February 26, 2019 / 11:24 AM / in 2 months

RPT-ICRA ratings for Indian debt instruments-Feb 26

 (Repeating to add more ratings.)
    Feb 26 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of February 25, 2019.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Acknit Industries Ltd                   Non-Fund Based – LOC  ICRA A3      75      Reaffirmed
Acknit Industries Ltd                   Non-Fund Based –      ICRA A3      29      Reaffirmed
                                        Forward Contract Limit
Bhavya Enterprises.                     Non FB – BG           ICRA A4      30      -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Davanam Jewellers Pvt Ltd               Non-fund based - BG   ICRA A4      40      -
Reason for delay in carrying out periodic review: Issuer not cooperating
Dewan Housing Finance                   CP Programme          ICRA A2+@    80000   Downgraded
Corporation Ltd                                                                    from ICRA A1+
@ On rating Watch with Negative Implications
Dewan Housing Finance                   CP Programme          ICRA A2+@    80000   Downgraded
Corporation Ltd                                                                    from ICRA A1+
@ On rating Watch with Negative Implications
Dhanuka Laboratories Ltd                Non-fund Based -      ICRA A3      620     Assigned to
                                        Working Capital Fac                        enhanced
                                                                                   limits
Equinox Solutions Ltd                   Non-fund based- LOC   ICRA A4      -       -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Equinox Solutions Ltd                   Non-fund based-       ICRA A4      -       -
                                        Credit Exposure Limit
Rating continues to remain under ‘Issuer Not Cooperating’ category
Euro Footwear Ltd                       ST Non-FBL            ICRA A2      8       Revised from
                                                                                   ICRA A2+
Outlook changed to Stable from Negative
Giriraj Jewellers Pvt Ltd               ST – Fundbased        ICRA A4      25      -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Giriraj Jewellers Pvt Ltd               ST – NonFB            ICRA A4      60      -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Hamsa Minerals Amp; Exports             FB - Foreign          ICRA A4      100     -
                                        Discounting Bill
                                        Purchase
Harita Fehrer Ltd                       ST non-fund based     ICRA A2+&    80      -
Harita Fehrer Ltd                       ST interchangeable    ICRA A2+&    -       -
India Factoring And Finance             Short -term Bk Lines  ICRA A2+     7500    Downgraded
Solutions Pvt Ltd                                                                  from ICRA A1
K K Silk Mills Ltd                      Non- FBL – LOC        ICRA A4+     10      Withdrawn
K K Silk Mills Ltd                      Non- FBL – BG         ICRA A4+     0.5     Withdrawn
Khanna Industrial Pipes Pvt Ltd         ST - fund based       ICRA A3      50      Reaffirmed
Khanna Industrial Pipes Pvt Ltd         ST – Non fund based   ICRA A3      190     Reaffirmed
Kribhco Fertilizers Ltd                 CP                    ICRA A1+     8000    outstanding
Kandukuri Industries Pvt Ltd            Bk loan Ratings       ICRA         300
                                                              BB-/ICRA A4
(Reason for delay in carrying out periodic review: - Review process is underway)
Lof Constructions                       Non-fund based - BG   ICRA A4      25      -
Lupin Ltd                               ST, Fundbased Fac     ICRA A1+     9500    outstanding
(on rating watch with developing implications)
Lupin Ltd                               ST, NonFB Fac         ICRA A1+     3600    outstanding
(on rating watch with developing implications)
Mittal International                    Non-FBL               ICRA A3      3       Assigned
Pal Synthetics Ltd                      Fund based – Drawing  ICRA A4      1       -
                                        against uncleared
                                        effect
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Pal Synthetics Ltd                      Fund based – Packing  ICRA A4      -       -
                                        Credit**
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Patton International Ltd                FB Limits – EPC/      ICRA A1+     550     Reaffirmed
                                        PCFC/ FBP/ FBD/ FUBD/
                                        PSFC
Patton International Ltd                Non-FBL – LOC         ICRA A1+     150     Reaffirmed
Patton International Ltd                Non-FBL – BG          ICRA A1+     150     Reaffirmed
Ptc India Ltd                           ST Bk facility        ICRA A1+     10000   Assigned
Ptc India Ltd                           Non-FBL Proposed      ICRA A1+     25000   Assigned -
                                        non-FBL
Ramkumar Mills Pvt Ltd                  ST- Non-Fund Based    ICRA A4      40      -
                                        Facility
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Rec Ltd                                 ST borrowing          ICRA A1+     -       outstanding
                                        programme FY2019
                                        Overall borrowing 
                                        programme FY2019 
                                       Rated LT/ST borrowings
                                        of previous FYs
^ Short-term borrowings are interchangeable with long-term borrowings, subject to the total
borrowings in FY2019 not exceeding Rs. 60,000 crore, 
Rnp Scaffolding & Formwork Pvt          ST non FB limit^      ICRA A4      -       -
Ltd
Rating continues to remain in ‘Issuer Not Co-operating’ Category
Sundaram Industries Pvt Ltd             ST FB Limits          ICRA A1+     180     Reaffirmed
Sundaram Industries Pvt Ltd             ST FB (Sublimit)      ICRA A1+     -50     Reaffirmed
Sundaram Industries Pvt Ltd             ST Non-FBL            ICRA A1+     330     Reaffirmed
Sundaram Industries Pvt Ltd             CP                    ICRA A1+     0       Withdrawn
T V Sundram Iyengar & Sons Pvt          Non-fund Based:       ICRA A1+     900     Reaffirmed
Ltd                                     Working Capital Fac
T V Sundram Iyengar & Sons Pvt          CP CP/ST Debt         ICRA A1+     6600    Reaffirmed
Ltd
Vicky Fashion Ltd                       FB – Packing Credit   ICRA A4      20      -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Vilas Transcore Ltd                     LOC                   ICRA A2      670     Upgraded
                                                                                   from ICRA A3+
Vilas Transcore Ltd                     Derivative Limits     ICRA A2      18.2    Upgraded
                                                                                   from ICRA A3+

LONG TERM RATINGS:
-------------------
Aarneel Technocrafts Pvt Ltd            Working Capital LimitsICRA BB      60      Assigned
Reason for delay in carrying out periodic review:Issuer Not Cooperating’ category
Acknit Industries Ltd                   Fund Based – TL       ICRA BBB-    76.5    Reaffirmed
Acknit Industries Ltd                   Fund Based – CC       ICRA BBB-    490     Reaffirmed
Acknit Industries Ltd                   Non-Fund based – BG   ICRA BBB-    10      Reaffirmed
Agron Logistics India Pvt Ltd           FB – CC               ICRA D       100     -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Alluri Usha Gandhi                      LT Fund Based TL      ICRA B       88      -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Alluri Usha Gandhi                      LT Unallocated        ICRA B       12      -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Ascendum Solutions India Pvt            LT Fund Based- CC     ICRA BB      50      Reaffirmed
Ltd
Ascendum Solutions India Pvt            LT- Fund Based- TL    ICRA BB      250     Reaffirmed
Ltd
Bharat Export Overseas                  LT FB                 ICRA D       130     -
Issuer Not Cooperating’ category
Bhavya Enterprises.                     FB – CC               ICRA B       35      -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Bhavya Enterprises.                     Unallocated Limit     ICRA B /     5       -
                                                              ICRA A4
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Bundela Exports                         FB                    ICRA B+      70      -
Chennai Radha Engineering               TL                    ICRA A-      216.7   Reaffirmed
Works (P) Ltd
Davanam Jewellers Pvt Ltd               FB - CC               ICRA B       730     -
Reason for delay in carrying out periodic review: Issuer not cooperating
Davanam Jewellers Pvt Ltd               Unallocated           ICRA B /A4   32.6    -
Dhanuka Laboratories Ltd                FB - Working Capital  ICRA         410     Assigned to
                                        Fac                   BBB-/ICRA A3         enhanced
                                                                                   limits
Dhanuka Laboratories Ltd                FB and Non-fund Based ICRA         200     outstanding
                                        - Working Capital Fac BBB-/ICRA A3
Equinox Solutions Ltd                   Fund based-CC         ICRA BB-     49.5    -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Equinox Solutions Ltd                   Unallocated Limit     ICRA         50.5    -
                                        Fund Based - CC       BB-/ICRA A4
Rating continues to remain under ‘Issuer Not Cooperating’ category
Euro Footwear Ltd                       FB Working Capital    ICRA BBB+    180     Revised from
                                                                                   ICRA A-
Outlook changed to Stable from Negative
Euro Footwear Ltd                       TL                    ICRA BBB+    2       Revised from
                                                                                   ICRA A-
Outlook changed to Stable from Negative
Euro Footwear Ltd                       Proposed LT Limits    ICRA BBB+    10      Revised from
                                                                                   ICRA A-
Outlook changed to Stable from Negative
Gajanan Mante And Sadanand              FB -TL                ICRA B+      59      Assigned
Patil
Gangar Opticians Pvt Ltd                LT FB -CC             ICRA BB+@    90      -
@placed on rating watch with negative implications
Gangar Opticians Pvt Ltd                LT FB -TL TL LT fund  ICRA BB+@    30      -
                                        based ST non-fund
                                        based ST interchangeable
@placed on rating watch with negative implications
Giriraj Jewellers Pvt Ltd               LT – Fundbased CC     ICRA B       60      -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Giriraj Jewellers Pvt Ltd               LT/Shortterm          ICRA B/ICRA  5       -
                                        Unallocated           A4
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Gokak Sugars Ltd                        FB TL                 ICRA B       59      Reaffirmed
Gokak Sugars Ltd                        FB Limits             ICRA B       0       Reaffirmed
Hamsa Minerals Amp; Exports             FB - CC               ICRA B-      35      -
Hamsa Minerals Amp; Exports             FB - TL               ICRA B-      33.5    -
Hamsa Minerals Amp; Exports             Unallocated           ICRA B- /A4  23.5    -
Harita Fehrer Ltd                       TL                    ICRA A-&     200     -
Harita Fehrer Ltd                       LT fund based         ICRA A-&     150     -
Hemani Industries Ltd                   BLR                   ICRA BBB+    960.4   -
                                                              /A2
Rating moved to the Issuer Not Cooperating category
Imperial Tubes Pvt Ltd                  Fund Based – Open CC  ICRA D       500     -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Imperial Tubes Pvt Ltd                  Non Fund Based – BG   ICRA D       50      -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Imperial Tubes Pvt Ltd                  Non Fund Based –      ICRA D       50      -
                                        Inland LOC
Rating continues to remain under ‘Issuer Not Cooperating’ category
Jampana Padmavathi                      LT Fund Based TL      ICRA B       88      -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Jampana Padmavathi                      LT Unallocated        ICRA B       12      -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Jodas Expoim Pvt. Ltd                   Proposed TL Trust NameICRA BBB-    350     Assigned
K K Silk Mills Ltd                      FBL – TL              ICRA BB+     62.1    Withdrawn
K K Silk Mills Ltd                      Unallocated Limit     ICRA BB+ /   38.1    Withdrawn
                                                              ICRA A4+
Issuer did not cooperate; based on best available information Rating action
Khanna Industrial Pipes Pvt Ltd         TL                    ICRA BBB-    23      Reaffirmed
Khanna Industrial Pipes Pvt Ltd         Fund based/CC         ICRA BBB-    124.5   Reaffirmed
Kribhco Fertilizers Ltd                 NCD Programme-Series BICRA AA(SO)  0       Withdrawn
Kribhco Fertilizers Ltd                 NCDs (NCDs)           Provisional  2000    Assigned
                                                              ICRA AA(SO)
Kripton Ceramic Pvt. Ltd.               BLR                   ICRA B+/     111.6   -
                                                              ICRA A4
Lof Constructions                       FB - CC               ICRA B       35      -
Lupin Ltd                               LT, Fundbased Fac     ICRA AAA     1500    outstanding
(on rating watch with developing implications)
Lupin Ltd                               LT, NonFB Fac         ICRA AAA     400     outstanding
(on rating watch with developing implications)
Mittal International                    FBL                   ICRA BBB-    243.4   Assigned
Maharaja Sathyam Industries             LT – Fundbased/CC     ICRA B+      59      ISSUER NOT
Pvt Ltd                                                                            COOPERATING*
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Mail Order Solutions (India)            LT – Fundbased CC     ICRA D       220     -
Pvt Ltd
Rating moved to the ‘Issuer Not Cooperating’ category
Mail Order Solutions (India)            LT – Fundbased TL     ICRA D       55      -
Pvt Ltd
Rating moved to the ‘Issuer Not Cooperating’ category
Mirza International Ltd                 Fund based - TL       ICRA A-      195     Revised from
                                                                                   ICRA A
Outlook changed to Stable from Negative
Mirza International Ltd                 Fund based - Working  ICRA A-      3505    Revised from
                                        Capital Fac                                ICRA A
Outlook changed to Stable from Negative
Nallamilli Satyanarayana Reddy          Bk loan Ratings       ICRA         200
And Others                                                    BB-/ICRA A4 
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Namishree Infratech                     Bk loan Ratings       ICRA BB      280
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Paidala Thirupathi Reddy And            LT Fund Based CC      ICRA BB-     80      -
Brothers
Issuer did not co-operate; based on best available information.
Paidala Thirupathi Reddy And            LT Non-Fund Based     ICRA BB-     20      -
Brothers
Issuer did not co-operate; based on best available information.
Pal Synthetics Ltd                      Fund based – CC       ICRA B-      88      -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Panchsheel Solvent Pvt Ltd              Fund Based – TL       ICRA D       122.5   -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Panchsheel Solvent Pvt Ltd              Fund Based – CC       ICRA D       125     -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Patton International Ltd                FB Limits – CC/ WCDL  ICRA AA      150     Reaffirmed
Pik Studios Pvt Ltd                     Fund Based - CC       ICRA D       120     Downgraded
                                                                                   from ICRA C+
Print Solutions Pvt Ltd                 TL                    ICRA B+      190     -
Reason for delay in carrying out periodic review:Issuer did not co-operate
R.B. Rice Industries                    FBL                   ICRA D       165     Downgraded
                                                                                   from ICRA B
Raj Agro                                FBL                   ICRA B       58.6    -
Issuer Not Cooperating’ category
Raj Engineering Co.                     BLR                   ICRA BB /A4  250     -
Rating moved to the Issuer Not Cooperating category
Rajamahal International Pvt.            FB - CC               ICRA B       50      -
Ltd.
Rajamahal International Pvt.            FB/ Non fund based    ICRA B /A4   70      -
Ltd.
Rajamahal International Pvt.            Unallocated           ICRA B /A4   30      -
Ltd.
Ramkumar Mills Pvt Ltd                  LT – Fund Based       ICRA BB      190     -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Ramkumar Mills Pvt Ltd                  LT- TL                ICRA BB      15.9    -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Ramkumar Mills Pvt Ltd                  LT/ST Unallocated     ICRA BB      8       -
                                        Facility              /ICRA A4
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Rec Ltd                                 Overall borrowing     -            -       -
                                        programme FY2019
^ Short-term borrowings are interchangeable with long-term borrowings, subject to the total
borrowings in FY2019 not exceeding Rs. 60,000 crore
Rec Ltd                                 LT borrowing          ICRA AAA&    -       Assigned /
                                        programme FY2019                           outstanding
^ Short-term borrowings are interchangeable with long-term borrowings, subject to the total
borrowings in FY2019 not exceeding Rs. 60,000 crore, &Under Rating Watch with Developing
Implications 
Rec Ltd                                 Rated LT/ST           ICRA         2843060 outstanding
                                        borrowings of         AAA&/ICRA
                                        previous FYs          A1+
&Under Rating Watch with Developing Implications 
Rnp Scaffolding & Formwork Pvt          LT FB limit           ICRA B       300     -
Ltd
Rating continues to remain in ‘Issuer Not Co-operating’ Category
Shankar Rice & Gen. Mills               LT FB                 ICRA B       745
ISSUER NOT COOPERATING
Sai Point Bikes And Cars                BLR                   ICRA B       120     -
(Rating moved to the Issuer Not Cooperating)
Saroja Rice Industries                  LT - FBL              ICRA B       70      Withdrawn
Saroja Rice Industries                  LT - Unallocated      ICRA B       30      Withdrawn
Sri Ramakrishnaa Textiles               LT – FB               ICRA B       73.6    -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Sundaram Industries Pvt Ltd             LT FB Limits          ICRA AA      195.5   Reaffirmed
Sundaram Industries Pvt Ltd             Proposed/Unallocated  ICRA AA      82      Reaffirmed
                                        limits
Sunshot Technologies Pvt. Ltd.          Issuer Rating         ICRA B+      0       Assigned
T V Sundram Iyengar & Sons Pvt          FB: Working Capital   ICRA AA /    5000    Reaffirmed
Ltd                                     Fac                   ICRA A1+
Tdi International India (P)             FB TL                 ICRA D       472     Downgraded
Ltd.                                                                               from ICRA B+
Tdi International India (P)             FB Working Capital FacICRA D       200     Downgraded
Ltd.                                                                               from ICRA B+
Tdi International India (P)             Non-fund Based        ICRA D       690     Downgraded
Ltd.                                    Working Capital Fac                        from ICRA A4
Tdi International India (P)             Unallocated Limits    ICRA D       54.2    Downgraded
Ltd.                                                                               from ICRA
                                                                                   B+/ICRA A4
The Industrial Development              FB Limits – TL        ICRA B+      100     Reaffirmed
Corporation Of Odisha Ltd.
Vardhaman College Of                    Unallocated           ICRA B+      120     -
Engineering
Rating continues to remain under ‘Issuer Not Cooperating’ category
Vicky Fashion Ltd                       FB – CC               ICRA B       50      -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Vilas Transcore Ltd                     CC                    ICRA BBB+    50      Upgraded
                                                                                   from ICRA BBB
Vilas Transcore Ltd                     TL                    ICRA BBB+    14.5    Upgraded
                                                                                   from ICRA BBB
Vijay Engineering Equipment             Bk loan Ratings       ICRA B       175
India Pvt.Ltd
(Reason for delay in carrying out periodic review – Issuer Not Cooperating)
Visage Holdings & Finance Pvt.          Northern Arc 2019 SBL Provisional  300.3   -
Ltd.                                    Morgan PTC Series A1  ICRA A+(SO)
Confirmed as final
Visage Holdings & Finance Pvt.          Northern Arc 2019 SBL Provisional  18.2    -
Ltd.                                    Morgan PTC Series A2  ICRA
                                                              BBB+(SO)
Confirmed as final
Women’S Next Loungeries Ltd             FB-CC                 ICRA D       125     -
Rating moved to ‘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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