ICRA Ratings for Indian Debt Securities-December 16

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    Dec 16 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of December 15, 2020.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Axis Asset Management Co. Ltd           Axis Overnight Fund   ICRA A1+mfs         Outstanding
Axis Asset Management Co. Ltd           Axis Money Market FundICRA A1+mfs         Outstanding
Axis Asset Management Co. Ltd           Axis Ultra ST Fund    ICRA A1+mfs         Outstanding
Axis Asset Management Co. Ltd           Axis Liquid Fund      ICRA A1+mfs         Outstanding
Axis Asset Management Co. Ltd           Axis Treasury         ICRA A1+mfs         Outstanding
                                        Advantage Fund
Bahuleyan Charitable Foundation         ST – Non-fund based   ICRA A4      10
Assigned/ Outstanding
Designco                                PC/PS                 ICRA A2+     984    Outstanding
Designco                                Non-FBL               ICRA A2+            Outstanding
Hooghly Shipbreakers Ltd                ST – Non-Fund Based   ICRA D       700
Downgraded from ICRA B+ (Stable) Issuer Not Cooperating Rating continues to remain under ‘Issuer
Not Cooperating’ category
Lenz Ceramic Pvt. Ltd.                  Non-fund Based – BG   ICRA A4      25
Rating continues to remain under ‘Issuer Not Cooperating’ category
Siddhi Industries                       Non-fund Based –      ICRA A4      25
                                        Warehousing
                                        Limit/Demand Loan
Rating continues to remain under ‘Issuer Not Cooperating’ category
Unitech Cotspin Ltd.                    Non fund Based – BG   ICRA A4      15
Rating continues to remain under ‘Issuer Not Cooperating’ category
Wallmark Ceramic Industry               Non-fund Based – BG   ICRA A4      11
Rating continues to remain under ‘Issuer Not Cooperating’ category

LONG TERM RATINGS:
-------------------
Assam Timber Products Pvt Ltd           -                     -
Issuer Not Cooperating due to Non Submission of No Default Statement (NDS)
Axis Asset Management Co. Ltd           Axis Corporate Debt   ICRA AAAmfs         Assigned
                                        Fund
Axis Asset Management Co. Ltd           Axis ST Fund          ICRA AAAmfs         Outstanding
Axis Asset Management Co. Ltd           Axis Bking & PSU Debt ICRA AAAmfs         Outstanding
                                        Fund
Axis Asset Management Co. Ltd           Axis Capital          Provisional         Outstanding
                                        Protection Oriented   ICRA AAA(SO)
                                        Fund – Series 7
Axis Asset Management Co. Ltd           Axis Capital          Provisional         Outstanding
                                        Protection Oriented   ICRA AAA(SO)
                                        Fund – Series 8
Axis Asset Management Co. Ltd           Axis Capital          Provisional         Outstanding
                                        Protection Oriented   ICRA AAA(SO)
                                        Fund – Series 9
Axis Asset Management Co. Ltd           Axis Capital          Provisional         Outstanding
                                        Protection Oriented   ICRA AAA(SO)
                                        Fund – Series 10
Bahuleyan Charitable Foundation         LT – FB – TL          ICRA BB      120
                                                              (Stable)
Assigned/ Outstanding
Bahuleyan Charitable Foundation         LT – FB–CC            ICRA BB      10
                                                              (Stable)
Assigned/ Outstanding
Baldev Textile Mills Pvt Ltd            -                     -
Issuer Not Cooperating due to Non Submission of No Default Statement (NDS)
Coffee Day Enterprises Ltd              -                     -
Issuer Not Cooperating due to Non Submission of No Default Statement (NDS)
Designco                                Unallocated limits    ICRA A-      32.6   Outstanding
                                                              (Stable)/
                                                              ICRA A2+
Designco                                Issuer Rating Fund    ICRA                Withdrawn
                                                              A-(Stable)
Designco                                TL                    ICRA         327.1  Outstanding
                                                              A-(Stable)
Five-Star Business Finance Ltd          NCD Programme         ICRA         12490  Outstanding
                                                              A(Stable)
Five-Star Business Finance Ltd          LT FB Bk Fac          ICRA         9099.6 Outstanding
                                                              A(Stable)
Five-Star Business Finance Ltd          LT - Unallocated      ICRA         2900.4 Outstanding
                                                              A(Stable)
Five-Star Business Finance Ltd          NCD Programme -Market PP-MLD ICRA  400    Assigned
                                        linked debentures     A(Stable)
Five-Star Business Finance Ltd          NCD Programme-Market  PP-MLD ICRA  250    Outstanding
                                        linked debentures     A(Stable)
Four Wheels Auto Pvt Ltd                -                     -
Issuer Not Cooperating due to Non Submission of No Default Statement (NDS)
Ganadhi Pati Construction Pvt Ltd       -                     -
Issuer Not Cooperating due to Non Submission of No Default Statement (NDS)
Gopal Sweets Pvt Ltd                    -                     -
Issuer Not Cooperating due to Non Submission of No Default Statement (NDS)
Hooghly Shipbreakers Ltd                LT - Interchangeable  ICRA D
Downgraded from ICRA A4 Issuer Not Cooperating Rating continues to remain under ‘Issuer Not
Cooperating’ category
Iconkrishi Institute Of Medical         TL                    ICRA A+      140
Sciences Pvt Ltd                                              (CE)(Stable)
Upgraded from ICRA A (CE) (Positive)
Iconkrishi Institute Of Medical         CC                    ICRA A+      30
Sciences Pvt Ltd                                              (CE)(Stable)
Upgraded from ICRA A (CE) (Positive)
Iconkrishi Institute Of Medical         Rating Without        ICRA BBB
Sciences Pvt Ltd                        Explicit Credit
                                        Enhancement
Kims Hospital Enterprises Pvt. Ltd.     CC                    ICRA A       40
                                                              (Stable)
Upgraded from ICRA A- (Stable) and Withdrawn
Kims Hospital Enterprises Pvt. Ltd.     TL                    ICRA A       302.6
                                                              (Stable)
Upgraded from ICRA A- (Stable) and Withdrawn
Krishna Institute Of Medical Sciences   CC                    ICRA A+      500
Ltd                                                           (Stable)
Upgraded from ICRA A (Positive) and Withdrawn
Krishna Institute Of Medical Sciences   TL                    ICRA A+      1608.8
Ltd                                                           (Stable)
Upgraded from ICRA A (Positive) and Withdrawn
Krishna Institute Of Medical Sciences   BG                    ICRA A+      36
Ltd                                                           (Stable)/
                                                              ICRA A1+
Upgraded from ICRA A (Positive)/ICRA A1 and Withdrawn
Krishna Institute Of Medical Sciences   Unallocated Limits    ICRA A+      1155.2
Ltd                                                           (Stable)/
                                                              ICRA A1+
Upgraded from ICRA A (Positive)/ICRA A1 and Withdrawn
Lenz Ceramic Pvt. Ltd.                  Fund Based TL         ICRA B       50
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Lenz Ceramic Pvt. Ltd.                  Fund Based CC         ICRA B       80
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
M S Ramaiah Developers And Builders Pvt LT TL                 ICRA BBB     1220   Assigned
Ltd                                                           (Stable)
M S Ramaiah Developers And Builders Pvt LT LRD TL             ICRA BBB+    4080   Assigned
Ltd                                                           (Stable)
Marvel Dyers And Processors Pvt Ltd     LT – FB – CC          ICRA BB      65     Assigned
                                                              (Stable)
Marvel Dyers And Processors Pvt Ltd     LT – FB – TL          ICRA BB      35     Assigned
                                                              (Stable)
Miraj Metals                            Fund Based – CC       ICRA D       20
Rating Continues to remain under the ‘Issuer Not Cooperating’ category.
Miraj Metals                            Non-fund Based – LOC  ICRA D       130
Rating Continues to remain under the ‘Issuer Not Cooperating’ category.
Mody Education Foundation (Formerly     -                     -
Known As Mody Institute Of Education
And Research)
Issuer Not Cooperating due to Non Submission of No Default Statement (NDS)
Navneeta Steels Pvt Ltd                 -                     -
Issuer Not Cooperating due to Non Submission of No Default Statement (NDS)
Pahal Financial Services Pvt. Ltd.      NCD Programmes        ICRA         396    Assigned
                                                              BBB-(Stable)
Pahal Financial Services Pvt. Ltd.      NCD Programmes        ICRA         1970   Outstanding
                                                              BBB-(Stable)
Pahal Financial Services Pvt. Ltd.      Bk Lines              ICRA         500    Outstanding
                                                              BBB-(Stable)
Raichur Roller Flour Mills              -                     -
Issuer Not Cooperating due to Non Submission of No Default Statement (NDS)
Rashtrotthana Parishat                  -                     -
Issuer Not Cooperating due to Non Submission of No Default Statement (NDS)
Shubhlaxmi Gum Industries               FB CC                 ICRA         70
                                                              B(Stable)
Rating moved to ‘Issuer Not Cooperating category’
Shubhlaxmi Gum Industries               Unallocated Limits    ICRA         14.8
                                                              B(Stable) /
                                                              ICRA A4
Rating moved to ‘Issuer Not Cooperating category’
Siddhi Industries                       FB – Working Capital  ICRA B+      60
                                        Limit                 (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Siddhi Industries                       Fun-based – TL        ICRA B+      2.6
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Siddhi Industries                       Proposed unallocated  ICRA B+      7.4
                                        limits                (Stable)/
                                                              ICRA A4
Rating continues to remain under ‘Issuer Not Cooperating’ category
Sree Ananthalakshmi Textiles Pvt Ltd    -                     -
Issuer Not Cooperating due to Non Submission of No Default Statement (NDS)
Sri Adiparashakti Agro Tech             -                     -
Issuer Not Cooperating due to Non Submission of No Default Statement (NDS)
Ss Developers                           -                     -
Issuer Not Cooperating due to Non Submission of No Default Statement (NDS)
Sudhakara Infratech Pvt Ltd             LT –FB/ CC            ICRA BBB     400    Reaffirmed
                                                              (Positive)
outlook revised to Positive from Stable
Sudhakara Infratech Pvt Ltd             LT – Non-fund Based   ICRA BBB     1680
                                                              (Positive)
Reaffirmed / Assigned
Sudhakara Infratech Pvt Ltd             LT / ST - unallocated ICRA BBB     420
                                                              (Positive)/
                                                              ICRA A3+
Reaffirmed / Assigned
Unitech Cotspin Ltd.                    FB – CC               ICRA B       60
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Unitech Cotspin Ltd.                    Fun-based – TL        ICRA B       243.2
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Wallmark Ceramic Industry               FB – TL               ICRA B       44.4
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Wallmark Ceramic Industry               Fun-based – CC        ICRA B       20
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
--------------------------------------------------------------------------------------------
$: 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 [email protected])
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