(Repeating to add additional ratings)
Nov 23 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of November 20, 2020.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------ ---------- ------ ----- ---------
SHORT TERM RATINGS:
-------------------
Acme Formulation Pvt Ltd Non-fund Based – ICRA A4 5
Working Capital Fac
Downgraded from ICRA A4+ and moved to the ‘Issuer Not Cooperating’ category
Beml Ltd ST Non-FB Fac ICRA A1+ 8000 Reaffirmed
Beml Ltd CP ICRA A1+ 4000 Reaffirmed
Can Fin Homes Ltd Bk Fac – ST ICRA A1+ 26000 Reaffirmed
Can Fin Homes Ltd CP ICRA A1+ 45000 Reaffirmed
Chennai Textiles ST–Fund Based ICRA A4 250
Rating Continues to remain under Issuer Not Cooperating’ category
Davat Beverages Pvt. Ltd. Non-fund Based – BG ICRA A3 5 Outstanding
Ganapathi Stone Crusher ST- Non Fund Based ICRA A4 70
Downgraded from ICRA A4+ Issuer Not Cooperating and continues to remain under Issuer Not
Cooperating’ category
Gb Engineering Enterprises Pvt Ltd ST- Interchangeable ICRA D
Rating Continues to remain under Issuer Not Cooperating’ category
Hindustan Hydraulics Pvt Ltd ST – Non-Fund Based ICRA A4 100
Continues to remain under the ‘Issuer Not Cooperating’ category
Katira Construction Ltd. BG ICRA A3+ 976.5
Issuer Not Cooperating
Lantech Pharmaceuticals Ltd ST - Non Fund Based ICRA A4 62.5
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Malar Paper Mills Pvt Ltd Short- Term- Non Fund ICRA A4 5
Based
Rating Continues to remain under Issuer Not Cooperating’ category
Meghalaya Power Ltd Non-FB Fac ICRA A1+ 15 Reaffirmed
Nissan Syntex Pvt Ltd Non-FB ICRA A4 Reaffirmed
PC/PCFC/FBP/FBD/ FCBP
/FCBD- sublimit to CC
Nissan Syntex Pvt Ltd Non-FB BG- sublimit ICRA A4 Reaffirmed
to CC
Punjab National Bank Certificates of ICRA A1+ 600000 Reaffirmed
Deposit Programme
Shri Aruna Constructions Pvt Ltd ST - Non Fund Based ICRA A4 110
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Shri Senthur Velan Infras ST- Non Fund Based ICRA A4 40
Rating continues to remain under Issuer Not Cooperating’ category
Sri Sankari Yarns Pvt Ltd Non-fund ICRA A2 150 Reaffirmed
based-Working Capital
Fac
Star Cement Ltd Non-FB Fac ICRA A1+ 680 Reaffirmed
Star Cement Meghalaya Ltd Non-FB Fac ICRA A1+ 100 Reaffirmed
Surin Automotive Pvt Ltd Non-fund Based ICRA A1 300 Reaffirmed
Working Capital Fac
Tci Express Ltd CP ICRA A1+ 250 Reaffirmed
Utility Forms Pvt Ltd Non-FBL ICRA A3 20 Reaffirmed
Varalakshmi Starch Industries Pvt Ltd ST- Non Fund Based ICRA A4 20
Rating continues to remain under Issuer Not Cooperating’ category
Varalakshmi Starch Industries Pvt Ltd ST- Fund Based ICRA A4 20
Rating continues to remain under Issuer Not Cooperating’ category
MEDIUM TERM RATINGS:
-------------------
Can Fin Homes Ltd Fixed deposits MAAA Reaffirmed
removed from Watch with Developing Implications and assigned Stable outlook
Punjab National Bank Fixed Deposits MAA+ (Stable)
Programme
Upgraded from MAA (Stable)
LONG TERM RATINGS:
-------------------
Acme Formulation Pvt Ltd Fund Based –TL ICRA B+ 204
(Stable)
Downgraded from ICRA BB+ (Negative) and moved to the ‘Issuer Not Cooperating’ category
Acme Formulation Pvt Ltd Fund Based – Working ICRA B+ 100
Capital Fac (Stable)
Downgraded from ICRA BB+ (Negative) and moved to the ‘Issuer Not Cooperating’ category
Acme Formulation Pvt Ltd Unallocated Limits ICRA B+ 151
(Stable)
Downgraded from ICRA BB+ (Negative) and moved to the ‘Issuer Not Cooperating’ category
Acme Generics Llp Fund Based –TL ICRA B+ 711.9
(Stable)
Downgraded from ICRA BB+ (Negative) and moved to the ‘Issuer Not Cooperating’ category
Acme Generics Llp Fund Based – Working ICRA B+ 120
Capital Fac (Stable)
Downgraded from ICRA BB+ (Negative) and moved to the ‘Issuer Not Cooperating’ category
Acme Generics Llp Unallocated Limits ICRA B+ 18.1
(Stable)
Downgraded from ICRA BB+ (Negative) and moved to the ‘Issuer Not Cooperating’ category
Beml Ltd LT FB Fac ICRA A+ 12000
(Negative)
Reaffirmed, and outlook continues to be Negative
Beml Ltd LT Non-FB Fac ICRA A+ 25000
(Negative)
Reaffirmed, and outlook continues to be Negative
Beml Ltd NCDs ICRA A+ 2000
(Negative)
Reaffirmed, and outlook continues to be Negative
Call Express Construction India Pvt Ltd LT–Fund Based- TL ICRA 500
B+(Stable)
Rating Continues to remain under Issuer Not Cooperating’ category
Call Express Construction India Pvt Ltd LT/ ST- Unallocated ICRA 100
B+(Stable)
/A4
Rating Continues to remain under Issuer Not Cooperating’ category
Can Fin Homes Ltd Bk Fac – LT ICRA AA+ 124000 Reaffirmed
removed from Watch with Developing Implications and assigned Stable outlook
Can Fin Homes Ltd NCD (NCD) programme ICRA AA+ 46200 Reaffirmed
removed from Watch with Developing Implications and assigned Stable outlook
Can Fin Homes Ltd Subordinated debt ICRA AA+ 3000 Reaffirmed
programme
removed from Watch with Developing Implications and assigned Stable outlook
Cholamandalam Investment And Finance PTC Series A ICRA AAA(SO) 2517.4 Reaffirmed
Co. Ltd- Platinum Trust February 2020
Cholamandalam Investment And Finance Second Loss Facility ICRA BBB+(SO)152.4 Reaffirmed
Co. Ltd- Platinum Trust February 2020
Davat Beverages Pvt. Ltd. FB – CC ICRA 32.5 Outstanding
BBB-(Stable)
Davat Beverages Pvt. Ltd. FB – TL ICRA 391.7
BBB-(Stable)
Assigned/ Outstanding
Dsl Infrastructure And Space Developers LT - Unallocated ICRA B+ 500
Pvt. Ltd. Amount (Stable)
Downgraded from ICRA BB- (Stable) and continues to remain in the ‘Issuer Not Cooperating’
category Amount (Rs. crore)
Ganapathi Stone Crusher LT- Fund Based – CC ICRA B+ 60
(Stable)
Downgraded from ICRA BB+ (Stable) Issuer Not Cooperating and continues to remain under Issuer
Not Cooperating’ category
Ganga Dairy Ltd Fund Based - CC ICRA B+ 134 Rating
(Stable)
Downgraded from ICRA BB (Stable) and continues to remain under ‘Issuer Not Cooperating’ category
Ganga Dairy Ltd Fund Based -TL ICRA B+ 3.5 Rating
(Stable)
Downgraded from ICRA BB (Stable) and continues to remain under ‘Issuer Not Cooperating’ category
Ganga Dairy Ltd Unallocated Limit ICRA B+ 2.5 Rating
(Stable)
Downgraded from ICRA BB (Stable) and continues to remain under ‘Issuer Not Cooperating’ category
Gb Engineering Enterprises Pvt Ltd LT–Fund Based- CC ICRA D 240
Rating Continues to remain under Issuer Not Cooperating’ category
Gb Engineering Enterprises Pvt Ltd Short- Term- Non Fund ICRA D 192.8
Based
Rating Continues to remain under Issuer Not Cooperating’ category
Gb Engineering Enterprises Pvt Ltd LT/ ST- Unallocated ICRA D /D 32.6
Rating Continues to remain under Issuer Not Cooperating’ category
Hindustan Hydraulics Pvt Ltd LT - Fund Based/ CC ICRA 51
B+(Stable)
Downgraded from ICRA BB-(Stable) and continues to remain in the ‘Issuer Not Cooperating’
category
Hindustan Hydraulics Pvt Ltd LT - Fund Based TL ICRA 11
B+(Stable)
Downgraded from ICRA BB-(Stable) and continues to remain in the ‘Issuer Not Cooperating’
category
Hindustan Hydraulics Pvt Ltd LT - Unallocated ICRA 38
B+(Stable)
Downgraded from ICRA BB-(Stable) and continues to remain in the ‘Issuer Not Cooperating’
category
Hmc Mm Auto Ltd LT- Fund based TL ICRA 10 Reaffirmed
AA(Stable)
Hmc Mm Auto Ltd LT/ST FB ICRA 390 Reaffirmed
AA(Stable)/
ICRA A1+
Ina Elite Hospitality Pvt Ltd LT - Fund based- TL ICRA D 100
Rating downgraded from ICRA B (Stable) and continues to remain under ‘Issuer Not Cooperating’
category
K.R.K. Educational Trust LT–Fund Based- TL ICRA C 300
Rating Continues to remain under Issuer Not Cooperating’ category Amount (Rs. Crore) Amount (Rs.
Crore)
Katira Construction Ltd. CC ICRA BBB 180
(Stable)
Issuer Not Cooperating
Katira Construction Ltd. Overdraft ICRA BBB 10
(Stable)
Issuer Not Cooperating
Keshav Holiday Resort Pvt Ltd FB TL ICRA 500
B+(Stable)
removed from rating watch with developing implications
Krishna Rice Mills Pvt Ltd CC ICRA BB- 175 Reaffirmed
(Stable)
Krishna Rice Mills Pvt Ltd TL ICRA BB- 37.4 Reaffirmed
(Stable)
Krishna Rice Mills Pvt Ltd Unallocated ICRA BB- 37.6 Reaffirmed
(Stable)/A4
Lantech Pharmaceuticals Ltd LT - Fund Based/ CC ICRA B+ 60
(Stable)
Rating downgraded from ICRA BB- (Stable) and continues to remain in the ‘Issuer Not Cooperating’
category
Lantech Pharmaceuticals Ltd LT - Fund Based TL ICRA B+ 48.4
(Stable)
Rating downgraded from ICRA BB- (Stable) and continues to remain in the ‘Issuer Not Cooperating’
category
Lucky Exports FBL ICRA D 460
Rating downgraded from ICRA A4+ Issuer Not Cooperating and continues to remain under ‘Issuer Not
Cooperating’ category
Lucky Exports Non- FBL ICRA D 1200
Rating downgraded from ICRA A4+ Issuer Not Cooperating and continues to remain under ‘Issuer Not
Cooperating’ category
Lucky Exports Unallocated limits ICRA D 40
Rating downgraded from ICRA A4+ Issuer Not Cooperating and continues to remain under ‘Issuer Not
Cooperating’ category
Malar Paper Mills Pvt Ltd LT–Fund Based- CC ICRA 65
B+(Stable)
Rating Continues to remain under Issuer Not Cooperating’ category
Malar Paper Mills Pvt Ltd LT/ ST- Unallocated ICRA 90
B+(Stable)
/A4
Rating Continues to remain under Issuer Not Cooperating’ category
Matoshri Laxmi Sugar Co-Generation Fund based-TL ICRA D 614
Industries Ltd
Rating Continues to remain under the ‘Issuer Not Cooperating’ category.
Meghalaya Power Ltd FB Fac ICRA 120 Reaffirmed
AA-(Stable)
Motil Devi Organic Food Industries Pvt. Fund Based – TL ICRA 50
Ltd. B(Stable)
Rating continue to remain under the ‘Issuer Not Cooperating’ category
Motil Devi Organic Food Industries Pvt. Fund Based- CC ICRA 20
Ltd. B(Stable)
Rating continue to remain under the ‘Issuer Not Cooperating’ category
Motil Devi Organic Food Industries Pvt. Unallocated Limits ICRA 30
Ltd. B(Stable)
Rating continue to remain under the ‘Issuer Not Cooperating’ category
Navalakha Translines LT - Fund Based/ CC ICRA B+ 40
(Stable)
Downgraded from ICRA BB+(Stable) and continues to remain in the ‘Issuer Not Cooperating’
category.
Navalakha Translines LT - Fund ICRA B+ 210
Based/Non-Fund Based (Stable)
Downgraded from ICRA BB+(Stable) and continues to remain in the ‘Issuer Not Cooperating’
category.
Nissan Syntex Pvt Ltd FB CC ICRA 70 Reaffirmed
B+(Stable)
Nissan Syntex Pvt Ltd FB TL ICRA 26.3 Reaffirmed
B+(Stable)
Nissan Syntex Pvt Ltd Unallocated limits ICRA 4.2 Reaffirmed
B+(Stable)/A4
Northern Arc Capital Ltd- Northern Arc PTC Series A1 ICRA A+(SO) 6.2 Reaffirmed
2018 Mosec Rigsby
Northern Arc Capital Ltd- Northern Arc PTC Series A1 ICRA A(SO) 10.4
2019 Mosec Cien
placed on rating watch with negative implications
Northern Arc Capital Ltd- Northern Arc PTC Series A2 ICRA BBB-(SO)10.8
2019 Mosec Cien
Downgraded from ICRA BBB(SO) and placed on rating watch with negative implications
Ozone Homes Pvt Ltd Rating -
Unchanged; Update on non-confirmation on ISIN status
Palash Realtors Llp Fund Based - TL ICRA 1100
B+(Stable)
Downgraded from ICRA BB+(Stable) and continues to remain under ‘Issuer Not Cooperating’ category
Palash Realtors Llp Unallocated ICRA 100
B+(Stable)
Downgraded from ICRA BB+(Stable) and continues to remain under ‘Issuer Not Cooperating’ category
Pristine Developers LT - Fund Based TL ICRA B+ 1450
(Stable)
Downgraded from ICRA BB- (Stable) and continues to remain in the ‘Issuer Not Cooperating’
category
Punjab National Bank Infrastructure Bonds ICRA AA 30000
(Stable)
Upgraded from ICRA AA- (stable)
Punjab National Bank Basel II Lower Tier ICRA AA 12000
II Bonds (Stable)
Upgraded from ICRA AA- (stable)
Punjab National Bank Basel III Tier II ICRA AA(hyb) 40000
Bonds (Stable)
Upgraded from ICRA AA- (hyb) (stable)
Revathi Modern Rice Mill LT- Fund Based – CC ICRA B+ 120
(Stable)
Downgraded from ICRA BB- (Stable) Issuer Not Cooperating and continues to remain under Issuer
Not Cooperating’ category
Revathi Modern Rice Mill LT- Fund Based- TL ICRA B+ 3
(Stable)
Downgraded from ICRA BB- (Stable) Issuer Not Cooperating and continues to remain under Issuer
Not Cooperating’ category
Revathi Modern Rice Mill LT- Unallocated ICRA B+ 7
(Stable)
Downgraded from ICRA BB- (Stable) Issuer Not Cooperating and continues to remain under Issuer
Not Cooperating’ category
Royal Sundaram General Insurance Co. LtdSubordinated Debt ICRA 1760 Assigned
Programme AA+(Stable)
Shri Aruna Constructions Pvt Ltd LT - Fund Based/ CC ICRA B+ 30
(Stable)
Rating downgraded from ICRA BB (Stable) and continues to remain in the ‘Issuer Not Cooperating’
category
Shri Senthur Velan Infras LT- Fund Based – CC ICRA B+ 110
(Stable)
Downgraded from ICRA BB- (Stable) Issuer Not Cooperating and continues to remain under Issuer
Not Cooperating’ category
Spandana Sphoorty Financial Ltd NCDs ICRA 2500 Assigned
A-(Stable)
Spandana Sphoorty Financial Ltd NCDs ICRA 6094.6 Reaffirmed
A-(Stable)
Spandana Sphoorty Financial Ltd NCDs ICRA
A-(Stable)
re-affirmed and withdrawn
Spandana Sphoorty Financial Ltd Bk Fac ICRA 35000 Outstanding
A-(Stable)
Spandana Sphoorty Financial Ltd Market Linked PP-MLD ICRA 2000 Assigned
Debentures A-(Stable)
Spandana Sphoorty Financial Ltd Market Linked PP-MLD ICRA 2000 Outstanding
Debentures A-(Stable)
Sri Karpagam Steels LT–Fund Based- CC ICRA 60
B+(Stable)
Rating Continues to remain under Issuer Not Cooperating’ category
Sri Sankari Yarns Pvt Ltd Fund based- TL ICRA 200 Reaffirmed
BBB+(Stable)
Sri Sankari Yarns Pvt Ltd Fund based- Working ICRA 300 Reaffirmed
Capital Fac BBB+(Stable)
Star Cement Ltd FB Fac ICRA 1000 Reaffirmed
AA-(Stable)
Star Cement Meghalaya Ltd FB Fac ICRA 750 Reaffirmed
AA-(Stable)
Surin Automotive Pvt Ltd Fund Based - Working ICRA A 790 Reaffirmed
Capital Fac (Negative)
Surin Automotive Pvt Ltd Fund Based – TL ICRA A 570 Reaffirmed
(Negative)
Thiru Margadarshi Construction (P) Ltd. LT - Fund Based TL ICRA D 40
Downgraded from ICRA B+ (Stable) and continues to remain in the ‘Issuer Not Cooperating’
category
Thiru Margadarshi Construction (P) Ltd. LT - Unallocated ICRA D 60
Rating downgraded from ICRA B+ (Stable) and continues to remain in the ‘Issuer Not Cooperating’
category
Utility Forms Pvt Ltd CC Limits ICRA BBB- 110 Reaffirmed
(Stable)
Utility Forms Pvt Ltd TL ICRA BBB- 67.6 Reaffirmed
(Stable)
Utility Forms Pvt Ltd Unallocated ICRA BBB- 12.4 Reaffirmed
(Stable)/A3
Varalakshmi Starch Industries Pvt Ltd LT- Fund Based – CC ICRA B+ 207
(Stable)
Downgraded from ICRA BB- (Stable) Issuer Not Cooperating and continues to remain under Issuer
Not Cooperating’ category
Varalakshmi Starch Industries Pvt Ltd LT- Unallocated ICRA B+ 94.3
(Stable)
Downgraded from ICRA BB- (Stable) Issuer Not Cooperating and continues to remain under Issuer
Not Cooperating’ category
Vir Electro Engineering Pvt Ltd LT - Fund Based TL ICRA D 123.5
Rating downgraded from ICRA B-(Stable) Issuer Not Cooperating and Continued to remain under the
‘Issuer Not Cooperating’ category
Vir Electro Engineering Pvt Ltd LT - Fund Based/ CC ICRA D 69.2
Rating downgraded from ICRA B-(Stable) Issuer Not Cooperating and Continued to remain under the
‘Issuer Not Cooperating’ category
Vir Electro Engineering Pvt Ltd LT - Unallocated ICRA D 47.3
Rating downgraded from ICRA B-(Stable) Issuer Not Cooperating and Continued to remain under the
‘Issuer Not Cooperating’ category
Topland Engines Pvt Ltd CC^ ICRA BBB+ 150
(Stable)
Review process is underway; ^includes bank guarantee as a sub limit
Topland Engines Pvt Ltd Unallocated Limits ICRA BBB+ 7.5
(Stable)/A2+
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)