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Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of December 5, 2019.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------ ---------- ------ ----- ---------
SHORT TERM RATINGS:
-------------------
Abis Sampoorna Llp Non-fund Based – BG** ICRA A3 - Reaffirmed
**sub-limit of Cash Credit
Api Ispat And Powertech Pvt Ltd Non-FBL ICRA A1; 460 Reaffirmed
Icomm Tele Ltd ST – Non fundbased ICRA D 9635.3
limits
Rating continues to be in ‘Issuer Not Cooperating’ category
Belaire Hotels Pvt Ltd ST, non-FBL ICRA A4+ 460 Reaffirmed
Gopal Sweets Pvt Ltd LT: Fund Based – ICRA A3 50 Reaffirmed
Overdraft
Hyundai Steel India Pvt Ltd FB and non-FB Fac ICRA A2+(CE) - Reaffirmed
Hyundai Steel India Pvt Ltd FB and non-FB Fac ICRA A2+(CE) - Reaffirmed
Hyundai Steel India Pvt Ltd FB Fac ICRA A3+ - Reaffirmed
Nelcast Ltd ST FB Limits ICRA A1 200 revised from
ICRA A1+
Nelcast Ltd ST Non-FBL ICRA A1 90 revised from
ICRA A1+
Nelcast Ltd ST FB sub-limits ICRA A1 - revised from
ICRA A1+
Nelcast Ltd CP Programme (CP) ICRA A1 300 revised from
ICRA A1+
Parakh Agro Industries Ltd ST - Non-fund based ICRA A2+ 320 Reaffirmed
Qua Water Technologies Pvt. ST non-fund based ICRA A4 22.5 Reaffirmed
Ltd.
Rasayano ST - Non-Fund Based ICRA A4+ 140 Reaffirmed
Rasayano ST - Unallocated ICRA A4+ 20 Reaffirmed
Real Ispat & Power Ltd Non-FBL ICRA A1 250 Reaffirmed
Sembcorp Energy India Ltd CP ICRA A1+ 5000 Assigned
Sisco Research Laboratories ST, Non-FBL ICRA A4+ 2 Reaffirmed
Pvt Ltd
Sisco Research Laboratories ST, Interchangeable ICRA A4+ - Reaffirmed
Pvt Ltd
Spaceage Associates Power Non-fund based – LOC/ ICRA A4 450 Withdrawn
Infra Pvt Ltd BG
Vidya Polymer Pvt Ltd ST - Non-FBL ICRA A4 15 Reaffirmed
(removed from issuer non cooperating category)
LONG TERM RATINGS:
-------------------
Abis Sampoorna LLP FB- TL ICRA BBB- 600 Reaffirmed
(Stable)
Abis Sampoorna LLP FB – CC ICRA BBB- 150 Reaffirmed
(Stable)
Abis Sampoorna LLP FB – Working Capital ICRA BBB- - Reaffirmed
Demand Loan ** (Stable)
**sub-limit of Cash Credit
Abis Sampoorna LLP FB – Overdraft ** ICRA BBB- - Reaffirmed
(Stable)
**sub-limit of Cash Credit
Abis Sampoorna LLP Unallocated Limit ICRA BBB- 50 Reaffirmed
(Stable)/
ICRA A3
Aditya Rice Industries Fund based –TL - - Reaffirmed
Aditya Rice Industries Fund based - CC ICRA B+ 90 Reaffirmed
(Stable)
Aditya Rice Industries Unallocated Limits ICRA B+ 40 Reaffirmed
(Stable);
Ads Spirits Pvt Ltd LT: Fund Based/CC ICRA BBB+ 210 upgraded
(Stable) from ICRA
BBB (Stable)
Ads Spirits Pvt Ltd LT: Fund Based/TL ICRA BBB+ 40.3 upgraded
(Stable) from ICRA
BBB (Stable)
Ads Spirits Pvt Ltd LT: Unallocated ICRA BBB+ 349.7 upgraded
(Stable) from ICRA
BBB (Stable)
Amplus Energy Solutions Pvt Ltd NFBL ICRA A 150 Upgraded
from
Provisional
ICRA A-(CE)
(removed from rating watch with positive implications)
Amplus Energy Solutions Pvt Ltd Fund based-TL ICRA A+(CE) 887.6 Upgraded
from ICRA
A-(CE)
(removed from rating watch with positive implications)
Amplus Jyotimangal Energy Pvt Fund based-TL ICRA A+(CE) 37.4 Upgraded
Ltd from ICRA
A-(CE);
(removed from rating watch with positive implications); Stable outlook assigned
Amplus Kn One Power Pvt Ltd LT/ ST/ fund based/ ICRA A+(CE) 1149.5 Upgraded
non- FBL /ICRA A1(CE) from ICRA
A-(CE)%/
A2+(CE)%;
removed from rating watch; Stable outlook assigned
Amplus Sun Solutions Pvt Ltd Fund based-TL ICRA]A+(CE) 44.2 Upgraded
from ICRA
A-(CE);
Outlook revised to (Stable) from Rating under watch with positive implications
Ananth Solar Power Maharashtra Fund based-TL ICRA A+(CE) 74.7 Upgraded
Pvt Ltd from ICRA
A-(CE);
Api Ispat And Powertech Pvt Ltd FB working capital ICRA A+ 500 Reaffirmed
(Stable);
Ayana Renewable Power Pvt Ltd Unallocated - - Reaffirmed
Ayana Renewable Power Pvt Ltd Non-FBL ICRA A+ & 4500 Reaffirmed
& Rating watch with developing implications
Ayana Renewable Power Pvt Ltd Non-FBL ICRA A+ & 500 Reaffirmed
& Rating watch with developing implications
Belaire Hotels Pvt Ltd TL ICRA BB+ 1626 Reaffirmed
Burger King India Ltd LT - TL ICRA Assigned
BBB+(Stable)
Burger King India Ltd LT - Unallocated ICRA Assigned
amount BBB+(Stable)
Eye-Q Vision Pvt Ltd NCD (NCD) Programme ICRA B 40 Withdrawn
Gopal Sweets Pvt Ltd LT: Fund Based – TL ICRA BBB- 140 Reaffirmed
outlook revised from Stable to Negative
Graphic Era Educational Society Unallocated Bk Fac ICRA BB+ 1859 Withdrawn
Graphic Era Educational Society LT fund based Bk Fac ICRA BB+ 1711 Withdrawn
(TL)
Graphic Era Educational Society LT fund based Bk Fac ICRA BB+ 430 Withdrawn
(optionally
convertible debenture/CC)
Hero Solar Energy Pvt Ltd NCD Programme (NCD) ICRA A 3750 -
(Negative)
rating revised from ICRA A+ (Negative)
Hero Solar Energy Pvt Ltd Proposed NCD ICRA A 1000 -
(Negative)
rating revised from ICRA A+ (Negative)
Hero Solar Energy Pvt Ltd TL ICRA A 2000 -
(Negative)
rating revised from ICRA A+ (Negative)
Hero Wind Energy Pvt. Ltd. NCD 315 Programme ICRA A 4150 -
(NCD) (Negative)
rating revised from ICRA A+ (Negative)
Hero Wind Energy Pvt. Ltd. Proposed NCD ICRA A 1500 -
(Negative)
rating revised from ICRA A+ (Negative)
Hyundai Steel India Pvt Ltd FB sub-limits ICRA A-(CE) - long-term
/ ICRA rating
A2+(CE)
Icomm Tele Ltd Fund based-TL ICRA D 4525
Rating continues to be in ‘Issuer Not Cooperating’ category
Icomm Tele Ltd Fund based-CC ICRA D 3471.7
Rating continues to be in ‘Issuer Not Cooperating’ category
Icomm Tele Ltd LT Unallocated Limits ICRA D 6274.4
Rating continues to be in ‘Issuer Not Cooperating’ category Amount Rating Action (Rs. crore)
Nelcast Ltd LT FB Limits ICRA 1600 Reaffirmed
A+(Negative)
outlook revised from Stable
Nelcast Ltd Proposed LT/ST FB ICRA 110 ICRA A1
Limits A+(Negative) revised from
ICRA A1+
Parakh Agro Industries Ltd LT – FB TL ICRA A- 420.6 Downgraded
from ICRA
A(Stable)
Parakh Agro Industries Ltd LT – FB/ CC ICRA A- 1120 Downgraded
from ICRA
A(Stable)
Parakh Agro Industries Ltd LT / ST – Unallocated ICRA A-/A2+ 139.4 -
Qua Water Technologies Pvt. LT FB ICRA BB 30 Reaffirmed
Ltd.
Qua Water Technologies Pvt. LT proposed ICRA BB 17.5 Reaffirmed
Ltd.
Raghu Rama Rice Industry Fund based - CC ICRA B+ 120 Reaffirmed
Raghu Rama Rice Industry Fund based –TL ICRA B+ 10 Reaffirmed
Raghu Rama Rice Industry Unallocated limits ICRA B+ 30 Reaffirmed
Real Ispat & Power Ltd FB working capital ICRA A+ 450 Reaffirmed
Sathyanarayana Agro Industries FBL -C.C ICRA B+ 90 Reaffirmed
Sisco Research Laboratories LT, FB- CC Limit ICRA BB 90 Reaffirmed
Pvt Ltd
Sisco Research Laboratories LT, FB- TL ICRA BB 63.2 Reaffirmed
Pvt Ltd
Sisco Research Laboratories Unallocated Limit ICRA BB/ - Reaffirmed
Pvt Ltd ICRA A4+
Spaceage Associates Power Fund based – CC ICRA BB- 135 Withdrawn
Infra Pvt Ltd
Sprint Telefilms Pvt Ltd LT: Fund based ICRA BB 39.5 Reaffirmed
Sprint Telefilms Pvt Ltd LT: Unallocated ICRA BB 30.5 Reaffirmed
Sunterrace Energy One Pvt Ltd Fund based-TL ICRA A+(CE) 113.2 Upgraded
from ICRA
A-(CE)
(removed from rating watch with positive implications)
Tata Sia Airlines Ltd LT/ST non -fund based ICRA A/A1 15511.5 Assigned to
enhanced
limit
Tata Sia Airlines Ltd Unallocated ICRA A/A1 28009.5 Assigned to
enhanced
limit
Thirumeni Finance Pvt Ltd PTC Series A2 ICRA A(SO) - Reaffirmed
-Northern Arc 2018 Sbl Sombrero
Thirumeni Finance Pvt Ltd PTC Series A1 ICRA AA(SO) - Reaffirmed
-Northern Arc 2018 Sbl Sombrero
Vidya Polymer Pvt Ltd LT - FB limits ICRA BB 45 Revised from
ICRA BB-
(removed from issuer non cooperating category)
Vidya Polymer Pvt Ltd LT - TL ICRA BB 35 Revised from
ICRA BB-
(removed from issuer non 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.
Source: reuters
