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ICRA ratings for Indian debt instruments-Nov 24

ICRA ratings for Indian debt instruments-Nov 24

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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    Non-fund Based -      ICRA A2      50     Withdrawn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
Anand Gupta Editor - EQ Int'l Media Network