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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 Non-fund Based - ICRA A2 50 Withdrawn Working Capital Fac Lakshmanan Isola Pvt Ltd ST - Fund Based ICRA A4 5 Rating continues to remain under ‘Issuer Not Cooperating’ category Lakshmanan Isola Pvt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