November 28, 2019 / 11:38 AM / 8 days ago

RPT-ICRA ratings for Indian debt instruments-Nov 28

 (Repeating to add additional ratings as of November 27, 2019)
   Nov 28 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of November 27, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Accelya Solutions India Ltd             ST, FB Fac            ICRA A1+     13      Outstanding
(Erstwhile Accelya Kale Solutions Ltd)
Assam Timber Products Pvt Ltd           Non-fund Based –      ICRA A4      60      Reaffirmed
                                        Foreign LOC
(Rating removed from ‘ISSUER NOT COOPERATING’ category)
Evergreen Dooars Tea Pvt. Ltd           Non-Fund based – BG   ICRA A4      3       -
(Ratings Continues to remain under ‘Issuer Not Cooperating’ category)
Fleur Hotels Pvt Ltd                    ST Non-Fund Based     ICRA A2+     50      Outstanding
Karvy Stock Broking Ltd                 CP Programme          ICRA A4      3000    -
(Downgraded from ICRA A3+ rating continues to remain in non cooperating category)
Lemon Tree Hotels Ltd                   ST/ ST – Unallocated  -            -       -
Mangalore Refinery And                  Non-FBL               ICRA A1+     66000   Assigned /
Petrochemicals Ltd                                                                 Outstanding
Mangalore Refinery And                  CP / ST Debt          ICRA A1+     9000    Outstanding
Petrochemicals Ltd
Pgim India Asset Management             PGIM India Overnight  ICRA A1+mfs  -       Assigned
Pvt Ltd                                 Fund
Prabhu Agarwalla Construction           Non-Fund based – BG   ICRA A4      400     -
Pvt Ltd
(Ratings Continues to remain under ‘Issuer Not Cooperating’ category)
Prathista Industries Ltd                NFBL                  ICRA A4      80      -
Subadra Textile Pvt Ltd                 ST – Fund Based       ICRA D       35      -
(Continues to remain in the ‘Issuer Not Cooperating’ category)
Qi Network Enterprises Pvt Ltd          Non-FBL               ICRA A4+     160     Reaffirmed
Sany Heavy Industry India Pvt           ST – unallocated      ICRA A1      1000    Reaffirmed
Ltd
Sindhu Cargo Services Pvt Ltd           ST – Non FB Fac       ICRA A4      20      -
(Downgraded from ICRA A4+ and continues to remain under ‘Issuer Not Cooperating’ category)
Sri Jayarama Motors Pvt Ltd             Non-Fund Based        ICRA A4      10      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Sudiva Spinners Pvt Ltd                 ST non-fund based Bk  ICRA A3      177.5   Downgraded
                                        Fac                                        from ICRA A3+
Sudiva Spinners Pvt Ltd                 ST FB Bk Fac          ICRA A3+     -       -
Ahitri Spinning Mills Pvt. Ltd.         Non-FB BG/LC          ICRA A4      13.5
Issuer not cooperating
Avani Petrochem Pvt Ltd                 Non-FB limits#        ICRA A4
Issuer Not Co-operating; based on best available information.; # sub-limit of fund-based limits

LONG TERM RATINGS:
-------------------
Accelya Solutions India Ltd             LT/ST FB Fac          ICRA         15      Outstanding
(Erstwhile Accelya Kale                                       A+/ICRA A1+
Solutions Ltd)
Accelya Solutions India Ltd             LT/ST FB /non-FB Fac  ICRA         85      Outstanding
(Erstwhile Accelya Kale                                       A+/ICRA A1+
Solutions Ltd)
Accelya Solutions India Ltd             LT/ST non-FB Fac      ICRA         67      Outstanding
(Erstwhile Accelya Kale                                       A+/ICRA A1+
Solutions Ltd)
Ashok Bricks Industries Pvt Ltd         Fund based – CC       ICRA B+      100     -
(Downgraded from ICRA BB- and Continues to remain under ‘Issuer Not Cooperating’ category.)
Ashok Bricks Industries Pvt Ltd         FB- TL                ICRA B+      4.7     -
(Downgraded from ICRA BB- and Continues to remain under ‘Issuer Not Cooperating’ category.)
Ashok Bricks Industries Pvt Ltd         Fund based – Standby  ICRA B+      15      -
                                        Line of Credit
(Downgraded from ICRA BB- and Continues to remain under ‘Issuer Not Cooperating’ category.)
Ashok Bricks Industries Pvt Ltd         Non-Fund based – BG   ICRA         200     -
                                                              B+/ICRA A4
(Downgraded from ICRA BB- and Continues to remain under ‘Issuer Not Cooperating’ category.)
Ashok Bricks Industries Pvt Ltd         Unallocated Limit     ICRA         0.3     -
                                                              B+/ICRA A4
(Downgraded from ICRA BB- and Continues to remain under ‘Issuer Not Cooperating’ category.)
Assam Timber Products Pvt Ltd           Fund Based – CC       ICRA B+      30      Reaffirmed
(Rating removed from ‘ISSUER NOT COOPERATING’ category)
Assam Timber Products Pvt Ltd           Unallocated limit CPA ICRA B+      50      Reaffirmed
(Rating removed from ‘ISSUER NOT COOPERATING’ category)
Celestial Aqua Ltd                      LT FBL                ICRA         100     Assigned
                                                              B+(Stable);
Deccan Industries                       LT fund based – CC    ICRA BB-     94      Withdrawn
Deccan Industries                       LT – Unallocated LT/  ICRA BB-     5.4     Withdrawn
                                        FB Long
                                        -term/Unallocated
DMK Particleboard LLP                   FB CC                 ICRA D       20      Downgraded
                                                                                   from ICRA B+
DMK Particleboard LLP                   FB TL                 ICRA D       71      Downgraded
                                                                                   from ICRA B+
DMK Particleboard LLP                   Non-fund Based BG     ICRA D       6.5     Downgraded
                                                                                   from ICRA A4
Durga Projects And                      LT - Fund Based/ CC   ICRA B+      100     -
Infrastructure Pvt Ltd
(Downgraded from ICRA BB+)
Durga Projects And                      LT - Fund Based TL    ICRA B+      800     -
Infrastructure Pvt Ltd
(Downgraded from ICRA BB+)
Evergreen Dooars Tea Pvt. Ltd           Fund based – CC       ICRA B+      40      -
(Rating downgraded from ICRA BB-(Stable) and Continues to remain
 under ‘Issuer Not Cooperating’ category.)
Evergreen Dooars Tea Pvt. Ltd           FB- TL                ICRA B+      31.6    -
(Rating downgraded from ICRA BB-(Stable) and Continues to remain
 under ‘Issuer Not Cooperating’ category.)
Evergreen Dooars Tea Pvt. Ltd           Unallocated Limit     ICRA B+      125.4   -
                                                              /ICRA A4
(Long term rating downgraded from ICRA BB-(Stable) Ratings continues to
  remain under ‘Issuer Not Cooperating’ category)
Fleur Hotels Pvt Ltd                    LT FB – TL            ICRA A-      5800    Assigned /
                                                                                   Outstanding
Fleur Hotels Pvt Ltd                    LT Non-Fund Based     ICRA A-      200     Assigned /
                                                                                   Outstanding
Gateway Office Parks Pvt Ltd            Fund based - TL       ICRA BBB+    11300   Assigned
Gateway Office Parks Pvt Ltd            Non- fund based - BG  ICRA BBB+    600     Assigned
Gateway Office Parks Pvt Ltd            Unallocated           ICRA BBB+    100     Assigned
Gits Food Products Pvt. Ltd.            Working capital       ICRA BBB     300     Assigned
                                        limits Trust Name     /ICRA A3+
Karvy Data Management Services          LT Fund Based/        ICRA BB      3705.9  -
Ltd                                     Non-fund Based        (CE)
                                                              (Negative)
(Downgraded from ICRA BBB (CE) (Negative) ISSUER NOT COOPERATING; and withdrawn)
Karvy Stock Broking Ltd                 LT Bk Lines           ICRA BB      2500    -
                                                              (negative)
(Downgraded from ICRA BBB (negative))
Lemon Tree Hotels Ltd                   LT FB – TL            ICRA A-      1160    Assigned /
                                                                                   Outstanding
Lemon Tree Hotels Ltd                   LT/ Short -term –     ICRA A-      300     Outstanding
                                        Fund Based Working    (stable)/
                                        Capital               ICRA A2+;
Mangalore Refinery And                  Issuer Rating -       ICRA AAA     -       Outstanding
Petrochemicals Ltd
Mangalore Refinery And                  NCDs -                ICRA AAA     30000   Assigned
Petrochemicals Ltd
Mangalore Refinery And                  FBL                   ICRA AAA     60000   Assigned /
Petrochemicals Ltd                                                                 Outstanding
Mangalore Refinery And                  TL                    ICRA AAA     13714   Outstanding
Petrochemicals Ltd
Northern Arc Capital Ltd -Ifmr          PTC Series A2         ICRA         -       Withdrawn
Capital Mosec Trappist 2017                                   BBB-(SO)
Northern Arc Capital Ltd                PTC Series A1         ICRA         -       Withdrawn
-Northern Arc Mosec Prospero                                  AA-(SO)
2018
Pgim India Asset Management             PGIM India Dynamic    ICRA AAAmfs  -       Outstanding
Pvt Ltd                                 Bond Fund
Pgim India Asset Management             PGIM India Insta Cash ICRA AAAmfs  -       Outstanding
Pvt Ltd                                 Plus Fund
Pgim India Asset Management             PGIM India Bking and  ICRA AAAmfs  -       Outstanding
Pvt Ltd                                 PSU Debt Fund
Pgim India Asset Management             PGIM India Premier    ICRA AAAmfs  -       Outstanding
Pvt Ltd                                 Bond Fund
Polestar Traders Pvt Ltd                Fund based - CC       ICRA D       80      -
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Polestar Traders Pvt Ltd                Fund Based - LOC      ICRA D       15      -
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Prabhu Agarwalla Construction           Fund based – CC       ICRA B+      200     -
Pvt Ltd
(Downgraded from ICRA BB and Continues to remain under ‘Issuer Not Cooperating’ category.)
Prabhu Agarwalla Construction           FB- TL                ICRA B+      20      -
Pvt Ltd
(Rating downgraded from ICRA BB (Stable) and Continues to remain
under ‘Issuer Not Cooperating’ category.)
Prabhu Agarwalla Construction           Unallocated Limit     ICRA         280     -
Pvt Ltd                                                       B+/ICRA A4
(Long term rating downgraded from ICRA BB (Stable) (Ratings Continues to 
remain under ‘Issuer Not Cooperating’ category))
Prathista Industries Ltd                Fund Based-TL         ICRA BB      146.9   -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Prathista Industries Ltd                Fund Based-CC         ICRA BB      150     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Prathista Industries Ltd                Unallocated           ICRA BB/A4   143.1   -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Punjabi University,Patiala              LT/ FB                ICRA         800     Assigned
                                                              BB(Stable)
Punjabi University,Patiala              LT/Unallocated        ICRA         10      Assigned
                                                              BB(Stable)
Qi Network Enterprises Pvt Ltd          CC                    ICRA BB      35      Reaffirmed
Sany Heavy Industry India Pvt           LT – unallocated      ICRA A       1000    Reaffirmed
Ltd
Sindhu Cargo Services Pvt Ltd           LT– TL                ICRA B+      152.1   -
(Downgraded from ICRA BB+ and continues to remain under ‘Issuer Not Cooperating’ category)
Sindhu Cargo Services Pvt Ltd           LT- Fund Based/CC     ICRA B+      360     -
(Downgraded from ICRA BB+ and continues to remain under ‘Issuer Not Cooperating’ category)
Sindhu Cargo Services Pvt Ltd           LT - Unallocated Fac  ICRA B+      217.9   -
(Downgraded from ICRA BB+ and continues to remain under ‘Issuer Not Cooperating’ category)
Soma Indus Varanasi Aurangabad          Fund based - TL       ICRA BB      23330   -
Tollway Pvt Ltd
(Removed from watch with developing implications and non- cooperation category;)
Stable outlook Assigned
Sri Jayarama Motors Pvt Ltd             CC                    ICRA B+      97.5    -
(Rating downgraded from ICRA BB(Stable) and Rating continues to remain under
 ‘Issuer Not Cooperating’ category)
Sri Jayarama Motors Pvt Ltd             TL                    ICRA B+      10.9    -
(Rating downgraded from ICRA BB(Stable) and Rating continues to remain under 
‘Issuer Not Cooperating’ category)
Sri Jayarama Motors Pvt Ltd             LT/ST - Unallocated   ICRA B+/A4   1.6     -
long Term Rating downgraded from ICRA BB(Stable);; Ratings continues to remain under 
‘Issuer Not Cooperating’ category
Subadra Textile Pvt Ltd                 LT – Fund Based       ICRA D       40      -
(Continues to remain in the ‘Issuer Not Cooperating’ category)
Subadra Textile Pvt Ltd                 LT/ ST -Unallocated   ICRA D/ICRA  15      -
                                                              D
(Continues to remain in the ‘Issuer Not Cooperating’ category)
Sudiva Spinners Pvt Ltd                 LT FB Bk Fac          ICRA BBB-    3895.8  Downgraded
                                                                                   from ICRA BBB
Tata Aig General Insurance Co.          CPA                   iAAA         -       Reaffirmed
Ltd
Tata Aig General Insurance Co.          Subordinated debt     ICRA AA+     -       Reaffirmed
Ltd                                     programme
Tata Aig General Insurance Co.          Subordinated debt     ICRA AA+     -       Assigned
Ltd                                     programme
Tvs Supply Chain Solutions Ltd          Bk loan ratings       ICRA]A+      1600    -
(Formerly Tvs Logistics                                       (Stable)/
Services Ltd)                                                 ICRA A1+
(Reason for delay in carrying out periodic review: - Review process is underway)
Vaishnavi Biotech Ltd                   Fund Based-TL         ICRA B+      80      -
(Rating downgraded from ICRA BB-(Stable) and Rating continues to remain under ‘Issuer Not
Cooperating’)
Vaishnavi Biotech Ltd                   Fund Based-CC         ICRA B+      70      -
(Rating downgraded from ICRA BB-(Stable) and Rating continues to remain under ‘Issuer Not
Cooperating’ category)
Vaishnavi Biotech Ltd                   Unallocated           ICRA B+/A4   130     -
(Long term rating downgraded from ICRA BB-(Stable), Ratings continues to 
 remain under ‘Issuer Not Cooperating’ category)
Visa Coke Ltd (Erstwhile Visa           Bk Fac                ICRA         1640    -
Suncoke Ltd)                                                  B-/ICRA A4
(Reason for delay in carrying out periodic review:- Issuer not cooperating)
Abhayanjaneya Health Care Pvt           Bk loan Ratings       ICRA         512.5
Ltd                                                           BBB-(Stable)
Review process is underway
Ahitri Spinning Mills Pvt. Ltd.         FB-TL                 ICRA B+      180
                                                              (Stable)
Issuer not cooperating
Ahitri Spinning Mills Pvt. Ltd.         FB -CC                ICRA B+      10
                                                              (Stable)
Issuer not cooperating
Avani Petrochem Pvt Ltd                 FB-TL                 ICRA BB-     506
                                                              (Stable)
Issuer Not Co-operating; based on best available information.
Dcr Infra                               FB Fac                ICRA D       65
Issuer Not Co-operating
Government Of Telangana                 LT Debt (Proposed)    Provisional  50000
Entities                                                      ICRA A(CE)/
                                                              Stable
Review process is underway
--------------------------------------------------------------------------------------------
$: 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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