RPT-ICRA ratings for Indian debt instruments-Nov 26

(Repeating to add more ratings)

Nov 26 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd. (ICRA (NS: ICRA )) for local debt instruments as of November 25, 2019. COMPANY

INSTRUMENT

RATING

AMOUNT MOVEMENT

(RS.MLN) ------

----------

------

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--------- SHORT TERM RATINGS: ------------------- Baroda Asset Management India

Baroptionally

ICRA A1+mfs -

Reaffirmed Ltd

convertible

debenturea Liquid Fund Baroda Asset Management India

Baroptionally

ICRA A1+mfs -

Reaffirmed Ltd

convertible

debenturea Ultra Short Duration Fund Baroda Asset Management India

Baroptionally

ICRA A1+mfs -

Reaffirmed Ltd

convertible

debenturea Money Market Fund Bharti Airtel (NS: BRTI ) Ltd

CP

ICRA A1+ @ 150000 Reaffirmed @- rating watch with negative implications Bharti Airtel Ltd

Working Capital

ICRA A1+ @ 2500

Reaffirmed

Limits (rated on ST

scale) @- rating watch with negative implications Bharti Enterprises (Holding)

CP

ICRA A1+ @ 23000 Pvt Ltd: @; placed under watch with negative implications Bharti Hexacom Ltd

CP

ICRA A1+ @ 10000 Reaffirmed @ - Rating watch with negative implications Bharti Telecom Ltd

CP

ICRA A1+ @ 70000 @; placed under watch with negative implications Boi Axa Investment Managers

BOI AXA Ultra Short ICRA A1+mfs -

Assigned Pvt Ltd

Duration Fund - Hindustan Mint And Agro

Non-fund Based

ICRA A4

9.5 Products Pvt Ltd continues to remain under ‘Issuer Not Cooperating' category J.J.Automotive Ltd

Non-Fund Based Letter ICRA A4

-

of Guarantee# # Sub-limit of Cash Credit/continues to remain under ‘Issuer Not Cooperating' category Kailash Devbuild (India) Pvt

Non-fund based/ BG

ICRA A4

280

Downgraded Ltd

from ICRA A4+ continues to remain under ‘Issuer Not Cooperating' category Kvk Granites

ST - Non Fund Based ICRA D

50 continues to remain under ‘Issuer Not Cooperating' category Lumax Industries Ltd

ST FB limits

ICRA A1+

1720

Reaffirmed Lumax Industries Ltd

ST non-FBL

ICRA A1+

1440

Reaffirmed Lumax Industries Ltd

CP

ICRA A1+

500

Reaffirmed M.M. Brothers

Non-fund based/ BG

ICRA A4

350 continues to remain under ‘Issuer Not Cooperating' category Motherhood Institute Of

FB CC

ICRA A4

37.5 Management & Technology Society Rating continues to remain in the ‘Issuer Not Cooperating' category Ntpc Ge Power Services Pvt Ltd

Non-fund based - LC/BGICRA A1

1495

Reaffirmed (Erstwhile Ntpc Alstom (PA: ALSO ) Power Services Pvt Ltd) Shree Ram Proteins Ltd

Non-fund based BG

ICRA A4

1

Downgraded

from ICRA A4+ Starlite Lighting Ltd

ST- Non FB limits

ICRA A2(CE) 100

Revised from

ICRA A1(SO) Tata Global Beverages (NS: TAGL ) Ltd

Non-FBL

ICRA A1+

240

Reaffirmed Tata Global Beverages Ltd

CP**

ICRA A1+

7150

Reaffirmed ** Total borrowing under CP and fund-based facilities from banks to remain within an overall limit of Rs. 715 crore Zuri Hospitality Pvt Ltd

ST – Non-Fund Based ICRA A4

7.5

Reaffirmed Bhuwalka & Sons Pvt Ltd

ST - Non Fund Based ICRA A3

150

- (Reason for delay in carrying out periodic review: Review process is underway) Imi Abrasives (P) Ltd.

Non-FBL*

ICRA A4

-

Downgraded

from ICRA A4+ (Issuer not cooperating) / *sublimit of cash credit Skyline Foundations And

SFS Olympia project ICRA

-

Assigned Structures Pvt Ltd (Sfs)

Trivandrum

Seven-Star1

MEDIUM TERM RATINGS: ------------------- Sayaji Industries Ltd

Fixed Deposits

MB+

200

Downgraded

from MA- outlook revised to ‘Stable' from ‘Negative' LONG TERM RATINGS: ------------------- Aadarsh Extrusion Pvt. Ltd

CC

ICRA D

35

Withdrawn Issuer Not Cooperating Aadarsh Extrusion Pvt. Ltd

TL

ICRA D

19.5

Withdrawn Issuer Not Cooperating Aadarsh Extrusion Pvt. Ltd

Unallocated Limits

ICRA D

15

Withdrawn Issuer Not Cooperating Asa International India

PTC Series A1

Provisional 243.7 Confirmed as Microfinance Ltd-Northern Arc

ICRA A(SO)

final 2019 Mfi Wurz Asa International India

PTC Series A2

Provisional 11.1

Confirmed as Microfinance Ltd-Northern Arc

ICRA

final 2019 Mfi Wurz

BBB+(SO) Berar Finance Ltd-Vivriti Mike

PTC Series A2

ICRA A-(SO) -

Upgraded 12 2018

from ICRA

BBB-(SO) Berar Finance Ltd-Vivriti Mike

PTC Series A1

ICRA AA-(SO) -

Upgraded 12 2018

from ICRA

A-(SO) Bharti Airtel Ltd

Issuer Rating

ICRA AA- @ -

Revised from

ICRA AA @ @- rating watch with negative implications Bharti Airtel Ltd

TL

ICRA AA- @ 46000 Revised from

ICRA AA @ @- rating watch with negative implications Bharti Airtel Ltd

Working Capital

ICRA AA- @ 22500 Revised from

Limits (rated on LT

ICRA AA @

scale) @- rating watch with negative implications Bhopal Dhule Transmission Co.

NCDs

ICRA AAA

6870

Reaffirmed Ltd

(Stable) Boi Axa Investment Managers

BOI AXA Liquid Fund - ICRA AAAmfs -

outstanding Pvt Ltd Gemini Developers

Unallocated

ICRA B+

95

Downgraded

from ICRA

BB- (Stable) (Issuer Not Cooperating) Hindustan Mint And Agro

FB Limits

ICRA BB

440 Products Pvt Ltd

(Stable) continues to remain under ‘Issuer Not Cooperating' category Hindustan Mint And Agro

Unallocated

ICRA BB

2.8 Products Pvt Ltd

(Stable) continues to remain under ‘Issuer Not Cooperating' category Indian Renewable Energy

Previous year bonds ICRA AA+

40000 Reaffirmed Development Agency Ltd

programme

(Negative) outlook revised to Negative from Stable Indian Renewable Energy

GoI fully-serviced

ICRA AAA

40000 Reaffirmed Development Agency Ltd

bonds

(Stable) J.J.Automotive Ltd

Fund based-TL

ICRA B+

132.5

(Stable) continues to remain under ‘Issuer Not Cooperating' category J.J.Automotive Ltd

Fund based-CC

ICRA B+

250

(Stable) continues to remain under ‘Issuer Not Cooperating' category J.J.Automotive Ltd

Fund Based Untied

ICRA B+

5

Limits

(Stable) continues to remain under ‘Issuer Not Cooperating' category Kailash Devbuild (India) Pvt

Fund based TL

ICRA B+

100

Downgraded Ltd

(Stable)

from ICRA

BB+ (Stable) continues to remain under ‘Issuer Not Cooperating' category Kalyan Cotton Industries

CC

ICRA B

47.5

Withdrawn

(Stable) Issuer Not Cooperating Kalyan Cotton Industries

TL

ICRA B

6.7

Withdrawn

(Stable) Issuer Not Cooperating Kalyan Cotton Industries

Unallocated Limits

ICRA B

6.9

Withdrawn

(Stable) Issuer Not Cooperating Kranthi Edifice Pvt Ltd

LT - Fund Based/ CC ICRA D

120 continues to remain under ‘Issuer Not Cooperating' category Kranthi Edifice Pvt Ltd

LT - Non Fund Based ICRA D

1100 continues to remain under ‘Issuer Not Cooperating' category Kvk Granites

LT - Fund Based TL

ICRA D

17.6 continues to remain under ‘Issuer Not Cooperating' category Kvk Granites

LT / ST – Unallocated ICRA D

0.5 continues to remain under ‘Issuer Not Cooperating' category Lumax Industries Ltd

Unallocated

ICRA

35

Reaffirmed

A+(Stable) Lumax Industries Ltd

LT FB limits

ICRA

805

Reaffirmed

A+(Stable) M.M. Brothers

Fund based CC

ICRA B+

50

Downgraded

(Stable)

from ICRA

BB- (Stable) continues to remain under ‘Issuer Not Cooperating' category Motherhood Institute Of

FB TL

ICRA B-

50 Management & Technology Society

(Stable) Rating continues to remain in the ‘Issuer Not Cooperating' category Motherhood Institute Of

FB CC

ICRA B-

20 Management & Technology Society

(Stable) Rating continues to remain in the ‘Issuer Not Cooperating' category Motherhood Institute Of

Unallocated

ICRA B-

12.5 Management & Technology Society

(Stable) Rating continues to remain in the ‘Issuer Not Cooperating' category Ntpc Ge Power Services Pvt Ltd

Fund based - Working ICRA A+

15

Reaffirmed (Erstwhile Ntpc Alstom Power

Capital Fac

(Stable) Services Pvt Ltd) Nuway Organic Natural (India)

Fund Based- CC

ICRA D

80 Ltd continues to remain under ‘Issuer Not Cooperating' category Nuway Organic Natural (India)

Fund Based- Term Loan ICRA D

180 Ltd continues to remain under ‘Issuer Not Cooperating' category Nuway Organic Natural (India)

Unallocated Limits

ICRA D

60 Ltd continues to remain under ‘Issuer Not Cooperating' category Permali Wallace Pvt Ltd

FB TL

ICRA D

412.3 Rating continues to remain in the ‘Issuer Not Cooperating' category Permali Wallace Pvt Ltd

FB CC

ICRA D

120 Rating continues to remain in the ‘Issuer Not Cooperating' category Permali Wallace Pvt Ltd

Non-FB limit / LOC

ICRA D

100 Rating continues to remain in the ‘Issuer Not Cooperating' category Permali Wallace Pvt Ltd

Non-FB / BG

ICRA D

32.5 Rating continues to remain in the ‘Issuer Not Cooperating' category R. S. H. Agro Products Pvt Ltd

Fund based-TL

ICRA B

50

(Stable) Rating continues to remain in the ‘Issuer Not Cooperating' category R. S. H. Agro Products Pvt Ltd

Fund based-CC

ICRA B

100

(Stable) Rating continues to remain in the ‘Issuer Not Cooperating' category Sat India Ltd

LT - Fund Based/ CC ICRA B-

55

(Stable) Rating continues to remain in the ‘Issuer Not Cooperating' category Sayaji Hotels Ltd

Long-TL

ICRA BBB-

689.5 Reaffirmed

(Stable) (removed from watch with developing implications and Stable outlook assigned) Seth Ramji Das Modi Vidya

LT FB CC

ICRA BB

100

Reaffirmed Niketan Society

(Stable) Removed from ‘Issuer Not Cooperating' category Seth Ramji Das Modi Vidya

LT FB TL

ICRA BB

25

Reaffirmed Niketan Society

(Stable) Removed from ‘Issuer Not Cooperating' category Seth Ramji Das Modi Vidya

LT Unallocated Limits ICRA BB

65

Reaffirmed Niketan Society

(Stable) Removed from ‘Issuer Not Cooperating' category Sevoke Motors Pvt Ltd

FBL – E-DFS

ICRA B+

125

Downgraded

(Stable)

from ICRA BB

(Stable) continues to remain under ‘Issuer Not Cooperating' category Sevoke Motors Pvt Ltd

FBL – CC

ICRA B+

50

Downgraded

(Stable);

from ICRA BB

(Stable) continues to remain under ‘Issuer Not Cooperating' category Sh Infratech Pvt Ltd

Non-Fund Based- BG

ICRA D

200 continues to remain under ‘Issuer Not Cooperating' category Sh Infratech Pvt Ltd

LT Fund Based -CC

ICRA D

10

Limit continues to remain under ‘Issuer Not Cooperating' category Shree Ram Proteins Ltd

FB CC

ICRA C

310

Downgraded

from ICRA

BB(Stable) Silver Springs Pleasure

LT – Fund Based/CC

ICRA BBB-

60

Upgraded Resorts Pvt Ltd

(Stable)

from ICRA

BB+ (Stable) Silver Springs Pleasure

LT – Fund Based TL

ICRA BBB-

220

Upgraded Resorts Pvt Ltd

(Stable)

from ICRA

BB+ (Stable) Sri Manjunatha Spinning Mills

LT - Fund Based/ CC ICRA

120 Ltd

B(Stable) Continues to remain under the ‘Issuer Not Cooperating' category Sri Manjunatha Spinning Mills

LT - Fund Based TL

ICRA

104.7 Ltd

B(Stable) Continues to remain under the ‘Issuer Not Cooperating' category Sri Manjunatha Spinning Mills

LT - Non Fund Based ICRA

4 Ltd

B(Stable) Continues to remain under the ‘Issuer Not Cooperating' category Sri Manjunatha Spinning Mills

LT - Unallocated

ICRA

52.9 Ltd

B(Stable) Continues to remain under the ‘Issuer Not Cooperating' category Starlite Lighting Ltd

LT - NCD Programme

ICRA A-(CE) 800

Revised from

(Negative)

ICRA A(SO)

(Negative) Starlite Lighting Ltd

LT - NCD Programme

ICRA A-(CE) 600

Revised from

(Negative)

ICRA A(SO)

(Negative) Starlite Lighting Ltd

LT - FBL

ICRA

920

Revised from

BBB+(CE)

ICRA A(SO)

(Negative)

(Negative) Tata Global Beverages Ltd

LT debt (including

ICRA AA+

3500

Reaffirmed

NCDs)

(Stable) Tata Global Beverages Ltd

FB working capital

ICRA AA+

4000

Reaffirmed

limits#

(Stable)/

ICRA A1+ #Long-term fund-based limits can also be utilised as short-term fund based limits, wherein the short-term rating of ICRA A1+ would be applicable; The Indian Hotels Co. Ltd (NS: IHTL )

NCD Programme

ICRA

8000

Reaffirmed

AA(Stable) The Indian Hotels Co. Ltd

NCD (NCD) Programme ICRA

-

Withdrawn

AA(Stable) Vichitra Constructions Pvt Ltd

LT Fund bases- TL

ICRA C

30 Rating continues to remain under ‘Issuer Not Cooperating' category Vichitra Constructions Pvt Ltd

LT Fund Based -CC

ICRA C

30 Rating continues to remain under ‘Issuer Not Cooperating' category Vichitra Constructions Pvt Ltd

LT Non fund based

ICRA C

60

/Bk guarantee Rating continues to remain under ‘Issuer Not Cooperating' category Visage Holdings & Finance Pvt.

PTC Series A2

ICRA A(SO) -

Upgraded Ltd-Vivriti Helm 002 2018

from ICRA

BBB(SO) Visage Holdings & Finance Pvt.

PTC Series A1

ICRA A+(SO) -

Reaffirmed Ltd-Vivriti Helm 002 2018 Visage Holdings & Finance Pvt.

PTC Series A2

ICRA

-

Reaffirmed Ltd-Vivriti Helm 002 2018

BBB+(SO) Zuri Hospitality Pvt Ltd

LT – Fund Based/CC

ICRA B+

40

Reaffirmed

(Stable) Bhuwalka & Sons Pvt Ltd

LT - Fund Based CC

ICRA BBB-

200

-

(Stable) (Reason for delay in carrying out periodic review: Review process is underway) Bhuwalka Castings & Forging

LT - Fund Based CC

ICRA BBB-

70

- Pvt Ltd

(Stable) (Reason for delay in carrying out periodic review: Review process is underway) Bhuwalka Castings & Forging

LT - Fund Based TL

ICRA BBB-

50

- Pvt Ltd

(Stable) (Reason for delay in carrying out periodic review: Review process is underway) Bhuwalka Castings & Forging

LT - Unallocated

ICRA BBB-

20

- Pvt Ltd

(Stable) (Reason for delay in carrying out periodic review: Review process is underway) Deccan Alloys Pvt Ltd

LT - Fund Based CC

ICRA BBB-

140

-

(Stable) (Reason for delay in carrying out periodic review: Review process is underway) Imi Abrasives (P) Ltd.

FB Limits

ICRA B+

72

Downgraded

(Stable)

from ICRA

BB+(Stable) (Issuer not cooperating) Imi Abrasives (P) Ltd.

United limits

ICRA B+

28

Downgraded

(Stable) /

from ICRA

A4

BB+(Stable)/

A4+ (Issuer not cooperating) Meenakshi Bright Steel Bars

LT - Fund Based CC

ICRA BBB-

250

- Pvt Ltd

(Stable) (Reason for delay in carrying out periodic review: Review process is underway) Ocean Pearl Hotels Pvt Ltd

LT – Fund Based

ICRA

620

-

B+(Stable) (Reason for delay in carrying out periodic review: - Issuer not cooperating) Ocean Pearl Hotels Pvt Ltd

LT/ST – Non-fund BasedICRA

30

-

B+(Stable)

/ A4 (Reason for delay in carrying out periodic review: - Issuer not cooperating) Track Components Ltd

LT – Fund Based

ICRA BB

490

-

(Stable) (Reason for delay in carrying out periodic review: Review process is underway) Track Components Ltd

Long/ST – Fund /

ICRA BB

400

-

Non-FBL

(Stable) /

A4 (Reason for delay in carrying out periodic review: Review process is underway) Vaibhav Laxmi Tex Pvt. Ltd.

BLR

ICRA

90

-

B+(Stable) (Reason for delay in carrying out periodic review: - Issuer not cooperating) Vishwakarma Refractories Pvt

LT - Fund Based CC

ICRA BBB-

150

- Ltd

(Stable) (Reason for delay in carrying out periodic review: Review process is underway) Zuri Hotels And Resorts Pvt Ltd

LT – Fund Based/CC

ICRA BB+

20

Reaffirmed Zuri Hotels And Resorts Pvt Ltd

LT – Fund Based TL

ICRA BB+

260

Reaffirmed -------------------------------------------------------------------------------------------- $: 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.