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Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of October 7, 2020.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------ ---------- ------ ----- ---------
SHORT TERM RATINGS:
-------------------
Apollo Micro Systems Ltd Non-fund ICRA A3 300 Withdrawn
based-Working Capital
Fac –LC
Asbesco (India) Pvt Ltd Non-FB limits ICRA A4+ 662.5 Reaffirmed
Baba Ispat (P) Ltd. Non Fund Based – BG ICRA A4+ 15.5 Reaffirmed
Bharat Timber & Construction Co. ST-Fund Based ICRA A4+ 140
Rating downgraded from ICRA A3 and continues to be in ‘Issuer Not Cooperating’ category
Bhawar Lifestyle ST –Fund Based ICRA A4 100
Channel Financing
Rating moved to ‘Issuer Not Cooperating’ category
Bhawar Lifestyle ST –Non-Fund Based BG ICRA A4 200
Rating moved to ‘Issuer Not Cooperating’ category
C. J. Jewelleries Pvt. Ltd. PSC/EBRD ICRA A4 50 Reaffirmed
C. J. Jewelleries Pvt. Ltd. Direct^ ICRA A4 Reaffirmed
^Sublimit of PSC/EBRD
C. J. Jewelleries Pvt. Ltd. PC/PCFC^ ICRA A4 Reaffirmed
^Sublimit of PSC/EBRD
C. J. Jewelleries Pvt. Ltd. PCFC (DDA /Collection ICRA A4 Reaffirmed
bill backed)^
^Sublimit of PSC/EBRD
C. J. Jewelleries Pvt. Ltd. Associate Bills^ ICRA A4 Reaffirmed
^Sublimit of PSC/EBRD
C. J. Jewelleries Pvt. Ltd. Unallocated ICRA A4 23 Reaffirmed
Federal Engineers ST Non-FBL ICRA A2 110 Reaffirmed
Hydropack (India) Pvt Ltd Non-fund Based –BG ICRA A4 25
Downgraded from ICRA A4+
Industrial Chemical Works FB Packing Credit ICRA A4+ 30 Reaffirmed
Industrial Chemical Works Non-fund based ICRA A4+ 20 Reaffirmed
Inland/Import LC cum
Buyer’s Credit
Kvr Projects Pvt Ltd ST-Non-Fund Based ICRA A4 150
Moved to the ‘Issuer Not Cooperating’ category
Maheshwari Mining Pvt Ltd Non-Fund based – BG ICRA A3+ 460 Reaffirmed
Maheshwari Mining Pvt Ltd Non-Fund based – LOC1 ICRA A3+ Reaffirmed
1Sublimit of Cash Credit/ Bank Guarantee
Metal Ore Non-FB - LOC ICRA A4 500 Reaffirmed
P. N. Gadgil & Sons Ltd ST FB/Non-fund Based ICRA A1 Reaffirmed
– Interchangeable#
#Interchangeable with CC limits
Realtime Techsolutions Pvt. Ltd. ST – LOC ICRA D 30
Downgraded from ICRA A4
Realtime Techsolutions Pvt. Ltd. ST – BG ICRA D 160
Downgraded from ICRA A4
Rossell India Ltd Non-Fund based – BG / ICRA A2+ 40
LOC
Upgraded from ICRA A2
S.V.S Classic Foods ST- Fund Based ICRA A4 13.5
Rating continues to remain under Issuer Not Cooperating’ category
S.V.S Classic Foods ST- Non Fund Based ICRA A4 1
Rating continues to remain under Issuer Not Cooperating’ category
Shree Shyam Designs Pvt. Ltd. ST – Interchangeable ICRA A4
Downgraded from ICRA A4+ and moved to ‘Issuer Not Cooperating’ category
Shreeram And Sons ST – Fund Based ICRA A4 150
Downgraded from ICRA A4+ and continues to be ‘Issuer Not Cooperating’ category
Shreeram And Sons ST - Non-Fund Based ICRA A4 10
Downgraded from ICRA A4+and continues to be ‘Issuer Not Cooperating’ category
Shri Bhagwati Flour Mills Pvt Ltd Non-fund Based LOC^ ICRA A3 Reaffirmed
^sublimit of Cash Credit
Shri Bhagwati Flour Mills Pvt Ltd Non-fund Based - LOU ICRA A3 Reaffirmed
for Buyers Credit^
^sublimit of Cash Credit
Shri Bhagwati Flour Mills Pvt Ltd Non-fund Based - BG^ ICRA A3 Reaffirmed
^sublimit of Cash Credit
Shri Bhagwati Flour Mills Pvt Ltd Non-fund Based - LER^ ICRA A3 Reaffirmed
^sublimit of Cash Credit
Sudhakar Plastic Pvt. Ltd. ST - Non-Fund Based ICRA A4+ 155
Downgraded from ICRA A3+ and moved to ‘Issuer Not Cooperating’ category
Tirupathi Yarntex Spinners Pvt Ltd ST– Interchangeable ICRA A4
FB – ST
Rating Continues to remain under Issuer Not Cooperating’ category
Vinit Gloves Manufacturing Pvt Ltd FB – Packing Credit/ ICRA A3 160
Pre- Shipment Credit
in Foreign Currency
Reaffirmed and removed from watch with negative implications
Vinit Gloves Manufacturing Pvt Ltd FB – Post Shipment ICRA A3 20
Limit
Reaffirmed and removed from watch with negative implications
Vinit Gloves Manufacturing Pvt Ltd Non-fund based – LOC ICRA A3 7.5
(Inland/Import)
Reaffirmed and removed from watch with negative implications
Vinit Gloves Manufacturing Pvt Ltd Non-fund Based –Loan ICRA A3 110
Equivalent Factor for
Forward Covers
Reaffirmed and removed from watch with negative implications
MEDIUM TERM RATINGS:
-------------------
P. N. Gadgil & Sons Ltd Fixed Deposits MA+(Stable) 400 Reaffirmed
Programme
LONG TERM RATINGS:
-------------------
Alapatt Jewels LT– Fund Based- CC ICRA B 55
(Stable)
Rating Continues to remain under Issuer Not Cooperating’ category
Apollo Micro Systems Ltd Fund based-TL ICRA BBB- 20 Withdrawn
(Negative)
Apollo Micro Systems Ltd Fund based- Working ICRA BBB- 925 Withdrawn
Capital Fac (Negative)
Apollo Micro Systems Ltd Non-fund ICRA BBB- 175 Withdrawn
based-Working Capital (Negative)
Fac –BG
Asbesco (India) Pvt Ltd FB limits – CC ICRA BB+ 305 Reaffirmed
(Stable)
Asbesco (India) Pvt Ltd FB limits – Bill ICRA BB+ Reaffirmed
Discounting Fac# (Stable)
#Sub-limit of the cash credit limit
Asbesco (India) Pvt Ltd FB limits – Packing ICRA BB+ Reaffirmed
Credit# (Stable)
#Sub-limit of the cash credit limit
Asbesco (India) Pvt Ltd Unallocated limits ICRA BB+ 302.5 Reaffirmed
(Stable) /
ICRA A4+
Baba Ispat (P) Ltd. Fund based – CC ICRA BB+ 110 Reaffirmed
(Stable)
Baba Ispat (P) Ltd. Untied limits ICRA BB+ 24.5 Reaffirmed
(Stable)/
ICRA A4+
Bharat Timber & Construction Co. LT-TL ICRA BB+ 30
(Stable)
Downgraded from ICRA BBB- (Stable) and continues to be in ‘Issuer Not Cooperating’ category
Bhawar Lifestyle LT –Fund Based CC ICRA B+ 90
(Stable)
Downgraded from ICRA BB (Stable) and moved to ‘Issuer Not Cooperating’ category
Bhawar Lifestyle LT/ST- Unallocated ICRA 110
limits B+(Stable)/
A4
Rating downgraded from ICRA BB(Stable)/A4 and moved to ‘Issuer Not Cooperating’ category
Dolphin Foods India Ltd LT-Fund Based-CC ICRA BBB 50 Withdrawn
(Stable)
Dolphin Foods India Ltd LT - Fund Based - TL ICRA BBB 250 Withdrawn
(Stable)
Federal Engineers LT/ST Fundbased LimitsICRA 100 Reaffirmed
BBB(Stable)/
ICRA A2
Gokul Cotton Industries CC ICRA 90
B+(Stable)
Rating moved to ‘Issuer Not Cooperating category’
Gokul Cotton Industries Unallocated Limits ICRA 110
B+(Stable)
Rating moved to ‘Issuer Not Cooperating category’
Gramaudyogik Shikshan Mandal FBL ICRA BBB+ 496.6 Reaffirmed
(Stable)
Hydropack (India) Pvt Ltd Fund Based – CC ICRA BB- 25
(Stable)
Downgraded from ICRA BB (Stable)
Industrial Chemical Works FB CC ICRA 20 Reaffirmed
BB+(Stable)
Kvr Projects Pvt Ltd LT-Fund Based/ CC ICRA 50
B+(Stable)
Downgraded from ICRA BB-(Negative) and Moved to the ‘Issuer Not Cooperating’ category. The
outlook revised to Stable from Negative.
Kvr Projects Pvt Ltd LT/STUnallocated ICRA 210
B+(Stable)/
ICRA A4
Long term Rating downgraded from ICRA BB-(Negative) and Moved to the ‘Issuer Not Cooperating’
category. The outlook revised to Stable from Negative
Lea Associates South Asia Pvt Ltd LT – FB Overdraft ICRA A+ 300 Reaffirmed
(Stable)
Lea Associates South Asia Pvt Ltd LT - Interchangeable ICRA A+ Reaffirmed
(Stable)
Lea Associates South Asia Pvt Ltd LT/ST – Non-fund BasedICRA A+ 1700 Reaffirmed
(Stable)/
ICRA A1
M R Steel Corporation LT/STUnallocated ICRA 80
B+(Stable)/
ICRA A4
Long term Rating downgraded from ICRA BB-(Stable) and Short term rating Moved to the ‘Issuer Not
Cooperating’ category
Magnum Export FB Limits – Packing ICRA BB+ 730 Assigned
Credit (Stable)/
ICRA A4+
Magnum Export FB Limits – Bills ICRA BB+ 195 Assigned
Discounting (Stable)/
ICRA A4+
Maheshwari Mining Pvt Ltd Fund based – CC ICRA BBB 320 Reaffirmed
(Stable)
Maheshwari Mining Pvt Ltd Fund based – Working ICRA BBB Reaffirmed
Capital Demand Loan1 (Stable)
1Sublimit of Cash Credit/ Bank Guarantee
Maheshwari Mining Pvt Ltd Fund Based – Foreign ICRA BBB Reaffirmed
Currency Demand Loan1 (Stable)
1Sublimit of Cash Credit/ Bank Guarantee
Maheshwari Mining Pvt Ltd Unallocated Limits ICRA BBB 470 Reaffirmed
(Stable)/
ICRA A3+
Manickbag Automobiles Pvt Ltd LT- Fund Based – CC ICRA B+ 100
(Stable)
Downgraded from ICRA BB (Stable) Issuer Not Cooperating and continues to remain under Issuer Not
Cooperating’ category
Metal Ore FB Interchangeable - ICRA BB- Reaffirmed
Cash -Credit**
outlook revised to Negative from Stable; **Cash credit is sublimit of letter of credit facility
Mohan Mutha Polytech Pvt Ltd LT- Fund Based- CC ICRA BB+ 60
(CE) (Stable)
Issuer Not Cooperating; Withdrawn
Mohan Mutha Polytech Pvt Ltd LT- Fund Based- TL ICRA BB+ 180
(CE) (Stable)
Issuer Not Cooperating; Withdrawn
Mytrah Vayu (Godavari) Pvt Ltd FB TL ICRA BB+ 6236.1 Reaffirmed
(Negative)
Mytrah Vayu (Godavari) Pvt Ltd FB- Overdraft ICRA BB+ 800 Reaffirmed
(Negative)
Mytrah Vayu (Godavari) Pvt Ltd Unallocated ICRA BB+ 283.9 Reaffirmed
(Negative)
Mytrah Vayu (Sabarmati) Pvt Ltd FB - TL ICRA BB+ 14520 Reaffirmed
(Negative)
Neosym Industry Ltd Non-fund Based – ICRA BBB 240
Working Capital Fac (Negative)/
ICRA A3+
revised from ICRA BBB+(Negative)/ ICRA A2
Neosym Industry Ltd Fund Based – TL ICRA 538.9
BBB(Negative)
revised from ICRA BBB+(Negative)
Neosym Industry Ltd Fund Based – Working ICRA 700
Capital Fac BBB(Negative)
revised from ICRA BBB+(Negative)
Neosym Industry Ltd LT unallocated ICRA 71.1
BBB(Negative)
revised from ICRA BBB+(Negative)
P. N. Gadgil & Sons Ltd Fund Based – Working ICRA 3350 Reaffirmed
Capital Fac A(Stable)
Raghu Rama Rice Industry Fund based – CC ICRA 120 Reaffirmed
B+(Stable)
Raghu Rama Rice Industry Fund based – TL ICRA 10 Reaffirmed
B+(Stable)
Raghu Rama Rice Industry Unallocated limits ICRA 30 Reaffirmed
B+(Stable)
Realtime Techsolutions Pvt. Ltd. LT – CC ICRA D 60
Downgraded from ICRA B- (Stable)
Rossell India Ltd Fund Based – TL ICRA A- 534.3
(Stable)
Upgraded from ICRA BBB+ (Stable)
Rossell India Ltd Fund Based – Working ICRA A- 1725
Capital Limits (Stable)
Upgraded from ICRA BBB+ (Stable)
Rossell India Ltd Untied Limits ICRA A- 8.6
(Stable)/
ICRA A2+
Upgraded from ICRA BBB+ (Stable) / ICRA A2
S.V.S Classic Foods LT- Fund Based – CC ICRA B+ 90
(Stable)
Downgraded from ICRA BB- (Stable) Issuer Not Cooperating and continues to remain under Issuer
Not Cooperating’ category
S.V.S Classic Foods LT- Interchangeable ICRA B+
(Stable)
Downgraded from ICRA BB- (Stable) Issuer Not Cooperating and continues to remain under Issuer
Not Cooperating’ category
S.V.S Classic Foods LT- Unallocated ICRA B+ 1
(Stable)
Downgraded from ICRA BB- (Stable) Issuer Not Cooperating and continues to remain under Issuer
Not Cooperating’ category
Saanvi Clothing Pvt Ltd LT - Fund Based/ CC ICRA B 80
(Stable)
Rating Moved to the ‘Issuer Not Cooperating’ category
Saanvi Clothing Pvt Ltd LT - Fund Based TL ICRA B 18.8
(Stable)
Rating Moved to the ‘Issuer Not Cooperating’ category
Saanvi Clothing Pvt Ltd LT / ST - Unallocated ICRA B 1.2
(Stable)/ A4
Rating Moved to the ‘Issuer Not Cooperating’ category
Saratha Electro Plater LT– Fund Based- CC ICRA B 15
(Stable)
Rating Continues to remain under Issuer Not Cooperating’ category
Saratha Electro Plater LT- Fund Based- TL ICRA B 48
(Stable)
Rating Continues to remain under Issuer Not Cooperating’ category
Saratha Electro Plater LT/ ST- Unallocated ICRA B 37
(Stable) / A4
Rating Continues to remain under Issuer Not Cooperating’ category
Sbc Minerals Pvt Ltd LT – Fund Based – CC ICRA B+ 250
(Stable)
Rating downgraded from ICRA BB- (Stable) and continues to remain in the ‘Issuer Not Cooperating’
category
Shorapur Solar Power Ltd LT - TL ICRA 362.5 Reaffirmed
BB+(Stable)
Shorapur Solar Power Ltd LT – Unallocated ICRA 87.5 Reaffirmed
limits BB+(Stable)
Shree Shyam Designs Pvt. Ltd. LT –Fund Based ICRA B+ 100 Rating
(Stable)
Downgraded from ICRA BB (Stable) and moved to ‘Issuer Not Cooperating’ category
Shree Shyam Designs Pvt. Ltd. LT/ST- Unallocated ICRA 150
limits B+(Stable) /
A4
Downgraded from ICRA BB(Stable)/A4+ and moved to ‘Issuer Not Cooperating’ category
Shreeram And Sons LT - Fund Based ICRA B+
(Stable)
Downgraded from ICRA BB (Stable) and continues to be ‘Issuer Not Cooperating’ category
Shri Bhagwati Flour Mills Pvt Ltd FB CC ICRA 890 Reaffirmed
BBB-(Stable)
Sri Ramcharan Energy & Infra Pvt. Ltd. FB - TL ICRA BBB- 361.1
(Stable)
Upgraded from ICRA BB (Stable)
Sri Ramcharan Energy & Infra Pvt. Ltd. FB - Unallocated ICRA BBB- 88.9
(Stable)
Upgraded from ICRA BB (Stable)
Sudhakar Plastic Pvt. Ltd. LT - Fund Based/ CC ICRA 80
BB+(Stable)
Downgraded from ICRA BBB (Stable) and moved to ‘Issuer Not Cooperating’ category
Sudhakar Plastic Pvt. Ltd. LT - Fund Based TL ICRA 26.2
BB+(Stable)
Downgraded from ICRA BBB (Stable) and moved to ‘Issuer Not Cooperating’ category
Sudhakar Plastic Pvt. Ltd. LT - Unallocated ICRA 15.8
BB+(Stable)
Downgraded from ICRA BBB (Stable) and moved to ‘Issuer Not Cooperating’ category
Suvidha Realtors And Constructions Pvt LT – FB TL ICRA BB-& 155
Ltd
placed under watch with developing implications
The Mahatma Gandhi Sahakara Sakkare LT- Fund Based/CC ICRA C+ 150
Karkhane
continues to be in ‘Issuer Not Cooperating’ category
The Mahatma Gandhi Sahakara Sakkare LT - Unallocated ICRA C+ 200
Karkhane
continues to be in ‘Issuer Not Cooperating’ category
Tirupathi Yarntex Spinners Pvt Ltd LT– Fund Based- CC ICRA B- 145
(Stable)
Rating Continues to remain under Issuer Not Cooperating’ category
Tirupathi Yarntex Spinners Pvt Ltd LT– Fund Based- TL ICRA B- 29
(Stable)
Rating Continues to remain under Issuer Not Cooperating’ category
Tirupathi Yarntex Spinners Pvt Ltd LT– Non Fund Based ICRA B- 6
(Stable)
Rating Continues to remain under Issuer Not Cooperating’ category
Tirupati Cotton-Dwarka FB – CC ICRA 45
B(Stable)
Rating moved to ‘Issuer Not Cooperating category’
Tirupati Cotton-Dwarka FB – TL ICRA 15
B(Stable)
Rating moved to ‘Issuer Not Cooperating category’
Vijeta Projects & Infrastructures Ltd. Fund Based - Working ICRA D 800
Capital Fac
Downgraded from ICRA B-(Stable) and continues in ‘Issuer Not Cooperating category’
Vijeta Projects & Infrastructures Ltd. Non-fund Based - ICRA D 1945
Working Capital Fac
Rating downgraded from ICRA A4 and continues in ‘Issuer Not Cooperating category’
Vinit Gloves Manufacturing Pvt Ltd FB – CC# ICRA BBB-
(Stable)
Reaffirmed and removed from watch with negative implications stable , outlook; # Sub-limit of
packing credit
Vinit Gloves Manufacturing Pvt Ltd Non-fund Based – BG^ ICRA BBB-
(Stable)
Reaffirmed and removed from watch with negative implications stable , outlook; ^ Sub-limit of
the letter of credit
Vinit Gloves Manufacturing Pvt Ltd FB – TL ICRA 39
BBB-(Stable)
Reaffirmed and removed from watch with negative implications stable , outlook
--------------------------------------------------------------------------------------------
$: 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
