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RPT-ICRA ratings for Indian debt instruments-Nov 23

 (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)
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