January 30, 2020 / 9:37 AM / 25 days ago

ICRA ratings for Indian debt instruments-Jan 30

    Jan 30 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of January 29, 2020.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Action Industrial Corporation           ST - Unallocated      ICRA A4      4.3     -
(Rating downgraded from ICRA A4+ and continues to remain under the ‘Issuer Not Cooperating’
category)
Action Industrial Corporation           ST - Non Fund Based   ICRA A4      25      -
(Rating downgraded from ICRA A4+ and continues to remain under the ‘Issuer Not Cooperating’
category)
Deutsche Investments India Pvt          CP                    ICRA A1+     22000   Reaffirmed
Ltd
Envee Drugs Pvt. Ltd.                   Non-fund Based LOC    ICRA A4      85      -
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
G N Altech                              Non Fund based        ICRA A4+     20      -
(Reason for delay in carrying out periodic review - Issuer Not Co-operating)
Hilltop Ceramic                         Non-FB Limits         ICRA A4      14      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Linkwell Telesystems Pvt Ltd            Non-FBL               ICRA A2      1850    Reaffirmed
(Outlook revised to Positive from Stable)
M R Agro Industries                     Packing credit cum    ICRA A4      140     Withdrawn
                                        PCFC
                                        cum/FBP/FBD/FCBP/FCBD
Plr Projects Pvt Ltd                    Non-fund Based        ICRA A3+     3800    Reaffirmed
Sharp Travels (India) Ltd               Non-fund Based        ICRA A4      2.5     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)


LONG TERM RATINGS:
-------------------
Action Industrial Corporation           LT - Fund Based/ CC   ICRA B+      60      -
                                                              (Stable)
(Rating downgraded from ICRA BB+(Stable) and continues to remain under the ‘Issuer Not
Cooperating’ category)
Action Industrial Corporation           LT - Fund Based TL    ICRA B+      8.5     -
                                                              (Stable)
(Rating downgraded from ICRA BB+(Stable) and continues to remain under the ‘Issuer Not
Cooperating’ category)
Ankit Diamonds                          Fund based-Working    ICRA D       500     -
                                        Capital Facility
(Rating continues to remain under Issuer Not Cooperating category)
Ankit Diamonds                          Fund based- Working   ICRA D       -       -
                                        Capital Fac
(Rating continues to remain under Issuer Not Cooperating category)
Bagga Luxury Motorcars Llp              Fund based – Proposed ICRA D       70      -
                                        Inventory Funding
                                        Limits
(Rating downgraded from ICRA B+ (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Bagga Luxury Motorcars Llp              Non-fund Based –      ICRA D       70      -
                                        Proposed BG
(Rating downgraded from ICRA A4 and continues to remain under ‘Issuer Not Cooperating’ category)
Bothe Windfarm Development Pvt          FB TL                 ICRA BBB+    8259    Upgraded
Ltd                                                           (Positive)           from from
                                                                                   ICRA BBB
                                                                                   (Positive)
Bothe Windfarm Development Pvt          FB CC                 ICRA BBB+    1350    Upgraded
Ltd                                                           (Positive)           from from
                                                                                   ICRA BBB
                                                                                   (Positive)
Bothe Windfarm Development Pvt          LT Unallocated        ICRA BBB+    1       Upgraded
Ltd                                                           (Positive)           from from
                                                                                   ICRA BBB
                                                                                   (Positive)
Coastal Energen Pvt Ltd                 BLR                   ICRA D / D   77942   -
(Reason for delay in carrying out periodic review: - Issuer delayed in giving information)
Devdeep Cotton Industries               FB – CC               ICRA B+      140     -
                                                              (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Dinjoye Tea Estate Pvt. Ltd             Fund based – Working  ICRA BB-     36.7    Downgraded
                                        Capital               (Stable)             from ICRA BB
                                                                                   (Stable)
Dinjoye Tea Estate Pvt. Ltd             Unallocated limit     ICRA BB-     63.3    Downgraded
                                                              (Stable)             from ICRA BB
                                                                                   (Stable)
Eastman Mettcast Ltd                    CC                    ICRA C+      150     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Eastman Mettcast Ltd                    TL                    ICRA C+      20      -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Envee Drugs Pvt. Ltd.                   Fund based-TL         ICRA BB-     55      -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
G N Altech                              FB Fac                ICRA BB      26.8    -
                                                              (Stable)
(Reason for delay in carrying out periodic review - Issuer Not Co-operating)
G N Altech                              Unallocated           ICRA BB      23.7    -
                                                              (Stable)/A4+
(Reason for delay in carrying out periodic review - Issuer Not Co-operating)
Girdhari Lal Constructions              CC                    ICRA BBB     520     -
Pvt. Ltd                                                      (Positive)
(Rating reaffirmed and outlook changed from stable to positive)
Girdhari Lal Constructions              BG                    ICRA BBB     3700    -
Pvt. Ltd                                                      (Positive)
(Rating reaffirmed and outlook changed from stable to positive)
Hilltop Ceramic                         FB Limits             ICRA B+      54.2    -
                                                              (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
International Fresh Farm                TL                    ICRA D       170     -
Products India Ltd
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
International Fresh Farm                CC                    ICRA D       130     -
Products India Ltd
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Jana Small Finance Bank Ltd             Bk lines              ICRA BBB     -       -
                                                              (Stable)
(Revised from ICRA BBB- (Negative); Rating withdrawn)
Jana Small Finance Bank Ltd             NCDs                  ICRA BBB     7260    Revised from
                                                              (Stable)             ICRA BBB-
                                                                                   (Negative)
Jana Small Finance Bank Ltd             NCDs                  ICRA BBB     -       -
                                                              (Stable)
(Revised from ICRA BBB- (Negative); Rating withdrawn)
Jana Small Finance Bank Ltd             Subordinated Debt     ICRA BBB     7010    Revised from
                                                              (Stable)             ICRA BBB-
                                                                                   (Negative)
Jana Small Finance Bank Ltd             Subordinated Debt     ICRA BBB     -       -
                                                              (Stable)
(Revised from ICRA BBB- (Negative); Rating withdrawn)
Kailash Motors                          Fund Based - Working  ICRA B       240     Withdrawn
                                        Capital               (Stable)
Kailash Motors                          Fund Based - TL       ICRA B       10.4    Withdrawn
                                                              (Stable)
Kailash Motors                          Unallocated           ICRA B       61.1    Withdrawn
                                                              (Stable)
Kailash Motors                          Fund Based - Working  ICRA B       138.5   Withdrawn
                                        Capital               (Stable) /
                                                              A4
Ksk Mineral Resources Pvt Ltd           Fund based - TL       ICRA D       4510    -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Laser Fibers Pvt Ltd                    BLR                   ICRA B+      145.2   -
                                                              (Stable) /
                                                              A4
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Lendingkart Finance Ltd                 NCD Programme         ICRA BBB+    4050    -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Lendingkart Finance Ltd                 Bk Lines              ICRA BBB+    3000    -
                                                              (Stable)/ A2
(Reason for delay in carrying out periodic review: Review process is underway)
Linkwell Telesystems Pvt Ltd            FBL                   ICRA BBB+    1514    Reaffirmed
(Outlook revised to Positive from Stable)
Linkwell Telesystems Pvt Ltd            Unallocated Limits    ICRA BBB+ /  1636    Reaffirmed
                                                              A2
(Outlook revised to Positive from Stable)
M R Agro Industries                     Exporter’s Gold Card  ICRA BB-     28      Withdrawn
                                        Stand-by Limit        (Stable)
M R Agro Industries                     CC^                   ICRA BB-     -       Withdrawn
                                                              (Stable)
^Sublimit of PC cum PCFC cum/FBP/FBD/FCBP/FCBD
Mody Education Foundation               LT Fundbased TL       ICRA BBB+    180     -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Issuer delayed in giving information)
National Insurance Co. Ltd              Subordinated Debt     ICRA AA      8950    -
                                        Programme             (negative)
(Reason for delay in carrying out periodic review: - Review process is underway)
Nicomet Industries Ltd                  LT Fund Based         ICRA D       1447.6  -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Nicomet Industries Ltd                  LT & ShortTerm        ICRA D       52.4    -
                                        Unallocated
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Paramount Steels Ltd                    LT FBL                ICRA B       100     Withdrawn
                                                              (Stable)
Plr Projects Pvt Ltd                    Fund Based            ICRA BBB     830     Reaffirmed
                                                              (Stable)
Plr Projects Pvt Ltd                    Unallocated           ICRA BBB     770     Reaffirmed
                                                              (Stable) /
                                                              A3+
Punjab Retail Pvt Ltd                   LT – Fund Based CC    ICRA BBB-    480     -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Riddhi Siddhi Cotfiber Pvt Ltd          FB-CC cum optionally  ICRA B+      130     -
                                        convertible           (Stable)
                                        debentureBD
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Riddhi Siddhi Cotfiber Pvt Ltd          FB -TL                ICRA B+      28.5    -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Shah Technical Consultants Pvt          LT fund based Bk Fac  ICRA BB+     55      -
Ltd                                                           (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Shah Technical Consultants Pvt          LT non-fund based Bk  ICRA BB+     200     -
Ltd                                     Fac                   (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Sharp Travels (India) Ltd               Fund Based- CC        ICRA B+      97.5    -
                                                              (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Shl Agro Foods Inc                      CC                    ICRA B+      65      -
                                                              (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Shl Agro Foods Inc                      TL                    ICRA B+      71.9    -
                                                              (Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Shree Cotex                             TL                    ICRA B+      4.1     -
                                                              (Stable)
(Rating moved to under ‘Issuer Not Cooperating’ category)
Shree Cotex                             CC                    ICRA B+      70      -
                                                              (Stable)
(Rating moved to under ‘Issuer Not Cooperating’ category)
Shree Cotex                             Unallocated           ICRA B+      16.9    -
                                                              (Stable)
(Rating moved to under ‘Issuer Not Cooperating’ category)
Shree Ganesh Cotton                     CC                    ICRA B+      100     -
Industries-Rajkot                                             (Stable)
(Reason for delay in carrying out periodic review - Issuer Not Co-operating)
Shree Ganesh Cotton                     TL                    ICRA B+      12.7    -
Industries-Rajkot                                             (Stable)
(Reason for delay in carrying out periodic review - Issuer Not Co-operating)
Shree Ganesh Cotton                     Unallocated           ICRA B+      0.3     -
Industries-Rajkot                                             (Stable)
(Reason for delay in carrying out periodic review - Issuer Not Co-operating)
Shri Prabhulingeshwar Sugars            Fund based-TL         ICRA         562.7   Withdrawn
And Chemicals Ltd                                             B(Stable)
Shri Prabhulingeshwar Sugars            Fund based- Working   ICRA         289     Withdrawn
And Chemicals Ltd                       Capital Fac           B(Stable)
Shri Prabhulingeshwar Sugars            Unallocated           ICRA         148.3   Withdrawn
And Chemicals Ltd                                             B(Stable)
Skanray Technologies Pvt. Ltd           Fund Based – TL       ICRA BB-     650     Assigned /
                                                              (Stable)             Outstanding
Snn Properties Llp                      LT- Fund BasedCC      ICRA BBB     1990    Downgraded
                                                              (Stable)             from ICRA
                                                                                   BBB+
(Outlook revised from Negative)
Solar Energy Corporation Of             Unallocated limits    ICRA         5500    Reaffirmed
India Ltd                                                     AA+(Stable)
                                                              / A1+
(Revision in outlook to stable from positive)
Tirupati Cotex                          Fund based-TL         ICRA B+      10      -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Tirupati Cotex                          FB-CC                 ICRA B+      60      -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Ujjawal Textiles                        BLR                   ICRA BB-     210     -
                                                              (Stable) /
                                                              A4
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Vs Lignite Power Pvt Ltd                Fund based - TL       ICRA D       725.6   -
(Rating Continues to remain in the ‘Issuer Not Cooperating’ category)
Vs Lignite Power Pvt Ltd                Fund based – CC       ICRA D       500     -
(Rating Continues to remain in the ‘Issuer Not Cooperating’ category)
Vs Lignite Power Pvt Ltd                Non-funded based      ICRA D       100     -
(Rating Continues to remain in the ‘Issuer Not Cooperating’ category)
Vs Lignite Power Pvt Ltd                Unallocated           ICRA D       2031.9  -
(Rating Continues to remain in the ‘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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