December 30, 2019 / 6:56 AM / 21 days ago

RPT-ICRA ratings for Indian debt instruments-Dec 30

 (Repeating to add more ratings.)
    Dec 30 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of December 27, 2019.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Avid Apparel Industries                 ST – Fund Based       ICRA A4      163     Reaffirmed
Avid Apparel Industries                 ST – Non-Fund Based   ICRA A4      15      Reaffirmed
Green Polytubes Pvt Ltd                 Non-Fund based – BG   ICRA A4      4
Rating continues to remain under ‘Issuer Not Cooperating’ category Rating Action
Kamadgiri Fashion Ltd                   Non-fund based – LOC  ICRA A3+     90      Reaffirmed
Luxmi Tea Company Pvt Ltd               FB – ST loan          ICRA A2      -
Downgraded from ICRA A2+
Mahindra Logistics Ltd                  ST, Non-FB Fac        ICRA A1+     150     Reaffirmed
Malhati Tea & Industries Ltd            Non-Fund based        ICRA A4      1.5
                                        Working Capital
Rating continues to remain under the ‘Issuer Not Cooperating’ category
M/S. Ardhendu Mondal                    Fund based – CC       ICRA D       55
Rating downgraded from ICRA B+ (Stable) and Continues to remain under ‘Issuer Not Cooperating’
category.
M/S. Ardhendu Mondal                    Unallocated Limit     ICRA D       24.8
Rating downgraded from ICRA B+ (Stable) and Continues to remain under ‘Issuer Not Cooperating’
category.
M/S. Ardhendu Mondal                    Non-Fund based – BG   ICRA D       20.2
Rating downgraded from ICRA A4 and Continues to remain under ‘Issuer Not Cooperating’ category.
Munjal Kiriu Industries Pvt Ltd         ST Interchangeable    ICRA A1      -       Reaffirmed
                                        Limits**
**Sub-limits of cash credit facility
Munjal Kiriu Industries Pvt Ltd         ST NFBL               ICRA A1      52.5    Reaffirmed
N.A. Construction Pvt. Ltd.             Non-FBL               ICRA A3      815     Reaffirmed
Neo Metaliks Ltd                        Non-FBL               ICRA A2+     1632    Assigned
Suryalakshmi Cotton Mills Ltd           ST FB Limits          ICRA A4+@    180
@ratings placed on watch with negative implications
Suryalakshmi Cotton Mills Ltd           ST Non-FB Limits      ICRA A4+@    708.8
@ratings placed on watch with negative implications
Cairo International                     ST Non fund based     ICRA A4      7.5     -
Reason for delay in carrying out periodic review: Issuer Non-Cooperating on information
Iifl Insurance Brokers Ltd              CP programme          ICRA A1+     1000    -
Reason for delay in carrying out periodic review:Review process is underway
Iifl Management Services Ltd            CP programme          ICRA A1+     2000    -
Reason for delay in carrying out periodic review:Review process is underway
Iifl Securities Ltd                     CP programme          ICRA A1+     10000   -
Reason for delay in carrying out periodic review:Review process is underway
Iifl Securities Ltd                     ST Bk Lines           ICRA A1+     6500    -
Reason for delay in carrying out periodic review:Review process is underway
Transworld Terminals Pvt Ltd            Non-FBL               ICRA A2+     150     -
Reason for delay in carrying out periodic review: Issuer delaying in providing information

LONG TERM RATINGS:
-------------------
Banox Exim Pvt Ltd                      FB Limits             ICRA BBB     100     Reaffirmed
                                                              (Stable)
Banox Exim Pvt Ltd                      Unallocated Limits    ICRA BBB     18.3    Reaffirmed
                                                              (Stable)
Clix Capital Services Pvt Ltd           PTC Series A1         Provisional  393.4   Assigned
                                                              ICRA AA (SO)
Clix Capital Services Pvt Ltd           PTC Series A1         Provisional  393.4   Assigned
                                                              ICRA AA (SO)
Ganapati Motors                         FB – CC               ICRA D       75
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Ganapati Motors                         Fund based Dealer     ICRA D       210
                                        Financing Scheme
Rating continues to remain under the ‘Issuer Not Cooperating’ category Rating Action
Gautam Industrial Corporation           LT, FBL               ICRA B+      50
Pvt. Ltd.                                                     (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Green Polytubes Pvt Ltd                 FB-TL                 ICRA B       18
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Green Polytubes Pvt Ltd                 FB-CC                 ICRA B       40
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Green Polytubes Pvt Ltd                 Fund based – Standby  ICRA B       6
                                        Line of Credit        (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Gvr Seafoods                            Proposed limits –     ICRA BB-     70      Assigned
                                        LT/ST                 (Stable)/
                                                              ICRA A4
Higher Education Financing              Issuer Rating         ICRA AA-     -       Reaffirmed
Agency                                                        (Stable) /
Indospace Industrial Park               LT – Fund Based       ICRA BBB     450     Assigned
Panruti Pvt Ltd                                               (Stable)
Juniper Green Energy Pvt Ltd            Non-FBL               ICRA BBB     1500    Assigned
                                                              (Stable)/
                                                              ICRA A3+
Kamadgiri Fashion Ltd                   FB – CC               ICRA BBB     500     Reaffirmed
outlook revised from Stable to Negative
Kamadgiri Fashion Ltd                   FB – TL               ICRA BBB     65.1    Reaffirmed
outlook revised from Stable to Negative
Kamadgiri Fashion Ltd                   Unallocated limit     ICRA BBB/    34.9    Reaffirmed
                                                              ICRA A3+
outlook revised from Stable to Negative
L&T Shipbuilding Ltd                    Rating Without        ICRA A+      -
                                        Explicit Credit
                                        Enhancement
L&T Shipbuilding Ltd                    NCD (NCD) Programme   ICRA AAA     13310   Reaffirmed
                                                              (CE)
                                                              (Stable)
Lakshmidurga Textiles Pvt Ltd           Fund based – CC       ICRA B+      -
                                                              (Stable)
Reaffirmed and removed from issuer not cooperating category
Luxmi Tea Company Pvt Ltd               FB – TL               ICRA BBB+    980
                                                              (Stable)
Downgraded from ICRA A- (Negative)
Luxmi Tea Company Pvt Ltd               FB – CC               ICRA BBB+    392.5
                                                              (Stable)
Downgraded from ICRA A- (Negative)
Luxmi Tea Company Pvt Ltd               Unallocated           ICRA BBB+    2.5
                                                              (Stable)/
                                                              ICRA A2
Downgraded from ICRA A- (Negative)/ ICRA A2+
Mahindra Logistics Ltd                  LT, FB Fac            ICRA AA      500     Reaffirmed
                                                              (Stable)
Malhati Tea & Industries Ltd            FB – TL               ICRA B-      8.9
                                                              (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Malhati Tea & Industries Ltd            Fund based –          ICRA B-      64.6
                                        Unallocated           (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Malhati Tea & Industries Ltd            Fund based Working    ICRA B-      25
                                        Capital               (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Mantra Packaging Pvt Ltd                LT, FBL               ICRA B       50
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Multiplier Brand Solutions              LT – FB CC            ICRA BB+     250     Assigned
Pvt. Ltd.                                                     (Stable)
Munjal Kiriu Industries Pvt Ltd         TL                    ICRA A+      980     Reaffirmed
                                                              (Stable)
Munjal Kiriu Industries Pvt Ltd         LT Fund Based         ICRA A+      600     Reaffirmed
                                                              (Stable)
N.A. Construction Pvt. Ltd.             FBL                   ICRA BBB-    142.5   Reaffirmed
                                                              (Stable)
N.A. Construction Pvt. Ltd.             Unallocated Limits    ICRA BBB-    76.2    Reaffirmed
                                                              (Stable) /
                                                              ICRA A3
Neo Metaliks Ltd                        Fund Based – TL       ICRA A-      130     Assigned
                                                              (Stable)
Neo Metaliks Ltd                        Fund Based – Working  ICRA A-      735     Assigned
                                        Capital Fac           (Stable)
Rlj Multigrain Pvt Ltd                  FB-CC                 ICRA B       65
                                                              (stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Rlj Multigrain Pvt Ltd                  FB-TL                 ICRA B       55
                                                              (stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Sagar Grandhi Aqua Farms                Proposed limits –     ICRA BB-     70      Assigned
                                        LT/ST                 (Stable)/
                                                              ICRA A4
Shilpi Cable Technologies Ltd           NCD (NCD) programme   ICRA D       270
Rating continues to remain in the ‘Issuer Not Cooperating’ category and under review due to non-
confirmation on ISIN status
Sunborne Energy Gujarat One             Fund based- TL Amount ICRA A-      1280
Pvt Ltd                                                       (stable)
Suryalakshmi Cotton Mills Ltd           TL                    ICRA BB+@    1176.9
@ratings placed on watch with negative implications
Suryalakshmi Cotton Mills Ltd           LT FB Limits          ICRA BB+@    1670
@ratings placed on watch with negative implications
Suryalakshmi Cotton Mills Ltd           LT/ST Unallocated     ICRA BB+@/   441.8
                                        Limits                A4+@
@ratings placed on watch with negative implications
The Poona District Police               Fund Based - CC       ICRA BB+     -       Withdrawn
Co-Operative Credit Society Ltd                               (negative)
Trident Sugars Ltd                      CC                    ICRA C       280
Continues to remain under the ‘Issuer Not Cooperating’ category
Trident Sugars Ltd                      TL                    ICRA C       139.5
Continues to remain under the ‘Issuer Not Cooperating’ category
Zensar Technologies Ltd                 LT - Non-fund based   ICRA AA+     140     Reaffirmed
                                                              (Stable)
Zensar Technologies Ltd                 LT/ST -               ICRA AA+     1770    Reaffirmed
                                        Fund based/Non-fund   (Stable)/
                                        based                 ICRA A1+
24/7 Customer Pvt Ltd                   LT Non-Fund Based     ICRA A-      900     -
                                                              (Stable)
Reason for delay in carrying out periodic review: Issuer delayed in giving information.
Aryan Construction & Associates         Fund based/CC         ICRA BB-     50      -
                                                              (Stable)
Reason for delay in carrying out periodic review:Issuer Not Cooperating category
Aryan Construction & Associates         Non-Fund based/BG     ICRA BB-     300     -
                                                              (Stable)
Reason for delay in carrying out periodic review:Issuer Not Cooperating category
Cairo International                     LT Fund based         ICRA B       126.1   -
Reason for delay in carrying out periodic review: Issuer Non-Cooperating on information
Cairo International                     LT/ ST FB             ICRA B /     150     -
                                                              ICRA A4
Reason for delay in carrying out periodic review: Issuer Non-Cooperating on information
Credible Engineering                    Bk loan Ratings       ICRA BB+     1000    -
Construction Projects Ltd                                     (Stable)/A4+
Reason for delay in carrying out periodic review:Issuer Not Cooperating category
D Nitin & Company Pvt Ltd               Bk loans              ICRA BBB-    1000    -
                                                              (Stable)
Reason for delay in carrying out periodic review – Review process is underway.
Iifl Securities Ltd                     LT – Equity linked    PP-MLDICRA   1000    -
                                        debenture programme   AA (stable)
Reason for delay in carrying out periodic review:Review process is underway
Orix Packaging Pvt Ltd                  FB – TL               ICRA B+      48.5    -
                                                              (Stable)
Reason for delay in carrying out periodic review:Issuer Not Cooperating category
Orix Packaging Pvt Ltd                  FB – CC               ICRA B+      15      -
                                                              (Stable)
Reason for delay in carrying out periodic review:Issuer Not Cooperating category
Pragati Engineering Belgaum             FB - Working Capital  ICRA B       30      -
Pvt Ltd                                 Fac                   (Stable)
Reason for delay in carrying out periodic review:Review process is underway
Pragati Engineering Belgaum             FB – TL               ICRA B       42.8    -
Pvt Ltd                                                       (Stable)
Reason for delay in carrying out periodic review:Review process is underway
Pragati Engineering Belgaum             LT, Unallocated       ICRA B       27.2    -
Pvt Ltd                                                       (Stable)
Reason for delay in carrying out periodic review:Review process is underway
Purva Metal Sections Pvt Ltd            LT- FB Fac            ICRA BBB-    280     -
                                                              (Stable)
Reason for delay in carrying out periodic review:Issuer Not Cooperating category
Rahul Silk Mills Pvt. Ltd.              FB - TL               ICRA BB      90      -
                                                              (Stable)
Reason for delay in carrying out periodic review:Review process is underway
Rahul Silk Mills Pvt. Ltd.              FB - Working Capital  ICRA BB      10      -
                                        Fac                   (Stable)
Reason for delay in carrying out periodic review:Review process is underway
Renaissance Holdings &                  LT - TL               ICRA BB+     349     -
Developers (P) Ltd                                            (Stable)
Reason for delay in carrying out periodic review:Review process is underway
Shiva Ferric Pvt Ltd                    LT- FB Fac            ICRA BBB-    350     -
                                                              (Stable)
Reason for delay in carrying out periodic review:Issuer Not Cooperating category
Shrinivasa Cattle Feeds Pvt Ltd         FB - Working Capital  ICRA BB-     270     -
                                        Fac                   (Stable)
Reason for delay in carrying out periodic review:Issuer Not Cooperating category
Shrinivasa Cattle Feeds Pvt Ltd         Unallocated           ICRA BB-     10      -
                                                              (Stable)
Reason for delay in carrying out periodic review:Issuer Not Cooperating category
Sms Integrated Facility                 LT Fundbased CC       ICRA BB-     300     -
Services Pvt Ltd                                              (Stable)
Reason for delay in carrying out periodic review:Issuer delaying in giving information
Transworld Terminals Pvt Ltd            TL                    ICRA A-      500     -
                                                              (Stable)
Reason for delay in carrying out periodic review: Issuer delaying in providing information
Varsha Multitech                        LT- FB Fac            ICRA BBB-    700     -
                                                              (Stable)
Reason for delay in carrying out periodic review:Review process is underway
--------------------------------------------------------------------------------------------
$: 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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