September 24, 2019 / 10:59 AM / 19 days ago

RPT-ICRA ratings for Indian debt instruments-Sep 24

 (Repeating to add additional ratings)
    Sep 24 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of September 23, 2019.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Abhishek Steel Industries Ltd           Non-FBL               ICRA A4      100     -
Rating continues under ‘Issuer Not Cooperating’ category
Akanksha Automobiles (P) Ltd            ST –Unallocated limitsICRA A4      60      -
Continues to remain under the ‘Issuer Not Cooperating’ category
Bonza Vitrified Pvt. Ltd.               Non-fund based- BG    ICRA A4      40      -
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Camrola Quartz Ltd.                     BG                    ICRA A2+     248     Downgraded
                                                              (CE)                 from ICRA A1
                                                                                   (SO)
Camrola Quartz Ltd.                     Inland LOC            ICRA A2+     50      Downgraded
                                                              (CE)                 from ICRA A1
                                                                                   (SO)
Futuristic Packaging Pvt. Ltd.          PC/ PCFC#             ICRA A4      -       -
Rating moved to the ‘Issuer Not Cooperating’ category
Futuristic Packaging Pvt. Ltd.          FDBP/FUDBP#           ICRA A4      -       -
Rating moved to the ‘Issuer Not Cooperating’ category
Futuristic Packaging Pvt. Ltd.          BG                    ICRA A4      1.5     -
Rating moved to the ‘Issuer Not Cooperating’ category
Futuristic Packaging Pvt. Ltd.          LOC                   ICRA A4      50      -
Rating moved to the ‘Issuer Not Cooperating’ category
Futuristic Packaging Pvt. Ltd.          Forward Exchange      ICRA A4      3.5     -
                                        Contract
Rating moved to the ‘Issuer Not Cooperating’ category
Monte Carlo Fashions Ltd                ST non-fund based Bk  ICRA         300     Reaffirmed
                                        facility (LOC)        AA-(Stable)
Goodluck India Ltd                      Non-fund Based -      ICRA A3+     900     Reaffirmed
                                        Working Capital Fac
J D Industries                          Non-Fund Based- Bk    ICRA A4      40      -
                                        Gaurantee
Rating moved to ‘Issuer Not Cooperating’ category
Kisan Phosphates Pvt Ltd                Non-FBL Trust Name    ^ICRA A1     120     Reaffirmed
^ICRA's analytical approach for rating Kisan Phosphate Private Limited’s (KPPL’s) facility has
changed. The rating is now based on a consolidated view of the rated e
Lenz Ceramic Pvt. Ltd.                  Non-fund Based – BG   ICRA A4      25      -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Mahindra Asset Management               Mahindra Liquid Fund  ICRA A1+mfs  -       Reaffirmed
Company Pvt Ltd
Monte Carlo Fashions Ltd                ST FB Bk facility     ICRA A1+     500     Reaffirmed
                                        (Overdraft)
Monte Carlo Fashions Ltd                CP                    ICRA A1+     1000    Reaffirmed
Monte Carlo Fashions Ltd                LT FB Bk facility (CC)ICRA A4      750     Reaffirmed
Neco Heavy Engineering And              Non-Fund based – BG   ICRA A4      50      -
Castings Ltd
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Prakrutees Infra Impex India            Interchangeable       ICRA A4      -       Assigned
Pvt Ltd                                 limits – ST
R Balarami Reddy And Company            ST - Non Fund Based   ICRA A4      70      -
Rating moved to the ‘Issuer Not Cooperating’ category
Rkg International Pvt Ltd               ST- Foreign Discount  ICRA A4      60      -
                                        Bill Purchase
Continues to the ‘Issuer Not Cooperating’ category
Rkg International Pvt Ltd               ST- Letter
of Credit  ICRA A4      80      -
Continues to the ‘Issuer Not Cooperating’ category
Shree Pushkar Chemicals &               Non-fund based –      ICRA A1      368.2   Reaffirmed
Fertilisers Ltd                         LOC/BG/Off balance
                                        36.82 exposure
Siddhi Industries                       Non-fund Based –      ICRA A4      25      -
                                        Warehousing
                                        Limit/Demand Loan
Rating continues to remain under ‘Issuer Not Cooperating’ category
Tps Infrastructure Ltd                  Non-fund Based BG     ICRA A4+     960     revised from
                                                                                   ICRA A3
Azim Premji Trust                       CP                    ICRA A1+     20000   Reaffirmed
Bharat Forge Ltd                        Non- FB Fac           ICRA A1+     7000
Reaffirmed; Assigned to the enhanced portion
Hasham Investment & Trading             CP                    ICRA A1+     10000   Reaffirmed
Company Pvt Ltd
Kellton Tech Solutions Ltd              ST Non- FB Fac        ICRA A2      200
Downgraded from ICRA A2+
Reflexions Narayani Impex Pvt           Fund Based- Packaging ICRA A4      20
Ltd                                     Credit
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Reflexions Narayani Impex Pvt           Fund Based- Foreign   ICRA A4      20
Ltd                                     Bill Purchase
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Tarish Investment And Trading           CP                    ICRA A1+     10000
Company Pvt Ltd
Reaffirmed; rated limits enhanced

LONG TERM RATINGS:
-------------------
Abhishek Steel Industries Ltd           FBL                   ICRA B+      100     downgraded
                                                              (Stable)             from ICRA
                                                                                   BB(Stable)
Rating continues under ‘Issuer Not Cooperating’ category
Abhishek Steel Industries Ltd           Untied Limits         ICRA B+      20      downgraded
                                                              (Stable)             from ICRA
                                                                                   BB(Stable)
Rating continues under ‘Issuer Not Cooperating’ category
Akanksha Automobiles (P) Ltd            LT – FBL              ICRA B+      215.3   Downgraded
                                                              (Stable)             from ICRA BB
                                                                                   (Stable)
Continues to the ‘Issuer Not Cooperating’ category
Belstar Investment And Finance          Vivriti Xerxes 09     Provisional  503.7   Assigned
Pvt Ltd                                 2019 PTC Series A1    ICRA A+(SO)
Bonza Vitrified Pvt. Ltd.               Fund based- CC        ICRA B       100     -
                                                              (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Bonza Vitrified Pvt. Ltd.               Fund based - TL       ICRA B       250     -
                                                              (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Camrola Quartz Ltd.                     CC                    ICRA A- (CE) 4.6     Downgraded
                                                                                   from ICRA A
                                                                                 (SO)(Negative)
Camrola Quartz Ltd.                     TL^                   ICRA A-      100.4   Downgraded
                                                              (CE)                 from ICRA A
                                                              (Negative)            (SO) 
                                                                                  (Negative)
^ includes Rs. 17.0 crore of foreign letter of credit (capital goods) as sub limit
Divya Construction Company              Non-und based limits  ICRA B-      140     -
                                                              (Stable) /
                                                              ICRA A4
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Divya Construction Company              FBL- CC               ICRA B-      60      -
                                                              (Stable) /
                                                              ICRA A4
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Futuristic Packaging Pvt. Ltd.          CC                    ICRA B+      91      Downgraded
                                                              (Stable)             from ICRA
                                                                                   BB- (Stable)
Rating moved to the ‘Issuer Not Cooperating’ category
Futuristic Packaging Pvt. Ltd.          TL                    ICRA B+      40      Downgraded
                                                              (Stable)             from ICRA
                                                                                   BB- (Stable)
Rating moved to the ‘Issuer Not Cooperating’ category
Futuristic Packaging Pvt. Ltd.          Unallocated Limits    ICRA B+      4       Downgraded
                                                              (Stable)             from ICRA
                                                                                   BB- (Stable)
Rating moved to the ‘Issuer Not Cooperating’ category
Goldfinch Resorts Pvt Ltd               TL Fac                ICRA BB+     750     -
                                                              (Stable)
Goodluck India Ltd                      FB - TL               ICRA BBB     863.6   Reaffirmed
                                                              (Negative)
outlook revised to negative from Stable
Goodluck India Ltd                      FB - Working Capital  ICRA BBB     2466.2  Reaffirmed
                                        Fac                   (Negative)
outlook revised to negative from Stable
J D Industries                          Fund based – TL       ICRA         11.6    -
                                                              B-(Stable)
Rating moved to ‘Issuer Not Cooperating’ category
J D Industries                          Fund based – CC       ICRA         65      -
                                                              B-(Stable)
Rating moved to ‘Issuer Not Cooperating’ category
J D Industries                          Untied Limits         ICRA         23.4    -
                                                              B-(Stable)
                                                              / A4
Rating moved to ‘Issuer Not Cooperating’ category
Kanyaka Corporation                     LT - Fund Based/ CC   ICRA B       40      -
                                                              (Stable)
Rating moved to the ‘Issuer Not Cooperating’ category
Kanyaka Corporation                     LT - Non Fund Based   ICRA B       11.5    -
                                                              (Stable)
Rating moved to the ‘Issuer Not Cooperating’ category
Kanyaka Corporation                     LT / ST - Unallocated ICRA         48.5    -
                                                              B(Stable)/A4
Khaya Solar Projects Pvt Ltd            BLR                   ICRA D       542     -
Reason for delay in carrying out periodic review:
- Review process is underway
Kisan Phosphates Pvt Ltd                TL                    ^ICRA A+     70      Reaffirmed
                                                              (Stable)
^ICRA's analytical approach for rating Kisan Phosphate Private Limited’s (KPPL’s) facility has
changed. The rating is now based on a consolidated view of the rated e
Kisan Phosphates Pvt Ltd                FBL                   ^ICRA A+     110     Reaffirmed
                                                              (Stable)
^ICRA's analytical approach for rating Kisan Phosphate Private Limited’s (KPPL’s) facility has
changed. The rating is now based on a consolidated view of the rated e
Lenz Ceramic Pvt. Ltd.                  FB – TL               ICRA B       50      -
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Lenz Ceramic Pvt. Ltd.                  Fun-based – CC        ICRA B       80      -
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Monte Carlo Fashions Ltd                LT FB Bk facility (TL)ICRA         261     Reaffirmed
                                                              AA-(Stable)
Monte Carlo Fashions Ltd                LT unallocated        ICRA         189     Reaffirmed
                                                              AA-(Stable)
Monte Carlo Fashions Ltd                LT/ST interchangeable ICRA         -       Reaffirmed
                                        Bk facility (BG)^     AA-(Stable)
                                                              /ICRA A1+
^sub-limit of letter of credit
Navkar Buildcon                         Fund based- CC        ICRA B-      150     -
                                                              (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Ncc Ltd                                 FB TL                 ICRA A &     2830    -
Placed under rating watch with developing implication
Ncc Ltd                                 FB CC                 ICRA A &     20580   -
Placed under rating watch with developing implication
Ncc Ltd                                 Non-FBL               ICRA A &     94000   -
Placed under rating watch with developing implication
Ncc Ltd                                 Unallocated Limits    ICRA A &     5590    -
Placed under rating watch with developing implication
Neco Heavy Engineering And              Fund based – CC       ICRA B+      125     -
Castings Ltd                                                  (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Nomax Electrical Steel Pvt Ltd          Fund based- CC        ICRA C       173.3   -
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Nomax Electrical Steel Pvt Ltd          Fund Based –
Untied   ICRA C       4.6     -
                                        Limits
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Om Trading Company                      Fund based- CC        ICRA B-      49.5    -
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Prakrutees Infra Impex India            CC – LT               ICRA         250     Assigned
Pvt Ltd                                                       BB(Stable)
R Balarami Reddy And Company            LT - Fund Based/ CC   ICRA B+      60      -
                                                              (Stable)
Rating moved to the ‘Issuer Not Cooperating’ category
R Balarami Reddy And Company            LT / ST - Unallocated ICRA         40      -
                                                              B+(Stable)
Rating moved to the ‘Issuer Not Cooperating’ category
Ramakrishna Housing (P) Ltd             Fund based-TL         ICRA D       3150    Downgraded
                                                                                   from ICRA BB
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Rkg International Pvt Ltd               Fund based- CC        ICRA         20      Downgraded
                                                              B+(Stable)           from ICRA
                                                                                   BB- (Stable)
Continues to the ‘Issuer Not Cooperating’ category
Scrabble Entertainment Ltd              LT, FB Fac            ICRA A+      30      -
outlook revised to Negative from Stable
Shree Pushkar Chemicals &               FB – CC               ICRA A+      420     Reaffirmed
Fertilisers Ltd                                               (Stable)
Shree Pushkar Chemicals &               FB - SLC              ICRA A+      15      Reaffirmed
Fertilisers Ltd                                               (Stable)
Siddhi Industries                       FB – Working Capital  ICRA B+      60      -
                                        Limit                 (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Siddhi Industries                       Fun-based – TL        ICRA B+      2.6     -
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Siddhi Industries                       Proposed unallocated  ICRA         7.4     -
                                        limits                B+(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Sri Kodandarama Boiled Amp;             LT - Fund Based/CC    ICRA BB-     200     Reaffirmed
Raw Rice Mill                                                 (Stable)
Sri Kodandarama Boiled Amp;             LT / ST – Unallocated ICRA BB-     100     Reaffirmed
Raw Rice Mill                                                 (Stable) /
                                                              ICRA A4
Status Clothing Co. Ltd                 FBL- CC               ICRA D       90      -
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Status Clothing Co. Ltd                 FBL - TL              ICRA D       55      -
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Tps Infrastructure Ltd                  FB CC                 ICRA BB+     465     revised from
                                                              (Stable)             ICRA BBB-
                                                                                   (Stable)
Tps Infrastructure Ltd                  FB TL                 ICRA BB+     125     revised from
                                                              (Stable)             ICRA BBB-
                                                                                   (Stable)
Agri Power And Engineering              NCD Programme         ICRA B-@     1190
Solutions Pvt Ltd
Downgraded from ICRA B+ (Stable); @ placed on watch with negative implications
Bharat Forge Ltd                        TL/ ECB               ICRA AA+     -       Reaffirmed
Bharat Forge Ltd                        FB Fac                ICRA AA+     21000
Reaffirmed Assigned to the enhanced portion
Habitat Micro Build India               Bk Fac                ICRA BBB-    200
Housing Finance Company Pvt Ltd                               (Stable)
Reaffirmed and Withdrawn
Kellton Tech Solutions Ltd              FB - Working Capital  ICRA BBB+    200
                                        Fac                   (Negative)
Downgraded from ICRA A-(Negative)
Kellton Tech Solutions Ltd              LT/ ST Non- FB Fac    ICRA BBB+    282.1
                                                              (Negative)/
                                                              ICRA A2
Downgraded from ICRA A-(Negative)/ ICRA A2+
Kellton Tech Solutions Ltd              Unallocated Limits    ICRA BBB+    817.9
                                                              (Negative)/
                                                              ICRA A2
Downgraded from ICRA A-(Negative)/ ICRA A2+
Micro Units Development And             Issuer Rating         ICRA AAA     -       Withdrawn
Refinance Agency Ltd                                          (Stable)
Payne Realtors Pvt Ltd                  TL                    ICRA D       275
rating continues to remain in ‘Issuer Not Cooperating’ category
Prius Commercial Projects Pvt           TL                    ICRA D       4240
Ltd
Downgraded from ICRA B (SO) (negative) and continues to be in INC Category
Raj Ratan Smelter Ltd                   LT / ST Fund based/   ICRA C+/     185
                                        Non- Fund Based       ICRA A4
Continues to remain under the ‘Issuer Not Cooperating’ category
Reflexions Narayani Impex Pvt           Fund based – CC/      ICRA B       248.6
Ltd                                     Overdraft Facility    (Stable)
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Reflexions Narayani Impex Pvt           Fund based – TL       ICRA B       100
Ltd                                                           (Stable)
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Reflexions Narayani Impex Pvt           Untied Limits         ICRA B       25.7
Ltd                                                           (Stable) /
                                                              A4
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
--------------------------------------------------------------------------------------------
$: 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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