Nut Food Co.                     ST – Fund Based       ICRA A3      500     Reaffirmed
Kerala Nut Food Co.                     ST – Interchangeable  ICRA A3      -       Reaffirmed
Kerala Nut Food Co.                     ST – Unallocated      -            0       -
Modern Chemicals                        Non-FBL               ICRA A4      125
Rating continues to remain in the ‘(Issuer Not Cooperating)’ category
Nucon Pneumatics Pvt Ltd                Non-fund Based        ICRA A4      59.7
Continues to remain under the ‘(Issuer Not Cooperating)’ category
P.P. Polyplast Pvt Ltd                  ST - Non-Fund Based   ICRA A4      22      Downgraded
                                                                                   from ICRA A4+
continues to remain under the ‘(Issuer Not Cooperating)’ category and information.
Rms Construction Pvt Ltd                Unallocated           ICRA A3      10      Revised from
                                                                                   ICRA A3+
Rms Construction Pvt Ltd                Non-FBL               ICRA A3      500     Revised from
                                                                                   ICRA A3+
Royalex Fashions (India) Pvt            ST Fund Based SLC     ICRA A2      30      Reaffirmed
Ltd
Royalex Fashions (India) Pvt            ST Non-fund Based     ICRA A2      0.5     Reaffirmed
Ltd
Sehore Agri Services Pvt. Ltd.          BG                    ICRA A2+(CE) 15      Reaffirmed
Sehore Agri Services Pvt. Ltd.          LOC                   ICRA A2+(CE) -       Reaffirmed
Sehore Agri Services Pvt. Ltd.          Short-TL              ICRA A2+(CE) -       Reaffirmed
Soneri Marine Foods                     FB                    ICRA A4      50
                                        EPC/FBD/FBP/PCFC/EBR^#
^EPC: Export Packing Credit, FBD: Foreign Bill Discounting, FBP: Foreign Bill Purchasing, PCFC:
Packing Credit in Foreign Currency, EBR: Export Bill Rediscounting, CEL: Credit Exposure
Limit/#Overall FBWC limit fully interchangeable within limit of Rs. 5.00 crore/Rating continues
to remain under the ‘(Issuer Not Cooperating)’ category
Soneri Marine Foods                     Non-fund based CEL^   ICRA A4      2
^EPC: Export Packing Credit, FBD: Foreign Bill Discounting, FBP: Foreign Bill Purchasing, PCFC:
Packing Credit in Foreign Currency, EBR: Export Bill Rediscounting, CEL: Credit Exposure
Limit/Rating continues to remain under the ‘(Issuer Not Cooperating)’ category
Tube Turn India Pvt Ltd                 Non-fund based – BG   ICRA A4      50
Rating continues to remain under the ‘(Issuer Not Cooperating)’ category
Tube Turn India Pvt Ltd                 Non-fund based – LOC  ICRA A4      50
Rating continues to remain under the ‘(Issuer Not Cooperating)’ category
Veljan Denison Ltd                      Non Fund Based – LOC  ICRA A2      60      Reaffirmed
Veljan Hydrair Ltd                      BG                    ICRA A3      280     Reaffirmed
Veljan Hydrair Ltd                      LOC                   ICRA A3      20      Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Sayaji Industries Ltd                   Fixed Deposits        MB+ (Stable) 200
Put on notice of withdrawal for 6 months
 
LONG TERM RATINGS:
-------------------
Aajveto Manufacturing Pvt Ltd           FB CC                 ICRA         115     Reaffirmed
                                                              B+(Stable)
Aajveto Manufacturing Pvt Ltd           FB TL                 ICRA         190.4   Reaffirmed
                                                              B+(Stable)
Asian Institute Of Oncology             Fund based-TL         ICRA         29.3    Downgraded
Pvt. Ltd.                                                     B+(Stable)           from ICRA
                                                                                   BB-(Stable)
Asian Institute Of Oncology             Fund based- Working   ICRA         27.5    Downgraded
Pvt. Ltd.                               Capital Fac           B+(Stable)           from ICRA
                                                                                   BB-(Stable)
Asian Institute Of Oncology             Unallocated Limit     ICRA         75.7    Downgraded
Pvt. Ltd.                                                     B+(Stable)           from ICRA
                                                              /ICRA A4             BB-
(Stable)/Reaffirmed
Bansal Iron & Steel Rolling             LT: Fund Based CC     ICRA         90      Downgraded
Mills                                                         B+(Stable)           from ICRA
                                                                                   BB-(Stable)
continues to remain under ‘(Issuer Not Cooperating)’ category
Bpr Infrastructure Ltd                  LT - Fund Based/ CC   ICRA BBB-    100     Withdrawn
                                                              (Positive)
(Issuer Not Cooperating)
Bpr Infrastructure Ltd                  LT – Non Fund Based   ICRA BBB-    600     Withdrawn
                                                              (Positive)
(Issuer Not Cooperating)
Bpr Infrastructure Ltd                  LT – Unallocated      ICRA BBB-    270     Withdrawn
                                                              (Positive)
(Issuer Not Cooperating)
Clair Engineers Pvt Ltd                 LT: CC Fac            ICRA BB+     120     Reaffirmed
                                                              (Stable)
Clair Engineers Pvt Ltd                 LT: BG                ICRA         100     Reaffirmed
                                                              BB+(Stable)
Clair Engineers Pvt Ltd                 LT : Unallocated      ICRA         30      Reaffirmed
                                        limits                BB+(Stable)
Classic Corrugations Pvt Ltd            FB – TL               ICRA B       61.1
                                                              (Stable)
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
Classic Corrugations Pvt Ltd            FB – CC               ICRA B       60
                                                              (Stable)
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
Classic Corrugations Pvt Ltd            Unallocated Limits    ICRA B       3.9
                                                              (Stable)
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
Cnr Infratech                           LT - Fund Based/CC    ICRA BB-     30      Assigned
                                                              (Stable)
Cnr Infratech                           LT / ST - Unallocated ICRA BB-     72      Assigned
                                                              (Stable)
                                                              /ICRA A4
Core Carbons Pvt Ltd                    LT: FB Fac            ICRA         150     Reaffirmed
                                                              A-(Stable)
Core Carbons Pvt Ltd                    LT/ST: InterchangeableICRA         -       Reaffirmed
                                                              A-(Stable)
                                                              /A1
Core Carbons Pvt Ltd                    LT/ST: Unallocated    ICRA         90      Reaffirmed
                                                              A-(Stable)
                                                              /A1
Devi Iron & Power Pvt. Ltd.             FBL                   ICRA BB-     295
                                                              (Stable)
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
Dh Ltd                                  FB CC                 ICRA         70      Revised from
                                                              BB+(Stable)          ICRA
                                                                                   BBB-(Stable)
removed from ‘issuer not co-operating’ category
Ethics Polysack Llp                     FB – CC               ICRA B(      14
                                                              Stable)
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
Ethics Polysack Llp                     FB – TL               ICRA B(      46
                                                              Stable)
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
G Khanna & Co.                          LT FB CC              ICRA         30      Reaffirmed
                                                              BB(Stable)
G Khanna & Co.                          LT / ST Unallocated   ICRA         40      Reaffirmed
                                                              BB(Stable)
                                                              /ICRA A4+
Kerala Nut Food Co.                     LT – Interchangeable  ICRA BBB-    -       Reaffirmed
                                                              (Negative)
outlook revised from ‘Stable’ to ‘Negative’
Maa Sheetla Industries Pvt Ltd          LT Fund Based         ICRA B+      65
                                                              (Stable)
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
Maha Durga Charitable Trust             LT: Fund Based/ TL    ICRA D       490     Withdrawn
(Issuer Not Cooperating)
Modern Chemicals                        L FBL                 ICRA B+      50      Downgraded
                                                              (Stable)             from ICRA
                                                                                   BB- (Stable)
continues to remain under ‘(Issuer Not Cooperating)’ category
Nucon Pneumatics Pvt Ltd                FB Fac                ICRA C+      152.6
Continues to remain under the ‘(Issuer Not Cooperating)’ category
Nucon Pneumatics Pvt Ltd                Unallocated limits    ICRA         47.7
                                                              C+/ICRA A4
Continues to remain under the ‘(Issuer Not Cooperating)’ category
Nuzen Herbal Pvt Ltd                    LT - Fund Based TL    ICRA         230     Withdrawn
                                                              B-(Stable)
(Issuer Not Cooperating)
Nuzen Herbal Pvt Ltd                    LT– Unallocated       ICRA         150     Withdrawn
                                                              B-(Stable)
(Issuer Not Cooperating)
P.P. Polyplast Pvt Ltd                  LT - Fund Based/ CC   ICRA         120     Downgraded
                                                              B+(Stable)           from ICRA
                                                                                   BB+(Stable)
continues to remain under the ‘(Issuer Not Cooperating)’ category and information.
P.P. Polyplast Pvt Ltd                  LT - Fund Based TL    ICRA         71.8    Downgraded
                                                              B+(Stable)           from ICRA
                                                                                   BB+(Stable)
continues to remain under the ‘(Issuer Not Cooperating)’ category and information.
Q2Q Solutions Pvt Ltd                   LT – Proposed Fac     ICRA         700     downgraded
                                                              B+(Stable)           from ICRA
                                                                                   BB- (Stable)
moved to ‘(Issuer Not Cooperating)’ category
R K M Powergen Pvt Ltd                  FB TL                 ICRA D       12542.7 Reaffirmed
removed from (Issuer Not Cooperating)
R K M Powergen Pvt Ltd                  Non-fund based        ICRA D       9363.8  Reaffirmed
                                        facility
removed from (Issuer Not Cooperating)
R K M Powergen Pvt Ltd                  FB CC                 ICRA D       2100.1  Reaffirmed
removed from (Issuer Not Cooperating)
Raichur Roller Flour Mills              LT - Fund based - CC  ICRA B+      50      Reaffirmed
                                                              (Stable)
Raichur Roller Flour Mills              LT - Fund based - TL  ICRA B+      6.5     Reaffirmed
                                                              (Stable)
Raichur Roller Flour Mills              LT - Unallocated      ICRA B+      18.5    Reaffirmed
                                                              (Stable)
Rajapushpa Properties Pvt Ltd           Fund based - TL       ICRA         1990    Upgraded
                                                              BBB(Stable)          from ICRA
                                                                                   BBB-(Stable)
Royalex Fashions (India) Pvt            LT TL                 ICRA BBB+    100     Upgraded
Ltd                                                           (Stable)             from ICRA
                                                                                   BBB
                                                                                  (Positive)
(outlook revised to Stable from Positive)
Royalex Fashions (India) Pvt            LT Fund Based CC      ICRA BBB+    240     Upgraded
Ltd                                                           (Stable)             from ICRA
                                                                                   BBB
                                                                                  (Positive)
(outlook revised to Stable from Positive)
Sehore Agri Services Pvt. Ltd.          Unallocated           -            -       -
Sehore Agri Services Pvt. Ltd.          TL                    ICRA A-(CE)  115.2   Reaffirmed
                                                              (Negative)
Sehore Agri Services Pvt. Ltd.          CC                    ICRA A-(CE)  -       Reaffirmed
                                                              (Negative)
Skyline Millars Ltd                     Fund based – CC       ICRA D       25
Rating continues to remain under the ‘(Issuer Not Cooperating)’ category
Skyline Millars Ltd                     Fund based – TL       ICRA D       35
Rating continues to remain under the ‘(Issuer Not Cooperating)’ category
Snqs International Socks Pvt            LT – CC               ICRA B+      50
Ltd                                                           (Stable)
Rating continues to remain under the ‘(Issuer Not Cooperating)’ category
Snqs International Socks Pvt            LT – TL               ICRA B+      20
Ltd                                                           (Stable)
Rating continues to remain under the ‘(Issuer Not Cooperating)’ category
Snqs International Socks Pvt            LT – Unallocated      ICRA B+      10
Ltd                                                           (Stable)
Rating continues to remain under the ‘(Issuer Not Cooperating)’ category
Snqs International Socks Pvt            LT – Interchangeable  ICRA B+      -
Ltd                                                           (Stable)
Rating continues to remain under the ‘(Issuer Not Cooperating)’ category
Soneri Marine Foods                     FB – TL               ICRA         3.2
                                                              B+(Stable)
Rating continues to remain under the ‘(Issuer Not Cooperating)’ category
Soneri Marine Foods                     Unallocated Limits    ICRA         12
                                                              B+(Stable)
Rating continues to remain under the ‘(Issuer Not Cooperating)’ category
Suba Plastics Pvt Ltd                   Fund based: Working   ICRA BB-     80      Upgraded
                                        capital Fac           (Stable)             from ICRA
                                                                                   B+(Stable)
removed from NDS Non-cooperation
Suba Plastics Pvt Ltd                   Fund based: TL        ICRA BB-     187.7   Upgraded
                                                              (Stable)             from ICRA
                                                                                   B+(Stable)
removed from NDS Non-cooperation
Suba Plastics Pvt Ltd                   Unallocated           ICRA BB-     72.3    Upgraded
                                                              (Stable)             from ICRA
                                                                                   B+(Stable)
removed from NDS Non-cooperation
Surat Goods Transport Pvt Ltd           LT: FB Limit - CC     ICRA A-      760     Reaffirmed
                                                              (Negative)
Surat Goods Transport Pvt Ltd           LT / ST: Non-fund     ICRA A-      335     Reaffirmed
                                        Based Limit - BG      (Negative)
                                                              / ICRA A2+
Tube Turn India Pvt Ltd                 Fund based-CC         ICRA B+      20      Downgraded
                                                              (Stable)             from ICRA
                                                                                   BB- (Stable)
Rating continues to remain under the ‘(Issuer Not Cooperating)’ category
Veljan Denison Ltd                      Fund Based-CC         ICRA BBB+    320     Reaffirmed
                                                              (Stable)
Veljan Denison Ltd                      Fund Based- TL        ICRA BBB+    120     Reaffirmed
                                                              (Stable)
Veljan Denison Ltd                      Non Fund Based – BG   ICRA BBB+    70      Reaffirmed
                                                              (Stable)
Veljan Hydrair Ltd                      TL                    ICRA BBB-    53      Reaffirmed
outlook revised to Stable from Negative
Veljan Hydrair Ltd                      CC                    ICRA BBB-    400     Reaffirmed
outlook revised to Stable from Negative
Veljan Hydrair Ltd                      Unallocated           ICRA         247     Reaffirmed
                                                              BBB-/ICRA A3
outlook revised to Stable from Negative
Vistaar Financial Services Pvt          PTC Series A2         ICRA A+ (SO) -       Reaffirmed
Ltd-Northern Arc 2018 Sbl Senna
Vistaar Financial Services Pvt          PTC Series A1         ICRA AA (SO) -       Reaffirmed
Ltd-Northern Arc 2018 Sbl Senna
Vistaar Financial Services Pvt          PTC Series A2         ICRA A+ (SO) -       Reaffirmed
Ltd-Northern Arc 2019 Sbl
Orpheum
Vistaar Financial Services Pvt          PTC Series A1         ICRA AA (SO) -       Reaffirmed
Ltd-Northern Arc 2019 Sbl
Orpheum
--------------------------------------------------------------------------------------------
$: 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@thomsonreuters.com)
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