December 4, 2019 / 8:54 AM / 8 days ago

ICRA ratings for Indian debt instruments-Dec 4

    Dec 4 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of December 3, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Avg Motors Ltd                          Fund Based – ST       ICRA A3+     20
Downgraded from ICRA A2
Bill Forge Pvt Ltd                      ST Non-FB             ICRA A1+ &   800     Withdrawn
&-rating watch with developing implication
Hy-Gro Chemicals Pharmtek Pvt.          ST: Fund based        ICRA A3+     150     Reaffirmed
Ltd
Hy-Gro Chemicals Pharmtek Pvt.          ST: Non-Fund based    ICRA A3+     102.5   Reaffirmed
Ltd
Ifci Ltd                                CP Programme          ICRA A3      5000
Downgraded from ICRA A3+
Kaynes Technology India Pvt Ltd         ST – FB Fac           ICRA D       380.5
Downgraded from ICRA A4+; Ratings continue to remain in ‘Issuer Not Cooperating’ category
Kaynes Technology India Pvt Ltd         ST: Interchangeable   ICRA D
Downgraded from ICRA A4+; Ratings continue to remain in ‘Issuer Not Cooperating’ category
P. Mangatram Jewellers Pvt Ltd          ST – FB               ICRA A4      150
Issuer Not Cooperating; Withdrawn
P. Mangatram Jewellers Pvt Ltd          ST – fund based       ICRA A4
                                        (sublimit)
Issuer Not Cooperating; Withdrawn
Shree Nakoda Global Ltd                 Non-FBL               ICRA A4      140     Reaffirmed

LONG TERM RATINGS:
-------------------
A S K Brothers Ltd                      FB -TL                ICRA BB+     570
downgraded from ICRA BBB-; outlook revised to ‘Stable’ from ‘Negative’
A S K Brothers Ltd                      FB – CC Fac           ICRA BB+     60
downgraded from ICRA BBB-; outlook revised to ‘Stable’ from ‘Negative’
Avg Motors Ltd                          Fund Based – LT       ICRA BBB     334
                                                              (Negative)
Downgraded from ICRA BBB+(Negative)
Avg Motors Ltd                          Fund Based – TL       ICRA BBB     20
                                                              (Negative)
Downgraded from ICRA BBB+(Negative)
Avg Motors Ltd                          Fund Based – LT/ST    ICRA BBB     5.7
                                        Unallocated           (Negative)/
                                                              ICRA A3+
Downgraded from ICRA BBB+(Negative)/ICRA A2
Bill Forge Pvt Ltd                      LT FB/ CC             ICRA AA- &   1000    Withdrawn
&-rating watch with developing implication
Bill Forge Pvt Ltd                      LT/ ST unallocated    ICRA AA- &/  60      Withdrawn
                                                              ICRA A1+ &
&-rating watch with developing implication
Cochin Bridge Infrastructure            Fund based-TL         ICRA D       91.1
Co. Ltd
Rating continues to be in ‘Issuer Not Cooperating’ category
Durga Projects And                      LT-Fund Based-CC      ICRA B+      100
Infrastructure Pvt Ltd                                        (Stable)
Issuer Not Cooperating; Withdrawn
Durga Projects And                      LT-Fund based- TL     ICRA B+      800
Infrastructure Pvt Ltd                                        (Stable)
Issuer Not Cooperating; Withdrawn
East Hyderabad Expressway Ltd           Fund based-TL         ICRA D       1194.9
Rating continues to remain under ‘Issuer Not Cooperating’ category
Evershine Solvex Pvt Ltd                LT - Fund Based/ CC   ICRA D       100
Downgraded from ICRA BB-(Stable) and continues to remain under ‘Issuer Not Cooperating’ category
Evershine Solvex Pvt Ltd                LT - Fund Based TL    ICRA D       40
Downgraded from ICRA BB-(Stable) and continues to remain under ‘Issuer Not Cooperating’ category
Rating Action
Hy-Gro Chemicals Pharmtek Pvt.          LT: CC                ICRA BBB     50      Reaffirmed
Ltd                                                           (Negative)
Ifci Ltd                                FB Bk Limits          ICRA BBB-    100000
                                                              (Negative)
Downgraded from ICRA BBB (Negative)
Ifci Ltd                                LT Bonds (including   ICRA BBB-    34431.2
                                        subordinated debt)    (Negative)
Downgraded from ICRA BBB (Negative)
Ifci Ltd                                Bonds/NCD (NCD)       ICRA BBB-    20000
                                        Programme             (Negative)
Downgraded from ICRA BBB (Negative)
Kaynes Technology India Pvt Ltd         LT: FB Fac            ICRA D       400
Downgraded from ICRA BB+ (Stable);Ratings continue to remain in ‘Issuer Not Cooperating’
category
Kaynes Technology India Pvt Ltd         LT: FB Fac – TL       ICRA D       79.5
Downgraded from ICRA BB+ (Stable);Ratings continue to remain in ‘Issuer Not Cooperating’
category
Kaynes Technology India Pvt Ltd         LT: Interchangeable   ICRA D
Downgraded from ICRA BB+ (Stable);Ratings continue to remain in ‘Issuer Not Cooperating’
category
Kl Hi-Tech Secure Print Ltd             LT - Fund Based       ICRA BBB     186     Assigned
                                                              (Stable)
Kl Hi-Tech Secure Print Ltd             LT / ST -Non fund     ICRA BBB     120     Assigned
                                        based                 (Stable)/
                                                              ICRA A3+
Kl Hi-Tech Secure Print Ltd             LT / ST– Unallocated  ICRA BBB     4       Assigned
                                                              (Stable)/
                                                              ICRA A3+
P. Mangatram Jewellers Pvt Ltd          LT fund based         ICRA B+      665
                                                              (Stable)
Issuer Not Cooperating; Withdrawn
P. Mangatram Jewellers Pvt Ltd          Unallocated           ICRA B+      5
                                                              (Stable)
Issuer Not Cooperating; Withdrawn
Prahitha Constructions Pvt Ltd          Rating Without        ICRA BB+
                                        Explicit Credit
                                        Enhancement
Prahitha Constructions Pvt Ltd          TL                    ICRA BBB-    10000   Assigned
                                                              (CE)
                                                              (Stable)
Shree Nakoda Global Ltd                 Fund Based- CC        ICRA B       10      Reaffirmed
                                                              (Stable)
Vanitha Textiles                        LT - Fund based - CC  ICRA BB+     60      Assigned
                                                              (Stable)
Vanitha Textiles                        LT - Fund based – TL  ICRA BB+     94.3    Assigned
                                                              (Stable)
--------------------------------------------------------------------------------------------
$: 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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