February 27, 2020 / 8:40 AM / a month ago

RPT-ICRA ratings for Indian debt instruments-Feb 27

 (Repeating to add more ratings.)
    Feb 27 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of February 26, 2020.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Asian Food Industries                   PSR Limit^            ICRA A3      100     -
^ PCFC-Packing Credit in Foreign Currency, FBD-Foreign Bill Discounting, PSR-Pre Settlement
Risk/Reason for delay in carrying out periodic review: - Review process is underway.
Banas Stones Pvt. Ltd                   ST FB - Standby Line  ICRA A4      6.5     Reaffirmed
                                        of Credit
Cec Itd Cem Tpl Jv                      ST FBL                ICRA A1(CE)^ 2000    -
^The rating is principally based on a corporate guarantee from ITD Cementation India Limited and
TATA Projects Limited in the ratio of 60:40 respectively and an undertaking provided by the
guarantors that it would ensure that the related debt obligations are serviced on or prior to
the due date/removed from ‘rating watch with developing implication
Fcm Travel Solutions (India)            Non-Fund Based        ICRA A3+     250     Assigned
Pvt Ltd
Haresh Overseas Pvt Ltd                 Non-fund based - LOC  ICRA A4      343.7   Reaffirmed
Itd Cemindia Jv (Itd Jv)                ST Non-FBL            ICRA A1(CE)^ 700     -
^The rating is principally based on a corporate guarantee from ITD Cementation India Limited and
an undertaking provided by the guarantor that it would ensure that the related debt obligations
are serviced on or prior to the due date./removed from ‘rating watch with developing
implication’
Madhabganj Karunamoyee Himghar          Fund Based – Seasonal ICRA A4      42.3    -
Pvt Ltd                                 CC
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Madhabganj Karunamoyee Himghar          Non-fund based – BG   ICRA A4      1.6     -
Pvt Ltd
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Marikar (Motors) Ltd                    ST - Fund Based       ICRA A4+     101     Reaffirmed
Naari Pharma Pvt. Ltd.                  ST – NFBL             ICRA A2 (SO) 100     -
Reason for delay in carrying out periodic review: - Review process is underway
Naari Pharma Pvt. Ltd.                  ST – FBL              ICRA A2 (SO) 50      -
Reason for delay in carrying out periodic review: - Review process is underway
Rk Infracorp Pvt Ltd                    Non-fund based        ICRA A3+     1200    Outstanding
Shallow Ceramic Pvt. Ltd                Non-fund based – BG   ICRA A4      17      -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Shankar Mahadev And Company             Non-Fund based –      ICRA A4      30      Reaffirmed
                                        Inland BG
Singhania Enterprises                   Non-Fund BasedBG      ICRA A4      70      -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Td-Itd Cem Joint Venture (Itd           Non-FBL               ICRA A1(CE)^ 3000    -
Jv)                                                           
Removed from ‘rating watch with developing implication/^The rating is principally based on a
corporate guarantee from ITD Cementation India Limited and an undertaking provided by the
guarantor that it would ensure that the related debt obligations are serviced on or prior to the
due date. The rated instrument does not involve a structured payment mechanism.
The Travancore Cochin                   ST – Non-fund based - ICRA A4+     100     Reaffirmed
Chemicals Ltd                           LC/BG


MEDIUM TERM RATINGS:
-------------------
Phf Leasing Ltd                         Fixed Deposit         MB+(Stable)  46.5    -
                                        Programme
Rating Continues to remain under ‘Issuer Not Cooperating’ category

LONG TERM RATINGS:
-------------------
Abad Builders Pvt Ltd                   Fund Based-Overdraft  ICRA BB+     261.2   Reaffirmed
                                                              (Stable)
Abad Builders Pvt Ltd                   Fund based-TL         ICRA BB+     70.1    Reaffirmed
                                                              (Stable)
Abad Builders Pvt Ltd                   Unallocated Limits    ICRA BB+     18.7    Reaffirmed
                                                              (Stable)
Alapatt Jewellery (House Of             Fund based - working  ICRA         55      Downgraded
Alapatt)                                capital limits        B+(Stable)           from ICRA
                                                                                   BB- (Stable)
Asian Food Industries                   Export Packing Credit ICRA BBB-    1650    -
                                        / PCFC/ FBD^^         (Stable) /
                                                              A3
^^ includes Rs. 41.00 crore as sublimit in the form of CC and Rs. 25.00 crore in the form of
overdraft /Reason for delay in carrying out periodic review: - Review process is underway
Banas Stones Pvt. Ltd                   LT FB - CC            ICRA         55      Reaffirmed
                                                              BB(Stable)
Banas Stones Pvt. Ltd                   LT FB - TL            ICRA         12.5    Reaffirmed
                                                              BB(Stable)
Bank Of Maharashtra                     Basel II Compliant    ICRA A       4000    -
                                        Upper Tier II Bonds   (Positive)
                                        Programme
(Rating reaffirmed and outlook revised to Positive from Stable)
Bank Of Maharashtra                     Basel II Compliant    ICRA A       700     -
                                        Innovative Perpetual  (Positive)
                                        Debt Instrument
(Rating reaffirmed and outlook revised to Positive from Stable)
Bank Of Maharashtra                     Basel III Compliant   ICRA A+      10000   -
                                        Tier II Bonds         (hyb)
                                        Programme             (Positive)
(Rating reaffirmed and outlook revised to Positive from Stable)
Bank Of Maharashtra                     Basel III Compliant   ICRA A+      6000    Assigned
                                        Tier II Bonds         (hyb)
                                        Programme             (Positive)
Bank Of Maharashtra                     Basel II Compliant    ICRA A+      10000   -
                                        Lower Tier II Bonds   (Positive)
                                        Programme
(Rating reaffirmed and outlook revised to Positive from Stable)
Bank Of Maharashtra                     Basel II Compliant    ICRA A+      -       -
                                        Lower Tier II Bonds   (Positive)
                                        Programme
(Outlook revised to Positive and rating withdrawn)
Bharat Containers (Nagpur) Pvt          LT - Fund Based/ CC   ICRA         80      Withdrawn
Ltd                                                           BBB+(Stable)
(Issuer not cooperating)
Bharat Containers (Nagpur) Pvt          LT - Fund Based TL    ICRA         60      Withdrawn
Ltd                                                           BBB+(Stable)
(Issuer not cooperating)
Capital India Home Loans Ltd            LT FB                 ICRA BBB     1500    Assigned
                                                              (Stable)
Capital India Home Loans Ltd            Issuer rating         ICRA BBB     -       Outstanding
                                                              (Stable)
Cec Itd Cem Tpl Jv                      LT (LT) / ST Non-FBL  ICRA A(CE)   4500    -
                                                              (Stable)^ /
                                                              A1(CE) ^
^The rating is principally based on a corporate guarantee from ITD Cementation India Limited and
TATA Projects Limited in the ratio of 60:40 respectively and an undertaking provided by the
guarantors that it would ensure that the related debt obligations are serviced on or prior to
the due date/removed from ‘rating watch with developing implication’ and ‘Stable’ outlook
assigned
Fcm Travel Solutions (India)            Fund Based/Non-Fund   ICRA A-(CE)  1475.6  Assigned
Pvt Ltd                                 Based                 (Stable) /
                                                              A2+(CE)
Fcm Travel Solutions (India)            Fund Based – CC       ICRA BBB     150     Assigned
Pvt Ltd                                                       (Stable)
Gold Star Steels (P) Ltd                Fund based-CC         ICRA D       55      -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Gold Star Steels (P) Ltd                Non-fund basedLOC     ICRA D       15      -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Gold Star Steels (P) Ltd                Non-fund basedBG      ICRA D       10      -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Gold Star Steels (P) Ltd                Unallocated Limit     ICRA D       5       -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Haresh Overseas Pvt Ltd                 Fund Based – CC       ICRA B-      50      Reaffirmed
                                                              (Stable)
Haresh Overseas Pvt Ltd                 Fund Based – TL       ICRA B-      9.2     Reaffirmed
                                                              (Stable)
Itd Cemindia Jv (Itd Jv)                LT (LT) Fund          ICRA A(CE)   4850    -
                                        BasedOverdraft        (Stable)^
^The rating is principally based on a corporate guarantee from ITD Cementation India Limited and
an undertaking provided by the guarantor that it would ensure that the related debt obligations
are serviced on or prior to the due date./removed from ‘rating watch with developing
implication’ and ‘Stable’ outlook assigned
Itd Cemindia Jv (Itd Jv)                LT (LT) Fund          ICRA BBB+    1250    -
                                        BasedWorking Capital  (Stable
                                        Demand Loan (WCDL)
Karnataka State Financial               NCD Programme         ICRA         -       Withdrawn
Corporation                                                   AA-(CE)
                                                              (Stable)
Lendingkart Finance Ltd - Lfl           PTC Series A1         Provisional  407.1   Confirmed as
Venus Trust I                                                 ICRA A (SO)          final
Lendingkart Finance Ltd -               PTC Series A1         Provisional  199     Confirmed as
Mercury 2019 Trust I                                          ICRA BBB+            final
                                                              (SO)
Lendingkart Finance Ltd -               Series A1 PTC         Provisional  261.8   Confirmed as
Northern Arc 2019 Sbl Amber                                   ICRA A (SO)          final
Lendingkart Finance Ltd -               Series A2 PTC         Provisional  5.8     Confirmed as
Northern Arc 2019 Sbl Amber                                   ICRA BBB+            final
                                                              (SO)
Lendingkart Finance Ltd -               PTC Series A2         ICRA A-(SO)  12      Upgraded
Northern Arc 2019 Sbl Cordelia                                                     from ICRA
                                                                                   BBB+ (SO)
Lendingkart Finance Ltd -               PTC Series A1         ICRA A+(SO)  164.7   Upgraded
Northern Arc 2019 Sbl Cordelia                                                     from ICRA A
                                                                                   (SO)
Lohitka Properties Llp                  Issuer rating         ICRA BBB-    -       Assigned
                                                              (Stable)
Madhabganj Karunamoyee Himghar          Fund Based – Working  ICRA B       8.3     -
Pvt Ltd                                 Capital Loan          (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Madhabganj Karunamoyee Himghar          Unallocated Limits    ICRA B       0.3     -
Pvt Ltd                                                       (Stable) /
                                                              A4
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Madura Micro Finance Ltd -              PTC Series A          ICRA AA(SO)  -       Upgraded
Northern Arc 2018 Mfi Kanaa                                                        from ICRA
                                                                                   A-(SO)
Madura Micro Finance Ltd -              PTC Series A          ICRA AA-(SO) -       Upgraded
Northern Arc 2018 Mfi Kanaa                                                        from ICRA
                                                                                   A(SO)
Madura Micro Finance Ltd -              PTC Series A          ICRA AA-(SO) -       Upgraded
Northern Arc 2019 Mfi Pierre                                                       from ICRA
                                                                                   A(SO)
Madura Micro Finance Ltd -              PTC Series A          ICRA A(SO)   -       Reaffirmed
Northern Arc 2019 Mfi
Thodipuram
Madura Micro Finance Ltd -              PTC Series A          ICRA A(SO)   -       Reaffirmed
Northern Arc 2019 Mfi Thurston
Madura Micro Finance Ltd -              PTC Series A          ICRA AA-(SO) -       Upgraded
Northern Arc 2019 Mfi Vanya                                                        from ICRA
                                                                                   A-(SO)
Marikar (Motors) Ltd                    LT - Fund Based/ CC   ICRA BB+     140     Reaffirmed
Outlook revised to Negative from Stable
Marikar (Motors) Ltd                    LT - Fund Based TL    ICRA BB+     35      Reaffirmed
Outlook revised to Negative from Stable
Marikar (Motors) Ltd                    LT / ST – Unallocated ICRA BB+/A4+ 24      Reaffirmed
Outlook revised to Negative from Stable
Mishtann Foods Ltd                      FB CC                 ICRA BB+     379.5   -
                                                              (Stable)
Downgraded from ICRA BBB(Stable) and withdrawn
Mishtann Foods Ltd                      FB TL                 ICRA BB+     25.9    -
                                                              (Stable)
Downgraded from ICRA BBB(Stable) and withdrawn
Mishtann Foods Ltd                      Unallocated Limits    ICRA BB+     14.6    -
                                                              (Stable)
Downgraded from ICRA BBB(Stable) and withdrawn
Naari Pharma Pvt. Ltd.                  TL                    ICRA BBB     712.5   -
                                                              (SO)
                                                              (Stable)
Reason for delay in carrying out periodic review: - Review process is underway
Naari Pharma Pvt. Ltd.                  LT – FBL              ICRA BBB     200     -
                                                              (SO)
                                                              (Stable)
Reason for delay in carrying out periodic review: - Review process is underway
Neogrowth Credit Pvt Ltd                LT Bk Lines           ICRA BBB     -       Withdrawn
                                                              (Stable)
Neogrowth Credit Pvt Ltd                LT Bk Lines           ICRA BBB     647.7   Outstanding
                                                              (Stable)
Neogrowth Credit Pvt Ltd                NCD Programme         ICRA BBB     1400    Outstanding
                                                              (Stable)
Northern Arc Capital Ltd -              PTC Series A1         ICRA A+(SO)  -       Upgraded
Northern Arc 2018 Mosec Petta                                                      from ICRA
                                                                                   BBB+(SO)
Northern Arc Capital Ltd -              PTC Series A1         ICRA AA-(SO) -       Upgraded
Northern Arc 2018 Mosec Yantra                                                     from ICRA A-
                                                                                   (SO)
Oswal Minerals Ltd                      LT - Fund Based/ CC   ICRA BB+     300     Withdrawn
                                                              (Stable)
Rccl Expressway Pvt Ltd                 Fund Based – TL       ICRA         3621.3  Assigned
                                                              BBB-(Stable)
Rk Infracorp Pvt Ltd                    FB - CC               ICRA BBB     280     Outstanding
                                                              (Stable)
Rk Infracorp Pvt Ltd                    Unallocated           ICRA BBB     20      Outstanding
                                                              (Stable) /
                                                              A3+
Shallow Ceramic Pvt. Ltd                FB – TL               ICRA B+      22.1    -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Shallow Ceramic Pvt. Ltd                FB – CC               ICRA B+      40      -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Shallow Ceramic Pvt. Ltd                Unallocated Limits    ICRA B+      11.9    -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Shankar Mahadev And Company             Fund based – CC       ICRA         30      Reaffirmed
                                                              BB-(Stable)
Shanti Educational Trust                Fund Based – TL       ICRA D       71      -
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Singhania Enterprises                   Fund Based-CC         ICRA B+      40      -
                                                              (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Singhania Enterprises                   Fund Based-optionally ICRA B+      10      -
                                        convertible           (Stable)
                                        debentureIP
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Sunshine Conveyors Pvt Ltd              Cash-credit           ICRA B       25      -
                                                              (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Sunshine Conveyors Pvt Ltd              FB-limit -            ICRA B       10      -
                                        proposed-CC limit     (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Sunshine Conveyors Pvt Ltd              FB-limit TL           ICRA B       13.5    -
                                                              (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Sunshine Conveyors Pvt Ltd              Non-FB limit- BG      ICRA B       35      -
                                                              (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Sunshine Conveyors Pvt Ltd              Proposed-BG           ICRA B       10      -
                                                              (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Sunshine Conveyors Pvt Ltd              Unallocated limit     ICRA B       6.5     -
                                                              (Stable) /
                                                              A4
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Swarnodhayam Credits Pvt Ltd            LT Bk Fac             ICRA         200     -
                                                              BB-(Stable)
Reason for delay in carrying out periodic review: - Review process is underway
Td-Itd Cem Joint Venture (Itd           Fund Based-TL         ICRA A(CE)   480     -
Jv)                                                           (Stable)^
Removed from ‘rating watch with developing implication’ and ‘Stable’ outlook assigned/^The
rating is principally based on a corporate guarantee from ITD Cementation India Limited and an
undertaking provided by the guarantor that it would ensure that the related debt obligations are
serviced on or prior to the due date. The rated instrument does not involve a structured payment
mechanism.
Td-Itd Cem Joint Venture (Itd           Fund Based-Working    ICRA BBB+    300     -
Jv)                                     Capital               (Stable)
Td-Itd Cem Joint Venture (Itd           Non-FBL               ICRA BBB+    50      -
Jv)                                                           (Stable)
Techno India                            Fund Based – TL       ICRA D       90      -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Techno India                            Fund Based- CC        ICRA D       160     -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Tenshi Kaizen Pvt Ltd                   TL                    ICRA BBB     900     -
                                                              (SO)
                                                              (Stable)
Reason for delay in carrying out periodic review: - Review process is underway
The Grob Tea Co. Ltd                    FB Limits – Working   ICRA BBB+    350     Downgraded
                                        Capital Facility      (Stable)             from ICRA A-
                                                                                   (Stable)
The Grob Tea Co. Ltd                    Non-FBL – BG          ICRA BBB+    100     Assigned
                                                              (Stable) /
                                                              A2
The Travancore Cochin                   LT – FB/CC            ICRA         200     Upgraded
Chemicals Ltd                                                 BB+(Stable)          from ICRA
                                                                                   BB(Stable)
The Travancore Cochin                   LT/ST – unallocated   ICRA         20      -
Chemicals Ltd                                                 BB+(Stable)
                                                              / A4+
(Long term rating upgraded from ICRA BB(Stable); short term rating reaffirmed at ICRA A4+)
Visage Holdings & Finance Pvt.          PTC Series A1         Provisional  372.2   Assigned
Ltd - Vivriti Cordell 01 2020                                 ICRA A+(SO)
Visage Holdings & Finance Pvt.          PTC Series A2         Provisional  12.9    Assigned
Ltd - Vivriti Cordell 01 2020                                 ICRA
                                                              BBB+(SO)
Western Hill Foods Ltd                  Fund based-TL         ICRA D       80      -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Western Hill Foods Ltd                  Fund based-CC         ICRA D       158.1   -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Western Hill Foods Ltd                  LT / ST – Unallocated ICRA D       31.9    -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Western Refrigeration Pvt Ltd           LT/ ST Fundbased/     ICRA         1190    Reaffirmed
                                        Non-FBL               A(Stable) /
                                                              A1
Siddharth Carbochem Products            BLR                   ICRA BB+     430     -
Ltd                                                           BB+(Stable)/      
                                                              ICRA A4+ 
(Reason for delay in carrying out periodic review Issuer delayed in giving information)
Davariya Brothers Pvt Ltd               LT / ST - FBL         ICRA         1550.5  -
                                                              BB(Stable)
                                                              / ICRA A4
(Reason for delay in carrying out periodic review Issuer delayed in giving information)
--------------------------------------------------------------------------------------------
$: 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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