November 27, 2018 / 11:25 AM / 20 days ago

RPT-ICRA ratings for Indian debt instruments-Nov 27

 (Repeating to add additional ratings as of November 26, 2018)
    Nov 27 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of November 26, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
A.G. Industries Pvt. Ltd                ST - Fund Based       ICRA A1+     800     Reaffirmed
Arbor Brewing Company (India)           ST non-fundbased      ICRA A4      5
Pvt Ltd
Reason for delay in carrying out periodic review: Issuer delayed in sharing information
Capital First Home Finance Ltd          CP programme          ICRA A1+     10000   Assigned
Capital First Ltd                       CP programme          ICRA A1+     60000   Assigned
Cdr Projects Pvt Ltd                    Non-FBL               ICRA A4      187.5
Rating continues to remain under ‘(Isssuer Not Cooperating)
Deccan Tobacco Company                  Fund Based – Packing  ICRA A2      1000    Reaffirmed
                                        Credit
Global Polybags Industries Pvt          ST FB Fac             ICRA A4      650
Ltd
Rating continues to remain in ‘(Isssuer Not Cooperating)
Global Polybags Industries Pvt          ST non FB Fac         ICRA A4      610
Ltd
Rating continues to remain in ‘(Isssuer Not Cooperating)
H.S.Weavers Pvt. Ltd.                   Non-fund based –      ICRA A4      -
                                        Foreign LOC (Sublimit
                                        of TL)
(Isssuer Not Cooperating)
Mandar Roller Flour Mills Pvt           Non-FBL               ICRA A4      115
Ltd
Rating continues to remain in the ‘(Isssuer Not Cooperating)
Nahar Industrial Enterprises            ST non-fund based     ICRA A2+     900     Downgraded
Ltd                                                                                from ICRA A1
Nahar Industrial Enterprises            CP                    ICRA A2+     500     Downgraded
Ltd                                                                                from ICRA A1
National Cooperative                    CP                    ICRA A1+     15980   Reaffirmed
Development Corporation
National Cooperative                    ST Bk Lines           ICRA A1+     -       Withdrawn
Development Corporation
Piramal Enterprises Ltd                 CP                    ICRA A1+     90000   outstanding
Piramal Enterprises Ltd                 ST Non-Fund Based     ICRA A1+     2000    outstanding
Piramal Enterprises Ltd                 ST Fund based         ICRA A1+     21200   outstanding
Popular Vehicles And Services           ST: FB Fac            ICRA A4+     2840.5
Pvt Ltd
Rating continues to remain in ‘(Isssuer Not Cooperating)
Rajrani Steel Casting Pvt Ltd           ST non-fund based     ICRA A4      17.5    Withdrawn
ISSUER NON-COOPERATION
Santhoshimathaa Edible Oil              ST - Non Fund Based   ICRA A4+     410
Refinery Pvt Ltd
Rating continues to remain under ‘(Isssuer Not Cooperating)
Shankaranarayan Jewellers               ST- FB                ICRA A4      55
(Isssuer Not Cooperating)
Shankaranarayan Jewellers               ST- Non Fund Based    ICRA A4      57.5
                                        Facility
(Isssuer Not Cooperating)
Shapoorji Pallonji And Company          CP                    ICRA A1+#    25000
Pvt Ltd
Reaffirmed
Unique Multifilms Virudhunagar          ST non fundbased Fac  ICRA A4      150
Pvt Ltd
Rating continues to remain in ‘(Isssuer Not Cooperating)
Zuri Hospitality Pvt Ltd                ST – Non-Fund Based   ICRA A4      7.5     Reaffirmed
Kotak Commodity Services Pvt            ST Debt Programme     ICRA A1+     2500
Ltd
Reason for delay in carrying out periodic review – Review process underway
Kotak Commodity Services Pvt            ST Debt Programme     ICRA A1+     2000
Ltd
Reason for delay in carrying out periodic review – Review process underway
Shri Ram Switchgears Ltd                Non-FBL-LOC NCD       ICRA A4      50      Reaffirmed
                                        Programme
Sonal Irons Industry Pvt Ltd            ST-Non-Fund Based-LOC ICRA A4      140
(Erstwhile Sri Sri Rukmani
Rolling Mill Pvt Ltd )
Issuer delayed in sharing information
Sundar Timber Products                  LOC cum Buyers Credit ICRA A4      70
Issuer not cooperating

LONG TERM RATINGS:
-------------------
A.G. Industries (Bawal) Pvt Ltd         LT - Fund Based/ CC   ICRA AA      170     Reaffirmed
A.G. Industries (Bawal) Pvt Ltd         LT - Fund Based TL LT ICRA AA      100     Reaffirmed
                                        - Fund Based/ CC
A.G. Industries Pvt. Ltd                LT - Fund Based/ CC   -            -
A.G. Industries Pvt. Ltd                LT - Non-Fund Based   -            -
A.G. Industries Pvt. Ltd                LT - Fund Based TL    ICRA AA      1241.4  Reaffirmed
A.G. Industries Pvt. Ltd                LT - Unallocated      ICRA AA      400     Reaffirmed
A.G. Industries Pvt. Ltd                LT / ST - Non-Fund    ICRA AA /    230     Reaffirmed
                                        Based                 ICRA A1+
Arbor Brewing Company (India)           LT – Fund based       ICRA BB+     80
Pvt Ltd
Reason for delay in carrying out periodic review: Issuer delayed in sharing information
Arbor Brewing Company (India)           LT – Unallocated      ICRA BB+     15
Pvt Ltd
Reason for delay in carrying out periodic review: Issuer delayed in sharing information
Ashoka Distillers & Chemicals           LT - Fund Based/ CC   ICRA BBB     80
Pvt Ltd
(Isssuer Not Cooperating)
Ashoka Distillers & Chemicals           LT - Fund Based TL    ICRA BBB     123.5
Pvt Ltd
(Isssuer Not Cooperating)
Ashoka Distillers & Chemicals           LT / ST - Unallocated ICRA BBB     106.5
Pvt Ltd                                                       /ICRA A3+
(Isssuer Not Cooperating)
Axis Garment Designer                   FB CC                 ICRA D       40
Rating continues to remain under the ‘(Isssuer Not Cooperating)
Axis Garment Designer                   FB TL                 ICRA D       25
Rating continues to remain under the ‘(Isssuer Not Cooperating)
Bangalore International                 FB -TL                ICRA AA      18137.4 Reaffirmed
Airport Ltd
Bangalore International                 FB - Working Capital  ICRA AA      500     Reaffirmed
Airport Ltd                             Fac 
Bengal Ambuja Housing                   FB Fac                ICRA BBB     575     Downgraded
Development Ltd                                                                    from ICRA
                                                                                   BBB+
Bengal Ambuja Housing                   Non-FB Fac*           ICRA BBB     100     Downgraded
Development Ltd                                                                    from ICRA
                                                                                   BBB+
*Limits of Rs. 10 crore are fully fungible with fund-based facilities
Bengal Ambuja Housing                   Unallocated Limits    ICRA BBB     2345    Downgraded
Development Ltd                                                                    from ICRA
                                                                                   BBB+
Cdr Projects Pvt Ltd                    Fund Based            ICRA B+      62.1    Revised from
                                                                                   ICRA BB
(Isssuer Not Cooperating)
Cdr Projects Pvt Ltd                    Unallocated limits    ICRA B+ /    50.4    Revised from
                                                              ICRA A4              ICRA BB
Rating continues to remain under ‘(Isssuer Not Cooperating)
Diligent Scm Solutions Pvt Ltd          FBL                   ICRA D       61.4
Rating moved to the ‘(Isssuer Not Cooperating)
Diligent Scm Solutions Pvt Ltd          Non-FBL               ICRA D       4.5
Rating moved to the ‘(Isssuer Not Cooperating)
Diligent Scm Solutions Pvt Ltd          Unallocated limits    ICRA D       59.1
Rating moved to the ‘(Isssuer Not Cooperating)
Global Polybags Industries Pvt          Fund based-TL         ICRA BB-     120
Ltd
Rating continues to remain in ‘(Isssuer Not Cooperating)
Gmax Auto Ltd                           LT / ST - Non-Fund    ICRA AA      350     Withdrawn
                                        Based                 (SO)/ICRA
                                                              A1+ (SO)
Gmax Auto Ltd                           LT - Fund Based/ CC   ICRA AA      95      Withdrawn
                                                              (SO)
Gmax Auto Ltd                           LT - Fund Based TL    ICRA AA      564     Withdrawn
                                                              (SO)
Gmr Aerospace Engineering Ltd           NCDs (NCD)            ICRA AA (SO) 1000
Reason for delay in carrying out periodic review: Review process is underway
Gold Star Steels (P) Ltd.               Fund based-CC         ICRA D       55
Rating continues to remain under ‘(Isssuer Not Cooperating)
Gold Star Steels (P) Ltd.               Non-fund based- LOC   ICRA D       15
Rating continues to remain under ‘(Isssuer Not Cooperating)
Gold Star Steels (P) Ltd.               Non-fund based- BG    ICRA D       10
Rating continues to remain under ‘(Isssuer Not Cooperating)
Gold Star Steels (P) Ltd.               Unallocated Limit     ICRA D       5
Rating continues to remain under ‘(Isssuer Not Cooperating)
Gorakhpur Infrastructure                Fund based - TL       ICRA AA      3833.7  Outstanding
Company Pvt Ltd
Gorakhpur Infrastructure                NCD Programme         Provisional  4250    Withdrawn
Company Pvt Ltd                                               ICRA AAA(SO)
H.S.Weavers Pvt. Ltd.                   FB - CC               ICRA B       40
(Isssuer Not Cooperating)
H.S.Weavers Pvt. Ltd.                   FB - TL               ICRA B       40.5
(Isssuer Not Cooperating)
H.S.Weavers Pvt. Ltd.                   Unallocated Limits    ICRA B /     4.5
                                                              ICRA A4
(Isssuer Not Cooperating)
Indapur Dairy And Milk                  BLR                   ICRA A-/ A2+ 1200
Products Ltd.
Reason for delay in carrying out periodic review: - Issuer delayed in giving information
Infibeam Avenues Ltd                    TL (Proposed)         ICRA A       1000    Downgraded
                                                                                   from ICRA A+
Janaadhar (India) Pvt Ltd               NCDs                  ICRA BBB-    250     Reaffirmed
Janaadhar (India) Pvt Ltd               Fund based – TL       ICRA BBB-    0       Reaffirmed
Janaadhar (India) Pvt Ltd               Unallocated           ICRA BBB-    300     Reaffirmed
Kosi Bridge Infrastructure              Fund based - TL       ICRA AA      2632    outstanding
Company Pvt Ltd
Kosi Bridge Infrastructure              NCD Programme         Provisional  2900    Withdrawn
Company Pvt Ltd                                               ICRA AAA(SO)
Laxmi Memorial Education Trust          LT – FB               ICRA BBB     150
(Isssuer Not Cooperating)
Laxmi Memorial Education Trust          LT Non-Fund Based     ICRA BBB     80
                                        Facility
(Isssuer Not Cooperating)
Maharashtra Academy Of                  BLR                   ICRA         2664.8
Engineering & Educational                                     A+
Research
Reason for delay in carrying out periodic review: - Issuer delayed in giving information
Mandar Roller Flour Mills Pvt           Fund Based-CC         ICRA B       15
Ltd
(Isssuer Not Cooperating)
Nahar Industrial Enterprises            LT FB                 ICRA A-      9632.3  Downgraded
Ltd                                                                                from ICRA A
Nahar Industrial Enterprises            Unallocated           ICRA A-      4177.7  Downgraded
Ltd                                                                                from ICRA A
National Cooperative                    NCD Programme         ICRA AA      3000    Reaffirmed
Development Corporation
National Cooperative                    CC Bk Lines           ICRA AA      -       Withdrawn
Development Corporation
Orange Anantapur Wind Power             CC – FB Limits        ICRA BBB     172.7   Assigned
Pvt Ltd
Orissa Concrete & Allied                Fund based-CC         ICRA D       90
Industries Ltd.
Rating continues to remain under ‘(Isssuer Not Cooperating)
Orissa Concrete & Allied                Fund based- Standby   ICRA D       15
Industries Ltd.                         Line of Credit
Rating continues to remain under ‘(Isssuer Not Cooperating)
Orissa Concrete & Allied                Non-fund based- LOC   ICRA D       10
Industries Ltd.
Rating continues to remain under ‘(Isssuer Not Cooperating)
Orissa Concrete & Allied                Non-fund based- BG    ICRA D       70
Industries Ltd.                         NCDs
Rating continues to remain under ‘(Isssuer Not Cooperating)
Pasolite Electricals Pvt Ltd            LT – Fundbased limits ICRA B+      80
                                        (CC)
(Isssuer Not Cooperating)
Piramal Enterprises Ltd                 LT - Fund Based TL    ICRA AA      24950   outstanding
Piramal Enterprises Ltd                 LT- NCD/Debt          ICRA AA      101000  outstanding
Piramal Enterprises Ltd                 LT – NCD/Debt         ICRA AA      10000   Assigned
Piramal Enterprises Ltd                 LT/ST Fund Based      ICRA AA      3000    outstanding
                                                              /ICRA A1+
Popular Vehicles And Services           LT: FB Fac            ICRA BB+     190
Pvt Ltd
Rating continues to remain in ‘(Isssuer Not Cooperating)
Popular Vehicles And Services           LT: Non Fundbased Fac ICRA BB+     153.2
Pvt Ltd
Rating continues to remain in ‘(Isssuer Not Cooperating)
Popular Vehicles And Services           LT: TL Fac            ICRA BB+     401.9
Pvt Ltd
(Isssuer Not Cooperating)
Popular Vehicles And Services           LT / ST: Proposed Fac ICRA BB+ /   164.4
Pvt Ltd                                                       A4+
Rating continues to remain in ‘(Isssuer Not Cooperating)
Premier Alloys & Chemicals Pvt          Fund based- CC        ICRA BBB+    240     Reaffirmed
Ltd
Premier Alloys & Chemicals Pvt          Unallocated           ICRA BBB+    100     Reaffirmed
Ltd
Rajrani Steel Casting Pvt Ltd           LT Fund based - CC    ICRA B-      130     Withdrawn
ISSUER NON-COOPERATION
Rajrani Steel Casting Pvt Ltd           LT Fund based - TL    ICRA B-      30      Withdrawn
ISSUER NON-COOPERATION
Reliance Home Finance Ltd               PTC Series A          Provisional  2675.8  Assigned
-Indian Receivable Trust 2018                                 ICRA AAA(SO)
Series 4
Sai Ram Constructions                   Fund Based - CC       ICRA BB-     30
Reason for delay in carrying out periodic review: - (Isssuer Not Cooperating)
Sai Ram Constructions                   LT - Non Fund Based   ICRA BB-     85
Reason for delay in carrying out periodic review: - (Isssuer Not Cooperating)
Sai Ram Constructions                   LT-Unallocated        ICRA BB-     105
Reason for delay in carrying out periodic review: - (Isssuer Not Cooperating)
Santhoshimathaa Edible Oil              LT - Fund Based TL    ICRA BB+     166
Refinery Pvt Ltd
Rating continues to remain under ‘(Isssuer Not Cooperating)
Santhoshimathaa Edible Oil              LT / ST - Unallocated ICRA         24
Refinery Pvt Ltd                                              BB+/ICRA A4+
Rating continues to remain under ‘(Isssuer Not Cooperating)
Shankaranarayan Jewellers               LT – FB               ICRA B-      7.5
(Isssuer Not Cooperating)
Shapoorji Pallonji And Company          Non-fund based        ICRA AA      150000
Pvt Ltd                                                       /ICRA A1+# 
Downgraded from from ICRA AA+/Reaffirmed
Shapoorji Pallonji And Company          FB limits             ICRA AA      35000
Pvt Ltd                                                       /ICRA A1+#
Downgraded from ICRA AA+/Reaffirmed
Shivam Concrete Technology              FB – CC               ICRA BB-     42
Amp; Consultancy Pvt. Ltd.
Rating continues to remain under ‘(Isssuer Not Cooperating)
Shivam Concrete Technology              FB – TL               ICRA BB-     12.5
Amp; Consultancy Pvt. Ltd.
Rating continues to remain under ‘(Isssuer Not Cooperating)
Shivam Concrete Technology              Non- fund based – BG  ICRA BB-     60
Amp; Consultancy Pvt. Ltd.
Rating continues to remain under ‘(Isssuer Not Cooperating)
Shivam Concrete Technology              Unallocated Limits    ICRA BB-     5
Amp; Consultancy Pvt. Ltd.
Rating continues to remain under ‘(Isssuer Not Cooperating)
Shrinivas (Gujarat)                     FBL – TL              ICRA BBB-    350
Laboratories Pvt Ltd
Rating moved to the ‘(Isssuer Not Cooperating)
Shrinivas (Gujarat)                     FBL – CC              ICRA BBB-    150
Laboratories Pvt Ltd
Rating moved to the ‘(Isssuer Not Cooperating)
Silver Springs Pleasure                 LT – Fund Based/CC    ICRA BB+     60      Reaffirmed
Resorts Pvt Ltd
Silver Springs Pleasure                 LT – Fund Based TL    ICRA BB+     220     Reaffirmed
Resorts Pvt Ltd
Sri Rama Educational Trust              LT - Fund Based TL    ICRA B-      72
Rating continues to remain under ‘(Isssuer Not Cooperating)
Sri Rama Educational Trust              LT - Fund Based/ CC   ICRA B-      50
Rating continues to remain under ‘(Isssuer Not Cooperating)
Sri Rama Educational Trust              LT - Unallocated      ICRA B-      148
Rating continues to remain under ‘(Isssuer Not Cooperating)
Thermax Engineering                     FB - Working Capital  ICRA AA      70      Reaffirmed
Construction Co. Ltd                    Fac
Thermax Engineering                     Non-fund              ICRA AA+     900     Reaffirmed
Construction Co. Ltd                    Based-Working Capital (SO)
                                        Fac
Unique Multifilms Virudhunagar          LT fundbased Fac      ICRA BB-     25
Pvt Ltd
Rating continues to remain in ‘(Isssuer Not Cooperating)
Zuri Hospitality Pvt Ltd                LT – Fund Based/CC    ICRA B+      40      Reaffirmed
Zuri Hotels And Resorts Pvt Ltd         LT – Fund Based/CC    ICRA BB+     20      Reaffirmed
Zuri Hotels And Resorts Pvt Ltd         LT – Fund Based TL    ICRA BB+     260     Reaffirmed
Axita Cotton Pvt. Ltd.                  TL                    ICRA B       36
Issuer Not Co-operating
Axita Cotton Pvt. Ltd.                  CC Fac                ICRA B       110
Issuer Not Co-operating
Balaji Rail Road Systems Pvt            Proposed NCDs         Provisional  3000    Withdrawn
Ltd                                     (NCD)/Bonds Programme ICRA AAA(SO)
Balaji Rail Road Systems Pvt            Proposed Subordinated Provisional  1150    Withdrawn
Ltd                                     Debt/NCD/Bonds        ICRA AAA(SO)
                                        Programme
Everest Organics Ltd                    BLR                   ICRA BB- /A4 300
Reason for delay in carrying out periodic review – Review process underway
Gowra Petrochem Pvt Ltd                 BLR                   ICRA BBB+ /  -
                                                              ICRA A2
Reason for delay in carrying out periodic review – Review process underway
Green Infra Wind Farm Assets            NCD Programme         ICRA A       500     Reaffirmed
Ltd
Green Infra Wind Farm Assets            FB -TL                ICRA A       1980    Reaffirmed
Ltd
Gripwell Forging & Tools                LT – Fund Based – CC  ICRA B+      70
Issuer not cooperating
Gudivada Municipality                   Issuer Rating         ICRA BB      -
Issuer not cooperating
Jaipur-Mahua Tollway Ltd                Proposed NCDs         Provisional  3000    Withdrawn
(Erstwhile Jaipur-Mahua                 (NCD)/Bonds Programme ICRA AAA(SO)
Tollway Pvt Ltd)
Jaipur-Mahua Tollway Ltd                Proposed Subordinated Provisional  1150    Withdrawn
(Erstwhile Jaipur-Mahua                 Debt/NCD/Bonds        ICRA AAA(SO)
Tollway Pvt Ltd)                        Programme
Shri Ram Switchgears Ltd                FBL- CC               ICRA B+      170
revised from ICRA BB-
Shri Ram Switchgears Ltd                FBL- TL               ICRA B+      27
revised from ICRA BB-
Shri Ram Switchgears Ltd                Non-FBL- BG           ICRA B+      480
revised from ICRA BB-
Sonal Irons Industry Pvt Ltd            LT-Fund Based-CC      ICRA BB-     185
(Erstwhile Sri Sri Rukmani
Rolling Mill Pvt Ltd )
Issuer delayed in sharing information
Sonal Irons Industry Pvt Ltd            LT-Fund Based-TL      ICRA BB-     118.2
(Erstwhile Sri Sri Rukmani
Rolling Mill Pvt Ltd )
Issuer delayed in sharing information
Sonal Irons Industry Pvt Ltd            Unallocated           ICRA BB- /   22.8
(Erstwhile Sri Sri Rukmani                                    ICRA A4
Rolling Mill Pvt Ltd )
Issuer delayed in sharing information
Srinivasa Educational Society           Bk loan Rating        ICRA B       100
Issuer not cooperating
Sundar Timber Products                  CC                    ICRA B       10
Issuer not cooperating
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

ICRA may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222 , E-mail at
rru.data@thomsonreuters.com)
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