November 29, 2019 / 10:50 AM / 7 days ago

RPT-ICRA ratings for Indian debt instruments-Nov 29

 (Repeating to add more ratings)
    Nov 29 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of November 28, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Addi Alloys Pvt Ltd                     Non-fund Based        ICRA A4      30
Review process is underway
Akp Ferrocast Pvt Ltd                   Non-FBL               ICRA A3      20
Issuer delayed in giving information
Ganesan Builders Ltd                    ST – Non-FB Fac       ICRA A4+     117.5   Reaffirmed
Godrej Properties Ltd                   CP                    ICRA A1+     12500   Reaffirmed
Hical Technologies Pvt Ltd              ST-EPC/PCFC           ICRA A3      400     Assigned
Hical Technologies Pvt Ltd              ST-LOC/BG             ICRA A3      30      Assigned
Hira Electro Smelters Ltd               ST non-fund based –   ICRA A4      105
                                        LOC
Rating continues to be under ‘Issuer Not Cooperating’ category
Hira Electro Smelters Ltd               ST non-fund based –   ICRA A4      25
                                        Forward Contract
Rating continues to be under ‘Issuer Not Cooperating’ category
Nikhil Adhesives Ltd                    ST - Non Fund Based   ICRA A4+     700#
Issuer Not Cooperating; # Includes fund-based overdraft sub-limit of Rs. 3.00 crore and cash
credit sub-limit of Rs. 2.00 crore rated       BB+(Stable) and       A4+ issuer not cooperating
Psa Construction                        Non-fund Based        ICRA A4+     219.5
Issuer Not Cooperating
Rajgangpur Ispat Udyog                  Fund based – Bill     ICRA A4      50
                                        Discounting
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Rushil Industries Ltd                   Non FB – LOC          ICRA A4+     480     Reaffirmed
Rushil Industries Ltd                   Non FB – Forex        ICRA A4+     10.6    Reaffirmed
                                        Exposure Limit
Seagull Associates                      ST – Fund Based       ICRA A4      160
Review process is underway
Shapoorji Pallonji And Company          CP                    ICRA A1      25000
Pvt Ltd
Downgraded from ICRA A1+
Shriram Transport Finance Co.           PTC Series A1         ICRA A1+(SO) -       Withdrawn
Ltd-Sansar Trust
March 2019
Sri Someshwara Fertilizers &            ST – Non Fund Based   ICRA A4      100.7
Chemicals
Issuer delayed in giving information

MEDIUM TERM RATINGS:
-------------------
Nikhil Adhesives Ltd                    Medium Term - Fixed   MB+ (Stable) 35
                                        Deposit
Issuer Not Cooperating

LONG TERM RATINGS:
-------------------
A B Renewable Energy Pvt Ltd            LT – Unallocated      ICRA BB-     240     Reaffirmed
                                                              (Stable)
Addi Alloys Pvt Ltd                     CC                    ICRA B+      110
                                                              (Stable)
Review process is underway
Akp Ferrocast Pvt Ltd                   FBL                   ICRA BBB-    115
                                                              (Stable)
Issuer delayed in giving information
Akp Ferrocast Pvt Ltd                   TL                    ICRA BBB-    50
                                                              (Stable)
Issuer delayed in giving information
Asvini Fisheries Pvt Ltd                LT - Non Fund Based   ICRA BB+     90
                                                              (Stable)
Downgraded from ICRA BBB+ (Stable) Issuer Not Cooperating
Bharat Timber & Construction            LT – Fund Based - TL  ICRA BBB-    30      Reaffirmed
Co.                                                           (Stable)
Cochin International Airport            TL                    ICRA AA-     5000
Ltd                                                           (Stable)
Issuer delayed in giving information
Ds-Max Realty Pvt Ltd                   LT - Unallocated BLR  ICRA BBB-    150
                                                              (Stable)
Issuer delayed in giving information
Firepro Systems Pvt Ltd                 Unallocated           ICRA BB      300
                                                              (Stable) /
                                                              ICRA A4+
Issuer delayed in giving information
Flow Link Systems Pvt Ltd               Bk loan ratings       ICRA A-      545.5
                                                              (Stable)/
                                                              A2+
Issuer delayed in giving information
Ganesan Builders Ltd                    LT – FB Fac           ICRA BB      180     Reaffirmed
                                                              (Stable)
Ganesan Builders Ltd                    LT/ST - Unallocated   ICRA BB      42.5    Reaffirmed
                                                              (Stable)/
                                                              ICRA A4+
Godrej Properties Ltd                   LT – Fund Based/CC    ICRA AA      16500   Reaffirmed
                                                              (Stable)
Godrej Properties Ltd                   LT – Non-FBL          ICRA AA      1000    Reaffirmed
                                                              (Stable)
Godrej Properties Ltd                   NCD Programme         ICRA AA      5000    Reaffirmed
                                                              (Stable)
Godrej Properties Ltd                   LT/ ST – Proposed     ICRA AA      2500    Reaffirmed
                                                              (Stable)/
                                                              A1+
Hare Krishna Metallics Pvt. Ltd         Bk loan ratings       ICRA BBB-    407.2
                                                              (Stable)/ A3
Issuer delayed in giving information
Haryana State Industrial And            LT Fundbased working  ICRA BBB+    87550
Infrastructure Development              capital limit         (Negative)
Corporation Ltd
Issuer Not Cooperating
Haryana State Industrial And            LT/ Shortterm fund    ICRA BBB+    62450
Infrastructure Development              based                 (Negative)/
Corporation Ltd                                               A2
Issuer Not Cooperating
Hical Technologies Pvt Ltd              LT-CC (Sublimit)      ICRA BBB-            Assigned
                                                              (Stable)
Hical Technologies Pvt Ltd              LT-TL                 ICRA BBB-    162     Assigned
                                                              (Stable)
Hical Technologies Pvt Ltd              LT/ST-Unallocated     ICRA BBB-    8       Assigned
                                                              (Stable)/
                                                              ICRA A3
Hira Electro Smelters Ltd               LT FB – TL            ICRA BB      56.8
                                                              (stable)
Rating continues to be under ‘Issuer Not Cooperating’ category
Hira Electro Smelters Ltd               LT fund -based – CC   ICRA BB      80
                                                              (stable)
Rating continues to be under ‘Issuer Not Cooperating’ category
Housing Development Finance             Second Loss Facility  ICRA AA+     116.8   Withdrawn
Corporation Ltd                                               (SO)
Housing Development Finance             Acquirer Payout       ICRA AAA     326.6   Withdrawn
Corporation Ltd                                               (SO)
Karnataka Housing Board                 LT – Unallocated      ICRA A       10000
                                        Limits                (Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
L.C. Foods Ltd                          Non-fund Based        ICRA D       20
Issuer Not Cooperating
L.C. Foods Ltd                          CC                    ICRA D       190
Issuer Not Cooperating
Manmeet Alloys Pvt Ltd                  CC                    ICRA B+      150
                                                              (Stable)
Review process is underway
Manba Finance Ltd-Northern Arc          PTC Series A1         Prov ICRA    200.2   confirmed as
2019 2W Galadriel                                             A(SO)                final
Manba Finance Ltd-Northern Arc          PTC Series A2         Prov ICRA    6.9     confirmed as
2019 2W Galadriel                                             BBB+(SO)             final
Mohanlal Jewellers Pvt Ltd              LT – CC               ICRA BBB     1000
                                                              (Stable)
Review process is underway
National Projects Construction          FB Limits – CC        ICRA A       200
Corporation Ltd                                               (Stable)
revised from ICRA A+&; rating removed from watch
National Projects Construction          Non-fund based –      ICRA A       4800
Corporation Ltd                         Working Capital Fac   (Stable) /
                                                              ICRA A2+
revised from ICRA A+&/A1&; ratings removed from watch
Nikhil Adhesives Ltd                    LT - Fund Based/ CC   ICRA BB+     200
                                                              (Stable)
Issuer Not Cooperating
Parmanand And Sons Food                 CC                    ICRA BBB-    775
Products Pvt Ltd                                              (Stable)
Review process is underway
Parmanand And Sons Food                 TL                    ICRA BBB-    16
Products Pvt Ltd                                              (Stable)
Review process is underway
Prothom Industries India Pvt            LT Scale: Non-        ICRA D       150
Ltd                                     Convertible Debentures
Issuer Not Cooperating
Psa Construction                        CC                    ICRA BB+     9
                                                              (Stable)
Issuer Not Cooperating
Psa Construction                        Unallocated           ICRA BB+     1.5
                                                              (Stable)/
                                                              ICRA A4+
Issuer Not Cooperating
Rajgangpur Ispat Udyog                  Fund based – CC       ICRA B-      30
                                                              (stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Rushil Industries Ltd                   FB - CC               ICRA BB      50      Reaffirmed
                                                              (Stable)
Rushil Industries Ltd                   FB/ Non FB –          ICRA BB      126.5   Reaffirmed
                                        Unallocated           (Stable)/
                                                              A4+
Satin Creditcare Network                PTC Series A2         ICRA A+(SO)  -       Withdrawn
Ltd-Northern Arc 2018
Mfi Leonard
Satin Creditcare Network                PTC Series A1         ICRA AA(SO)  -       Withdrawn
Ltd-Northern Arc 2018
Mfi Leonard
Santlal Industries Ltd                  CC                    ICRA BB+     750
                                                              (Stable)
Issuer not cooperating
Santlal Industries Ltd                  Issuer rating         ICRA BB+
                                                              (Stable)
Issuer not cooperating
Seagull Associates                      LT – TL               ICRA BB      10
                                                              (Stable)
Review process is underway
Shapoorji Pallonji And Company          Non-FBL               ICRA A+/     150000
Pvt Ltd                                                       ICRA A1
Downgraded from ICRA AA-; rating removed from watch with developing implications and ‘Negative’;
Downgraded from ICRA A1+
Shapoorji Pallonji And Company          FB limits             ICRA A+/     60000
Pvt Ltd                                                       ICRA A1
Downgraded from ICRA AA-; rating removed from watch with developing implications and ‘Negative’;
Downgraded from ICRA A1+
Shree Ambika Sugars Ltd                 LT - Fund Based TL    ICRA D       346.3
Continues to remain under the ‘Issuer Not Cooperating’ category
Sri Lalitha Enterprises                 FB - Working Capital  ICRA BBB     3450
Industries Pvt Ltd                      Fac                   (Stable)
Issuer Not Cooperating; Rating downgraded from ICRA A- (Stable) and moved to the ‘Issuer Not
Cooperating’ category
Sri Lalitha Enterprises                 TL                    ICRA BBB     150
Industries Pvt Ltd                                            (Stable)
Issuer Not Cooperating; Rating downgraded from ICRA A- (Stable) and moved to the ‘Issuer Not
Cooperating’ category
Sri Someshwara Fertilizers &            LT - Fund Based (CC)  ICRA B+      120
Chemicals                                                     (Stable)
Issuer delayed in giving information
Stanley Lifestyles Ltd                  Bk loan ratings       ICRA A-      567.8
                                                              (Stable)/
                                                              A2+
Issuer delayed in giving information
Subhang Capsas Pvt. Ltd.                BLR                   ICRA B+      65
                                                              (Stable)
Issuer Not Cooperating
Terra Energy Ltd                        LT - Fund Based/ CC   ICRA D       89.5
Continues to remain under the ‘Issuer Not Cooperating’ category
Terra Energy Ltd                        LT - Fund Based TL    ICRA D       98.9
Continues to remain under the ‘Issuer Not Cooperating’ category
Terra Energy Ltd                        LT – Unallocated      ICRA D       201.6
Continues to remain under the ‘Issuer Not Cooperating’ category
Terra Energy Ltd                        ST - Non Fund Based   ICRA D       110
Continues to remain under the ‘Issuer Not Cooperating’ category
The Vijayawada Electricity              LT – Unallocated- Bk  ICRA B       150
Employees Cooperative Credit            Fac                   (Stable)
Society Ltd
Downgraded from ICRA BB (Stable)and continues to remain in the ‘Issuer Not Cooperating’ category
Thiru Arooran Sugars Ltd                LT - Fund Based/ CC   ICRA D       568.4
Continues to remain under the ‘Issuer Not Cooperating’ category
Thiru Arooran Sugars Ltd                LT - Fund Based TL    ICRA D       297
Continues to remain under the ‘Issuer Not Cooperating’ category
Thiru Arooran Sugars Ltd                LT - Non Fund Based   ICRA D       2353
Continues to remain under the ‘Issuer Not Cooperating’ category
Thiru Arooran Sugars Ltd                LT – Unallocated      ICRA D       161.1
Continues to remain under the ‘Issuer Not Cooperating’ category
Thiru Arooran Sugars Ltd                ST - Non Fund Based   ICRA D       15
Continues to remain under the ‘Issuer Not Cooperating’ category
Umiya Enterprise                        TL                    ICRA BB      40
                                                              (Stable)
Upgraded from ICRA BB- (Stable)
Umiya Enterprise                        CC                    ICRA BB      60
                                                              (Stable)
Upgraded from ICRA BB- (Stable)
Umiya Enterprise                        Unallocated Limits    ICRA BB      25
                                                              (Stable)
Upgraded from ICRA BB- (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@thomsonreuters.com)
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