February 12, 2020 / 12:06 PM / 5 days ago

ICRA ratings for Indian debt instruments-Feb 12

   Feb 12 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of February 11, 2020.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aravali Power Company Pvt Ltd           Non-fund Based        ICRA A1+&    1250    -
                                        Working Capital Bk
                                        Limits
Biop Steels & Power Pvt Ltd             ST - Non Fund Based   ICRA A4      145     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Desai Infrastructure Pvt. Ltd.          Non-FB BG             ICRA A4      55      Reaffirmed
Hindusthan Calcined Metals Pvt          ST - Fund Based       ICRA A4      40      -
Ltd
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Indian Terrain Fashions Ltd             ST FB Working Capital ICRA A2+     115     Reaffirmed
                                        Fac
Indian Terrain Fashions Ltd             ST non-FB Working     ICRA A2+     80      Reaffirmed
                                        Capital Fac
Kems Forgings Ltd                       ST-Non-Fund Based     ICRA A3+     10      Reaffirmed
Nisiki Technologies Pvt Ltd             ST – Fund based –     ICRA A4      -       Reaffirmed
                                        Buyer’s credit fully
                                        interchangeable with CC
Nisiki Technologies Pvt Ltd             ST – Non-FB – BG/ LOC ICRA A4      -       Reaffirmed
                                        fully interchangeable
                                        with CC
Premier Energies Ltd (Formerly          ST - Non Fund Based   ICRA A3+     406.6   Withdrawn
Premier Solar Systems (P) Ltd.)
Seven Star Steels Ltd                   Non-FBL – BG          ICRA A4      -       Reaffirmed -
                                        Unallocated Limit
Skylark Infra Engineering Pvt           ST Non-fund Based – BGICRA A3+     890     Reaffirmed
Ltd (Erstwhile Skylark
Securitas Pvt Ltd)
T S Alloys Ltd                          Non-fund Based –      ICRA A1+&    20      outstanding
                                        Working Capital Fac
Track Innovations (India) Pvt           ST: Non-Fund Based    ICRA A4      20      Reaffirmed
Ltd
LONG TERM RATINGS:
-------------------
Anand Rice Mills                        FB Limits             ICRA B+      390     -
                                                              (Stable)
(Downgraded from ICRA BB+ (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Aravali Power Company Pvt Ltd           TL                    ICRA A+&,    78391.3 -
(placed on watch with developing implications)
Aravali Power Company Pvt Ltd           FB Working Capital    ICRA A+&,    12000   -
                                        Limits
Bindu Recepies Pvt Ltd                  NCD                   ICRA BB      250     Reaffirmed
                                                              (Stable);
Biop Steels & Power Pvt Ltd             LT - Fund Based/ CC   ICRA B+      190     -
                                                              (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Chandan Trading Corporation             LT – CC               ICRA         68      Withdrawn
                                                              BB-(Stable)
(Issuer did not co-operate; based on best available information)
Desai Infrastructure Pvt. Ltd.          FB CC                 ICRA B+      45      Reaffirmed
                                                              (Stable)
Friends Agro Industries                 FB CC                 ICRA D       96      -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Hindusthan Calcined Metals Pvt          LT - Fund Based/ CC   ICRA B-      80      -
Ltd                                                           (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Indian Terrain Fashions Ltd             LT FB Working         ICRA         300     Reaffirmed
                                        Capital Fac           A-(Stable)
Indian Terrain Fashions Ltd             Unallocated limits    ICRA         105     Reaffirmed
                                                              A-(Stable)
                                                              / ICRA A2+
Kems Forgings Ltd                       LT – Fund based       ICRA BBB     276.5   Reaffirmed
(outlook revised to Stable from Positive)
Leo Muthu Educational Trust             FB – TL               ICRA         400     Reaffirmed
                                                              BBB+(Stable)
Leo Muthu Educational Trust             Unallocated Limits    ICRA         53.8    Reaffirmed
                                                              BBB+(Stable)
Mahesh Rice Mill                        FB Limits             ICRA         120     -
                                                              B(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Nisiki Technologies Pvt Ltd             LT– Fund based - TL   ICRA         97.2    Reaffirmed
                                                              BB-(Stable)
Nisiki Technologies Pvt Ltd             LT – Fund based – CC  ICRA         90      Reaffirmed
                                                              BB-(Stable)
Pnb Realty Ltd                          LT –Fund Based (CC)   ICRA D       3.5     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Pnb Realty Ltd                          LT – TL               ICRA D       59.1    -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Pnb Realty Ltd                          LT – Unallocated      ICRA D       21.8    -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Premier Energies Ltd (Formerly          LT / ST - Unallocated ICRA BBB     0.8     Withdrawn
Premier Solar Systems (P) Ltd.)                               (Stable) /
                                                              ICRA A3+
Premier Energies Ltd (Formerly          LT - Fund Based/ CC   ICRA         150     Withdrawn
Premier Solar Systems (P) Ltd.)                               BBB(Stable)
Premier Energies Ltd (Formerly          LT - Non Fund Based   ICRA         667.6   Withdrawn
Premier Solar Systems (P) Ltd.)                               BBB(Stable)
S. K. Samanta And Co. (P) Ltd.          FB – CC               ICRA A-      200     Assigned
                                                              (Stable)
Seven Star Steels Ltd                   FBL – CC              ICRA BB-     150     -
                                                              (Stable)
(Upgraded from ICRA B+ (Stable))
Shankha Deep Exports Pvt. Ltd.          Fund Based – Export   ICRA BB-     -       Assigned
                                        Packing Credit        (Stable)
Skylark Infra Engineering Pvt           LT Fund Based – CC    ICRA BBB     200     Reaffirmed
Ltd (Erstwhile Skylark                                        (Stable)
Securitas Pvt Ltd)
Snam Abrasives Pvt Ltd                  LT - FB - CC          ICRA BBB+    100     Reaffirmed
                                                              (CE)
                                                              (Stable)
Snam Abrasives Pvt Ltd                  LT - FB - TL          ICRA BBB+    53.4    Reaffirmed
                                                              (CE)
                                                              (Stable)
Sun Shine Builders                      LT – Fund based TL    ICRA B+      -       -
                                                              (Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
T S Alloys Ltd                          Fund Based – Working  ICRA A+ &    180     outstanding
                                        Capital Fac
T S Alloys Ltd                          Non-fund based BG     ICRA A+ &/   2600    Assigned
                                                              A1+ &
Teesta Rangit Pvt Ltd                   FBL                   ICRA D       320     Withdrawn
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Teesta Rangit Pvt Ltd                   United limits         ICRA D       80      Withdrawn
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Track Innovations (India) Pvt           LT: Fund Based/CC     ICRA BB-     150     Upgraded
Ltd                                                           (Stable)             from ICRA
                                                                                   B+(Stable)
Track Innovations (India) Pvt           LT/Unallocated        ICRA BB-     70      Upgraded
Ltd                                                           (Stable)             from ICRA
                                                                                   B+(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@refinitiv.com)
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