December 19, 2019 / 10:25 AM / a month ago

ICRA ratings for Indian debt instruments-Dec 19

   Dec 19 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of December 18, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aruppukottai Shri Ramalinga             ST – NFBL             ICRA A4      10.9    -
Spinners Pvt Ltd
(Issuer did not co-operate based on best available information.)
Aruppukottai Shri Ramalinga             ST Fund               ICRA A4      150     -
Spinners Pvt Ltd
(Issuer did not co-operate based on best available information.)
Ascend Telecom Infrastructure           ST Non-FB Limits      ICRA A2      250     Downgraded
Pvt Ltd                                                                            from ICRA A2+
Ascott Electricals Pvt Ltd              ST – FB Fac           ICRA A4      2       -
(Rating Continues to remain under Issuer Not Cooperating category)
Ascott Electricals Pvt Ltd              ST – Non Fund Based   ICRA A4      5       -
(Rating Continues to remain under Issuer Not Cooperating category)
Beumer India Pvt Ltd                    Non-FBL               ICRA A2      270     outstanding
Capital Clothing Company                ST – FB Fac           ICRA A4      90      -
(Rating Continues to remain under Issuer Not Cooperating category)
Dhanuka Laboratories Ltd                Non-fund Based -      ICRA A3 @    620     Reaffirmed
                                        Working Capital Fac
(rating on watch with negative implications)
Marvel Technology And Tools             ST – BG               ICRA A4      25      -
Pvt Ltd
(Issuer did not co-operate based on best available information.)
Pmk Distillations Pvt Ltd               Non - FBL             ICRA A4+     120     -
(Reason for delay in carrying out periodic review: Issuer delayed in providing information)
Ramsons Casting Pvt Ltd                 Non-fund based – BG   ICRA A4      20      -
(Rating continues to remain under the Issuer Not Cooperating category)
S A Iron & Alloys Pvt Ltd               ST - Non-Fund Based   ICRA D       30      -
(Rating downgraded from ICRA A4 and continues to remain under Issuer Not Cooperating category)
Sps Share Brokers Pvt Ltd               ST non-fund based Bk  ICRA A4      -       Withdrawn
                                        Fac
Vadehra Builders Pvt Ltd                Non-fund Based BG     ICRA A4+     113.2   Reaffirmed
 
LONG TERM RATINGS:
-------------------
Aruppukottai Shri Ramalinga             LT – Based Limits Fund ICRA B      230     -
Spinners Pvt Ltd                                              (Stable)
(Issuer did not co-operate based on best available information.)
Aruppukottai Shri Ramalinga             LT – TL               ICRA B       30.2    -
Spinners Pvt Ltd                                              (Stable)
(Issuer did not co-operate based on best available information.)
Aruppukottai Shri Ramalinga             LT Loans (Unallocated)ICRA B       27      -
Spinners Pvt Ltd                                              (Stable)
(Issuer did not co-operate based on best available information.)
Ascend Telecom Infrastructure           Long-TL               ICRA BBB+    5830    Downgraded
Pvt Ltd                                                       (Negative)           from ICRA A-
                                                                                   (Negative)
Ascend Telecom Infrastructure           LT FB Limits          ICRA BBB+    250     Downgraded
Pvt Ltd                                                       (Negative)           from ICRA A-
                                                                                   (Negative)
Ascott Electricals Pvt Ltd              LT – FB Fac           ICRA B+      40      -
                                                              (Stable)
(Rating Continues to remain under Issuer Not Cooperating category)
Beumer India Pvt Ltd                    FB Limits             ICRA BBB+    200#    outstanding/
                                                                                   assigned
(# interchangeable towards non-fund limits)
Bliss Hotels Ltd                        LT - FB Fac           ICRA BB      55      -
                                                              (Positive)
(Reason for delay in carrying out periodic review: Review process is underway)
Bliss Hotels Ltd                        LT - TL Trust Name    ICRA BB      345     -
                                                              (Positive)
(Reason for delay in carrying out periodic review: Review process is underway)
Capital Clothing Company                LT – FB Fac           ICRA B+      2.7     -
                                                              (Stable)
(Rating Continues to remain under Issuer Not Cooperating category)
Capital Clothing Company                LT/ ST – Unallocated  ICRA B+      7.3     -
                                                              (Stable) /
                                                              ICRA A4
(Rating Continues to remain under Issuer Not Cooperating category)
Centric Steel Ltd                       Fund based-CC         ICRA B+      150     -
                                                              (Stable)
Dhanuka Laboratories Ltd                Non-FB Fac            ICRA BBB- @  500     Reaffirmed
(rating on watch with negative implications)
Dhanuka Laboratories Ltd                FB - Working Capital  ICRA BBB-    410     Reaffirmed
                                        Fac                   @/ICRA A3 @
(ratings on watch with negative implications)
Dhanuka Laboratories Ltd                FB and Non-fund Based ICRA BBB-    200     Reaffirmed
                                        - Working Capital Fac @/ICRA A3 @
(ratings on watch with negative implications)
Firepro Systems Pvt Ltd                 Unallocated           ICRA B+ /    300     Downgraded
                                                              ICRA A4              from ICRA BB
                                                                                   / ICRA A4+
Marvel Technology And Tools             LT Credit – Cash      ICRA         9       -
Pvt Ltd                                                       BB-(Stable)
(Issuer did not co-operate based on best available information.)
Marvel Technology And Tools             LT – TL               ICRA         58      -
Pvt Ltd                                                       BB-(Stable)
(Issuer did not co-operate based on best available information.)
Marvel Technology And Tools             Unallocated – Term    ICRA         8       -
Pvt Ltd                                 Long                  BB-(Stable)
(Issuer did not co-operate based on best available information.)
Pahal Financial Services Pvt.           NCD Programmes        ICRA BBB-    340     Assigned
Ltd.
Pahal Financial Services Pvt.           NCD Programmes        ICRA BBB-    980     outstanding
Ltd.
Pahal Financial Services Pvt.           Bk Lines              ICRA BBB-    500     outstanding
Ltd.
PMK Distillations Pvt Ltd               FBL                   ICRA BB      150     -
(Reason for delay in carrying out periodic review: Issuer delayed in providing information)
Ramsons Casting Pvt Ltd                 Fund based – CC       ICRA B+      75      -
                                                              (Stable)
(Rating continues to remain under the Issuer Not Cooperating category)
Ramsons Casting Pvt Ltd                 Unallocated Limits    ICRA B+      12.5    -
                                                              (Stable) /
                                                              ICRA A4
(Rating continues to remain under the Issuer Not Cooperating category)
Rohit Fabtex                            LT Fund Based         ICRA B+      97      -
                                                              (Stable)
(Issuer did not co-operate based on best available information.)
S A Iron & Alloys Pvt Ltd               LT - Fund Based/ CC   ICRA D       195     -
(Rating downgraded from ICRA BB (Stable) and continues to remain under Issuer Not Cooperating
category)
S A Iron & Alloys Pvt Ltd               LT - Fund Based TL    ICRA D       395     -
(Rating downgraded from ICRA BB (Stable) and continues to remain under Issuer Not Cooperating
category)
Saisons Trade & Industry Pvt            NCD (NCD)             ICRA D       50      Downgraded
Ltd                                                                                from ICRA
                                                                                   B(Stable)
Synmedic Laboratories                   TL                    ICRA BB+ @   280     Reaffirmed
(rating on watch with negative implications)
Synmedic Laboratories                   FB - Working Capital  ICRA BB+ @   80      Reaffirmed
                                        Fac
(rating on watch with negative implications)
Vadehra Builders Pvt Ltd                FB CC                 ICRA BB+     280     Reaffirmed
Visage Holdings & Finance Pvt.          PTC Series A1         Provisional  296.5   Final Rating
Ltd -Vivriti Berry 10 2019                                    ICRA A+(SO)
Visage Holdings & Finance Pvt.          PTC Series A2         Provisional  10.3    Final Rating
Ltd -Vivriti Berry 10 2019                                    ICRA
                                                              BBB+(SO)
Vishnushiva Infrastructures             Fund based-CC         ICRA D       100     -
(Downgraded from ICRA B+ and continues to remain under Issuer Not Cooperating category)
--------------------------------------------------------------------------------------------
$: 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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