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ICRA ratings for Indian debt instruments-Jun 22

ICRA ratings for Indian debt instruments-Jun 22

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Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of June 19, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Aequitas Exports Pvt Ltd               ST - Fund Based      ICRA A4     180    Assigned
Alliance Granimarmo Pvt Ltd            ST- Fund Based       ICRA D;     335    -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Alliance Granimarmo Pvt Ltd            ST- Non Fund Based   ICRA D;     20     -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Aequitas Exports Pvt Ltd               ST – Unallocated     ICRA A4     50     Assigned
Godrej Agrovet Ltd                     ST, Non-fund Based   ICRA A1+    200    Reaffirmed
                                       Working Capital Fac
Godrej Agrovet Ltd                     CP Programme         ICRA A1+    6000   Reaffirmed
Godrej Agrovet Ltd                     ST, FB Working       ICRA A1+    6100   Reaffirmed
                                       Capital Fac
Indutch Composites Technology          ST Non-fund Based    ICRA A3+    270    Reaffirmed
Pvt. Ltd
Invenire Petrodyne Ltd                 ST Non-FBL           ICRA A1     650    Reaffirmed
Itw Consulting Pvt Ltd                 ST – Unallocated     ICRA A3;    150    Assigned
Kineco Ltd                             ST, Interchangeable  ICRA A3     -      Reaffirmed
                                       limits
Mindarika Pvt Ltd                      ST FB Limits         ICRA A1+    150    Reaffirmed
Mindarika Pvt Ltd                      ST Non-FBL           ICRA A1+    80     Reaffirmed
Prestress Steel Llp (Erstwhile         ST- Non Fund Based   ICRA A4+;   225    -
Jonas Petro Products Pvt Ltd           ST – BG              ICRA D      0.5    -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Electropath Services (India)           ST - Non-Fund Based- ICRA D     287.3  -
Pvt Ltd                                Bank Guarantee       
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Jonas Petro Products Pvt Ltd           ST – Unallocated     ICRA D      14.5   -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Prestress Wire Industries)
(Rating Downgraded from ICRA A3 and Continues to remain under ‘Issuer Not Cooperating’ category)
Royal Exports                          ST Fund Based        ICRA A4 I   180    -
(Rating downgraded from ICRA A4+ and continues to remain in the ‘Issuer Not Cooperating’
category)
Senthil Murugan Jewellers Pvt          ST Interchangeable   ICRA A4+    -      Reaffirmed
Ltd                                    (Sublimit)
Sri Adhitya Polyfilms Pvt. Ltd         ST Non-Fund Based    ICRA A4     22.5   -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Tajgvk Hotels & Resorts Ltd            ST, FB Limits        ICRA A1     300    -
(revised from ICRA A1+)
Tajgvk Hotels & Resorts Ltd            ST, Non-FBL          ICRA A1     -      -
                                       (Interchangeable) ^
(revised from ICRA A1+)
The Tata Power Co. Ltd                 CP                   ICRA A1+;   70000  Reaffirmed
Triton Hotels & Resorts Pvt Ltd        FB Bk Fac (Overdraft)ICRA A2     130    Reaffirmed


LONG TERM RATINGS:
-------------------
Aequitas Exports Pvt Ltd               LT - Fund Based TL   ICRA BB-    60     Assigned
                                                            (Stable)
Aequitas Exports Pvt Ltd               LT - Fund Based/ CC  ICRA BB-    10     Assigned
                                                            (Stable)
Alliance Granimarmo Pvt Ltd            LT/ST – Unallocated  ICRA D/     45.3   -
                                       Limits               ICRA D
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Alliance Granimarmo Pvt Ltd            LT- Fund Based TL    ICRA D;     179.7  -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Assam Gas Company Ltd                  Issuer Rating        ICRA A+     -      Assigned
                                                            (Stable)
Brij Gopal Construction                FBL                  ICRA        500    -
Company (P) Ltd                                             BBB(Stable)
(reaffirmed and withdrawn)
Brij Gopal Construction                Non-FBL              ICRA        1500   -
Company (P) Ltd                                             BBB(Stable)
(reaffirmed and withdrawn)
Candor Kolkata One Hi-Tech             NCD Programme        ICRA        21000  -
Structures Pvt Ltd                                          A-(Stable);
(Reaffirmed and withdrawn)
Children’S Education Society           Fund based - TL      ICRA BBB    439.3  -
                                                            (Stable);
(Upgraded from ICRA BBB- (Stable))
Children’S Education Society           Fund based - Working ICRA BBB    -      -
                                       Capital Fac          (Stable);
(Upgraded from ICRA BBB- (Stable))
Children’S Education Society           Non-Fund based – BG  ICRA BBB    102    -
                                                            (Stable);
(Upgraded from ICRA BBB- (Stable))
Classic Industries And Exports         LT/ ST- Fund Based/  ICRA A-     334.5  -
Ltd                                    Non-Fund based       (Stable)/
                                                             A2+;
Assigned/outstanding
Classic Industries And Exports         LT: TL               ICRA A-     60     Outstanding
Ltd                                                         (Stable);
Criss Financial Holdings Ltd           Bk lines             ICRA        500    Reaffirmed
                                                            BBB-(Stable)
Davariya Brothers Pvt Ltd              LT / ST Fundbased    ICRA BB     1151.9 Reaffirmed
                                       Limit                (Stable) /
                                                            ICRA A4
Dian Energy B.V                        TL                   ICRA A;     200    Reaffirmed
(outlook revised to Negative from Stable and withdrawn)
Electropath Services (India)           LT - Fund Based/ CC  ICRA D      212.7  -
Pvt Ltd
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Godrej Agrovet Ltd                     LT, FB Working       ICRA AA     600    Reaffirmed
                                       Capital Fac          (Stable);
Indutch Composites Technology          LT FB (TL)           ICRA        325    Reaffirmed
Pvt. Ltd                                                    BBB(Stable)
Indutch Composites Technology          LT FB/CC             ICRA        150    Reaffirmed
Pvt. Ltd                                                    BBB(Stable)
Invenire Petrodyne Ltd                 LT Non-FBL           ICRA A      -      Reaffirmed
                                       (Interchangeable**)
(**with short-term limits)
Itw Consulting Pvt Ltd                 LT – Unallocated     ICRA        200    Assigned
                                                            BBB-(Stable)
Jonas Petro Products Pvt Ltd           LT – CC              ICRA D      7.5    -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Jonas Petro Products Pvt Ltd           LT – TL              ICRA D      28.4   -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Jonas Petro Products Pvt Ltd           LT – Unallocated     ICRA D      19.1   -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Kineco Ltd                             LT, Interchangeable  ICRA BBB-   -      Reaffirmed
                                       limits               (Negative)
Kineco Ltd                             LT, FB Fac           ICRA BBB-   180    Reaffirmed
                                                            (Negative)
Kineco Ltd                             LT, TL/ Working      ICRA BBB-   361.6  Reaffirmed
                                       Capital TL           (Negative)
Kineco Ltd                             LT/ST, Non-fund based ICRA BBB-  210    Reaffirmed
                                                            (Negative)
                                                            /ICRA A3
Kineco Ltd                             LT/ST, Unallocated Fac ICRA BBB- 54.4   Reaffirmed
                                                            (Negative)
                                                            /ICRA A3
L&T Shipbuilding Ltd                   NCD (NCD) Programme  ICRA        13310  Withdrawn
                                                            AAA(CE)
                                                            (Stable)
M/S. Purushottam Narayan Gadgil        FB – Working Capital ICRA        750    Reaffirmed
                                       Fac                  A-(Stable)
Mfar Developers Pvt Ltd                Fund Based – TL      ICRA BBB-   7500   Assigned
                                                            (Stable);
Mindarika Pvt Ltd                      CC                   ICRA        20     Reaffirmed
                                                            AA-(Stable)
Mindarika Pvt Ltd                      TL                   ICRA        325    Reaffirmed
                                                            AA-(Stable)
Mindarika Pvt Ltd                      Unallocated          ICRA        175    Reaffirmed
                                                            AA-(Stable)
                                                            / ICRA A1+
New Opportunity Consultancy            LT Bk lines          ICRA BB     50     Reaffirmed
Pvt Ltd                                                     (Stable)
New Opportunity Consultancy            NCD programme        ICRA        -      -
Pvt Ltd                                                     BB(Stable)
(reaffirmed and simultaneously withdrawn)
Orange Renewable Power Pvt Ltd         Non-FBL              ICRA        2500   -
                                                            A&/ICRA A1&
(continues to be on rating watch with developing implications)
Orange Renewable Power Pvt Ltd         TL                   ICRA A&;    1000   -
(continues to be on rating watch with developing implications)
Prestress Steel Llp (Erstwhile         LT- Fund Based TL    ICRA        18     -
Prestress Wire Industries)                                  BB+(Stable);
(Rating Downgraded from ICRA BBB-(Stable) and Continues to remain under ‘Issuer Not Cooperating’
category)
Prestress Steel Llp (Erstwhile         LT- Fund Based CC    ICRA        400    -
Prestress Wire Industries)                                  BB+(Stable);
(Rating Downgraded from ICRA BBB-(Stable) and Continues to remain under ‘Issuer Not Cooperating’
category)
Royals Marine Food Pvt Ltd             LT – Unallocated     ICRA        100    -
                                                            B+(Stable)
(Rating Moved to issuer not cooperating category)
Senthil Murugan Jewellers Pvt          LT Fund based CC     ICRA BB+    460    Reaffirmed
Ltd
(; Outlook revised to ‘Negative’ from ‘Stable’)
Spandana Sphoorty Financial Ltd        Bk Fac               ICRA        35000  Reaffirmed
                                                            A-(Stable);
Spandana Sphoorty Financial Ltd        NCDs                 ICRA        2388.8 Reaffirmed
                                                            A-(Stable);
Spandana Sphoorty Financial Ltd        NCDs                 ICRA        2000   Assigned
                                                            A-(Stable);
Sri Adhitya Polyfilms Pvt. Ltd         LT Fund based/ TL    ICRA B-     6.7    -
                                                            (stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sri Adhitya Polyfilms Pvt. Ltd         LT - Fund Based/ CC  ICRA B-     50     -
                                                            (stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sri Adhitya Polyfilms Pvt. Ltd         LT/ST – Unallocated  ICRA B-     0.8    -
                                                            (stable)/ A4
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sri Balaji Textiles                    LT- FB Fac           ICRA        50     -
                                                            B-(Stable
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Suchirindia Infratech (P) Ltd          Timberleaf project   ICRA        -      Assessed
                                                            Hyderabad
                                                            Six-Star
(The project is being developed by Suchirindia Infratech (P) Limited in Hyderabad.)
Tajgvk Hotels & Resorts Ltd            Long-TL              ICRA A      1656.3 -
                                                            (Negative)
(revised from ICRA A+ (Negative))
Tata Power Renewable Energy Ltd        NCDs                 ICRA AA-    5000   Reaffirmed
                                                            (Stable)
Tata Power Renewable Energy Ltd        Non-FB limit         ICRA AA-    2150   Reaffirmed
                                                            (Stable)
Tata Power Renewable Energy Ltd        FB TL                ICRA AA-    4850   Reaffirmed
                                                            (Stable)
The Tata Power Co. Ltd                 NCD (NCD) Programme  ICRA AA-    2310   Reaffirmed
                                                            (Stable);
Triton Hotels & Resorts Pvt Ltd        FB Bk Fac (TL)       ICRA BBB+   1147.1 Reaffirmed
Triton Hotels & Resorts Pvt Ltd        Non-FB Bk Fac (BG)   ICRA BBB+   32     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@refinitiv.com)
Source: reuters
Anand Gupta Editor - EQ Int'l Media Network
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