October 7, 2019 / 11:04 AM / 13 days ago

RPT-ICRA ratings for Indian debt instruments-Oct 7

 (Repeating to add more ratings.)
    Oct 7 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of October 4, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Dolphin Poly Plast Pvt. Ltd.            Non-fund Based – LOC  ICRA A4      15      Reaffirmed
Kitex Childrenswear Ltd                 FB - Working Capital  ICRA A1+     650     Reaffirmed
                                        Fac
Kitex Childrenswear Ltd                 Non-fund              ICRA A1+     60      Reaffirmed
                                        Based-Working Capital
                                        Fac
Kitex Garments Ltd                      FB - Working Capital  ICRA A1+     1170    Reaffirmed
                                        Fac
Kitex Garments Ltd                      Non-fund              ICRA A1+     200     Reaffirmed
                                        Based-Working Capital
                                        Fac
Patanjali Ayurved Ltd                   Non-FBL               ICRA A3+     200     Downgraded
                                                                                   from ICRA A1
continues under ‘Issuer Not Cooperating’ category
Poona Dal And Besan Mills Pvt           ST -non-fund based    ICRA A2+     2168.5  Reaffirmed
Ltd
Srv Synthetics                          Fund based-Packing    ICRA A2+     5       Reaffirmed
                                        credit
Srv Synthetics                          Non-Fund based-BG     ICRA A2+     20      Reaffirmed
Srv Synthetics                          Non-Fund based-LOC^   ICRA A2+     -       Reaffirmed
^Sublimit of cash credit
Suraj Industries                        BG                    ICRA A2+     20      Reaffirmed
V Care Agritech                         ST -Fund Based        ICRA A4      30      Reaffirmed
V Care Agritech                         ST Non Fund BasedBG   ICRA A4      5       Reaffirmed
Borosil Glass Works Ltd                 ST- LOC/Buyers Credit -            -       -
Borosil Glass Works Ltd                 ST- Fund              ICRA A1+ &   #       Reaffirmed
                                        based/Non-fund based
                                        - interchangeable
Rating continues to remain on watch with developing implications,# Short-term interchangeable
limits include: EPC/PCFC of Rs. 10.00 crore, FBP/FBD/PSCFC of Rs. 10.00 crore, BG of Rs. 10.00
crore, LC of Rs. 60.00 crore and BC of Rs. 60.00 crore
Brigade Hotel Ventures Ltd              Non-fund based        ICRA A2+     250     Assigned
E To E Transportation                   ST - Non-Fund Based   ICRA A4+     140     Reaffirmed
Infrastructure Pvt Ltd
Franklin Templeton Asset                Franklin India        ICRA A1+mfs  -       Assigned
Management (India) Pvt Ltd              Overnight Fund
Franklin Templeton Asset                Franklin India Liquid ICRA A1+mfs  -       Outstanding
Management (India) Pvt Ltd              Fund Trust Name
Gokul Agri International Ltd            NFBL                  ICRA A3+     3619.6  Reaffirmed
Ramkrishna Forgings Ltd                 Non-fund              ICRA A1      2390    Reaffirmed
                                        based-Working Capital
                                        Fac
Smpp Pvt Ltd                            ST NFB                ICRA A2+     1526.4  Upgraded
                                                                                   from ICRA A2
V Care Seeds Pvt Ltd                    ST Non Fund Based-BG  ICRA A4      10      Reaffirmed
V Care Seeds Pvt Ltd                    ST -Fund Based        ICRA BB-     30      Reaffirmed
                                                              (Stable)
LONG TERM RATINGS:
-------------------
Air India Assets Holding Ltd            Government of India   ICRA AAA     70000   Outstanding
                                        (GoI) Fully Serviced  (Stable)
                                        Bonds
Air India Assets Holding Ltd            Proposed NCD (NCD)    ICRA         150640  Assigned
                                        Programme             AAA(CE)
                                                              (Stable)
Comet Technocom Pvt Ltd                 FB- Soptionally       ICRA BB      65      Reaffirmed
                                        convertible debentureH
Outlook revised from Negative to Stable
Comet Technocom Pvt Ltd                 Non-fund based BG     ICRA BB      2.5     Reaffirmed
                                                              /ICRA A4
(Outlook revised from Negative to Stable)
Dolphin Poly Plast Pvt. Ltd.            Fund -based – CC      ICRA         65      Reaffirmed
                                                              B+(Stable)
Dolphin Poly Plast Pvt. Ltd.            FB – TL               ICRA         0.6     Reaffirmed
                                                              B+(Stable)
Dolphin Poly Plast Pvt. Ltd.            Unallocated Limits    ICRA         0.4     Reaffirmed
                                                              B+(Stable)
                                                              /A4
Karnataka State Road Transport          FB TL                 ICRA BBB     5000    Downgraded
Corporation                                                   (Negative)           from ICRA
                                                                                   BBB+ (Stable)
Kitex Childrenswear Ltd                 FB -TL                ICRA         10.9    Reaffirmed
                                                              AA-(Stable)
Kitex Childrenswear Ltd                 Unallocated Fac       ICRA         299.4   Reaffirmed
                                                              AA-(Stable)
                                                              /ICRA A1+
Kitex Garments Ltd                      FB -TL                ICRA         33.1    Reaffirmed
                                                              AA-(Stable)
Kitex Garments Ltd                      Unallocated Fac       ICRA         397.1   Reaffirmed
                                                              AA-(Stable)
                                                              /ICRA A1+
Le Shark Global Llp                     BG                    ICRA A-      5       Reaffirmed
                                                              (Stable)
                                                              /ICRA A2+
Le Shark Global Llp                     PLC /PCFC /FDBN /FDBP ICRA A-      120     Reaffirmed
                                        /FDBD                 (Stable)
                                                              /ICRA A2+
Le Shark Global Llp                     PLC /PCFC /FDBN /FDBP ICRA A-      ^       Reaffirmed
                                        /FDBD                 (Stable)/
                                                              ICRA A2+
^Sublimit Post shipment credit
Lendingkart Finance Ltd-Lfl             PTC Series A1         Provisional  407.1   Assigned
Venus Trust I                                                 ICRA A(SO)
Magma Housing Finance Ltd               TL (Bk)               ICRA AA-     7221.1  Assigned
                                                              (Stable)
Magma Housing Finance Ltd               NCD Programme         ICRA AA-     500     Outstanding
                                                              (Stable)
Patanjali Ayurved Ltd                   Fund Based - CC Limit ICRA         3000    Downgraded
                                                              BBB(Stable)          from ICRA
                                                                                   A+(Stable)
continues under ‘Issuer Not Cooperating’ category
Poona Dal And Besan Mills Pvt           LT - FB/CC            ICRA A-      175     Reaffirmed
Ltd
(revised to negative from stable)
Roots Corporation Ltd                   TL                    ICRA         990     Reaffirmed
                                                              A(Stable)
Roots Corporation Ltd                   LT FB Limits          ICRA         200     Reaffirmed
                                                              A(Stable)
Roots Corporation Ltd                   LT Unallocated Limits ICRA         310     Reaffirmed
                                                              A(Stable)
Shivam Cottex                           FB – CC               ICRA D       60      Downgraded
                                                                                   from ICRA B+
                                                                                   (Stable)
(moved to ‘Issuer Not Cooperating’ category)
Shivam Cottex                           Unallocated Limit     ICRA D       15      Downgraded
                                                                                   from ICRA B+
                                                                                   (Stable)
(moved to ‘Issuer Not Cooperating’ category)
Srv Synthetics                          Fund based-CC         ICRA         100     Reaffirmed
                                                              BBB+(Stable)
Srv Synthetics                          Fund based-TL         ICRA         72.5    Reaffirmed
                                                              BBB+(Stable)
Srv Synthetics                          Fund based-UnallocatedICRA         108.1   Reaffirmed
                                                              BBB+(Stable)
Suraj Industries                        CC                    ICRA         300     Reaffirmed
                                                              BBB+(Stable)
Suraj Industries                        TL                    ICRA         330     Reaffirmed
                                                              BBB+(Stable)
V Care Agritech                         LT – Fund Based/CC    ICRA B+      70      Reaffirmed
                                                              (Stable)
V Care Agritech                         LT/ST - Unallocated   ICRA B+      65      Reaffirmed
                                                              (Stable)/A4
Ashoka Kharar Ludhiana Road Ltd         Fund Based – TL       ICRA         6000    Reaffirmed
                                                              A-(Stable)
Axis Wind Farms (Rayalaseema)           FB -TL                ICRA BBB-    5307    Reaffirmed
Pvt Ltd
Outlook revised to Negative; removed from watch with developing implications
Axis Wind Farms (Rayalaseema)           FB - Working Capital  ICRA BBB-    450     Reaffirmed
Pvt Ltd                                 Fac
Outlook revised to Negative; removed from watch with developing implications
Axis Wind Farms (Rayalaseema)           LT Unallocated Fac    ICRA BBB-    333     Reaffirmed
Pvt Ltd
Outlook revised to Negative; removed from watch with developing implications
Belstar Investment And Finance          Vivriti Artemisia 09  Provisional  442.9   Assigned
Pvt Ltd                                 2019 PTC Series A1    ICRA AA-(SO)
Borosil Glass Works Ltd                 LT- FB – Overdraft    -            -       -
Borosil Glass Works Ltd                 LT- FB – CC (Proposed)-            -       -
Borosil Glass Works Ltd                 LT/ST- BG             -            -       -
Borosil Glass Works Ltd                 LT- FB –              ICRA A+ &    ^       Reaffirmed
                                        interchangeable
Rating continues to remain on watch with developing implications,^ Long-term interchangeable
limits include: CC of Rs. 30.00 crore, WCDL of Rs. 80.00 crore (including a one-time WCDL of Rs.
20.00 crore with 120 days’ tenure) and OD of Rs. 10.00 crore
Borosil Glass Works Ltd                 LT/ST- Fund based /   ICRA A+ & /  800     Reaffirmed
                                        Non-fund based        ICRA A1+
Rating continues to remain on watch with developing implications
Brigade Hotel Ventures Ltd              FB TL                 ICRA         4100    Reaffirmed
                                                              A-(Stable)
Brigade Hotel Ventures Ltd              Fund based- overdraft ICRA         250     Assigned
                                                              A-(Stable)
Brigade Hotel Ventures Ltd              LT Unallocated Fac    ICRA         400     Reaffirmed
                                        CPA rating            A-(Stable)
E To E Transportation                   LT - Fund Based - CC  ICRA BB+     60      Reaffirmed
Infrastructure Pvt Ltd                                        (Stable)
E To E Transportation                   LT / ST - Unallocated ICRA BB+     200     Reaffirmed
Infrastructure Pvt Ltd                                        (Stable) /
                                                              ICRA A4+
Gokul Agri International Ltd            LT Fund Based – CC    ICRA BBB     1000    Reaffirmed
                                                              (Stable)
Gokul Agri International Ltd            LT/ ST Unallocated    ICRA BBB     80.4    Reaffirmed
                                                              (Stable)/A3+
Gokul Overseas                          LT/ ST Bk limits-Fund ICRA BBB-    1000    Reaffirmed
                                        Based /NFB            (Stable) /A3
Gokul Overseas                          LT/ ST Unallocated    ICRA BBB-    200     Reaffirmed
                                                              (Stable) /A3
Gokul Refoils & Solvent Ltd             LT/ST (Proposed)      ICRA BBB     500     Reaffirmed
                                                              (Stable)
                                                              /A3+
Kogta Financial India Ltd               A.K Meluha September  Provisional  252.2   Assigned
                                        2019 PTC Series A1    ICRA A+(SO)
Lanco Solar Energy Pvt Ltd              FBL                   ICRA D       1500    -
Issuer did not cooperate, based on best available information
Lanco Solar Energy Pvt Ltd              NFBL                  ICRA D       4250    -
Issuer did not cooperate, based on best available information
Lanco Solar Pvt Ltd                     FBL                   ICRA D       9400    -
Issuer did not cooperate, based on best available information
Pegasus Panels Pvt. Ltd.                CC                    ICRA BB-     70      Reaffirmed
                                                              (Stable)
Pegasus Panels Pvt. Ltd.                TL                    ICRA BB-     62.5    Reaffirmed
                                                              (Stable)
Ramkrishna Forgings Ltd                 FB-TL                 ICRA A       4430    -
outlook revised to Negative from Stable
Ramkrishna Forgings Ltd                 FB- Working Capital   ICRA A       4600    -
                                        Fac
outlook revised to Negative from Stable
Satya Microcapital Ltd                  Vivriti Terrell 09    Provisional  197.8   Assigned
                                        2019 PTC Series A1    ICRA A(SO)
Sbi Life Insurance Co. Ltd              CPA rating            iAAA         -       Withdrawn
Smpp Pvt Ltd                            LT CC                 ICRA BBB+    50      Reaffirmed
                                                              (Stable)
Smpp Pvt Ltd                            Long / ST Unallocated ICRA BBB+    23.6    Reaffirmed /
                                                              (Stable) /           Upgraded
                                                              ICRA A2+             from ICRA A2
Tata Hitachi Construction               Fund based/ non-fund  ICRA AA /    9000    Downgraded
Machinery Company Pvt Ltd               based                 ICRA A1+             from ICRA
                                        (interchangeable) Fac                      AA+ /
Reaffirmed
outlook continues to be Stable
V Care Seeds Pvt Ltd                    LT – Fund Based/CC    ICRA B+      120     Revised from
                                                              (Stable)             ICRA
                                                                                   BB-(Stable)
V Care Seeds Pvt Ltd                    LT / ST - Unallocated ICRA B+      30      Revised from
                                                              (Stable) /           ICRA
                                                              ICRA A4              BB-(Stable)/
                                                                                   Reaffirmed   
--------------------------------------------------------------------------------------------
$: 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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