January 9, 2020 / 10:43 AM / 12 days ago

ICRA ratings for Indian debt instruments-Jan 9

    Jan 9 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of January 8, 2020.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Black Burn & Co. Pvt Ltd                Non-Fund based – Bk   ICRA A3      20      Reaffirmed
                                        Guarantee#
#Bank Guarantee and Letter of Credit are fully interchangeable
Black Burn & Co. Pvt Ltd                Non-Fund based –      ICRA A3      9       Reaffirmed
                                        Letter of Credit#
#Bank Guarantee and Letter of Credit are fully interchangeable
Development Consultants Pvt Ltd         Non-Fund Based Bk Fac ICRA A2+     410     Downgraded
                                                                                   from ICRA A1
Fujikawa Power                          Non-fund based- LC/BG ICRA A2      330
&; placed on watch with developing implications
Geon International                      Non-fund based- LC/BG ICRA A2 &    100
&; placed on watch with developing implications
Gmr Tambaram Tindivanam                 Non-fund Based – BG   ICRA A4      420     Assigned
Expressways Ltd
Gmr Tuni Anakapalli                     Non-fund Based – BG   ICRA A4      300     Assigned
Expressways Ltd
Invesco Asset Management                Invesco India         ICRA A1+mfs  -       Assigned
(India) Pvt Ltd                         Overnight Fund
Invesco Asset Management                Invesco India Money   ICRA A1+mfs  -       outstanding
(India) Pvt Ltd                         Market Fund
Invesco Asset Management                Invesco India Liquid  ICRA A1+mfs  -       outstanding
(India) Pvt Ltd                         Fund
Milsha Agro Exports Pvt. Ltd.           Fund Based – Packing  ICRA A4      120     Reaffirmed
                                        Credit
Milsha Agro Exports Pvt. Ltd.           Fund Based – Foreign  ICRA A4      50      Reaffirmed
                                        Bills Discount
                                        Against LOC
Milsha Agro Exports Pvt. Ltd.           Non-fund Based –      ICRA A4      10      Reaffirmed
                                        Forward Contract
Milsha Agro Exports Pvt. Ltd.           Non-fund Based – Bk   ICRA A4      0       Reaffirmed
                                        Guarantee^
^ Sub-limit of packing credit
Nasaka Energy Systems                   Non-fund based- LC/BG ICRA A2&     40
&; placed on watch with developing implications
Okaya Power Pvt. Ltd.                   Non-fund based- LC/BG ICRA A2&     1350
&; placed on watch with developing implications
S. D. Corporation Pvt Ltd               CP                    ICRA A1(CE)  7500    Reaffirmed
Sri Shyam Agro Traders                  Fund based-           ICRA A4      20
                                        Preshipment
Reason for delay in carrying out periodic review: Issuer delayed in giving information

LONG TERM RATINGS:
-------------------
Bengal Ambuja Housing                   FB Fac                -            575     -
Development Ltd
Rating downgraded to ICRA BBB- from ICRA BBB; Outlook revised to ‘Stable’ from ‘Negative’
Bengal Ambuja Housing                   Non-FB Fac*           -            100     -
Development Ltd
*Limits of Rs. 10 crore are fully fungible with fund-based facilities/Rating downgraded to ICRA
BBB- from ICRA BBB; Outlook revised to ‘Stable’ from ‘Negative’
Bengal Ambuja Housing                   Unallocated Limits    -            2345    -
Development Ltd
Rating downgraded to ICRA BBB- from ICRA BBB; Outlook revised to ‘Stable’ from ‘Negative’
Black Burn & Co. Pvt Ltd                Fund based – CC       ICRA BBB-    105.4   Reaffirmed
                                                              (Negative)
Black Burn & Co. Pvt Ltd                Fund based – TL       ICRA BBB-    15.6    Reaffirmed
                                                              (Negative)
Development Consultants Pvt Ltd         Fund Based – TL       ICRA A-      135     Downgraded
                                                                                   from ICRA A
outlook revised to Negative from Stable
Development Consultants Pvt Ltd         Fund Based – CC       ICRA A-      70      Downgraded
                                                                                   from ICRA A
(outlook revised to Negative from Stable)
Development Consultants Pvt Ltd         Unallocated Limit     ICRA         25      Downgraded
                                                              A-/ICRA A2+          from ICRA
                                                                                   A/ICRA A1
(outlook revised to Negative from Stable)
Fujikawa Power                          TL                    ICRA BBB+    405
(& placed on watch with developing implications)
Fujikawa Power                          FBL – Working Capital ICRA BBB+    370
(& placed on watch with developing implications)
Fujikawa Power                          Unallocated           ICRA BBB+    35
                                                              &/ICRA A2
(&; placed on watch with developing implications)
Geon International                      FBL – Working Capital ICRA BBB+ &  110
(&; placed on watch with developing implications)
Gmr Tambaram Tindivanam                 TL                    ICRA BB      0       Withdrawn
Expressways Ltd                                               (Negative)
Gmr Tambaram Tindivanam                 Non-fund Based – BG   ICRA BB      0       Withdrawn
Expressways Ltd                                               (Negative)
Gmr Tuni Anakapalli                     TL                    ICRA BB-     0       Withdrawn
Expressways Ltd                                               (Negative)
Gmr Tuni Anakapalli                     Non-fund Based – BG   ICRA BB-     0       Withdrawn
Expressways Ltd                                               (Negative)
Integreon Managed Solutions             FBL                   ICRA BBB-    30      Assigned
(India) Pvt. Ltd.                                             (Stable)
                                                              /ICRA A3
Integreon Managed Solutions             Non FB limits         ICRA BBB-    70      Assigned
(India) Pvt. Ltd.                                             (Stable)
                                                              /ICRA A3
Invesco Asset Management                Invesco India Bking & ICRA AAAmfs  -       outstanding
(India) Pvt Ltd                         PSU Debt Fund
Invesco Asset Management                Invesco India         ICRA AAAmfs  -       outstanding
(India) Pvt Ltd                         Treasury Advantage
                                        Fund
Invesco Asset Management                Invesco India ST Fund ICRA AAAmfs  -       outstanding
(India) Pvt Ltd
Invesco Asset Management                Invesco India         ICRA AAAmfs  -       outstanding
(India) Pvt Ltd                         Corporate Bond Fund
Madhusudan Garai                        Fund based – CC       ICRA B       30      Reaffirmed
                                                              (Stable)
Madhusudan Garai                        Non-Fund based – BG   ICRA B       35      Reaffirmed
                                                              (Stable)
Mahindra & Mahindra Financial           PTC Series A          Provisional  17027.2 Assigned
Services Ltd-Mm Trust Dec-19 II                               ICRA AAA(SO)
Manglam Build-Developers Ltd            TL                    ICRA BBB-    1500    Reaffirmed
revised to Positive from Stable
Milsha Agro Exports Pvt. Ltd.           Fund Based – TL       ICRA         20      Reaffirmed
                                                              B+(Stable)
Nasaka Energy Systems                   TL                    ICRA BBB+    75
(&; placed on watch with developing implications)
Nasaka Energy Systems                   FBL – Working Capital ICRA BBB+    20
(&; placed on watch with developing implications)
Nasaka Energy Systems                   Unallocated           ICRA BBB+    65
                                                              &/ICRA A2 &
(&; placed on watch with developing implications)
Okaya Power Pvt. Ltd.                   TL                    ICRA BBB+&   100
(&; placed on watch with developing implications)
Okaya Power Pvt. Ltd.                   FBL – Working Capital ICRA BBB+&   1270
(&; placed on watch with developing implications)
S. D. Corporation Pvt Ltd               NCD Programme         ICRA A(CE)   -       Withdrawn
                                                              (Negative)
Sri Lakshmi Srinivas Parboiled          Fund Based – Working  ICRA         69.1    Assigned
                                        Capital               B-(Stable)
Sri Lakshmi Srinivas Parboiled          TL                    ICRA         37.2    Assigned
                                                              B-(Stable)
Sri Lakshmi Srinivas Parboiled          Non-fund Based        ICRA         8.7     Assigned
                                                              B-(Stable)
Sri Shyam Agro Traders                  Fund based-Bills      ICRA B+      100
                                        discounting           (Stable)
Reason for delay in carrying out periodic review: Issuer delayed in giving information
Sri Shyam Agro Traders                  Unallocated           ICRA         50
                                                              B+(Stable)
                                                              /ICRA A4
Reason for delay in carrying out periodic review: Issuer delayed in giving information
Sunoxx International                    Unallocated           ICRA BBB+    400
                                                              &/ICRA A2 &
(&; placed on watch with developing implications)
Ur Realtors Pvt Ltd                     Unallocated           -            0
Ur Realtors Pvt Ltd                     FB-TL (Loan against   ICRA BB+     100     Downgraded
                                        rent receivables)     (Stable)             from ICRA
                                                                                   BBB(Stable)
Urjankur Shree Datta Power Co.          Fund Based – TL       ICRA BBB+    100     Assigned
Ltd                                                           (Stable)
Urjankur Shree Datta Power Co.          Fund Based – Working  ICRA BBB+    200     Assigned
Ltd                                     Capital Fac           (Stable)
Venkata Naga Lakshmi Paper              LT - Fund based-TL    ICRA BB-     6.8
Mills Pvt Ltd                                                 (Stable)
Reason for delay in carrying out periodic review: Issuer delayed in giving information
Venkata Naga Lakshmi Paper              LT -Fund based-       ICRA BB-     90
Mills Pvt Ltd                           Working Capital Fac   (Stable)
Reason for delay in carrying out periodic review: Issuer delayed in giving information
Venkata Naga Lakshmi Paper              Unallocated           ICRA         153.2
Mills Pvt Ltd                                                 BB-(Stable)
                                                              /ICRA A4
Reason for delay in carrying out periodic review: Issuer delayed in giving information
--------------------------------------------------------------------------------------------
$: 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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