December 26, 2019 / 9:52 AM / 2 months ago

ICRA ratings for Indian debt instruments-Dec 26

    Dec 26 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of December 24, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Addica Industries Llp                   Non-fund based BG     ICRA A4      5.5
Rating moved to ‘Issuer Not Cooperating’ category
Alchemie Laboratories                   ST, Interchangeable   ICRA A3+     -       Reaffirmed
                                        limit
Annapurna Industries                    Non-fund Based- BG    ICRA A4      70
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Clean Max Enviro Energy                 ST - Non-fund based   ICRA A3+     2965.4
Solutions Pvt. Ltd.
Downgraded from ICRA A2
Dattar Ceramic Pvt Ltd                  BG                    ICRA A4      10
Rating continues to remain under ‘Issuer Not Cooperating’ category
Ece Industries Ltd                      Non-Fund based - BG   ICRA A2      1350    Reaffirmed
                                        (BG)/LOC (LC)
Gurpreet Galvanizing Pvt Ltd            Non Fund Based        ICRA A3+     750
Review process is underway
Hem Ceramics                            Non-fund based BG     ICRA A4      18.5
Rating continues to remain under ‘Issuer Not Cooperating’ category
Hunsur Plywood Works Pvt Ltd            ST – Non-Fund Based   ICRA A4      95      Reaffirmed
                                        LOC
Khatushyam Processors (P) Ltd           Non-fund based-LOC    ICRA A4      10      Reaffirmed
Khatushyam Processors (P) Ltd           Non-fund              ICRA A4      -       Reaffirmed
                                        based-Buyer’s Credit^
^Sub limit of Letter of Credit
Khatushyam Processors (P) Ltd           Non-fund based-BG^    ICRA A4      -       Reaffirmed
^Sub limit of Letter of Credit
Montana Tiles Pvt. Ltd.                 Non-Fund based –      ICRA A4      12.5
                                        Inland BG
Rating continues to remain under ‘Issuer Not Cooperating’ category
Neo Structo Construction Pvt            BG^                   ICRA A4+     1150    Assigned
Ltd
^ includes proposed overdraft of Rs. 7.00 crore and proposed bank guarantee of Rs. 33.56 crore 
Pagro Frozen Foods Pvt Ltd              ST - Fund Based       ICRA A4      7.5
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Patel Cotton Industries -               ST interchangeable -  ICRA A4      -       Reaffirmed
Dhrangadhra                             PC/FBP/FBD
Regent Beers And Wines Ltd              ST Non Fund Based     ICRA A4      2.3
Continues to remain under the ‘Issuer Not Cooperating’ category
S.A.M Apparels Pvt. Ltd                 Fund based CC         ICRA A4      275     Reaffirmed
Shyam Timber Pvt Ltd                    LOC                   ICRA A4      170
Issuer Not Co-operating
Sigma Chemtrade Pvt Ltd                 ST - Non-Fund Based   ICRA A4      125
Rating downgraded from ICRA A4+ Rating continues to remain in the ‘Issuer Not Cooperating’
category
Ual Industries Ltd                      Non-Fund based – LOC/ ICRA A1+     -
                                        SBLC for Buyer's
                                        Credit#
Upgraded from ICRA A1; #Sublimit of Bank Guarantee
Upper India Smelting &                  ST: Non- Fund Based   ICRA A4      2
Refinery Works
Continues to remain under ‘Issuer Not Cooperating’ category
Wintop Vitrified Pvt Ltd                Foreign LOC           ICRA A4      -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Wintop Vitrified Pvt Ltd                BG                    ICRA A4      30
Rating continues to remain under ‘Issuer Not Cooperating’ category

LONG TERM RATINGS:
-------------------
Acpl Exports Pvt Ltd                    FB CC                 ICRA         200     Reaffirmed
                                                              BBB-(Stable)
Addica Industries Llp                   FB – TL               ICRA B+      102
Rating moved to ‘Issuer Not Cooperating’ category
Addica Industries Llp                   FB Working Capital FacICRA B+      120
Rating moved to ‘Issuer Not Cooperating’ category
Akshat Roller Flour Mills Pvt           Fund based-TL         ICRA B+      10
Ltd                                                           (Stable)
Downgraded from ICRA BB+ (Stable) and continues under ‘Issuer Not Cooperating’ category
Akshat Roller Flour Mills Pvt           Fund based-CC         ICRA B+      240
Ltd                                                           (Stable)
Downgraded from ICRA BB+ (Stable) and continues under ‘Issuer Not Cooperating’ category
Alchemie Laboratories                   LT FBL                ICRA         300     Reaffirmed
                                                              BBB(Stable)
Annapurna Industries                    FB TL                 ICRA B+      14.5
                                                              (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Annapurna Industries                    Fund based – CC       ICRA B+      60
                                                              (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Atul Automotives                        Fund based            ICRA BB      110
                                                              (Stable)
Issuer Not Cooperating; Rating downgraded from ICRA BBB- (Stable) and continues to remain under
‘Issuer Not Cooperating’ category
Ayyan Fireworks Factory Pvt Ltd         LT – Fund Based – CC  ICRA         40.8
                                                              B+(Stable)
Downgraded from ICRA BB+ (Stable) and continues to remain under ‘Issuer Not Cooperating’
category
Ayyan Fireworks Factory Pvt Ltd         LT – Fund Based – TL  ICRA         19.2
                                                              B+(Stable)
Downgraded from ICRA BB+ (Stable) and continues to remain under ‘Issuer Not Cooperating’
category
Clean Max Enviro Energy                 NCDs                  ICRA BBB     620
Solutions Pvt. Ltd.                                           (Stable)
Downgraded from ICRA BBB+ (Stable)
Clean Max Enviro Energy                 LT - TL               ICRA BBB     1620.1
Solutions Pvt. Ltd.                                           (Stable)
Downgraded from ICRA BBB+ (Stable)
Dattar Ceramic Pvt Ltd                  TL                    ICRA         207.5
                                                              B(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Dattar Ceramic Pvt Ltd                  CC                    ICRA         60
                                                              B(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Delta Electro Mechanical Pvt.           Fund Based – CC       ICRA D       60      Withdrawn
Ltd.
Delta Electro Mechanical Pvt.           Non-fund Based – BG   ICRA D       100     Withdrawn
Ltd.
Ece Industries Ltd                      Fund Based - CC       ICRA BBB     100     Reaffirmed
                                                              (Stable)
Ekta Trust                              TL                    ICRA         50.8
                                                              B+(Stable)
Rating downgraded from ICRA BB- (Stable) and continues to remain under ‘Issuer Not Cooperating’
category
Ekta Trust                              Unallocated           ICRA         29.2
                                                              B+(Stable)
                                                              /A4
Long term Rating downgraded from ICRA BB-(Stable); Ratings continues to remain under ‘Issuer Not
Cooperating’ category
Gurpreet Galvanizing Pvt Ltd            Fund Based-CC         ICRA BBB     500
                                                              (Stable)
Review process is underway
Hem Ceramics                            FB CC                 ICRA         35
                                                              B+(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Hem Ceramics                            FB TL                 ICRA         12.2
                                                              B+(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Hem Ceramics                            Unallocated Limits    ICRA         4.3
                                                              B+(Stable)
                                                              /A4
Rating continues to remain under ‘Issuer Not Cooperating’ category
Hindon Filters (P) Ltd                  LT – Fund Based – CC  ICRA         25      Assigned
                                                              BB(Stable)
Hindon Filters (P) Ltd                  LT – Unallocated      ICRA         25      Assigned
                                                              BB(Stable)
Hunsur Plywood Works Pvt Ltd            LT – Fund Based CC    ICRA         55.6
                                                              BB-(Stable)
Upgraded from ICRA B+(Stable)
Indiabulls Housing Finance              PTC Series A          Provisional  1852.7  Assigned
Ltd- Innovation Trust Xxix                                    ICRA AAA(SO)
43818
Kanwarji Construction Co                LT FBL                ICRA B+      85
                                                              (Stable)
ISSUER NOT COOPERATING; Rating Withdrawn
Kanwarji Construction Co                LT / ST Non-FBL       ICRA B+      560
                                                              (Stable) /A4
ISSUER NOT COOPERATING; Rating Withdrawn
Khatushyam Processors (P) Ltd           FB-CC                 ICRA BB-     50      Reaffirmed
                                                              (Stable)
Khatushyam Processors (P) Ltd           FB-TL                 ICRA BB-     13.9    Reaffirmed
                                                              (Stable)
Khatushyam Processors (P) Ltd           Unallocated Limits    ICRA BB-     45.1    Reaffirmed
                                                              (Stable) /A4
Malwa Automotives Pvt. Ltd.             Fund Based Working    ICRA B+      130
                                        Capital               (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Malwa Automotives Pvt. Ltd.             Fund Based- TL        ICRA B+      40
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Montana Tiles Pvt. Ltd.                 Fund based-TL         ICRA         60
                                                              B(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Montana Tiles Pvt. Ltd.                 Fund based- Secured   ICRA         27.5
                                        Overdraft             B(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Neo Structo Construction Pvt            Overdraft^            ICRA BB+     650     Assigned
Ltd                                                           (Stable)
^ includes proposed overdraft of Rs. 7.00 crore and proposed bank guarantee of Rs. 33.56 crore
Pagro Frozen Foods Pvt Ltd              LT - Fund Based/ CC   ICRA B       150
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Pagro Frozen Foods Pvt Ltd              LT - Fund Based TL    ICRA B       72.6
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Pagro Frozen Foods Pvt Ltd              LT - Unallocated      ICRA B       77.4
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Patel Cotton Industries -               FB CC                 ICRA         320     Reaffirmed
Dhrangadhra                                                   BB-(Stable)
Pioneer Globex Pvt Ltd                  Fund based-CC cum EPC ICRA D       150
Rating continues to remain under ‘Issuer Not Cooperating’ category
Pioneer Globex Pvt Ltd                  Fund based-WCTL       ICRA D       100
Rating continues to remain under ‘Issuer Not Cooperating’ category
Purewal Stone Crusher                   LT - Fund Based/ CC   ICRA B       50
                                                              (Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Purewal Stone Crusher                   LT - Fund Based TL    ICRA B       36
                                                              (Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Purewal Stone Crusher                   LT – Unallocated      ICRA B       4
                                                              (Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Rakindo Kovai Township Ltd              LT Loan - Proposed    ICRA         1000
                                                              B+(Stable)
Downgraded from ICRA BB+ (Stable) and continues to remain under ‘Issuer Not Cooperating’
category
Raman Agro Exports Pvt Ltd              Fund based - CC       ICRA B+      40
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category.
Raman Agro Exports Pvt Ltd              Fund based – TL       ICRA B+      -
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category.
Regent Beers And Wines Ltd              CC                    ICRA B+      85
                                                              (Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Regent Beers And Wines Ltd              TL                    ICRA B+      81.2
                                                              (Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Regent Beers And Wines Ltd              Unallocated Limits    ICRA B+      1.5
                                                              (Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Rich Phytocare Pvt Ltd                  LT – TL               ICRA BB+     90.1
                                                              (Stable)
Rating moved to ‘Issuer Not Cooperating’ category
Rich Phytocare Pvt Ltd                  LT – Unallocated      ICRA BB+     109.9
                                                              (Stable)
Rating moved to ‘Issuer Not Cooperating’ category
S.A.M Apparels Pvt. Ltd                 Unallocated           ICRA B       25
                                                              (Stable) /A4
Assigned / Reaffirmed
S.B. Cars Pvt Ltd                       LT - Fund Based/CC    ICRA B+      262.5
                                                              (Stable)
Downgraded from ICRA BB- (Stable) and continues to remain under ‘Issuer Not Cooperating’
category.
S.B. Cars Pvt Ltd                       LT - Fund Based TL    ICRA B+      37.5
                                                              (Stable)
Downgraded from ICRA BB- (Stable) and continues to remain under ‘Issuer Not Cooperating’
category.
Shree Ram Cottex Industries             Fund based-CC         ICRA B       300
Pvt Ltd                                                       (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category.
Shyam Timber Pvt Ltd                    CC Fac                ICRA B+      20
                                                              (Stable)
Issuer Not Co-operating
Sigma Chemtrade Pvt Ltd                 LT - Fund Based/ CC   ICRA B+      10
                                                              (Stable)
Rating downgraded from ICRA BB(Stable) Rating continues to remain in the ‘Issuer Not
Cooperating’ category
Sona Processors (India) Ltd             LT - Fund Based TL    ICRA B+      194.7
                                                              (Stable)
Rating downgraded from ICRA BB+(Stable) and continues to remain in the ‘Issuer Not Cooperating’
category
Sona Processors (India) Ltd             LT - Fund Based/ CC   ICRA B+      80
                                                              (Stable)
Rating downgraded from ICRA BB+(Stable) and continues to remain in the ‘Issuer Not Cooperating’
category
Sri Manjunatha Silks                    LT – Fundbased        ICRA         116.9
                                                              B+(stable)
Issuer yet to provide information
Teesta Rangit Pvt Ltd                   FBL                   ICRA D       320
Rating continues to remain under ‘Issuer Not Cooperating’ category
Teesta Rangit Pvt Ltd                   United limits         ICRA D       80
Ratings continue to remain under ‘Issuer Not Cooperating’ category
Ual Industries Ltd                      Non-Fund based – BG   ICRA A+      590
                                                              (Stable)/
                                                              ICRA A1+
Long-term rating reaffirmed and short-term rating upgraded from ICRA A1
Ual Industries Ltd                      Unallocated Limits    ICRA A+      460
                                                              (Stable)/
                                                              ICRA A1+
Long-term rating reaffirmed and short-term rating upgraded from ICRA A1
Ual Industries Ltd                      Fund based – CC       ICRA         450     Reaffirmed
                                                              A+(Stable)
Upper India Smelting &                  LT: Fund Based CC     ICRA B+      97.5
Refinery Works                                                (Stable)
Rating downgraded from ICRA BB- (Stable) and continues under ‘Issuer Not Cooperating’ category
Upper India Smelting &                  LT: Unallocated       ICRA B+      50.5
Refinery Works                                                (Stable)
Rating downgraded from ICRA BB- (Stable) and continues under ‘Issuer Not Cooperating’ category
Wintop Vitrified Pvt Ltd                CC                    ICRA         120
                                                              B(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Wintop Vitrified Pvt Ltd                TL                    ICRA         60.7
                                                              B(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Wintop Vitrified Pvt Ltd                Unallocated Limits    ICRA         76.3
                                                              B(Stable)/A4
Ratings 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@refinitiv.com)
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