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Company News

RPT-ICRA ratings for Indian debt instruments-Feb 18

 (Repeating to add more ratings.)
    Feb 18 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of February 17, 2020.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Abis Exports (India) Pvt Ltd            Non- FBL              ICRA A1+     750     Reaffirmed
Abis Exports (India) Pvt Ltd            Interchangeable- Fund ICRA A1+     -       Reaffirmed
                                        based/ Non- fundbased
                                        Fac^
^sub- limit of Cash Credit, non-fund based facility and term loan
Abis Exports (India) Pvt Ltd            Proposed CP programme ICRA A1+     1000    Reaffirmed
                                        #
# The rating of the aforementioned instrument is based on the condition that total short-term
borrowings (including commercial paper, short-term debt and bank borrowings) of the company at
any given point of time should not exceed the company’s drawing power or the bank sanctioned
fund-based limits (whichever is lower).
Abis Sampoorna Llp                      Non- fund Based –     ICRA A2+     -
                                        BG**                  (CE)^
Upgraded from ICRA A3; **sub-limit of Cash Credit; ^Note: The (CE) suffix mentioned alongside
the rating symbol indicates that the rated instrument/facility is backed by some form of
explicit credit enhancement. This rating is specific to the rated instrument/facility, its terms
and its structure and does not represent ICRA’s opinion on the general credit quality of the
entity concerned. The last row in the table above also captures ICRA’s opinion on the rating
without factoring in the explicit credit enhancement
Bharat Electronics Ltd                  Non- FBL              ICRA A1+     35000   Reaffirmed
Bharat Electronics Ltd                  CP                    ICRA A1+     50      Reaffirmed
Indian Agro And Food                    Interchangeable- Non- ICRA A1+     -       Reaffirmed
Industries Ltd                          FBL^
^sub-limit of Cash Credit and term loan
Indian Agro And Food                    CP Programme #        ICRA A1+     500     Withdrawn
Industries Ltd
Indotech Transformers Ltd               Short - term - Non-   ICRA A4+     740     Unchanged
                                        fund based
Indotech Transformers Ltd               ST – Interchangeable  ICRA A4+     120     Unchanged
Jagdamba Oil & General Mills            ST/ Warehousing loan  ICRA A4      30
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Kh Exports India Pvt Ltd                LOC                   ICRA A1+     650     Upgraded
                                                                                   from ICRA A1
Kh Exports India Pvt Ltd                Credit Exposure Limit ICRA A1+     100     Upgraded
                                        (Forward Contracts)                        from ICRA A1
Kh Exports India Pvt Ltd                BG^                   ICRA A1+     -       Upgraded
                                                                                   from ICRA A1
^Sub-limit under Letter of Credit
Kh Exports India Pvt Ltd                ST unallocated        ICRA A1+     939     Upgraded
Koneru Constructions Pvt Ltd            ST - Non Fund Based   ICRA A4      75
Rating Continues to remain under Issuer Not Cooperating category
Marks Engineering Works                 ST- Fund Based        ICRA A4+     96.5
Downgraded from ICRA A3 and continues to remain under ‘Issuer Not Cooperating’ category
National Payments Corporation           Bk Lines programme    ICRA A1+     80000
Of India
Assigned/ outstanding
Rpl Projects Ltd                        ST/Non- Fund Based/ BGICRA A4      100
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Schwing Stetter India Pvt Ltd           CP                    ICRA A2+     1500
Downgraded from ICRA A1

LONG TERM RATINGS:
-------------------
Abis Exports (India) Pvt Ltd            FB- TL                ICRA A+      3822.7  Reaffirmed
                                                              (Stable)
Abis Exports (India) Pvt Ltd            FB- CC                ICRA A+      4000    Reaffirmed
                                                              (Stable)
Abis Exports (India) Pvt Ltd            Interchangeable- FB   ICRA A+      -       Reaffirmed
                                        Fac^                  (Stable)
^sub- limit of Cash Credit, non-fund based facility and term loan
Abis Sampoorna Llp                      Unallocated Limit     ICRA A-      50
                                                              (CE)
                                                              (Stable)/ ICRA A2+ (CE)^
Upgraded from ICRA BBB- (Stable)/ ICRA A3; ^Note: The (CE) suffix mentioned alongside the rating
symbol indicates that the rated instrument/facility is backed by some form of explicit credit
enhancement. This rating is specific to the rated instrument/facility, its terms and its
structure and does not represent ICRA’s opinion on the general credit quality of the entity
concerned. The last row in the table above also captures ICRA’s opinion on the rating without
factoring in the explicit credit enhancement
Abis Sampoorna Llp                      FB- TL                ICRA A-      600
                                                              (CE)
                                                              (Stable)^
Upgraded from ICRA BBB- (Stable); ^Note: The (CE) suffix mentioned alongside the rating symbol
indicates that the rated instrument/facility is backed by some form of explicit credit
enhancement. This rating is specific to the rated instrument/facility, its terms and its
structure and does not represent ICRA’s opinion on the general credit quality of the entity
concerned. The last row in the table above also captures ICRA’s opinion on the rating without
factoring in the explicit credit enhancement
Abis Sampoorna Llp                      FB – CC               ICRA A-      150
                                                              (CE)
                                                              (Stable)^
Upgraded from ICRA BBB- (Stable); ^Note: The (CE) suffix mentioned alongside the rating symbol
indicates that the rated instrument/facility is backed by some form of explicit credit
enhancement. This rating is specific to the rated instrument/facility, its terms and its
structure and does not represent ICRA’s opinion on the general credit quality of the entity
concerned. The last row in the table above also captures ICRA’s opinion on the rating without
factoring in the explicit credit enhancement
Abis Sampoorna Llp                      FB – Working Capital  ICRA A-      -
                                        Demand Loan **        (CE)
                                                              (Stable)^
Upgraded from ICRA BBB- (Stable); **sub-limit of Cash Credit; ^Note: The (CE) suffix mentioned
alongside the rating symbol indicates that the rated instrument/facility is backed by some form
of explicit credit enhancement. This rating is specific to the rated instrument/facility, its
terms and its structure and does not represent ICRA’s opinion on the general credit quality of
the entity concerned. The last row in the table above also captures ICRA’s opinion on the rating
without factoring in the explicit credit enhancement
Abis Sampoorna Llp                      FB – Overdraft **     ICRA A-      -
                                                              (CE)
                                                              (Stable)^
Upgraded from ICRA BBB- (Stable); **sub-limit of Cash Credit; ^Note: The (CE) suffix mentioned
alongside the rating symbol indicates that the rated instrument/facility is backed by some form
of explicit credit enhancement. This rating is specific to the rated instrument/facility, its
terms and its structure and does not represent ICRA’s opinion on the general credit quality of
the entity concerned. The last row in the table above also captures ICRA’s opinion on the rating
without factoring in the explicit credit enhancement
Abis Sampoorna Llp                      Rating Without        ICRA BB/     -
                                        Explicit Credit       ICRA A4
                                        Enhancement
Al - Ayaan Foods Pvt Ltd                LT Fund based/ CC     ICRA D       100
Rating continues to remain under ‘Issuer Not Cooperating’ category
Al - Ayaan Foods Pvt Ltd                Unallocated           ICRA D       200
Rating continues to remain under ‘Issuer Not Cooperating’ category
Ashish Builders And Developers          LT/ Fund based/TL     ICRA B+      113.5
                                                              (Stable)
Issuer Not Cooperating
Aveena Milk Products                    LT Fund Based         ICRA B+      50
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Bharat Electronics Ltd                  FB limits             ICRA AAA     5000    Reaffirmed
                                                              (Stable)
Bharat Electronics Ltd                  LT - Unallocated TL   ICRA AAA     2000    Reaffirmed
                                                              (Stable)
Bharat Electronics Ltd                  TL                    ICRA AAA     1000    Reaffirmed
                                                              (Stable)
Butterfly Gandhimathi                   Non- FBL- LOC         ICRA D       50
Appliances Ltd
Downgraded from ICRA A4
Capital India Home Loans Ltd            Issuer rating         ICRA BBB     -       Assigned
                                                              (Stable)
Deveuro Paper Products Llp              Rating                ICRA D       -       -
removed its earlier rating of ICRA D from the ‘ISSUER NOT COOPERATING’ category as the company
has now submitted its ‘No Default Statement’
Deveuro Paper Products Llp              Rating                ICRA D       -       -
removed its earlier rating of ICRA D from the ‘ISSUER NOT COOPERATING’ category as the company
has now submitted its ‘No Default Statement’
Indiabulls Real Estate Company          NCD                   ICRA A-      7250
Pvt Ltd                                                       (Stable)
provisional confirmed as final
Indiabulls Real Estate Company          LT - Fund Based TL    ICRA A-      24310   outstanding
Pvt Ltd                                                       (Stable)
Indiabulls Real Estate Company          LT – Non- fund based  ICRA A-      140     outstanding
Pvt Ltd                                                       (Stable)
Indian Agro And Food                    FB- TL                ICRA A+      1224.8  Reaffirmed
Industries Ltd                                                (Stable)
Indian Agro And Food                    FB- CC                ICRA A+      2500    Reaffirmed
Industries Ltd                                                (Stable)
Indotech Transformers Ltd               LT - FB               ICRA BB+     65      Unchanged
                                                              (Negative)
Indotech Transformers Ltd               Issuer Rating         ICRA BB+     -       Unchanged
                                                              (Negative)
Jagdamba Oil & General Mills            LT Fund based/ CC     ICRA B-      60
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Kalpana Impex                           TL                    ICRA B       40
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Kh Exports India Pvt Ltd                LT unallocated        ICRA         125     Upgraded
                                                              A+(Stable)           from ICRA
                                                                                   A(Positive)
Kohinoor Carpets                        FB Limits             ICRA B+      150
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Kohinoor Carpets                        TL                    ICRA B+      41.8
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Koneru Constructions Pvt Ltd            LT - Fund Based/ CC   ICRA B+      50
                                                              (Stable)
Rating Continues to remain under Issuer Not Cooperating category
Koneru Constructions Pvt Ltd            LT - Fund Based TL    ICRA B+      1.2
                                                              (Stable)
Rating Continues to remain under Issuer Not Cooperating category
Koneru Constructions Pvt Ltd            LT / ST - Unallocated ICRA B+      33.8
                                                              (Stable)/
                                                              ICRA A4
Rating Continues to remain under Issuer Not Cooperating category
L.M. Foods                              LT Fund based/ CC     ICRA D       230
Rating continues to remain under ‘Issuer Not Cooperating’ category
L.M. Foods                              LT/ Unallocated       ICRA D       20
Rating continues to remain under ‘Issuer Not Cooperating’ category
Lendingkart Finance Ltd                 NCD programme         ICRA BBB+    1050    Reaffirmed
                                                              (Stable)
Lendingkart Finance Ltd                 NCD programme         ICRA BBB+    2560    Assigned
                                                              (Stable)
Lendingkart Finance Ltd                 Bk lines              ICRA BBB+    3000    Reaffirmed
                                                              (Stable)/
                                                              ICRA A2
Lucknow Medical Agencies                LT Fund based/ CC     ICRA B       65
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
M B Ceramic Llp                         TL                    ICRA B+      81.7    Reaffirmed
                                                              (Stable)
M B Ceramic Llp                         CC                    ICRA B+      30      Reaffirmed
                                                              (Stable)
M.K. Aggarwal Hosiery (P) Ltd           FB Limits             ICRA B+      152.7
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Marks Engineering Works                 LT- Fund Based        ICRA BB+     28.5
                                                              (Stable)
Downgraded from ICRA BBB-(Stable) and continues to remain under ‘Issuer Not Cooperating’
category
Mittal Construction Unit                LT Fund based/CC      ICRA B+      110
                                                              (Stable)
Issuer Not Cooperating
Mittal Construction Unit                LT Non- Fund based/BG ICRA B+      90
                                                              (Stable)
Issuer Not Cooperating
Mobismart Card Technology Pvt           TL                    ICRA B+      195     Assigned
Ltd                                                           (Stable)
Mobismart Card Technology Pvt           CC^                   ICRA B+      37      Assigned
Ltd                                                           (Stable)
^LC is a sublimit with full interchangeability
Mobismart Card Technology Pvt           Unallocated Limits    ICRA B+      3       Assigned
Ltd                                                           (Stable)/ A4
Omkar Fertilisers Pvt Ltd               LT - Fund Based/ CC   ICRA B       15
                                                              (Stable)
Rating Continues to remain under Issuer Not Cooperating category
Omkar Fertilisers Pvt Ltd               LT - Fund Based TL    ICRA B       28
                                                              (Stable)
Rating Continues to remain under Issuer Not Cooperating category
Omkar Fertilisers Pvt Ltd               LT / ST - Unallocated ICRA B       57
                                                              (Stable)/
                                                              ICRA A4
Rating Continues to remain under Issuer Not Cooperating category
Prince Properties                       Fund Based- TL        ICRA B+      200
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Rga Software Systems Pvt Ltd            Fund Based – TL       ICRA A       6400    Upgraded
                                                              (Stable)             from ICRA A-
                                                                                   (Stable)
Rga Software Systems Pvt Ltd            LT-Unallocated limits ICRA A       408.4   Upgraded
                                                              (Stable)             from ICRA A-
                                                                                   (Stable)
Rpl Projects Ltd                        LT/ Fund Based/TL     ICRA B       110.2
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Rpl Projects Ltd                        LT/ Fund Based /CC    ICRA B       250
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Schwing Stetter India Pvt Ltd           TL (Unallocated)      ICRA A       1800
                                                              (Stable)
Downgraded from ICRA A+(Stable)
Schwing Stetter India Pvt Ltd           LT/ST working capital ICRA A       4100
                                        Fac                   (Stable)/
                                                              ICRA A2+
Downgraded from ICRA A+(Stable)/ICRA A1
Shree Hanuman Trust                     LT - Fund Based TL    ICRA D       595
Downgraded from ICRA B+ (Stable) and continues to remain under ‘Issuer Not Cooperating’ category
Shree Santosh Cotton Spin Pvt.          CC                    ICRA D       100
Ltd.
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Shree Santosh Cotton Spin Pvt.          TL                    ICRA D       30
Ltd.
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Shri Ram Switchgears Ltd                FB – CC               ICRA D       170
Downgraded from ICRA C+
Shri Ram Switchgears Ltd                FB – TL               ICRA D       27
Downgraded from ICRA C+
Shri Ram Switchgears Ltd                Non- FBL- BG          ICRA D       480
Downgraded from ICRA C+
Sjvn Thermal Pvt Ltd                    TL                    ICRA BBB+    54804.8 Assigned
                                                              (Stable)
Sjvn Thermal Pvt Ltd                    FB Working Capital    ICRA BBB+    18268.4 Assigned
                                        Limits                (Stable)
Tbpr Infra Projects Pvt Ltd             FB limits             ICRA D       70
Downgraded from ICRA B-(Stable) and continues to remain under ‘Issuer Not Cooperating’ category
Tbpr Infra Projects Pvt Ltd             Non- FBL              ICRA D       95
Downgraded from ICRA B-(Stable) and continues to remain under ‘Issuer Not Cooperating’ category
Tbpr Infra Projects Pvt Ltd             Unallocated Limits    ICRA D       175
Downgraded from ICRA B-(Stable) and continues to remain under ‘Issuer Not Cooperating’ category
Tcg Urban Infrastructure                TL                    ICRA BBB-    3150    Reaffirmed
Holdings Pvt Ltd                                              (Stable)
Tulsiani Constructions &                LT Fund based/ TL     ICRA D       300
Developers Ltd
Rating continues to remain under ‘Issuer Not Cooperating’ category
Vivriti Capital Pvt Ltd                 NCDs (NCDs)           ICRA A-      3920    Reaffirmed
                                                              (Stable)
Vivriti Capital Pvt Ltd                 NCDs                  ICRA A-      1200    Assigned
                                                              (Stable)
Vivriti Capital Pvt Ltd                 LT – FB TL            ICRA A-      2526.8  Reaffirmed
                                                              (Stable)
Vivriti Capital Pvt Ltd                 LT – Unallocated      ICRA A-      3473.2  Reaffirmed
                                                              (Stable)
Vivriti Capital Pvt Ltd                 LT – FB CC            ICRA A-      -       Reaffirmed
                                                              (Stable)
Vivriti Capital Pvt Ltd                 Market Linked         PP-MLD ICRA  80      Reaffirmed
                                        Debentures            A- (Stable)
Vivriti Capital Pvt Ltd                 Market Linked         PP-MLD ICRA  300     Assigned
                                        Debentures            A- (Stable)
Vyanktesh Plastics And                  LT – Fund Based / TL  ICRA BB-     8.7     Withdrawn
Packaging Pvt Ltd                                             (Stable)
Issuer Not Cooperating
Vyanktesh Plastics And                  LT – Fund Based / CC  ICRA BB-     60      Withdrawn
Packaging Pvt Ltd                                             (Stable)
Issuer Not Cooperating
Vyanktesh Plastics And                  LT/ST - Unallocated   ICRA BB-     24.8    Withdrawn
Packaging Pvt Ltd                                             (Stable)/ A4
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@refinitiv.com)
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