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Company News

ICRA ratings for Indian debt instruments-Jun 9

   Jun 9 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of June 8, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Asian Granito India Ltd                ST Non-FB limits     ICRA A1     722.7  Reaffirmed
Camrola Quartz Ltd                     BG                   ICRA A2+    50     Reaffirmed
                                                            (CE)
Camrola Quartz Ltd                     Inland LOC           ICRA A2+    4.6    Reaffirmed
                                                            (CE)
Crystal Ceramic Industries             ST Non-FBL – BG/     ICRA A1(CE) 180    Reaffirmed
Pvt. Ltd.                              Letter of Credit
Idfc First Bank Ltd                    Certificates of      ICRA A1+    450000 Reaffirmed
                                       Deposit Programme
Idfc First Bank Ltd                    CP*                  ICRA A1+    -      -
(Reaffirmed and Withdrawn. 
* Taken over from erstwhile Capital FIRST Limited and Capital FIRST Home Finance Limited)
Oxyzo Financial Services Pvt           CP Programme         ICRA A2     250    outstanding
Ltd
Pricol Engineering Industries          ST non-fund based    ICRA A4+    75     Reaffirmed
Ltd
Shankaranarayana Constructions         ST – Non-fund based  ICRA A1     6480   outstanding
Pvt Ltd
Tata Motors Finance Ltd                CP Programme         ICRA A1+    70000  outstanding
Vikram Solar Ltd                       Non-fund             ICRA A2+    16570  Reaffirmed
                                       based-Working Capital
                                       Fac


LONG TERM RATINGS:
-------------------
Allcargo Logistics Ltd               Proposed NCD Programme ICRA AA     1250   Reaffirmed
(rating removed from watch with developing implications, Negative , outlook)
Ashiana Housing Ltd                    NCDs                 ICRA A      200    Reaffirmed
                                                            (Stable)
Ashiana Housing Ltd                    TL                   ICRA A      100    Reaffirmed
                                                            (Stable)
Ashiana Housing Ltd                    NCDs                 ICRA A      652    Reaffirmed
                                                            (Stable)
Ashiana Housing Ltd                    Unallocated          ICRA A      400    Reaffirmed
                                                            (Stable)
Asian Granito India Ltd                LT FB Term Loan      ICRA A      154.4  Reaffirmed
(outlook revised to Negative from (Stable))
Asian Granito India Ltd                LT FB Cash Credit    ICRA A      1700   Reaffirmed
(outlook revised to Negative from (Stable))
Asian Granito India Ltd                Unallocated Limits   ICRA A      42.9   Reaffirmed
(outlook revised to Negative from (Stable))
Camrola Quartz Ltd                     CC                   ICRA A-     100.4  Reaffirmed
                                                            (CE)
(outlook revised to Negative from (Stable))
Camrola Quartz Ltd                     TL^                  ICRA A-     248    Reaffirmed
                                                            (CE)
(outlook revised to Negative from (Stable) 
^ includes Rs. 17.0 crore of foreign letter of credit (capital goods) as sub limit)
Crystal Ceramic Industries             LT FB TL             ICRA A(CE)  500    Reaffirmed
Pvt. Ltd.
(outlook revised to Negative from (Stable))
Crystal Ceramic Industries             LT FB CC             ICRA A(CE)  700    Reaffirmed
Pvt. Ltd.
(outlook revised to Negative from (Stable))
Dm Education And Research              FB Fac               ICRA BB+    2460   Reaffirmed
Foundation
(outlook revised to Negative from (Stable))
Dm Education And Research              Non-FB Fac           ICRA BB+    20     Reaffirmed
Foundation
(outlook revised to Negative from (Stable))
Idfc First Bank Ltd                    NCD Programme**      ICRA AA   225987.3 Reaffirmed
                                                            (Stable)
(**Non-convertible debentures (NCDs) of erstwhile IDFC Limited reassigned to erstwhile IDFC Bank
Limited (now IDFC First Bank Limited – IDFC FIRST) following the transfer of business with
effect from October 1, 2015.) 
Idfc First Bank Ltd                    NCD Programme**      ICRA AA     60910  -
                                                            (Stable)
(Reaffirmed and Withdrawn.  
**Non-convertible debentures (NCDs) of erstwhile IDFC Limited reassigned to erstwhile IDFC Bank
Limited (now IDFC First Bank Limited – IDFC FIRST) following the transfer of business with
effect from October 1, 2015.) 
Idfc First Bank Ltd                    NCD Programme        ICRA AA    100000^ Reaffirmed
                                                            (Stable)
(^ Rs. 480 crore outstanding, balance yet to be placed)
Oxyzo Financial Services Pvt           Long-TL              ICRA A-(CE) 80     -
Ltd                                                         (Stable)
(Provisional rating finalised)
Oxyzo Financial Services Pvt           NCD                  ICRA BBB    1100   outstanding
Ltd                                                         (Stable)
Oxyzo Financial Services Pvt           LT Bk Lines          ICRA BBB    2000   outstanding
Ltd                                                         (Stable)
Oxyzo Financial Services Pvt           Issuer Rating        ICRA BBB    -      outstanding
Ltd                                                         (Stable)
Oxyzo Financial Services Pvt           LT-Market Linked     PP-MLD ICRA 440    outstanding
Ltd                                    Debenture            BBB (Stable)
Pricol Engineering Industries          LT - TL              ICRA BB+    60     Reaffirmed
Ltd
(outlook on long-term rating revised to (Stable) from Positive)
Pricol Engineering Industries          LT FB                ICRA BB+    50     Reaffirmed
Ltd
(outlook on long-term rating revised to (Stable) from Positive)
Pricol Engineering Industries          LT FB (sublimit)#    ICRA BB+    -      Reaffirmed
Ltd
(outlook on long-term rating revised to  (Stable) from Positive. 
# Although the facility is denominated in foreign currency, ICRA’s rating for the same is on
national scale as distinct from international rating scale.)
Pricol Engineering Industries          LT/ ST FB Fac        ICRA BB+/   -      Reaffirmed
Ltd                                    (sublimit)           ICRA A4+
(outlook on long-term rating revised to (Stable) from Positive)
Pricol Engineering Industries          LT/ ST non-fund      ICRA BB+/   -      Reaffirmed
Ltd                                    based Fac (sublimit) ICRA A4+
(outlook on long-term rating revised to (Stable) from Positive)
Pricol Engineering Industries          LT/ ST unallocated   ICRA BB+/   215    Reaffirmed
Ltd                                    Facilities           ICRA A4+
(outlook on long-term rating revised to (Stable) from Positive)
Shankaranarayana Constructions         LT – Fund based CC   ICRA A      1020   outstanding
Pvt Ltd                                                     (Stable)
Shankaranarayana Constructions         LT / ST –Unallocated ICRA A      1500   outstanding
Pvt Ltd                                                     (Stable) /
                                                            ICRA A1
T And T Infra Ltd                      FB limits/CC         ICRA BBB    410    Reaffirmed
                                                            (Stable)
(limit enhanced)
T And T Infra Ltd                      LT Non-FBL           ICRA BBB    590    Reaffirmed
                                                            (Stable)
(limit enhanced)
T And T Infra Ltd                      LT/ST (FundBased/    ICRA BBB    250    Reaffirmed
                                       Non-Fund Based)      (Stable) /
                                                            ICRA A3+
Tata Motors Finance Ltd                Perpetual Debt       ICRA        14150  outstanding
                                       Programme            A(Negative)
Tata Motors Finance Ltd                Bk lines programme   ICRA AA-    276320 outstanding
Tata Motors Finance Ltd                NCDs                 ICRA AA-    19580  outstanding
Tata Motors Finance Ltd                Subordinated Debt    ICRA AA-    23150  outstanding
                                       Programme
Tata Motors Finance Ltd                NCDs                 ICRA AA-    50000  Assigned
                                                            (Negative)
Vikram Solar Ltd                       TL                   ICRA A-     2100   Reaffirmed
                                                            (Stable)
Vikram Solar Ltd                       CC                   ICRA A-     4330   Reaffirmed
                                                            (Stable)
Vistaar Financial Services Pvt         Bk Fac               ICRA       10038.7 Reaffirmed
Ltd                                                         A-(Stable)
Vistaar Financial Services Pvt         NCD Programme        ICRA        100    Assigned
Ltd                                                         A-(Stable)
Vistaar Financial Services Pvt         NCD Programme        ICRA        1990   Reaffirmed
Ltd                                                         A-(Stable)
Vistaar Financial Services Pvt         NCD Programme        ICRA        -      Withdrawn
Ltd                                                         A-(Stable)
--------------------------------------------------------------------------------------------
$: 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)
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