June 25, 2019 / 11:06 AM / a month ago

ICRA ratings for Indian debt instruments-Jun 25

    Jun 25 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of June 24, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Adyar Gate Hotels Ltd                   ST Non fund based     ICRA A4      20      Downgraded
                                                                                   from ICRA A4
Asiatic Colour Chem Industries          Non-FB Limits         ICRA A4+     230     Downgraded
Ltd.                                                                               from ICRA A3
(Issuer not cooperating)
Avera Resource Pvt Ltd                  ST – NonFund Based    ICRA D       110
(Issuer not cooperating)
Chevrox Constructions Pvt. Ltd.         Non-FBL – BG/LC       ICRA]A3      200     Upgraded
                                                                                   from ICRA A4+
Enrich Rd Infraprojects Pvt Ltd         ST – NonFund Based    ICRA A4      70
(Issuer not cooperating)
Ge Triveni Ltd                          Non FB Fac            ICRA A2 @    1035
Mangalam Pipes Pvt Ltd                  ST - Fund Based       ICRA A4      30
Rating continues to remain under ‘(Issuer not cooperating)’ category
Mangalam Pipes Pvt Ltd                  ST - Non Fund Based   ICRA A4      34.7
Rating continues to remain under ‘(Issuer not cooperating)’ category
Medreich Ltd                            ST – Fund Based       [ICRA A1+    3410    outstanding
Narendra Emporis Ltd                    Non Fund based-       ICRA A4      -
                                        sublimit to CC
Rating continues to remain under ‘(Issuer not cooperating)’ category
Orient Constructions Pvt Ltd            FB- Over Draft        ICRA A4+     30      Withdrawn
(Issuer not cooperating)
Purbanchal Laminates Pvt Ltd            Non-fund Based –      ICRA A4      40
                                        Import LOC cum Buyers
                                        Credit
Rating continues to remain under ‘(Issuer not cooperating)’ category
R Balarami Reddy And Company            Non fund based- BG    ICRA A4      70
Reason for delay in carrying out periodic review: Issuer delayed in giving information
Rama Overseas Ltd                       Bk Fac                ICRA A4+     331.6
(Issuer not cooperating)
Repro India Ltd                         ST Non-FBL            ICRA A2      240     Upgraded
                                                                                   from ICRA A3+
S & Ib Services Pvt Ltd                 Non-fund Based –      ICRA A2+     550     Reaffirmed
                                        Working Capital Fac
Sri V.N.S. Spinning Mills               ST - Non Fund Based   ICRA A4      10.1
India Pvt Ltd
Reason for delay in carrying out periodic review: (Issuer not cooperating)
Sri V.N.S. Spinning Mills               ST - Interchangeable  ICRA A4      5
India Pvt Ltd
Reason for delay in carrying out periodic review: (Issuer not cooperating)
Suryalakshmi Cotton Mills Ltd           ST FB Limits          ICRA A4+@    180     Downgraded
                                                                                   from ICRA A3@
Suryalakshmi Cotton Mills Ltd           ST Non-Fundbased      ICRA A4+@    708.8   Downgraded
                                        Limits                                     from ICRA A3@
Variety Lumbers Pvt Ltd                 Non-fund based Import ICRA A4      200     Reaffirmed
                                        LOC cum Buyers Credit
Yogi Construction Co.                   BG                    ICRA A4      300
(Issuer not cooperating)

LONG TERM RATINGS:
-------------------
Abhishek Steel Industries Ltd           Bk Fac                ICRA BB /    220
                                                              ICRA A4
(Issuer not cooperating)
Adyar Gate Hotels Ltd                   LT Fund based TL      ICRA B       3402    Downgraded
                                                                                   from ICRA BB+
Adyar Gate Hotels Ltd                   LT FB Fac             ICRA B       450     Downgraded
                                                                                   from ICRA BB+
Adyar Gate Hotels Ltd                   LT Unallocated        ICRA B       8       Downgraded
                                                                                   from ICRA BB+
Asiatic Colour Chem Industries          FBL                   ICRA BB+     419.5   Downgraded
Ltd.                                                                               from ICRA
                                                                                   BBB-
(Issuer not cooperating)
Asiatic Colour Chem Industries          Unallocated limits    ICRA BB+     86      Downgraded
Ltd.                                                          /ICRA A4+            from ICRA
                                                                                   BBB- /ICRA A3
(Issuer not cooperating)
Chevrox Constructions Pvt. Ltd.         FBL – CC/Others       ICRA BBB-    150     Upgraded
                                                                                   from ICRA BB+
Chevrox Constructions Pvt. Ltd.         Unallocated limits    ICRA BBB-    950     Upgraded
                                                              /A3                  from ICRA
                                                                                   BB+/A4+
Ciemme Jewels Ltd                       LT – Fund Based CC    ICRA D       240
Rating continues to remain under ‘(Issuer not cooperating)’ category
Ciemme Jewels Ltd                       LT – Fund Based TL    ICRA D       139
Rating continues to remain under ‘(Issuer not cooperating)’ category
Ciemme Jewels Ltd                       LT – Non Fund Based   ICRA D       4
Rating continues to remain under ‘(Issuer not cooperating)’ category
City Corporation Ltd                    LT fund based – CC    -            -
City Corporation Ltd                    LT – Unallocated      -            -
City Corporation Ltd                    LT - Fund Based – TL  ICRA BBB     3613.4  Reaffirmed
City Realty And Development             TL                    Provisional  2500    confirmed as
Pvt. Ltd                                                      ICRA BBB             final
                                                              (SO)
Electronica Finance Ltd                 NCD                   ICRA BBB+    530     Reaffirmed
Electronica Finance Ltd                 Subordinated debt     ICRA BBB+    250     Reaffirmed
                                        programme
Enrich Rd Infraprojects Pvt Ltd         LT – Fund Based CC    ICRA C+      30
(Issuer not cooperating)
Enrich Rd Infraprojects Pvt Ltd         LT/ ST - Unallocated  ICRA C+/     50
                                                              ICRA A4
(Issuer not cooperating)
Field Motor Pvt Ltd                     Bk Fac                ICRA BB+     225.9
(Issuer not cooperating)
Ge Triveni Ltd                          CC Fac                ICRA BBB+ @  100
Goldcoin Foam Pvt Ltd                   TL                    ICRA BB-     78.3    Assigned
Goldcoin Foam Pvt Ltd                   CC                    ICRA BB-     70      Assigned
Goyal Motocorp Pvt Ltd                  Bk Fac                ICRA B       65
(Issuer not cooperating)
Handloom Bhandar                        Bk loan Ratings       ICRA B       100
(Issuer not cooperating)
Ishwarlal Harjivandas                   FB – CC               ICRA BB-     300
Jewellers Pvt. Ltd.
Rating continues to remain under ‘(Issuer not cooperating)’ category
Kanyaka Corporation                     Fund based- CC        ICRA B       40
Reason for delay in carrying out periodic review: Issuer delayed in giving information
Kanyaka Corporation                     Non-fund based – BG   ICRA B       11.5
Reason for delay in carrying out periodic review: Issuer delayed in giving information
Kanyaka Corporation                     Unallocated Limits    ICRA B       48.5
                                                              /ICRA A4
Reason for delay in carrying out periodic review: Issuer delayed in giving information
Kishan Gum Industries                   Fund based            ICRA B       59.4
Rating continues to remain under ‘(Issuer not cooperating)’ category
Kunj Bihari Textiles                    Bk loan Ratings       ICRA B-      100
(Issuer not cooperating)
Mangalam Pipes Pvt Ltd                  LT - Fund Based/ CC   ICRA BB-     44
Rating continues to remain under ‘(Issuer not cooperating)’ category
Mangalam Pipes Pvt Ltd                  LT - Fund Based TL    ICRA BB-     6.9
Rating continues to remain under ‘(Issuer not cooperating)’ category
Medreich Ltd                            LT – FB TL            [ICRA A+     1478.6  outstanding
Medreich Ltd                            LT/ST – Unallocated   [ICRA A+ /   71.4    outstanding
                                                              ICRA A1+
Namasthetu Infratech Pvt Ltd            Bk Fac                ICRA B/ICRA  160
                                                              A4
(Issuer not cooperating)
Narendra Emporis Ltd                    Fund Based- CC        ICRA B+      150
Rating continues to remain under ‘(Issuer not cooperating)’ category
Orient Constructions Pvt Ltd            FB- CC                ICRA BB+     30      Withdrawn
(Issuer not cooperating)
Orient Constructions Pvt Ltd            Unallocated Limit     ICRA BB+ /   50      Withdrawn
                                                              ICRA A4+
(Issuer not cooperating)
Orient Constructions Pvt Ltd            Non-Fund Based – BG   ICRA BB+ /   140     Withdrawn
                                                              ICRA A4+
(Issuer not cooperating)
Purbanchal Laminates Pvt Ltd            FB – Working Capital  ICRA BB-     77.5
                                        Limit
Rating continues to remain under ‘(Issuer not cooperating)’ category
Purbanchal Laminates Pvt Ltd            Fun-based – TL        ICRA BB-     35.1
Rating continues to remain under ‘(Issuer not cooperating)’ category
R Balarami Reddy And Company            Fund based- Over DraftICRA B+      60
Reason for delay in carrying out periodic review: Issuer delayed in giving information
R Balarami Reddy And Company            Unallocated Limits    ICRA B+      40
                                                              /ICRA A4
Reason for delay in carrying out periodic review: Issuer delayed in giving information
Ramee Hotels Pvt Ltd                    Bk Fac                ICRA         612.5
                                                              BB-/ICRA A4
(Issuer not cooperating)
Renjin Construction                     Bk Fac                ICRA         72.5
                                                              B+/ICRA A4
(Issuer not cooperating)
Repro Books Ltd                         LT/ ST Non-Fund Based ICRA         100     Upgraded
                                        Working Capital Fac   BBB+(SO) /           from ICRA
                                                              ICRA A2(SO)          BBB(SO)/ ICRA
A3+(SO)
Repro Books Ltd                         LT/ ST                ICRA         -       Upgraded
                                        Interchangeable       BBB+(SO) /           from ICRA
                                                              ICRA A2(SO)          BBB(SO)/ ICRA
A3+(SO)
Repro India Ltd                         TL                    ICRA BBB+    410     Upgraded
                                                                                   from ICRA BBB
Repro India Ltd                         LT/ ST FBL            ICRA BBB+ /  830     Upgraded
                                                              ICRA A2              from ICRA
                                                                                   BBB /ICRA A3+
Riona Laminate Pvt. Ltd.                Fund based – TL       ICRA B+      35
Rating continues to remain under ‘(Issuer not cooperating)’ category
Riona Laminate Pvt. Ltd.                Fund based – CC       ICRA B+      30
Rating continues to remain in the ‘(Issuer not cooperating)’ category
Royalica Tiles                          Proposed Unallocated  ICRA B /A4   70.7
                                        Limits
Rating continues to remain in the ‘(Issuer not cooperating)’ category
S & Ib Services Pvt Ltd                 FB – CC               ICRA A-      170     Upgraded
                                                                                   from ICRA
                                                                                   BBB+
S & Ib Services Pvt Ltd                 FB – TL               ICRA A-      96      Upgraded
                                                                                   from ICRA
                                                                                   BBB+
S & Ib Services Pvt Ltd                 Unallocated Limit     ICRA A-      34      Upgraded
                                                              /ICRA A2+            from ICRA
                                                                                   BBB+ /
                                                                                   Reaffirmed
Sasan Power Ltd                         FB Working Capital    ICRA BB+     5675    Revised from
                                        Limits                                     ICRA BBB
Sasan Power Ltd                         TL#                   ICRA BB+     192820  Revised from
                                                                                   ICRA BBB
# including letter of credit/ buyer’s credit / LUT/LOC as sub limit of term loan facility and
Long Term LER Limits
Sasan Power Ltd                         Non-FBL (LOC as a     ICRA BB+     -       Revised from
                                        sub-limit of the TL                        ICRA BBB
                                        facility)
Sasan Power Ltd                         Non-FBL               ICRA         3000    Revised
                                        (interchangeable      BB+/ICRA A4          from
                                        between LT and ST scale)                   ICRA
                                                                                   BBB/ICRA A2  
                                                                                                
                                   
Shree Jagannath Expressways             Fund based-TL         ICRA A-      11100
Pvt Ltd
Reason for delay in carrying out periodic review: Review process is underway
Sri V.N.S. Spinning Mills               LT - Fund Based/ CC   ICRA B-      70
India Pvt Ltd
Reason for delay in carrying out periodic review: (Issuer not cooperating)
Sri V.N.S. Spinning Mills               LT - Fund Based TL    ICRA B-      76.1
India Pvt Ltd
Reason for delay in carrying out periodic review: (Issuer not cooperating)
Sri V.N.S. Spinning Mills               LT - Unallocated      ICRA B-      93.8
India Pvt Ltd
Reason for delay in carrying out periodic review: (Issuer not cooperating)
St. Johns Orthodox Church               Bk loan Ratings       ICRA BB-     100
Society (Regd.)
Reason for delay in carrying out periodic review: Review Process Underway
Suryalakshmi Cotton Mills Ltd           TL                    ICRA BB+@    1176.9  Downgraded
                                                                                   from ICRA
                                                                                   BBB-@
Suryalakshmi Cotton Mills Ltd           LT FB Limits          ICRA BB+@    1670    Downgraded
                                                                                   from ICRA
                                                                                   BBB-@
Suryalakshmi Cotton Mills Ltd           LT/ST Unallocated     ICRA         441.8   Downgraded
                                        Limits                BB+@/A4+@            from ICRA
                                                                                   BBB-/@/ICRA
                                                                                   A3@
Variety Lumbers Pvt Ltd                 FB CC                 ICRA B-      20      Upgraded
                                                                                   from ICRA C
Webfil Ltd                              Bk Fac                ICRA         136.8
                                                              C+/ICRA A4
(Issuer not cooperating)
Yogi Construction Co.                   CC                    ICRA BB      40
(Issuer not cooperating)
--------------------------------------------------------------------------------------------
$: 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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