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Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of November 23, 2020.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------ ---------- ------ ----- ---------
SHORT TERM RATINGS:
-------------------
Aarti International Ltd ST non-fund based LOC ICRA A2 253
Downgraded from ICRA A2+
Commercial Engineers & Body Builders ST - Non-fund Based ICRA A3 (CE)&150
Co. Ltd
ratings put on watch with developing implications
Commercial Engineers & Body Builders ST - FB ICRA A4& 150
Co. Ltd
ratings put on watch with developing implications
Endress+Hauser (India) Automation ST – Unallocated ICRA A1 20
Instrumentation Pvt Ltd
Surveillance process is underway
Excel Foods Pvt Ltd ST - Non-Fund Based ICRA A4 5
Rating continues to remain under ‘Issuer Not Cooperating’ category
Indapur Dairy And Milk Products Ltd. Non-fund Based - ICRA A2 50 Withdrawn
Working Capital Fac
Lakshmanan Isola Pvt Ltd ST - Fund Based ICRA A4 5
Rating continues to remain under ‘Issuer Not Cooperating’ category
Lakshmanan Isola Pvt Ltd ST - Non-Fund Based ICRA A4 7
Rating continues to remain under ‘Issuer Not Cooperating’ category
Meena Lpg Industries ST - Non-fund based ICRA A4+ 41
Upgraded from ICRA A4
Modern Industries ST Non-fund Based ICRA A3 805 Reaffirmed
ONGC Petro Additions Ltd CP# ICRA A1+ 15000
assigned to enhanced limits; # out of the total limits of Rs. 1500 crore, Rs. 500 crore is
carved out from working capital limits and Rs. 1,000 crore is a standalone limit
ONGC Petro Additions Ltd Non-FBL ICRA A1+ 29240 Outstanding
Stewart Holl (India) Ltd Non-FBL- ST ICRA A1+ 1.5 Outstanding
Tata Capital Housing Finance Ltd CP ICRA A1+ 80000
Review process is underway
LONG TERM RATINGS:
-------------------
Aarti International Ltd LT FB CC ICRA BBB+ 2784
(Stable)
downgraded from ICRA A- (Negative); outlook revised to Stable from Negative
Aarti International Ltd LT FB TL ICRA BBB+ 1013.6
(Stable)
downgraded from ICRA A- (Negative); outlook revised to Stable from Negative
Aarti International Ltd LT non-fund based BG ICRA BBB+ 20
(Stable)
downgraded from ICRA A- (Negative); outlook revised to Stable from Negative
Aarti International Ltd LT unallocated limits ICRA BBB+ 187.1
(Stable)
downgraded from ICRA A- (Negative); outlook revised to Stable from Negative
Aarti International Ltd LT/ST Interchangeable ICRA BBB+
(Stable)/
ICRA A2
downgraded from ICRA A-(Negative)/ ICRA A2+; outlook revised to Stable from Negative
Advent Enterprises Pvt Ltd LT - Fund Based - ICRA B 125
Dropline Overdraft (Stable)
Limits
Rating Continues to remain under issuer not cooperating category
Amplus Andhra Power Pvt Ltd Rating Without ICRA A
Explicit Credit
Enhancement
Amplus Andhra Power Pvt Ltd TL ICRA AA- 440 Assigned
(CE) (Stable)
Amplus Energy Solutions Pvt Ltd Rating Without ICRA A+
Explicit Credit
Enhancement
Amplus Energy Solutions Pvt Ltd Non-FBL ICRA A+ 150
(Stable)
Upgraded from ICRA A (Stable)
Amplus Energy Solutions Pvt Ltd TL ICRA AA- 931.8
(CE) (Stable)
Upgraded from ICRA A+ (CE) (Stable)
Amplus Jyotimangal Energy Pvt Ltd Rating Without ICRA A+
Explicit Credit
Enhancement
Amplus Jyotimangal Energy Pvt Ltd TL ICRA AA- 37.4
(CE) (Stable)
Upgraded from ICRA A+ (CE) (Stable)
Amplus Sun Solutions Pvt Ltd TL ICRA A+ (CE) 44.2 Withdrawn
(Stable)
Amplus Superior Solar Pvt Ltd Rating Without ICRA A+
Explicit Credit
Enhancement
Amplus Superior Solar Pvt Ltd TL ICRA AA- 20.6
(CE) (Stable)
Upgraded from ICRA A+ (CE) (Stable)
Ananth Solar Power Maharashtra Pvt Ltd Rating Without ICRA A+
Explicit Credit
Enhancement
Ananth Solar Power Maharashtra Pvt Ltd TL ICRA AA- 74.7
(CE) (Stable)
Upgraded from ICRA A+ (CE) (Stable)
Anoop Forgings Pvt Ltd Bk Fac ICRA 65
B-(Stable)/
ICRA A4
Issuer not cooperating
Berar Finance Ltd Rating Without ICRA BBB
Explicit Credit
Enhancement
Chandralok Textile Industries Pvt Ltd FBL ICRA D 93.2
Rating continues to remain under ‘Issuer Not Cooperating’ category
Commercial Engineers & Body Builders LT - FB TL - II ICRA BB-& 50
Co. Ltd
ratings put on watch with developing implications
Commercial Engineers & Body Builders LT/ST - Unallocated ICRA BB-/A4& 212.3
Co. Ltd
ratings put on watch with developing implications
Commercial Engineers & Body Builders LT - FB CC ICRA BBB- 200
Co. Ltd (CE)&
ratings put on watch with developing implications
Commercial Engineers & Body Builders LT - FB TL - I ICRA BBB- 237.7
Co. Ltd (CE)&
ratings put on watch with developing implications
Endress+Hauser (India) Automation LT, FB – CC ICRA 80
Instrumentation Pvt Ltd A-(Stable)
Surveillance process is underway
Excel Foods Pvt Ltd LT - Fund Based/ CC ICRA B+ 140
(Stable)
Downgraded from ICRA BB (Stable) and continues to remain in the ‘Issuer Not Cooperating’
category
Excel Foods Pvt Ltd LT - Fund Based TL ICRA B+ 5
(Stable)
Downgraded from ICRA BB (Stable) and continues to remain in the ‘Issuer Not
Foods And Feeds Fund Based: CC ICRA D 130
Rating Continues to remain under issuer not cooperating category
Global Autotech Ltd Issuer Rating ICRA BBB+ Reaffirmed
(Stable)
Goodricke Group Ltd TL ICRA AA- 100 Outstanding
(Stable)
Goodricke Group Ltd FB limits ICRA AA- 900 Assigned
(Stable)/A1+
Goodricke Group Ltd Non-FBL ICRA AA- 90 Outstanding
(Stable)/A1+
Indapur Dairy And Milk Products Ltd. Fund Based - TL ICRA 557.5 Withdrawn
BBB+(Stable)
Indapur Dairy And Milk Products Ltd. Fund Based - Working ICRA 592.5 Withdrawn
Capital Fac BBB+(Stable)
Jain Sons Finlease Ltd Rating Without ICRA BBB-
Explicit Credit
Enhancement
Koomber Tea Company Pvt Ltd FB limits ICRA A+ 60 Assigned
(Stable)/A1
Koomber Tea Company Pvt Ltd LT / ST - ICRA A+ Assigned
Interchangeable (Stable)/A1
Lakshmanan Isola Pvt Ltd LT - Fund Based/ CC ICRA B- 77.5
(Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Mahalaxmi Cashew Industries LT- Fund Based - ICRA B+ 60
Crash Credit (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Mahalaxmi Cashew Industries LT - Fund Based/ TL ICRA B+ 10
(Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Mahesh Agri Exim Pvt Ltd Fund based EPC(Stocks)ICRA D 210
Rating Continues to remain under issuer not cooperating category
Mahesh Agri Exim Pvt Ltd Fund based EBD/EBN/EBPICRA D 10
Rating Continues to remain under issuer not cooperating category
Mahesh Agri Exim Pvt Ltd Fund based Advance ICRA D
against bills sent on
collection bases(within EPC)
Rating Continues to remain under issuer not cooperating category
Mahesh Agri Exim Pvt Ltd NFBL – BG ICRA D 12.5
Rating Continues to remain under issuer not cooperating category
Mahesh Agri Exim Pvt Ltd NFBL – Forward ICRA D 8
Contract
Rating Continues to remain under issuer not cooperating category
Meena Lpg Industries LT - FB/CC ICRA 30 Reaffirmed
BB(Stable)
Meena Lpg Industries LT - FB TL ICRA 70.8 Reaffirmed
BB(Stable)
Modern Industries LT FB - CC ICRA 550 Reaffirmed
BBB-(Stable)
Modern Industries LT - Unallocated ICRA 145 Reaffirmed
BBB-(Stable)
Northern Arc Capital Ltd- Berar Finance Loans ICRA A-(CE) 1000
Ltd (“Berar”) (Stable)
provisional rating confirmed as final
Northern Arc Capital Ltd- Jain Sons Loans ICRA A-(CE) 1000
Finlease Ltd ("Intellegrow") (Stable)
provisional rating confirmed as final
Northern Arc Capital Ltd- Satya Loans ICRA A-(CE) 1000
Microcapital Ltd ("Satya") (Stable)
provisional rating confirmed as final
Northern Arc Capital Ltd- Sonata Loans ICRA A-(CE) 1000
Finance Pvt Ltd ("Sonata") (Stable)
provisional rating confirmed as final
Northern Arc Capital Ltd- Visage Loans ICRA A-(CE) 1000
Holdings And Finance Pvt Ltd ("Kinara") (Stable)
provisional rating confirmed as final
Nxtgen Datacenter And Cloud Fund based-TL ICRA B+ 1000
Technologies Pvt Ltd (Stable)
Upgraded from ICRA D
Nxtgen Datacenter And Cloud Fund based-CC ICRA B+ 150
Technologies Pvt Ltd (Stable)
Upgraded from ICRA D
ONGC Petro Additions Ltd Rating Without ICRA AA
Explicit Credit
Enhancement
ONGC Petro Additions Ltd TL (Secured) ICRA AA Outstanding
(Stable)
ONGC Petro Additions Ltd FBL ICRA AA 15580 Outstanding
(Stable) /
ICRA A1+
ONGC Petro Additions Ltd NCD ICRA 2600 Outstanding
AA(Stable)
ONGC Petro Additions Ltd NCD ICRA AAA(CE) 30000 Outstanding
(Stable)
ONGC Petro Additions Ltd Compulsorily ICRA AAA(CE) 72860 Outstanding
Convertible Debentures(Stable)
ONGC Petro Additions Ltd TL (Unsecured) ICRA AAA(CE) 65000 Outstanding
(Stable)
ONGC Petro Additions Ltd NCD Provisional 44400 Outstanding
ICRA
AA(Stable)
ONGC Petro Additions Ltd NCD Provisional
ICRA AAA(CE)
(Stable)
Reaffirmed and Withdrawn
Protac Foods International Pvt Ltd LT - Fund Based CC ICRA D 40
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Protac Foods International Pvt Ltd LT - Fund Based TL ICRA D 180
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Rugby Renergy Pvt Ltd LT FB TL ICRA A 400
(Stable)
Upgraded from ICRA A- (Stable)
Satya Microcapital Ltd Rating Without ICRA BBB-
Explicit Credit
Enhancement
Shri Krishna Agro Industries Fund based- CC ICRA B- 50
(Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Shri Krishna Agro Industries Unallocated ICRA 20
B-(Stable)/
ICRA A4
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Sita Polyweave Pvt. Ltd. CC ICRA B 9.5
(Stable)
Rating Continues to remain under issuer not cooperating category
Sita Polyweave Pvt. Ltd. TL ICRA B 46.5
(Stable)
Rating Continues to remain under issuer not cooperating category
Sita Polyweave Pvt. Ltd. Unallocated Limits ICRA B 24
(Stable)/
ICRA A4
Rating Continues to remain under issuer not cooperating category
Sonai Cattle Feed Pvt. Ltd. Fund Based - TL ICRA BBB+ 138 Withdrawn
(Stable)
Sonai Cattle Feed Pvt. Ltd. Fund Based - Working ICRA BBB+ 290 Withdrawn
Capital Fac (Stable)
Sonata Finance Pvt Ltd Rating Without ICRA BBB
Explicit Credit
Enhancement
Stewart Holl (India) Ltd Non-FBL- LT ICRA A+ 2.7 Outstanding
(Stable)
Stewart Holl (India) Ltd FB limits# ICRA A+ 120 Assigned
(Stable)/ A1+
#SHIL’s fund based facilities are entirely fungible between long-term and short-term facilities
Sunterrace Energy One Pvt Ltd Rating Without ICRA A
Explicit Credit
Enhancement
Sunterrace Energy One Pvt Ltd TL ICRA AA- 113.2
(CE) (Stable)
Upgraded from ICRA A+ (CE) (Stable)
Tata Capital Housing Finance Ltd NCD programme ICRA AAA 33580
(Stable)
Review process is underway
Tata Capital Housing Finance Ltd Retail Bonds ICRA AAA 50000
programme (incl NCDs (Stable)
and Subordinated debt)
Review process is underway
Tata Capital Housing Finance Ltd Subordinated Debt ICRA AAA 11000
programme (Stable)
Review process is underway
Visage Holdings And Finance Pvt Ltd Rating Without ICRA BBB-
Explicit Credit
Enhancement
Vivriti Capital Pvt Ltd- Vivriti Cabsec PTC Series A1 ICRA A- (SO) 838.4
003 2019
Review process is underway
Vivriti Capital Pvt Ltd- Vivriti Cabsec PTC Series A2 ICRA BBB- 47.1
003 2019 (SO)
Review process is underway
--------------------------------------------------------------------------------------------
$: 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
