January 29, 2020 / 9:57 AM / a month ago

RPT-ICRA ratings for Indian debt instruments-Jan 29

 (Repeating to add more ratings)
   Jan 29 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of January 28, 2020.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Addi Alloys Pvt Ltd                     Non-fund Based        ICRA A4      30      Reaffirmed
Belaire Hotels Pvt Ltd                  ST, non-FB limits     ICRA A4+ &   460
&placed on watch with developing implications
Bright Brothers Ltd                     ST: FB – Bill         ICRA A4+     450     Reaffirmed
                                        discounting
Chalet Hotels Ltd                       ST Non-FBL            ICRA A2      750     outstanding
Danish Pvt Ltd                          Non-fund Based        ICRA A4+     345     Withdrawn
(Issuer Not Cooperating)
Delta Infralogistics                    ST: Non-FB Fac        ICRA A3      70      Reaffirmed
(Worldwide) Ltd
Delta Infralogistics                    ST: FB Fac            ICRA A3      30      Reaffirmed
(Worldwide) Ltd
Dwarkadhish Cotspin Pvt Ltd             ST Non-FBL            ICRA A4      34.4    Withdrawn
(Issuer Not Cooperating)
Captronic Systems Pvt Ltd               ST-BG                 ICRA A4      80      -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
 Govindegowda And Sons                   Non-FB facility       ICRA A4+     150
Reason for delay in carrying out periodic review: Issuer delayed in giving information.
Guardian Castings Pvt Ltd               Non-fund Based – Bk   ICRA A3+     66      Reaffirmed
                                        Guarantee
Guardian Castings Pvt Ltd               Non-fund Based –      ICRA A3+     -       Reaffirmed
                                        Interchangeable**
** Fund based, and Non-fund based interchangeable limits are a sublimit of Cash credit facility
Indapur Dairy And Milk                  Non-fund Based –      ICRA A2      50      Reaffirmed
Products Ltd.                           Working Capital Fac
Maheshwari Mining Pvt Ltd               Non-Fund based – BG   ICRA A3+     430     Upgraded
                                                                                   from ICRA A3
Maheshwari Mining Pvt Ltd               Non-Fund based – LOC1 ICRA A3+     -       Upgraded
                                                                                   from ICRA A3
1Sublimit of Cash Credit
Maheshwari Mining Pvt Ltd               Non-Fund based – LOC2 ICRA A3+     -       Upgraded
                                                                                   from ICRA A3
2Sublimit of Bank Guarantee
Meera And Ceiko Pumps (P) Ltd.          Non-fund based – BG   ICRA A4+     39      Assigned
Nitte Education Trust                   ST-BG                 ICRA A1+     102     -
Reason for delay in carrying out periodic review:- Ratings withdrawal process underway
Nitte Education Trust                   ST-LOC                ICRA A1+     100     -
Reason for delay in carrying out periodic review:- Ratings withdrawal process underway
Oxyzo Financial Services Pvt            CP Programme          ICRA A2      250     outstanding
Ltd
Raj Exports                             ST— Non FB            ICRA A3      50      -
Reason for delay in carrying out periodic review:- (Issuer Not Cooperating)
Renxsol Ecotech Pvt Ltd                 ST-LOC                ICRA A4      43      -
Moved to ‘(Issuer Not Cooperating)’ category
Sri Enterprises                         Non-fund Based - LOC  ICRA A4+     750     Reaffirmed
Sri Enterprises                         Non-fund Based –      ICRA A4+#    -       Reaffirmed
                                        LOC/Letter of
                                        Comfort/Bills Discounting/Letter of Guarantee
# Interchangeable sub limit within LC Limit of Rs. 75.00 crore.
Uniflex Industries Pvt Ltd              ST Non-fund based     ICRA A4      50      -
Rating continues to be under ‘(Issuer Not Cooperating)’ category
Uttarayan Foods Pvt Ltd                 Non -fund - based – BGICRA A4      1.6     -
Rating continues to remain under the ‘(Issuer Not Cooperating)’ category
Vinayak Steels Ltd                      Non Fund Based        ICR A4+      60      -
(Issuer Not Cooperating)
MEDIUM TERM RATINGS:
-------------------
Bright Brothers Ltd                     Medium-term: Fixed    MB+          0       Withdrawn
                                        deposit programme
(Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
Addi Alloys Pvt Ltd                     CC                    ICRA B+      110     Reaffirmed
                                                              (Stable)
Al-Nasir Exports Pvt Ltd                LT/ ST facility-Fund  ICRA         500
                                        Based                 BB+(Stable)
                                                              /A4+
Reason for delay in carrying out periodic review: - Review process underway
Annapurna Finance Pvt                   PTC Series A1         Provisional  152.8   Assigned
Ltd-Vivriti Medivh 12 2019                                    ICRA AA-(SO)
Annapurna Finance Pvt                   PTC Series A2         Provisional  9       Assigned
Ltd-Vivriti Medivh 12 2019                                    ICRA BB
                                                              (Stable)B+(SO)
Baldovino                               Fund based-Working    ICRA D       100
                                        Capital Facility
Rating continues to remain in (Issuer Not Cooperating) category
Baldovino                               Fund based- Working   ICRA D       -
                                        Capital Fac**
Rating continues to remain in (Issuer Not Cooperating) category/
 **Sub-limit of fund based- working capital facility 
Belaire Hotels Pvt Ltd                  TL                    ICRA BB      1626
                                                              (Stable)+ &
&placed on watch with developing implications
Bhavana Power Pvt Ltd                   FBL                   ICRA BB      100     Withdrawn
                                                              (Stable)
(Issuer Not Cooperating)
Bhavana Power Pvt Ltd                   Unallocated Limits    ICRA BB      20      Withdrawn
                                                              (Stable)
(Issuer Not Cooperating)
Bindu Recepies Pvt Ltd                  NCD                   ICRA BB      250
                                                              (Stable)
Reason for delay in carrying out periodic review- Review process is underway
Bright Brothers Ltd                     LT: FB – TL           ICRA BB      89.7    Reaffirmed
                                                              (Stable)
Chalet Hotels Ltd                       TL                    ICRA BBB+    10884   outstanding
                                                              (Stable)
Chalet Hotels Ltd                       LT FB Limits          ICRA BBB+    1350    outstanding
                                                              (Stable)
Chalet Hotels Ltd                       LT/ST Unallocated     ICRA BBB+    4624    outstanding
                                        Limits                (Stable)/
                                                              ICRA A2
Choudhary Gum And Derivatives           CC Fac                ICRA D       145     Downgraded
                                                                                   from ICRA B
                                                                                   (Stable)
rating continues to be in ‘(Issuer Not Cooperating)’ category
Captronic Systems Pvt Ltd               LT-CC                 ICRA B-      20      -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Danish Pvt Ltd                          CC                    ICRA BB+     130     Withdrawn
                                                              (Stable)
(Issuer Not Cooperating)
Danish Pvt Ltd                          Unallocated           ICRA BB+     15      Withdrawn
                                                              (Stable)
                                                              /A4+
(Issuer Not Cooperating)
Dcs Techno Services Pvt Ltd             Non-fund based        ICRA BB+     62.5    Withdrawn
                                                              (Stable)
                                                              /ICRA A4+
Dcs Techno Services Pvt Ltd             Fund based            ICRA         57.5    Withdrawn
                                                              BB+(Stable)
Delta Infralogistics                    LT: FB Fac            ICRA BBB-    200     Reaffirmed
(Worldwide) Ltd
outlook revised to ‘Stable’ from ‘Positive’
Dwarkadhish Cotspin Pvt Ltd             TL                    ICRA B+      497     Withdrawn
                                                              (Stable)
(Issuer Not Cooperating)
Dwarkadhish Cotspin Pvt Ltd             Working capital limitsICRA B+      140     Withdrawn
                                                              (Stable)
(Issuer Not Cooperating)
Enmax Engineering (India) Pvt           LT - Non Fund Based   ICRA B+      20
Ltd                                                           (Stable)
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
Govindegowda And Sons                   LT Non-Fund Based CC  ICRA BB      80
                                                              (Stable)
                                                              (Stable)
Reason for delay in carrying out periodic review: Issuer delayed in giving information.
Govindegowda And Sons                   Unallocated limits    ICRA BB      20
                                                              (Stable)
Reason for delay in carrying out periodic review: Issuer delayed in giving information.
Guardian Castings Pvt Ltd               FB – TL               ICRA BBB     80      Reaffirmed
                                                              (Stable)
Guardian Castings Pvt Ltd               FB – CC               ICRA BBB     330.5   Reaffirmed
                                                              (Stable)
Guardian Castings Pvt Ltd               FB – Interchangeable**ICRA BBB     -       Reaffirmed
                                                              (Stable)
** Fund based, and Non-fund based interchangeable limits are a sublimit of Cash credit facility
Indapur Dairy And Milk                  Fund Based – TL       ICRA BBB+    557.5   Reaffirmed
Products Ltd.                                                 (Stable)
Indapur Dairy And Milk                  Fund Based – Working  ICRA BBB+    592.5   Reaffirmed
Products Ltd.                           Capital Fac           (Stable)
Lavu Educational Society                LT - Fund Based/CC    ICRA BB      140     Withdrawn
                                                              (Stable)
(Issuer Not Cooperating)
Lavu Educational Society                LT - Fund Based TL    ICRA BB      511.5   Withdrawn
                                                              (Stable)
(Issuer Not Cooperating)
Lavu Educational Society                LT – Unallocated      ICRA BB      73.4    Withdrawn
                                                              (Stable)
(Issuer Not Cooperating)
Maheshwari Mining Pvt Ltd               Fund based – CC       ICRA BB      320     upgraded
                                                              (Stable)             from ICRA
                                                                                   BBB- (Stable)
Maheshwari Mining Pvt Ltd               Fund based – Working  ICRA BB      -       upgraded
                                        Capital Demand Loan1  (Stable)             from ICRA
                                                                                   BBB- (Stable)
1Sublimit of Cash Credit
Maheshwari Mining Pvt Ltd               Unallocated Limits    ICRA BBB     100     Upgraded
                                                              (Stable) /           from ICRA
                                                              ICRA A3+             BBB-
(Stable)/ ICRA A3
Manmeet Alloys Pvt Ltd                  CC                    ICRA B+      150     Reaffirmed
                                                              (Stable)
Marathwada Auto Cluster                 Issuer rating         ICRA BB-     -       Assigned
                                                              (Stable)
Mathuram Swastha Evam Shikshan          Fund -based - TL      ICRA B+      70      -
Sansthan                                                      (Stable)
Rating continues to remain under the ‘(Issuer Not Cooperating)’ category
Mathuram Swastha Evam Shikshan          Unallocated limits    ICRA B+      10      -
Sansthan                                                      (Stable)
Rating continues to remain under the ‘(Issuer Not Cooperating)’ category
Meera And Ceiko Pumps (P) Ltd.          Unallocated limits    ICRA BB+     241     Assigned
                                                              (Stable)
                                                              /ICRA A4+
Meera And Ceiko Pumps (P) Ltd.          Fund Based - CC       ICRA         20      Assigned
                                                              BB+(Stable)
Navdanya Enterprises                    Bk Fac                ICRA         85      -
                                                              B(Stable)
                                                              /ICRA A4
Reason for delay in carrying out periodic review:- (Issuer Not Cooperating)
Navdanya Foods Pvt Ltd                  Bk Fac                ICRA         65      -
                                                              B(Stable)
                                                              /ICRA A4
Reason for delay in carrying out periodic review:- (Issuer Not Cooperating)
Nitte Education Trust                   LTOverdraft Facility  ICRA A+      300     -
                                                              (Stable)
Reason for delay in carrying out periodic review:- Ratings withdrawal process underway
Nitte Education Trust                   Unallocated           ICRA A+      268     -
                                                              (Stable)
                                                              /ICRA A1+
Reason for delay in carrying out periodic review:- Ratings withdrawal process underway
Oxyzo Financial Services Pvt            NCD                   ICRA         500     Assigned
Ltd                                                           BBB(Stable)
Oxyzo Financial Services Pvt            NCD                   ICRA         600     outstanding
Ltd                                                           BBB(Stable)
Oxyzo Financial Services Pvt            LT Bk Lines           ICRA         2000    outstanding
Ltd                                                           BBB(Stable)
Oxyzo Financial Services Pvt            Issuer Rating         ICRA         -       outstanding
Ltd                                                           BBB(Stable)
Oxyzo Financial Services Pvt            LT-Market Linked      PP-MLDICRA   170     outstanding
Ltd                                     Debenture             BBB (Stable)
Oxyzo Financial Services Pvt            Long-TL               Provisional  80      outstanding
Ltd                                                           ICRA A-(CE)
                                                              (Stable)
Raj Exports                             LT— FB                ICRA BBB-    524.7   -
                                                              (Stable)
Reason for delay in carrying out periodic review:- (Issuer Not Cooperating)
Regency Ispat Pvt Ltd                   Bk Fac                ICRA BBB-    150     -
                                                              (Stable)
Reason for delay in carrying out periodic review:- Review process is underway
Renxsol Ecotech Pvt Ltd                 LT-TL                 ICRA B+      10      -
                                                              (Stable)
Moved to ‘(Issuer Not Cooperating)’ category
Renxsol Ecotech Pvt Ltd                 LT-Overdraft Facility ICRA B+      7.5     -
                                                              (Stable)
Moved to ‘(Issuer Not Cooperating)’ category
Renxsol Ecotech Pvt Ltd                 LT/ST Unallocated     ICRA B+      1.7     -
                                                              (Stable)
                                                              /ICRA A4
Moved to ‘(Issuer Not Cooperating)’ category
Sahrudaya Health Care                   Bk loan Ratings       ICRA         10      -
(Karimnagar) Pvt Ltd                                          BBB-(CE)
                                                              (Stable)
Reason for delay in carrying out periodic review:- Review process is underway
Sahrudaya Health Care Pvt. Ltd          Bk loan Ratings       ICRA         1145    -
                                                              BBB-(Stable)
Reason for delay in carrying out periodic review:- Review process is underway
Sahrudaya Healthcare (Kurnool)          Bk loan Ratings       ICRA         143     -
Pvt Ltd                                                       BBB-(CE)
                                                              (Stable)
Reason for delay in carrying out periodic review:- Review process is underway
Saptagiri Boiled And Raw Rice           CC                    ICRA         85      Withdrawn
Mill                                                          B+(Stable)
Saptagiri Boiled And Raw Rice           Unallocated Trust NameICRA         15      Withdrawn
Mill                                                          B+(Stable)
Sar Senapati Santaji Ghorpade           FB- TL                ICRA D       1270.2  Downgraded
Sugar Factory Ltd                                                                  from ICRA
                                                                                   B(Stable)
Continues to remain in “(Issuer Not Cooperating)” category
Sar Senapati Santaji Ghorpade           FB- CC                ICRA D       970     Downgraded
Sugar Factory Ltd                                                                  from ICRA
                                                                                   B(Stable)
Continues to remain in “(Issuer Not Cooperating)” category
Shell Apparels Pvt Ltd                  LT - Fund Based/ CC   ICRA B+      150     Downgraded
                                                              (Stable)             from ICRA
                                                                                   BB+ (Stable)
continues to remain in the ‘(Issuer Not Cooperating)’ category
Shell Apparels Pvt Ltd                  LT - Fund Based TL    ICRA B+      81.4    Downgraded
                                                              (Stable)             from ICRA
                                                                                   BB+ (Stable)
continues to remain in the ‘(Issuer Not Cooperating)’ category
Shell Apparels Pvt Ltd                  LT - Non-Fund Based   ICRA B+      20.1    Downgraded
                                                              (Stable)             from ICRA
                                                                                   BB+ (Stable)
continues to remain in the ‘(Issuer Not Cooperating)’ category
Shrividya Education Foundation          LT - Fund Based TL    ICRA D       520     -
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
Shrividya Education Foundation          LT - Unallocated      ICRA D       880     -
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
Smile Interiors Pvt. Ltd.               Fund based - CC       ICRA         100     -
                                                              B(Stable)
Reason for delay in carrying out periodic review:- (Issuer Not Cooperating)
Sonai Cattle Feed Pvt. Ltd.             Fund Based – TL       ICRA BBB+    138     Assigned
                                                              (Stable)
Sonai Cattle Feed Pvt. Ltd.             Fund Based – Working  ICRA BBB+    290     Assigned
                                        Capital Fac           (Stable)
Sri Enterprises                         FB – CC               ICRA BB+     -       Reaffirmed
                                                              (Stable)#
outlook revised to Negative from Positive/# Interchangeable sub limit within LC Limit of Rs.
75.00 crore.
Sri Enterprises                         FB – Packing Credit   ICRA BB+     -       Reaffirmed
                                                              (Stable)#
# Interchangeable sub limit within LC Limit of Rs. 75.00 crore.
Stup Consultants Pvt Ltd                FB – CC               ICRA BBB+    170     Reaffirmed
                                                              (Stable)
Stup Consultants Pvt Ltd                Non-fund Based – BG   ICRA BBB+    680     Reaffirmed
                                                              (Stable)
Suyosha Healthcare Pvt Ltd              Bk loan Ratings       ICRA BBB-    73      -
                                                              (CE)(Stable)
Reason for delay in carrying out periodic review:- Review process is underway
Uniflex Industries Pvt Ltd              LT FB                 ICRA B+      50      -
                                                              (Stable)
Rating continues to be under ‘(Issuer Not Cooperating)’ category
Unity Care & Health Services            LT-TL                 ICRA B+      80.5    Downgraded
Pvt Ltd                                                       (Stable)             from ICRA BB
                                                                                   (Stable)
Moved to ‘(Issuer Not Cooperating)’ category
Unity Care & Health Services            LT-Overdraft          ICRA B+      40      Downgraded
Pvt Ltd                                                       (Stable)             from ICRA BB
                                                                                   (Stable)
Moved to ‘(Issuer Not Cooperating)’ category
Unity Care & Health Services            LT-Unallocated        ICRA B+      64.5    Downgraded
Pvt Ltd                                                       (Stable)             from ICRA BB
                                                                                   (Stable)
Moved to ‘(Issuer Not Cooperating)’ category
Uttarayan Foods Pvt Ltd                 FB-TL                 ICRA C+      33.9    -
Rating continues to remain under the ‘(Issuer Not Cooperating)’ category
Uttarayan Foods Pvt Ltd                 FB–CC                 ICRA C+      26.8    -
Rating continues to remain under the ‘(Issuer Not Cooperating)’ category
Victora Tool Engineers Pvt Ltd          FB - Working Capital  ICRA BBB-    785     -
                                        Fac                   (Stable)
Reason for delay in carrying out periodic review:- Review process underway
Victora Tool Engineers Pvt Ltd          FB - TL               ICRA BBB-    1350    -
                                                              (Stable)
Reason for delay in carrying out periodic review:- Review process underway
Victora Tool Engineers Pvt Ltd          Issuer Rating         ICRA BBB-    -       -
                                                              (Stable)
Reason for delay in carrying out periodic review:- Review process underway
Victora Tool Engineers Pvt Ltd          Unallocated           ICRA BBB-    365     -
                                                              (Stable)/
                                                              ICRA A3
Reason for delay in carrying out periodic review:- Review process underway
Vinayak Steels Ltd                      CC                    ICRA BB+     270     -
                                                              (Stable)
(Issuer Not Cooperating)
Vinayak Steels Ltd                      TL                    ICRA BB+     117     -
                                                              (Stable)
(Issuer Not Cooperating)
Vinayak Steels Ltd                      Unallocated           ICRA BB+     35.8    -
                                                              (Stable)
(Issuer Not Cooperating)
Vishala India Commercial                LT Fund Based- TL     ICRA BBB     815     Upgraded
Developers Pvt Ltd                                            (Stable)             from ICRA
                                                                                   BBB-(SO)
                                                                                   (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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