November 22, 2019 / 11:08 AM / in 3 months

ICRA ratings for Indian debt instruments-Nov 22

    Nov 22 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of November 21, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Dr. D. Y. Patil Vidyapeeth              ST non-FBL            ICRA A2      140     Reaffirmed
Society
Esquire Machines Pvt Ltd                Non-fundbased Limits  ICRA A4      10      Reaffirmed
Kanaiya Exports Pvt Ltd                 Packing Credit        ICRA A4      100     Reaffirmed
Ksb Ltd                                 ST – FB               ICRA A1+     3600    Reaffirmed
Ksb Ltd                                 ST – Non-fund based   ICRA A1+     12650   Reaffirmed
Micromatic Grinding                     BG                    ICRA A3+     145     Upgraded
Technologies Ltd                                                                   from ICRA A3
Micromatic Grinding                     Foreign LOC           ICRA A3+     25      Upgraded
Technologies Ltd                                                                   from ICRA A3
Olectra Greentech Ltd                   ST-Fund Based         ICRA A2      20      Assigned
Olectra Greentech Ltd                   ST – Non Fund Based   ICRA A2      63      Assigned
Panasian Impex Pvt Ltd                  ST – FB Limit         ICRA A4      494     Reaffirmed
Powergrid Vizag Transmission            NCD                   ICRA         5000    Reaffirmed
Ltd                                                           AAA(Stable)
                                                              1
1 The rating was earlier ICRA AAA(SO)(Stable) as the rating was based on guarantee from Power
Grid Corporation of India Limited. The SO has been removed as the rating approach has been
changed to consolidated financial profile of Power Grid Corporation of India Limited
Shakumbhari Expo-Impo Ltd               ST - FB limits        ICRA A4      175     Reaffirmed
Sharman Woollen Mills Ltd               ST - Non-FBL          ICRA A3      30      Revised from
                                                                                   ICRA A4+
Sharman Woollen Mills Ltd               ST - Interchangeable  ICRA A3      -       Revised from
                                        limit^                                     ICRA A4+
^Sublimit of cash credit and letter of credit
Shree Tirupati Balajee Agro             ST—Non FB             ICRA A3+     240     Reaffirmed
Trading Co. Pvt. Ltd
Shyam Industries                        Non-fund Based - LOC# ICRA A4+     -       Reaffirmed
#Sublimit of PCH
Shyam Industries                        Non-fund Based -      ICRA A4+     20      Reaffirmed
                                        Forward Cover Exposure
The Calcutta Medical Research           Non FB Limits – LOC/  ICRA A1      -       Reaffirmed
Institute                               BG*
(Removed from the ‘Issuer Not Cooperating’ category)/* Sublimit of the cash credit limit
The Calcutta Medical Research           Non FB Limits – BG    ICRA A1      50      Reaffirmed
Institute
(Removed from the ‘Issuer Not Cooperating’ category)
Panasian Impex Pvt Ltd                  ST – Non-FBL          -            -
Panasian Impex Pvt Ltd                  ST – Unallocated      -            -
                                        Limits


LONG TERM RATINGS:
-------------------
A.S. Moloobhoy Pvt Ltd                  Bk Loan Ratings       ICRA         180     -
                                                              BB(Stable)
                                                              / A4+
(Reason for delay in carrying out periodic review –Issuer Not Cooperating)
Ashiana Dwellings Pvt Ltd               FB – TL               ICRA B-      400     -
                                                              (Stable)
(Continues to remain under non-cooperation)
Ashiana Dwellings Pvt Ltd               Non-fund based – BG   ICRA B-      100     -
                                                              (Stable)
(Continues to remain under non-cooperation)
Ashiana Dwellings Pvt Ltd               Optionally            ICRA B-      648.1   -
                                        Convertible Debenture (Stable)
(Continues to remain under non-cooperation)
Au Small Finance Bank Ltd -             PTC Series A          ICRA AAA(SO) 1251.9  Withdrawn
India Standard Loan Trust Xxx
Au Small Finance Bank Ltd -             Liquidity Facility    ICRA AAA(SO) 12.5    Withdrawn
India Standard Loan Trust Xxx
Au Small Finance Bank Ltd -             Second Loss Facility  ICRA BBB(SO) 81.4    Withdrawn
India Standard Loan Trust Xxx
Bvsr Constructions Pvt Ltd              Bk Loan Rating        ICRA A-      3140    -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Creditaccess Grameen Ltd -              PTC Series A          ICRA AA(SO)  680     Withdrawn
Northern Arc 2018 Mfi Jorah
Dr. D. Y. Patil Vidyapeeth              LT loans              ICRA BBB+    40      Reaffirmed
Society                                                       (Stable)
Dr. D. Y. Patil Vidyapeeth              LT FB limits          ICRA BBB+    390     Reaffirmed
Society                                                       (Stable)
Esquire Machines Pvt Ltd                FB Limits             ICRA B+      80      Reaffirmed
                                                              (Stable)
Esquire Machines Pvt Ltd                Unallocated Limits    ICRA B+      10      Reaffirmed
                                                              (Stable) /
                                                              A4
Fincare Small Finance Bank Ltd          PTC Series A1         ICRA A(SO)   444.9   Withdrawn
- Degea March 2018
Fincare Small Finance Bank Ltd          PTC Series A1         ICRA A(SO)   1049.7  Withdrawn
- Juan Feb 2018
Gv Road Projects Pvt Ltd                Bk Loan Rating        ICRA A-      2770    -
                                                              (CE)
                                                              (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Icon Hospitality Pvt Ltd                TL                    ICRA BBB     200     -
                                                              (CE)/Stable
(Reason for delay in carrying out periodic review: Review process is underway)
Kanaiya Exports Pvt Ltd                 CC                    ICRA B+      30      Reaffirmed
                                                              (Stable)
Kanaiya Exports Pvt Ltd                 Stand by Limit        ICRA B+      20      Reaffirmed
                                                              (Stable)
Krishna Ishizaki Auto Ltd               LT/ST FB/Non-FB Fac   ICRA AA-     210     Reaffirmed
                                                              (Stable)/
                                                              A1+
Krishna Maruti Ltd                      LT/ST – Fund          ICRA AA-     900     Reaffirmed
                                        based/Non-fund based**(Positive)
                                                              / A1+
** Fund-based and Non-fund-based limits are interchangeable
Ksb Ltd                                 LT – FB               ICRA AA+     500     Reaffirmed
                                                              (stable)
Ksb Ltd                                 LT/ST- Unallocated    ICRA         8250    Reaffirmed
                                                              AA+(stable)
                                                              / A1+
Lentra Ai Pvt Ltd                       LT – Compulsorily     Provisional  70      Assigned
                                        Convertible Debenture ICRA
                                                              BB-(Stable)
Micromatic Grinding                     CC                    ICRA BBB     70      Upgraded
Technologies Ltd                                              (Stable)             from ICRA
                                                                                   BBB- (Stable)
Olectra Greentech Ltd                   LT – Fund Based/CC    ICRA BBB+    400     Outstanding
                                                              (Positive)           & Assigned
Olectra Greentech Ltd                   LT/ST – Non Fund basedICRA BBB+    1731.6  Outstanding
                                                              (Positive)           & Assigned
                                                              / A2
Olectra Greentech Ltd                   LT/ST - Unallocated   ICRA BBB+    790.4   Outstanding
                                                              (Positive)           & Assigned
                                                              / A2
Osia Gems Pvt Ltd                       Bk loans              ICRA         550     -
                                                              BB(Stable)
                                                              / A4+
(Reason for delay in carrying out periodic review –Issuer Not Cooperating)
Pahal Financial Services Pvt.           PTC Series A2         Provisional  8.6     Assigned
Ltd - Northern Arc 2019 Mfi                                   ICRA A-(SO)
Sachs
Pahal Financial Services Pvt.           PTC Series A1         Provisional  120     Assigned
Ltd - Northern Arc 2019 Mfi                                   ICRA A+(SO)
Sachs
Panasian Impex Pvt Ltd                  FB – Unallocated      ICRA B+      1       Reaffirmed
                                        Limits                (Stable)
Reliance Home Finance Ltd -             PTC Series A1         ICRA         -       Withdrawn
Indian Receivable Trust 5                                     AAA(SO)&
Royal Orchid Hotels Ltd                 TL                    ICRA         460     -
                                                              BBB(Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Sambhav Shelters                        LT –Fund based/ CC    ICRA         300     -
                                                              B+(Stable)
(Rating moved to the ‘Issuer Not Cooperating’ category)
Saurat Auto Tech Pvt Ltd                Bk Fac                ICRA BB-     85      -
                                                              (Stable)
(Reason for delay in carrying out periodic review –Issuer Not Cooperating)
Sharman Woollen Mills Ltd               LT - FB limits        ICRA         200     Revised from
                                                              BBB-(Stable)         ICRA
                                                                                   BB+(Stable)
Sharman Woollen Mills Ltd               LT - TL               ICRA         3.6     Revised from
                                                              BBB-(Stable)         ICRA
                                                                                   BB+(Stable)
Shree Tirupati Balajee Agro             LT—FB                 ICRA         859.3   Reaffirmed
Trading Co. Pvt. Ltd                                          BBB(Stable)
Shree Tirupati Balajee Agro             Unallocated Limits    ICRA         8.3     Reaffirmed
Trading Co. Pvt. Ltd                                          BBB(Stable)
Shree Tirupati Balajee Fibc Ltd         FB limits             ICRA BBB     316.2   Reaffirmed
                                                              (Stable)
Shree Tirupati Balajee Fibc Ltd         Non-FBL               ICRA BBB     43.8    Reaffirmed
                                                              (Stable) /
                                                              A3+
Shyam Industries                        FB - Working Capital  ICRA         270     Reaffirmed
                                        Limits^               BB+(Stable)
                                                              / A4+
^ PCH/PCFC/FBP/FBD/REBA
Shyam Industries                        FB - Standby Limit    ICRA         54      Reaffirmed
                                                              BB+(Stable)
                                                              / A4+
Sowbhagya Biotech Pvt Ltd               Fund Based – TL       ICRA B+      18.7    -
(Rating continuous to remain under ‘Issuer Not Cooperating’ category)
Sowbhagya Biotech Pvt Ltd               LT Unallocated        ICRA B+      1.8     -
(Rating continuous to remain under ‘Issuer Not Cooperating’ category)
Sowbhagya Biotech Pvt Ltd               Fund Based – CC       ICRA D       79.5    -
(Rating continuous to remain under ‘Issuer Not Cooperating’ category)
Sri Toorsa Plantations Pvt Ltd          Bk Fac                ICRA B-      86.2    -
                                                              (Stable) /
                                                              A4
(Reason for delay in carrying out periodic review: - Review process is underway)
Svasti Microfinance Pvt Ltd -           PTC Series A1         ICRA A(SO)   -       Withdrawn
Northern Arc 2018 Mfi Utthan
Svasti Microfinance Pvt Ltd -           PTC Series A2         ICRA         -       Withdrawn
Northern Arc 2018 Mfi Utthan                                  BBB+(SO)
The Calcutta Medical Research           FB Limits – TL        ICRA A+      208.8   Reaffirmed
Institute                                                     (Stable)
(Removed from the ‘Issuer Not Cooperating’ category)
The Calcutta Medical Research           FB Limits – CC        ICRA A+      250     Reaffirmed
Institute                                                     (Stable)
(Removed from the ‘Issuer Not Cooperating’ category)
The Calcutta Medical Research           Untied Limits         ICRA A+      491.2   Reaffirmed
Institute                                                     (Stable) /
                                                              A1
(Removed from the ‘Issuer Not Cooperating’ category)
Thirumeni Finance Pvt Ltd -             PTC Series A2         ICRA A+(SO)  20.9    Upgraded
Leto Sbl Ifmr Capital 2017                                                         from ICRA
                                                                                   BBB+(SO)
Ur Realtors Pvt Ltd                     Bk Facility           ICRA BBB     100     -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Windsor Industries Pvt Ltd              LT- FBL               ICRA BBB     99      -
                                                              (Stable)
(Rating outlook revised from Positive and 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@thomsonreuters.com)
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