February 26, 2020 / 10:13 AM / a month ago

ICRA ratings for Indian debt instruments-Feb 26

    Feb 26 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of February 25, 2020.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Bahadur Chand Investments Pvt           CP                    ICRA A1+     25000   Outstanding
Ltd
Calsea Footwear Pvt Ltd                 Non-fund based        ICRA A3      90      -
                                        facility
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Calsea Footwear Pvt Ltd                 Fund based facility   ICRA A3      -       -
                                        (sub-limit)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Ganadhi Pati Construction Pvt           Fund based – Secured  ICRA A4      20      Assigned
Ltd                                     overdraft
Godrej Industries Ltd                   Short-TL              ICRA A1+     2000    Reaffirmed
Godrej Industries Ltd                   ST, Non-FB Fac        ICRA A1+     6000    Reaffirmed
Godrej Industries Ltd                   CP Programme^         ICRA A1+     600     Reaffirmed
^carved out of the above mentioned long-term, fund-based limits
Godrej Industries Ltd                   CP Programme          ICRA A1+     9400    Reaffirmed
Haldia Energy Ltd                       CP                    ICRA A1+     4500    -
(Reason for delay in carrying out periodic review: - Review process is underway)
Hindustan Latex Family                  Short- Term, Non-FB   ICRA A3+(CE) 40      Revised from
Planning Promotion Trust                Fac                                        ICRA A2 (CE)
J.R.Foods Ltd                           ST Non fund based     ICRA D       357.5   -
(Reason for delay in carrying out periodic review: Issuer non-cooperating)
Kandukuri Industries Pvt Ltd            Non-FB limits         ICRA A4+     80      Reaffirmed
Kmct Group Of Institutions              ST - Non-Fund Based   ICRA A4      10      -
(Rating continues to remain in the ‘Issuer Not Cooperating ‘Category)
Lemstone Ceramic Llp                    ST - Non Fund Based   ICRA A4      34      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Lemstone Ceramic Llp                    ST – Interchangeable  ICRA A4      -       -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Maa Mangla Flour Mills Pvt Ltd          Fund based – TL       ICRA A4+     55      Reaffirmed
Maheshwari Logistics Ltd                ST - Fund Based       ICRA A3      30      -
(Rating downgraded from ICRA A2+ and continues to remain under ‘Issuer Not Cooperating’
category)
Maheshwari Logistics Ltd                ST - Non Fund Based   ICRA A3      612     -
(Rating downgraded from ICRA A2+ and continues to remain under ‘Issuer Not Cooperating’
category)
Maheshwari Logistics Ltd                ST - Interchangeable  ICRA A3      -       -
(Rating downgraded from ICRA A2+ and continues to remain under ‘Issuer Not Cooperating’
category)
Marvel Technology And Tools             ST- BG                ICRA A4      25      Withdrawn
Pvt Ltd
Neelkanth Pulp & Paper Boards           ST - Non Fund Based   ICRA A4      79.7    -
(Rating continues to remain under ‘Issuer Not Cooperating’category)
Power Finance Corporation Ltd           ST borrowing          ICRA A1+     120000  Outstanding
                                        programme FY2020
Radix Industries (India) Ltd            Non-FB limits         ICRA A4      5       Reaffirmed
Ruttonsha International                 BG                    ICRA A4+     10      Reaffirmed
Rectifier Ltd
(outlook revised to Stable from Positive)
Ruttonsha International                 LOC                   ICRA A4+     1       Reaffirmed
Rectifier Ltd
(outlook revised to Stable from Positive)
United Bleachers Pvt Ltd                Fund based facility   ICRA A4+     100     -
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
United Bleachers Pvt Ltd                Non-fund based        ICRA A4+     25      -
                                        facility
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)



LONG TERM RATINGS:
-------------------
Bahadur Chand Investments Pvt           LT Borrowing ProgrammeICRA         1000    Outstanding
Ltd                                                           AA(Stable)
Bahadur Chand Investments Pvt           NCD Programme         ICRA         7750    Assigned
Ltd                                     (proposed)            AA(Stable)
Bahadur Chand Investments Pvt           NCD Programme         ICRA         -       Withdrawn
Ltd                                                           AA(Stable)
Bahadur Chand Investments Pvt           NCD Programme         ICRA         23250   Outstanding
Ltd                                                           AA(Stable)
Bharti Axa Life Insurance Co.           Subordinated Debt     ICRA         800     -
Ltd                                     Programme             AA-(stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
C.P. Arora                              Bk Loan ratings       ICRA C       150     -
Engineers-Contractors Pvt. Ltd                                /ICRA A4
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Calsea Footwear Pvt Ltd                 Fund based facility   ICRA         200     -
                                                              BBB-(Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Core Green Sugar & Fuels Pvt            BLR                   ICRA D /     4806    -
Ltd                                                           ICRA D
(Reason for delay in carrying out periodic review: - Issuer delayed in giving information)
Esr Pune Industrial Park Pvt            TL                    ICRA BBB     2000    -
Ltd                                                           (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Esr Warehousing Pvt Ltd                 TL                    ICRA BBB     2250    -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Ganadhi Pati Construction Pvt           Fund based – CC       ICRA BB-     10      Assigned
Ltd                                                           (Stable)
Ganadhi Pati Construction Pvt           Non-fund Based – BG   ICRA BB-     360     Outstanding
Ltd                                                           (Stable) /           / Assigned
                                                              ICRA A4
Godrej Industries Ltd                   NCD Programme         ICRA AA      15000   Reaffirmed
                                                              (Stable)
Godrej Industries Ltd                   LT, FB Fac            ICRA AA      900     Reaffirmed
                                                              (Stable)
Godrej Industries Ltd                   Long-TL               ICRA AA      12000   Reaffirmed
                                                              (Stable)
Godrej Industries Ltd                   LT, Non-FB Fac        ICRA AA      500     Reaffirmed
                                                              (Stable)
High Tech Fablon Pvt Ltd                TL                    ICRA D       58.7    -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
High Tech Fablon Pvt Ltd                CC                    ICRA D       35      -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
High Tech Filatex Pvt Ltd               TL                    ICRA D       61.8    -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
High Tech Filatex Pvt Ltd               CC                    ICRA D       35      -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
High Tech Garments Pvt Ltd              TL                    ICRA D       57      -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
High Tech Garments Pvt Ltd              CC                    ICRA D       49      -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
High Tech Knitwear Pvt Ltd              TL                    ICRA D       338.5   -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
High Tech Knitwear Pvt Ltd              CC                    ICRA D       135.1   -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
High Tech Knitwear Pvt Ltd              Unallocated Limits    ICRA D       29.7    -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
High Tech Texolene Ltd                  TL                    ICRA D       58.4    -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
High Tech Texolene Ltd                  CC                    ICRA D       35      -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
High Tech Weaves (India) Pvt            TL                    ICRA D       14.7    -
Ltd
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
High Tech Weaves (India) Pvt            CC                    ICRA D       75      -
Ltd
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Hindustan Latex Family                  LT, FB Fac            ICRA         100^    Revised from
Planning Promotion Trust                                      BBB(CE)              ICRA BBB+(CE)
                                                              (Stable)             (Stable)
^50% one way interchangeable from fund based to non-fund based
Indiabulls Housing Finance Ltd          PTC Series A          Provisional  1852.7  Confirmed as
- Innovation Trust Xxix Dec-19                                ICRA AAA(SO)         final
Itd Cementation India Ltd (Itd)         LT (LT) Fund Based-TL ICRA A       1000    -
                                                              (Stable)
(Removed from ‘rating watch with developing implication’ and ‘Stable’ outlook assigned)
Itd Cementation India Ltd (Itd)         LT (LT) Fund          ICRA A       8000    -
                                        BasedWorking Capital  (Stable)
(Removed from ‘rating watch with developing implication’ and ‘Stable’ outlook assigned)
Itd Cementation India Ltd (Itd)         LT/ST Non-FBL         ICRA A       40000   -
                                                              (Stable) /
                                                              A1
(Removed from ‘rating watch with developing implication’ and ‘Stable’ outlook assigned)
J.R.Foods Ltd                           LT – Fund Based – CC  ICRA D       117     -
(Reason for delay in carrying out periodic review: Issuer non-cooperating)
Kandukuri Industries Pvt Ltd            FB/CC                 ICRA         118     Reaffirmed
                                                              BB(Stable)
Kandukuri Industries Pvt Ltd            Unallocated limits    ICRA         10.5    Reaffirmed
                                                              BB(Stable)
Kmct Group Of Institutions              LT - Fund Based/ CC   ICRA B+      70      -
                                                              (Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating ‘Category)
Kmct Group Of Institutions              LT - Fund Based TL    ICRA B+      250     -
                                                              (Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating ‘Category)
Kmct Group Of Institutions              LT / ST - Unallocated ICRA B+      170     -
                                                              (Stable) /
                                                              A4
(Rating continues to remain in the ‘Issuer Not Cooperating ‘Category)
Krishnaiah Motors Pvt Ltd               Fund based - CC       ICRA BB-     150     -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Krishnaiah Motors Pvt Ltd               Unallocated Limits    ICRA BB-     95      -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Lemstone Ceramic Llp                    LT - Fund Based/ CC   ICRA         72.5    -
                                                              B+(Stable)
(Rating downgraded from ICRA BB-(Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Lemstone Ceramic Llp                    LT - Fund Based TL    ICRA         175     -
                                                              B+(Stable)
(Rating downgraded from ICRA BB-(Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Maa Mangla Flour Mills Pvt Ltd          Fund based – CC       ICRA BB+     42      Reaffirmed
                                                              (Stable)
Maa Mangla Flour Mills Pvt Ltd          Unallocated Limits    ICRA BB+     23      Reaffirmed
                                                              (Stable) /
                                                              A4+
Maheshwari Logistics Ltd                LT - Fund Based/ CC   ICRA         360     -
                                                              BB+(Stable)
(Rating downgraded from ICRA BBB+(Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Maheshwari Logistics Ltd                LT - Fund Based TL    ICRA         69.4    -
                                                              BB+(Stable)
(Rating downgraded from ICRA BBB+(Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Marvel Technology And Tools             LT- CC                ICRA         9       Withdrawn
Pvt Ltd                                                       BB-(Stable)
Marvel Technology And Tools             LT- TL                ICRA         58      Withdrawn
Pvt Ltd                                                       BB-(Stable)
Marvel Technology And Tools             LT- Unallocated       ICRA         8       Withdrawn
Pvt Ltd                                                       BB-(Stable)
Neelkanth Pulp & Paper Boards           LT - Fund Based/ CC   ICRA         70      -
                                                              B+(Stable)
(Rating downgraded from ICRA BB-(Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Neelkanth Pulp & Paper Boards           LT - Fund Based TL    ICRA         34.8    -
                                                              B+(Stable)
(Rating downgraded from ICRA BB-(Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Nsl Sugars Ltd                          BLR                   ICRA D       3186.7  -
(Reason for delay in carrying out periodic review: - Issuer delayed in giving information)
Om Cotton & Oil Industries              FBL                   ICRA D       50.1    -
(Rating Continues to remain under issuer ‘Issuer Not Cooperating’ category)
Om Cotton & Oil Industries              Unallocated limits    ICRA D       12.4    -
(Rating Continues to remain under issuer ‘Issuer Not Cooperating’ category)
Power Finance Corporation Ltd           LT borrowing          ICRA AAA     880000  Assigned
                                        programme FY2020      (Stable)
Power Finance Corporation Ltd           LT/ST borrowing       ICRA AAA     970000  Outstanding
                                        programme FY2019      (Stable) /
                                                              A1+
Power Finance Corporation Ltd           LT/ST borrowing       ICRA AAA     3345050 Outstanding
                                        programmes up to      (Stable) /
                                        FY2018                A1+
Radix Industries (India) Ltd            FB/CC                 ICRA BB      95      Reaffirmed
                                                              (Stable)
Radix Industries (India) Ltd            Unallocated limits    ICRA BB      200     Reaffirmed
                                                              (Stable) /
                                                              A4
Ruttonsha International                 CC                    ICRA BB+     80      Reaffirmed
Rectifier Ltd
(outlook revised to Stable from Positive)
Ruttonsha International                 Unallocated amount    ICRA BB+ /   9       Reaffirmed
Rectifier Ltd                                                 A4+
(outlook revised to Stable from Positive)
Satish Sugars Ltd                       BLR                   ICRA BB      1800    -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Issuer delayed in giving information)
Shree Siddhnath Cotex Pvt Ltd           LT - Fund Based/ CC   ICRA         660     -
                                                              B+(Stable)
(Downgraded from ICRA BB-(Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Shree Siddhnath Cotex Pvt Ltd           LT - Fund Based TL    ICRA         30      -
                                                              B+(Stable)
(Downgraded from ICRA BB-(Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Shreeji Cotton Industries               FB – CC               ICRA D       105     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Shriram Transport Finance Co.           PTC Series A          ICRA AAA(SO) -       Withdrawn
Ltd - Sansar Trust March 2019
Shriram Transport Finance Co.           Second Loss Facility  ICRA A(SO)   -       Withdrawn
Ltd - Sansar Trust Sep 2016
Shriram Transport Finance Co.           PTCs                  ICRA AAA(SO) -       Withdrawn
Ltd - Sansar Trust Sep 2016
Shriram Transport Finance Co.           Second Loss Facility  ICRA AA+(SO) -       Withdrawn
Ltd - Sansar Trust Sep 2017
III
Shriram Transport Finance Co.           PTC Series A7         ICRA AAA(SO) -       Withdrawn
Ltd - Sansar Trust Sep 2017
III
Shriram Transport Finance Co.           Second Loss Facility  ICRA A+(SO)  -       Withdrawn
Ltd - Sansar Trust Jun 2016 Iv
Shriram Transport Finance Co.           PTCs                  ICRA AAA(SO) -       Withdrawn
Ltd - Sansar Trust Jun 2016 Iv
Sundaram Finance Ltd - Shri             PTC Series A          Provisional  4236.7  Confirmed as
Trust Ac 2020                                                 ICRA AAA(SO)         final
Svasti Microfinance Pvt Ltd -           PTC Series A1         ICRA A+(SO)  -       Upgraded
Vivriti Ellaria 01 2019                                                            from ICRA
                                                                                   A-(SO)
Svasti Microfinance Pvt Ltd -           PTC Series A2         ICRA A(SO)   -       Upgraded
Vivriti Ellaria 01 2019                                                            from ICRA
                                                                                   BBB (SO)
United Bleachers Pvt Ltd                CC                    ICRA         15      -
                                                              BB(Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
United Bleachers Pvt Ltd                TL                    ICRA         156.7   -
                                                              BB(Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
United Bleachers Pvt Ltd                Unallocated facility  ICRA         3.3     -
                                                              BB(Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Xs Real Properties Pvt Ltd              Unallocated facility  ICRA         200     -
                                                              BB+(Stable)
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Zensar Technologies Ltd                 LT - Non-fund based   ICRA AA+     140     Reaffirmed
(Outlook revised to negative from stable)
Zensar Technologies Ltd                 LT/ST - FB/Non-fund   ICRA AA+/    1770    Reaffirmed
                                        based                 A1+
(Outlook revised to negative from 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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