January 1, 2020 / 11:31 AM / 15 days ago

RPT-ICRA ratings for Indian debt instruments-Jan 1

 (Repeating to add more ratings)
    Jan 1 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of December 31, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Alstone International                   Non-FBL               ICRA A4+     100     Withdrawn
Issuer Not Cooperating
Aravali Power Company Pvt Ltd           Non-fund Based        ICRA A1+     1250    Upgraded
                                        Working Capital                            from ICRA A1
Bansal Alloys & Metals Pvt Ltd          ST Non-FB Fac         ICRA A3+     352
Reason for delay in carrying out periodic review: - Review process is underway
Bhagwan Mahaveer Memorial Jain          ST - Non Fund Based   ICRA A4      5
Trust
Rating moved to the ‘Issuer Not Cooperating’ category
Bharti Enterprises (Holding)            CP                    ICRA A1+     23000   Reaffirmed
Pvt Ltd
watch with negative implications continues
Bharti Telecom Ltd                      CP                    ICRA A1+     70000   Reaffirmed
watch with negative implications continues
Cargill India Pvt Ltd                   (part of the regional ICRA A1+     -       Reaffirmed
                                        umbrella Fac for Asia
                                        Pacific subsidiaries of Cargill Incorporated)***
***The company has corporate guarantee from Cargill Incorporated, USA for these facilities;
^Rated as a Fund-based facility previously
Cargill India Pvt Ltd                   Fund based/ Non-FB    ICRA A1+     -       Reaffirmed
                                        Fac***
***The company has corporate guarantee from Cargill Incorporated, USA for these facilities;
^Rated as a Fund-based facility previously
Cargill India Pvt Ltd                   ST Non-fund based**   ICRA A1+     10600   Reaffirmed
**100% cash backed facility
Cargill India Pvt Ltd                   CP                    ICRA A1+     3000    Reaffirmed
Dalmia Bharat Sugar And                 CP                    ICRA A1+     7000
Industries Ltd
Reason for delay in carrying out periodic review: - Review process is underway
Darshita Aashiyana Pvt Ltd              Non-fund based-       ICRA A1      3500    Reaffirmed
                                        Working Capital Fac   (CE)
Long-term rating of ICRA A (CE) (Stable) reaffirmed; outlook revised to Stable from Positive;
short-term rating of ICRA A1 (CE) assigned;
Datamatics Global Services Ltd          ST - FB/ Non-FBL      ICRA A1      750     outstanding
Deva Drill Tech (India) Ltd             Non-fund based        ICRA A3+     160     Downgraded
                                        -Working Capital Fac                       from ICRA A2
Dhar Construction Company               Non-fund based BG     ICRA A3      580     Reaffirmed
Dugar Polymers Ltd                      Non-Fund Based        ICRA A4      55
Ratings continues to remain under ‘Issuer Not Cooperating’ category
Electromech Material Handling           ST – Interchangeable^ ICRA A2      -       Upgraded
Systems (India) Pvt Ltd                                                            from ICRA A3+
^: sublimit of working capital facility
Electromech Material Handling           ST – Non Fund Based   ICRA A2      610     Upgraded
Systems (India) Pvt Ltd                                                            from ICRA A3+
God Granites                            ST - FB               ICRA A4+     30      Withdrawn
God Granites                            ST - FB/Non-FB        ICRA A4+     70      Withdrawn
Haldiram Marketing Pvt. Ltd             Non-FBL               ICRA A1      30      Reaffirmed
Infotel Business Solutions Ltd          ST Non fund based     ICRA A4;     75
Continues to remain under the ‘Issuer Not Cooperating’ category
Jindal Pipes Ltd                        CP (CP)               ICRA A1+     500     Reaffirmed
Kraft Powercon India Ltd                ST – NonFund Based    ICRA A3      62.6
                                        Fund based-TL
Rating moved to the ‘Issuer Not Cooperating’ category
Krishnan Food Processors                ST – Fund Based       ICRA A4      503     Downgraded
                                                                                   from ICRA A4+
Krishnan Food Processors                ST – Non-Fund Based   ICRA A4      30      Downgraded
                                                                                   from ICRA A4+
Krishnan Food Processors                ST – Interchangeable^ ICRA A4      -       Downgraded
                                                                                   from ICRA A4+
^Sub limits
Kvr Projects Pvt Ltd                    Non-FBL               ICRA A4      150     Reaffirmed
Mathiyan Construction Pvt. Ltd          ST – Non Fund Based   ICRA A4      350
Continues to remain in the ‘ISSUER NOT COOPERATING’ category
Mohit Ispat Ltd                         ST non fund based     ICRA A4      350
Rating continues to remain under issuer not cooperating category
National Bank For Agricultural          CP                    ICRA A1+     500000  Reaffirmed
And Rural Development
Nayara Energy Ltd                       CP Programme          ICRA A1+     2000    Withdrawn
Nmk Textile Mills (India) Pvt           Fund based- Working   ICRA A3      -       Reaffirmed
Ltd                                     Capital Facility**
                                        -6
**Sub-limit of Fund based Working Capital Facility
Nmk Textile Mills (India) Pvt           Non Fund based-       ICRA A3      90      Reaffirmed
Ltd                                     Working Capital
                                        Facility
P C Patel Infra Pvt Ltd                 Non-Fund based BG     ICRA A3      950     Withdrawn
Pvr Ltd                                 CP                    ICRA A1+     2000    Reaffirmed
Rajnish Steels                          Non-Fund based – LOC^ ICRA A4      -
Rating continues to remain under the ‘Issuer Not Cooperating’ category/^Sub-limit of CC facility
Shrenik Marble Pvt Ltd                  ST Non-fund based     ICRA A4      50      -
Rating moved to Issuer Not Cooperating category
Silica Ceramica Pvt Ltd                 Non-FBL               ICRA A1(CE)  432.5   Reaffirmed
Somic Zf Components Pvt Ltd             ST: FB/Non-Fund Based ICRA A1      317.5   Reaffirmed
Tata Petrodyne Ltd                      ST Non-FBL            ICRA A1      650     Downgraded
                                                                                   from ICRA A1+
removed from watch with developing implications
Uni Medicolabs                          Non-fund Based        ICRA A4+     46
Reason for delay in carrying out periodic review: - Review process underway
Unique Engineers Pvt Ltd                ST Non-fund based     ICRA A3+     400     Reaffirmed
Urvi Plastic Industries                 ST Non-FB LOC         ICRA A4      54
Rating moved to the ‘Issuer Not Cooperating’ category
Uti Asset Management Co. Ltd            UTI Money Market Fund ICRA A1+mfs  -       Reaffirmed
Uti Asset Management Co. Ltd            UTI Liquid Cash Plan  ICRA A1+mfs  -       Reaffirmed
Uti Asset Management Co. Ltd            UTI Overnight Fund    ICRA A1+mfs  -       Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Jindal Pipes Ltd                        Fixed deposits        MA+ (Stable) 500     Reaffirmed
placed on six-month notice of withdrawal

LONG TERM RATINGS:
-------------------
A Shama Rao Foundatzion                  LT– Fund based        ICRA B+      695    Downgraded
                                                              (Stable)             from ICRA BB+
continues to remain under ‘Issuer Not Cooperating’ category
A Shama Rao Foundation                  LT - Unallocated Fac  ICRA B+      2.5     Downgraded
                                                              (Stable)             from ICRA BB+
continues to remain under ‘Issuer Not Cooperating’ category
Alstone International                   FB Limits             ICRA         80      Withdrawn
                                                              BB+(Stable)
Issuer Not Cooperating
Andhra Pradesh Power Finance            LT bond programme     ICRA D       40533
Corporation Ltd
Reason for delay in carrying out periodic review: Review process is underway
Apg Premium Homes Pvt Ltd               NCD Programme (NCD)   ICRA BB-     600     Reaffirmed
                                                              (Stable)
Aravali Power Company Pvt Ltd           TL                    ICRA A+      78391.3 Upgraded
                                                              (Stable)             from ICRA
                                                                                   A(Stable)
Aravali Power Company Pvt Ltd           FB Working Capital    ICRA A+      12000   Upgraded
                                        Limits                (Stable)             from ICRA
                                                                                   A(Stable)
Assetz Premium Holdings Pvt Ltd         NCD Programme (NCD)   ICRA BB-     1500    Reaffirmed
                                                              (Stable)
Avadh Cotton Industries -               Fund based –          ICRA         45
Jamnagar                                CC-cum-optionally     B(Stable)
                                        convertible debentureBD^
Rating continues to remain under ‘Issuer Not Cooperating’ category
Avadh Cotton Industries -               Fund based – TL       ICRA         14.3
Jamnagar                                                      B(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Aye Finance (P) Ltd.                    NCD Programme         ICRA A (CE)  200     Upgraded
                                                              (Stable)             from ICRA A-
                                                                                   (CE) (Stable)
Aye Finance (P) Ltd.                    Fund Based – TL       ICRA BBB+    556     Upgraded
                                                              (Stable)             from ICRA
                                                                                   BBB (Stable)
Aye Finance (P) Ltd.                    NCD Programme         ICRA BBB+    4788    Upgraded
                                                              (Stable)             from ICRA
                                                                                   BBB (Stable)
Bansal Alloys & Metals Pvt Ltd          LT FB Fac             ICRA BBB     200
                                                              (Stable)
Reason for delay in carrying out periodic review:- Review process is underway
Bansal Alloys & Metals Pvt Ltd          LT Overdraft          ICRA BBB     30
                                                              (Stable)
Reason for delay in carrying out periodic review: - Review process is underway
Bansidhar Agarwalla & Co. Pvt           Working Capital TL    ICRA B-      15
Ltd Unit                                                      (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Bansidhar Agarwalla & Co. Pvt           Seasonal CC           ICRA B-      32.5
Ltd Unit                                                      (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Bansidhar Agarwalla & Co. Pvt           Working Capital Loan  ICRA B-      8.6
Ltd Unit                                                      (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Bansidhar Agarwalla & Co. Pvt           BG                    ICRA B-      1.7
Ltd Unit                                                      (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Barbrik Project Ltd                     FB-TL                 ICRA BBB+    5       Downgraded
                                                                                   from ICRA A-
outlook revised to Negative from Stable
Barbrik Project Ltd                     FB- Working Capital   ICRA BBB+    445     Downgraded
                                        Fac                                        from ICRA A-
outlook revised to Negative from Stable
Barbrik Project Ltd                     Non-fund              ICRA BBB+    2210    Downgraded
                                        based-Working Capital                      from ICRA A-
                                        Fac
outlook revised to Negative from Stable
Barbrik Project Ltd                     LT- Unallocated limitsICRA BBB+    840     Downgraded
                                                                                   from ICRA A-
outlook revised to Negative from Stable
Bhagwan Mahaveer Memorial Jain          LT - Fund Based/ CC   ICRA B+      147.8   Downgraded
Trust                                                         (Stable)             from ICRA
                                                                                   - (Stable)
Rating moved to the ‘Issuer Not Cooperating’ category
Bhagwan Mahaveer Memorial Jain          LT - Fund Based TL    ICRA B+      572.7   Downgraded
Trust                                                         (Stable)             from ICRA
                                                                                   - (Stable)
Rating moved to the ‘Issuer Not Cooperating’ category
Bhagwan Mahaveer Memorial Jain          LT – Unallocated      ICRA B+      104.5   Downgraded
Trust                                                         (Stable)             from ICRA
                                                                                   - (Stable)
Rating moved to the ‘Issuer Not Cooperating’ category
Bvsr Constructions Pvt Ltd              LT: CC Fac            ICRA A-      100     Reaffirmed
                                                              (Positive)
outlook revised from Stable
Bvsr Constructions Pvt Ltd              LT: Non-FB Fac        ICRA A-      2200    Reaffirmed
                                                              (Positive)
outlook revised from Stable
Bvsr Constructions Pvt Ltd              LT: Unallocated       ICRA A-      840     Reaffirmed
                                                              (Positive)
outlook revised from Stable Rating Action
Cargill India Pvt Ltd                   FB/ Non-FB Fac        ICRA         -       Reaffirmed
                                                              AA+(CE)
                                                              (Stable)/ICRA A1+
Chaitanya India Fin Credit Pvt          Bk Fac                ICRA         520
Ltd                                                           BBB-(Stable)
Reason for delay in carrying out periodic review: Review process is underway
Chaitanya India Fin Credit Pvt          NCD Programme         ICRA         1280
Ltd                                                           BBB-(Stable)
Reason for delay in carrying out periodic review: Review process is underway
Chaitanya India Fin Credit Pvt          Subordinated Debt     ICRA         200
Ltd                                     Programme             BBB-(Stable)
Reason for delay in carrying out periodic review: Review process is underway
Chaitanya India Fin Credit Pvt          Market Linked         PP-MLDICRA   200
Ltd                                     Debenture Programme   BBB-(Stable)
Reason for delay in carrying out periodic review: Review process is underway
Ctrls Datacenters Ltd                   Fund based- CC        ICRA A+      250
                                                              (Stable)
Reason for delay in carrying out periodic review: Review process is underway
Ctrls Datacenters Ltd                   Fund based-TL         ICRA A+      2675
                                                              (Stable)
Reason for delay in carrying out periodic review: Review process is underway
Ctrls Datacenters Ltd                   Unallocated Limits    ICRA A+      2075
                                                              (Stable)/A1
Reason for delay in carrying out periodic review: Review process is underway
Dalmia Bharat Sugar And                 BLR                   ICRA AA-     13064.9
Industries Ltd                                                (Stable) /
                                                              ICRA A1+
Reason for delay in carrying out periodic review:- Review process is underway
Darshita Aashiyana Pvt Ltd              Fund Based- Working   ICRA A (CE)  1500    Reaffirmed
                                        Capital Fac           (Stable)
outlook revised to Stable from Positive
Deva Drill Tech (India) Ltd             Fund based -TL        ICRA BBB     19.5    Downgraded
                                                              (Stable)             from ICRA
                                                                                   BBB+ (Stable)
Deva Drill Tech (India) Ltd             Fund based - Working  ICRA BBB     180     Downgraded
                                        Capital Fac           (Stable)/            from ICRA
                                                              ICRA A3+             BBB+ 
                                                                                   (Stable)/ICRA
                                                                                    A2
Dhar Construction Company               Fund based – TL       -            -       -
Dhar Construction Company               Fund based – CC       ICRA BBB-    200     Reaffirmed
                                                              (Stable)
Dhar Construction Company               Unallocated limits    ICRA BBB-    20      Reaffirmed
                                                              (Stable)
                                                              /ICRA A3
Dian Energy B.V.                        TL                    ICRA A       200     Downgraded
                                                              (Stable)^            from ICRA
                                                                                   A+(SO)
removed from watch with developing implications/
 ^ICRA's analytical approach for rating Dian Energy B.V.’s (DEBV) facility has changed. The
rating is now based on a consolidated view of the rated entity with its parent, Tata Petrodyne
Limited (TPL), instead of the approach followed earlier whereby the rating of the instrument was
based on the corporate guarantee furnished by the parent 
Ds-Max                                  LT - Fund Based- TL   ICRA BB+     150
                                                              (Stable)
Rating moved to ‘Issuer Not Cooperating’ category.
Dugar Polymers Ltd                      CC                    ICRA         330     Downgraded
                                                              B+(Stable)           from ICRA
                                                                                   BB-(Stable)
Ratings continues to remain under ‘Issuer Not Cooperating’ category
Dugar Polymers Ltd                      TL                    ICRA         25.9    Downgraded
                                                              B+(Stable)           from ICRA
                                                                                   BB-(Stable)
Ratings continues to remain under ‘Issuer Not Cooperating’ category
Dugar Polymers Ltd                      Unallocated           ICRA         9.1     Downgraded
                                                              B+(Stable)           from ICRA
                                                                                   BB-(Stable)
Ratings continues to remain under ‘Issuer Not Cooperating’ category
Electromech Material Handling           LT – Unallocated      ICRA BBB+    110     Upgraded
Systems (India) Pvt Ltd                                                            from ICRA BBB
outlook revised to Stable from Positive
Electromech Material Handling           LT – Fund Based / TL  ICRA BBB+    130     Upgraded
Systems (India) Pvt Ltd                                                            from ICRA BBB
outlook revised to Stable from Positive
Electromech Material Handling           LT – Fund Based / CC  ICRA BBB+    400     Upgraded
Systems (India) Pvt Ltd                                                            from ICRA BBB
outlook revised to Stable from Positive
Gkc Projects Ltd                        Fund based-CC         ICRA D       3340.8
Rating continues to remain under ‘Issuer Not Cooperating’ category
Gkc Projects Ltd                        Fund based-TL         ICRA D       5465.7
Rating continues to remain under ‘Issuer Not Cooperating’ category
Gkc Projects Ltd                        Non fund based – BG   ICRA D       11168.3
Rating continues to remain under ‘Issuer Not Cooperating’ category
Gkc Projects Ltd                        Non fund based – LOC  ICRA D       1950
Rating continues to remain under ‘Issuer Not Cooperating’ category
Gkc Projects Ltd                        Unallocated Limits    ICRA D       75.2
Rating continues to remain under ‘Issuer Not Cooperating’ category
God Granites                            LT - FB – CC          ICRA         15      Withdrawn
                                                              BB+(Stable)
Great Galleon Ventures Ltd              LT – FB – Proposed TL -            0       -
Great Galleon Ventures Ltd              LT – FB – Unallocated ICRA BBB+    500     Reaffirmed
                                                              (Stable)
Gujarat International Finance           FB – TL               ICRA         12610   Reaffirmed
Tec-City Co. Ltd                                              BBB+(Stable)
Gv Road Projects Pvt Ltd                LT: TL Fac            ICRA A-(CE)  2770    Reaffirmed
                                                              (Positive)
outlook revised from Stable
Haldiram Marketing Pvt. Ltd             FBL                   ICRA A       250     Reaffirmed
                                                              (Stable)
Hindva Builders                         FB - CC               ICRA BB-     25      Reaffirmed
                                                              (Stable)
Hindva Builders                         FB – TL               ICRA BB-     575.8   Reaffirmed
                                                              (Stable)
Hindva Builders                         FB Unallocated        ICRA BB-     29.2    Reaffirmed
                                                              (Stable)
Ibrox Real Estate Development           LT- Fund Based- TL    ICRA BBB     3050    Downgraded
Pvt Ltd                                                       (Stable)             from ICRA
                                                                                   BBB+
Outlook revised from Negative to Stable
Ireo Pvt Ltd                            LT fund based         ICRA D       4206.9
Continues to remain under the ‘Issuer Not Cooperating’ category
Ireo Pvt Ltd                            LT non-fund based     ICRA D       1500
Continues to remain under the ‘Issuer Not Cooperating’ category
Ireo Pvt Ltd                            LT Unallocated        ICRA D       3993.1
Continues to remain under the ‘Issuer Not Cooperating’ category
Jindal Pipes Ltd                        Issuer rating         ICRA A+      -       Reaffirmed
                                                              (Stable)
Kandalaa                                LT- Fund based- CC    ICRA BB-     110     Reaffirmed
                                                              (Stable)
Kraft Powercon India Ltd                Fund based-TL         ICRA BBB-    40
                                                              (Stable)
Rating moved to the ‘Issuer Not Cooperating’ category
Kraft Powercon India Ltd                Fund based-CC         ICRA BBB-    75
                                                              (Stable)
Rating moved to the ‘Issuer Not Cooperating’ category
Krishnan Food Processors                LT – Fund based TL    ICRA BB-     18.4    Downgraded
                                                              (Negative)           from ICRA
                                                                                   BB+
                                                                                  (Negative)
Krishnan Food Processors                LT – Interchangeable^ ICRA BB-     -       Downgraded
                                                              (Negative)           from ICRA
                                                                                   BB+
                                                                                   (Negative)
^Sub limits
Krishnan Food Processors                LT – Unallocated      ICRA BB-     48.6    Downgraded
                                                              (Negative)           from ICRA
                                                                                   BB+
                                                                                   (Negative)
Ktc Foods Pvt Ltd                       FBL                   ICRA D       1100
Continues to remain under the ‘Issuer Not Cooperating’ category
Ktc Foods Pvt Ltd                       TL                    ICRA D       90.1
Continues to remain under the ‘Issuer Not Cooperating’ category
Ktc Foods Pvt Ltd                       Non-FBL               ICRA D       50
Continues to remain under the ‘Issuer Not Cooperating’ category
Ktc Foods Pvt Ltd                       Unallocated           ICRA D       9.9
Continues to remain under the ‘Issuer Not Cooperating’ category
Kvr Projects Pvt Ltd                    FB limits             ICRA BB-     50      revised from
                                                              (Negative)           ICRA
                                                                                   BB(Negative)
Kvr Projects Pvt Ltd                    Unallocated limits    ICRA BB-     210
                                                              (Negative)
                                                              /ICRA A4
Revised from ICRA BB(Negative) / ICRA A4; reaffirmed
L&T Sargent & Lundy Ltd                 Non-Fund Based BG     ICRA AA      200     Reaffirmed
                                                              (Stable)
                                                              /A1+
L&T Sargent & Lundy Ltd                 LT/short- term        ICRA AA      -       Reaffirmed
                                        Interchangeable       (Stable)/
                                                              A1+
L&T Sargent & Lundy Ltd                 LT/ST unallocated     ICRA         50      Reaffirmed
                                                              AA(Stable)
                                                              /A1+
Lahore Hospital Society                 Fund Based Working    ICRA A-      300     Upgraded
                                        Capital               (Stable)             from ICRA
                                                                                   BBB+
                                                                                  (Positive)
Lahore Hospital Society                 Non-Fund Based        ICRA A-      100     Upgraded
                                        Working Capital       (Stable)             from ICRA
                                                                                   BBB+
                                                                                  (Positive)
Lahore Hospital Society                 Unallocated           ICRA A-      156.8   Upgraded
                                                              (Stable)             from ICRA
                                                                                   BBB+
                                                                                  (Positive)
Laxmikant Cotton                        FB CC                 ICRA         50      Withdrawn
                                                              B(Stable)
Issuer Not Cooperating
Laxmikant Cotton                        Unallocated           ICRA         12      Withdrawn
                                                              B(Stable)
Issuer Not Cooperating
Madurai Trans Carrier Ltd               FB – TL               ICRA A       600
                                                              (Stable)
Reason for delay in carrying out periodic review: - Review process is underway
Mathiyan Construction Pvt. Ltd          LT -Fund based CC     ICRA C+      100
Continues to remain in the ‘ISSUER NOT COOPERATING’ category
Mewar Hitech Engineering Ltd            FB limits             ICRA BB      100
                                                              (Stable)
Reason for delay in carrying out periodic review: - Issuer not cooperating
Mit Art Design And Technology           Fund Based – TL       ICRA         842.7   Reaffirmed
University                                                    A-(Stable)
Mit Art Design And Technology           Fund Based – Working  ICRA         149     Reaffirmed
University                              Capital Fac           A-(Stable)
Mizoram Ispat Industries                Unallocated Limit     ICRA B+      7.5     Downgraded
                                                              (Stable)             from ICRA BB
                                                              /ICRA A4             (Stable)/ICRA
                                                                                   A4
Continues to remain under ‘Issuer Not Cooperating’ category.
Mizoram Ispat Industries                Fund based – CC       ICRA         42.5    Downgraded
                                                              B+(Stable)           from ICRA BB
                                                                                   (Stable)
Continues to remain under ‘Issuer Not Cooperating’ category.
Mizoram Ispat Industries                Fund based – TL       ICRA         200     Downgraded
                                                              B+(Stable)           from ICRA BB
                                                                                   (Stable)
Continues to remain under ‘Issuer Not Cooperating’ category.
Mohit Ispat Ltd                         TL                    ICRA         170
                                                              B+(Stable)
Rating continues to remain under issuer not cooperating category
Mohit Ispat Ltd                         Fund based/ CC        ICRA         210
                                                              B+(Stable)
Rating continues to remain under issuer not cooperating category
Municipal Corporation Gurugram          Issuer rating         ICRA A+      -       Withdrawn
                                                              (Stable)
National Bank For Agricultural          LT Bonds Programme    ICRA AAA     31460   Reaffirmed
And Rural Development                                         (Stable)
National Bank For Agricultural          LT Bonds Programme    ICRA AAA     400000  Assigned
And Rural Development                                         (Stable)
Navbharat Buildcon Pvt Ltd              Fund Based            ICRA B       108
                                                              (Stable)
Rating moved to ‘Issuer Not Cooperating’ category
Navbharat Buildcon Pvt Ltd              Non-fund Based        ICRA B       37.5
                                                              (Stable)
Rating moved to ‘Issuer Not Cooperating’ category
Neerus Ensembles Pvt Ltd                Unallocated           ICRA B+      1.6
                                                              (Stable) /A4
Rating downgraded from ICRA BB-(Stable) and Rating continues to remain under ‘Issuer Not
Cooperating’ category
Neerus Ensembles Pvt Ltd                CC                    ICRA         280     Downgraded
                                                              B+(Stable)           from ICRA
                                                                                   BB-(Stable)
Neerus Ensembles Pvt Ltd                TL                    ICRA         68.4    Downgraded
                                                              B+(Stable)           from ICRA
                                                                                   BB-(Stable)
Nmk Textile Mills (India) Pvt           Fund based-Working    ICRA         175     Reaffirmed
Ltd                                     Capital Fac           BBB-/ICRA A3
outlook revised to Positive from Stable
P C Patel Infra Pvt Ltd                 FB CC                 ICRA BBB-    150     Withdrawn
                                                              (Stable)
P C Patel Infra Pvt Ltd                 FB TL                 ICRA BBB-    30      Withdrawn
                                                              (Stable)
Parsons Nutritionals Pvt Ltd            TL                    ICRA BBB     1030    Reaffirmed
                                                              (Stable)
Parsons Nutritionals Pvt Ltd            Working Capital Fac   ICRA BBB     190     Reaffirmed
                                                              (Stable)
Parsons Nutritionals Pvt Ltd            Unallocated Limits    ICRA BBB     80      Reaffirmed
                                                              (Stable)
Poorvika Mobiles Pvt Ltd                LT, FB Fac            ICRA BBB+    499     Downgraded
                                                                                   from ICRA A-
outlook revised to Negative from Stable
Poorvika Mobiles Pvt Ltd                LT, TL                ICRA BBB+    453     Downgraded
                                                                                   from ICRA A-
outlook revised to Negative from Stable
Poorvika Mobiles Pvt Ltd                LT, Unallocated       ICRA BBB+    48      Downgraded
                                                                                   from ICRA A-
outlook revised to Negative from Stable
Popular Shoe Mart (1)                   CC                    -            120     Downgraded
                                                                                   from ICRA
                                                                                   BB(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Prathima Institute Of Medical           Non-FBL               -            0       -
Sciences
Prathima Institute Of Medical           FB limits             ICRA BBB     585.3   Reaffirmed
Sciences                                                      (Stable)
Prathima Institute Of Medical           Unallocated limits    ICRA BBB     64.7    Reaffirmed
Sciences                                                      (Stable) /
                                                              ICRA A3+
Prestige Projects Pvt Ltd               NCDs                  ICRA A       1500    Reaffirmed
(Pppl)                                                        (Stable)
Pvr Ltd                                 NCD Programme         ICRA AA-     3600    Reaffirmed
Outlook revised from Stable to Positive
Pvr Ltd                                 Fund based-TL         ICRA AA-     2190    Reaffirmed
Outlook revised from Stable to Positive
Rajnish Steels                          Fund based – CC       ICRA B+      80
                                                              (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Rajnish Steels                          Unallocated           ICRA B+      30
                                                              (Stable) /
                                                              ICRA A4
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Reddy Pharmaceuticals Ltd               LT: CC                -            27      Revised to
                                                                                   ICRA C+@
                                                                                   from ICRA B+
 placed on watch with negative implications                                        Stable 
@ signifies rating under watch with negative implications
Reddy Pharmaceuticals Ltd               LT: Unallocated limits-            73      Revised to
                                                                                   ICRA C+@
                                                                                   from ICRA B;
placed on watch with negative implications                                         + (Stable)
@ signifies rating under watch with negative implications
Ritco Logistics Ltd                     LT: FB/CC             ICRA BBB+    587.5   Upgraded
                                                              (Stable)             from ICRA
                                                                                   BBB (Stable)
Ritco Logistics Ltd                     LT: Non-fund Based    ICRA BBB+    100     upgraded
                                                              (Stable)             from ICRA
                                                                                   BBB (Stable)
Sahyadri Starch & Industries            LT & ST               ICRA BB+     40      downgraded
Pvt Ltd                                 Interchangeable       (Stable)             from ICRA
                                        optionally convertible/ICRA A4+            BBB- 
                                                                                  (Stable)/ICRA
                                                                                   A3
moved to the ‘Issuer Not Cooperating’ category
Sahyadri Starch & Industries            LT FB -CC             ICRA         200     Downgraded
Pvt Ltd                                                       BB+(Stable)          from ICRA
                                                                                   BBB- (Stable)
moved to the ‘Issuer Not Cooperating’ category
Sahyadri Starch & Industries            LT FB -TL             ICRA         46.2    Downgraded
Pvt Ltd                                                       BB+(Stable)          from ICRA
                                                                                   BBB- (Stable)
moved to the ‘Issuer Not Cooperating’ category
Sahyadri Starch & Industries            LT FB -Overdraft      ICRA         40      Downgraded
Pvt Ltd                                                       BB+(Stable)          from ICRA
                                                                                   BBB- (Stable)
moved to the ‘Issuer Not Cooperating’ category
Sap Energy                              TL                    ICRA         90      Downgraded
                                                              B+(Stable)           from ICRA BB
                                                                                   (Stable)
moved to the ‘Issuer Not Cooperating’ category
Sap Energy                              Unallocated           ICRA         2.5     Downgraded
                                                              B+(Stable)           from ICRA BB
                                                                                   (Stable)
moved to the ‘Issuer Not Cooperating’ category
Shrenik Marble Pvt Ltd                  LT FB                 ICRA         46      
                                                              B+(Stable)           
 moved to the ‘Issuer Not Cooperating’ category
Silica Ceramica Pvt Ltd                 NCD Programme         ICRA A-(CE)  500     Reaffirmed
                                                              (Stable)
Silica Ceramica Pvt Ltd                 TL                    ICRA A-(CE)  750     Reaffirmed
                                                              (Stable)
Silica Ceramica Pvt Ltd                 FB Limits             ICRA A-(CE)  400     Reaffirmed
                                                              (Stable)
Sipai Industries                        Fund based – TL       ICRA         3
                                                              B+(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Sipai Industries                        Fund based – CC       ICRA         140
                                                              B+(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Sipai Industries                        Unallocated           ICRA         5
                                                              B+(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Small Industries Development            Bonds                 ICRA         50000   Reaffirmed
Bank Of India                                                 AAA(Stable)
Sms9 Agro Oils Llp                      TL                    ICRA         70
                                                              B(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Sms9 Agro Oils Llp                      CC                    ICRA         30
                                                              B(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Snn Builders Pvt Ltd                    LT- Fund Based- TL    ICRA BBB     850     Downgraded
                                                              (Stable)             from ICRA
                                                                                   BBB+
Outlook revised from Negative to Stable
Snn Builders Pvt Ltd                    LT- Unallocated       ICRA BBB     670     Downgraded
                                                              (Stable)             from ICRA
                                                                                   BBB+
Outlook revised from Negative to Stable
Snn Homes Llp                           LT- Fund Based- TL    ICRA BBB     1240    Downgraded
                                                              (Stable)             from ICRA
                                                                                   BBB+
Outlook revised from Negative to Stable
Somic Zf Components Pvt Ltd             LT – Unallocated**    -            0       -
**Unallocated limit rated previously was related to the term loans availed by the company
Somic Zf Components Pvt Ltd             LT – TL               ICRA A       97.5    Reaffirmed
                                                              (Stable)
Somic Zf Components Pvt Ltd             LT/ST: FB/ Non-Fund   ICRA A       50      Reaffirmed
                                        Based                 (Stable)/
                                                              ICRA A1
Sree Lakshmi Gayatri Hospitals          Fund Based TL Limits  ICRA         1600    downgraded
Pvt Ltd                                                       B+(Stable)           from ICRA
                                                                                   BB-(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Sri Venkateshwara Polymers              FBL                   ICRA         122.5
                                                              B(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Suma Foods Pvt Ltd                      FBL                   ICRA D       80
Continues to remain under the ‘Issuer Not Cooperating’ category
Suma Foods Pvt Ltd                      TL                    ICRA D       77.9
Continues to remain under the ‘Issuer Not Cooperating’ category
Suma Foods Pvt Ltd                      Unallocated           ICRA D       82.1
Continues to remain under the ‘Issuer Not Cooperating’ category
Suman Proteins Pvt Ltd                  Fund based – CC       ICRA         70      downgraded
                                                              B+(Stable)           from ICRA
                                                                                   BB-(Stable)
Continues to remain under ‘Issuer Not Cooperating’ category
Sushravya Upliftment Foundation         LT Bk Fac             ICRA         100
                                                              B(Stable)
Reason for delay in carrying out periodic review: Review process is underway
Tata Petrodyne Ltd                      LT Non-FBL            ICRA A       -       Downgraded
                                        (Interchangeable**)   (Stable)             from ICRA A+
removed from watch with developing implications/ **with short-term limits 
Uni Medicolabs                          Fund Based            ICRA BB+     404
                                                              (Stable)
Reason for delay in carrying out periodic review: - Review process underway
Unique Engineers Pvt Ltd                LT FB - CC            ICRA BBB     100     Reaffirmed
                                                              (Negative)
United Telecoms Ltd                     FBL                   ICRA D       590
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
United Telecoms Ltd                     Non- FBL              ICRA D       3060
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Urvi Plastic Industries                 LT FB CC              ICRA         -
                                        (Interchangeable      B(Stable)
                                        Sublimit of LC)
Rating moved to the ‘Issuer Not Cooperating’ category
Urvi Plastic Industries                 LT / ST Unallocated   ICRA         46
                                                              B(Stable)/A4
Rating moved to the ‘Issuer Not Cooperating’ category
Uti Asset Management Co. Ltd            UTI Capital           ICRA AAA(SO) -       Reaffirmed
                                        Protection Oriented
                                        Scheme Series X - Plan 2
Uti Asset Management Co. Ltd            UTI Capital           ICRA AAA(SO) -       Reaffirmed
                                        Protection Oriented
                                        Scheme Series IX - Plan 1
Uti Asset Management Co. Ltd            UTI Capital           ICRA AAA(SO) -       Reaffirmed
                                        Protection Oriented
                                        Scheme Series IX - Plan 2
Uti Asset Management Co. Ltd            UTI Capital           ICRA AAA(SO) -       Reaffirmed
                                        Protection Oriented
                                        Scheme Series IX - Plan 3
Uti Asset Management Co. Ltd            UTI Treasury          ICRA AAAmfs  -       Reaffirmed
                                        Advantage Fund        
Uti Asset Management Co. Ltd            UTI Ultra ST Fund     ICRA AAAmfs  -       Reaffirmed
Uti Asset Management Co. Ltd            UTI Corporate Bond    ICRA AAAmfs  -       Reaffirmed
                                        Fund                                      
Uti Asset Management Co. Ltd            UTI Bond Fund         ICRA BBBmfs@ -       Reaffirmed
Uti Asset Management Co. Ltd            UTI Dynamic Bond Fund ICRA BBBmfs@ -       Reaffirmed
Uti Asset Management Co. Ltd            UTI Bking and PSU     ICRA         -
                                        Debt Fund             BBB-mfs@             Reaffirmed
Yenepoya Institute of Medical Sciences  LT FB- Cash Credit    ICRA BB      30      Withdrawn 
and Research Private Limited                                  (Stable)
Yenepoya Institute of Medical Sciences  LT FB- Term Loan      ICRA BB      110     Withdrawn 
and Research Private Limited                                  (Stable)
--------------------------------------------------------------------------------------------
$: 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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