December 20, 2016 / 11:10 AM / 8 months ago

ICRA ratings for Indian debt instruments-Dec 20

Dec 20 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of December 19, 2016.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aradhya Wire And Ropes Pvt Ltd          Non-FBL               ICRA A4      50      Reaffirmed
enhanced from 4.35 CR
Avantor Performance Materials           Non-FB Fac            ICRA A3      200     Reaffirmed
India Ltd
Canpac Trends Pvt Ltd                   Non-FBL               ICRA A3      76      Assigned /
                                                                                   outstanding
enhanced from 1.28 CR
Deva Drill Tech (India) Ltd             Non-FBL               ICRA A2      110     Reaffirmed
Diach Chemicals And Pigments            Non- FBL              ICRA A4      20      Reaffirmed
Pvt Ltd
Ecl Finance Ltd                         CP Programme (IPO     ICRA A1+     30000   Withdrawn
                                        Financing)
Edelweiss Commodities Services          CP Programme (IPO     ICRA A1+     35000   Withdrawn
Ltd                                     financing)
Edelweiss Finance &                     CP Programme (IPO     ICRA A1+     10000   Withdrawn
Investments Ltd                         financing)
Edelweiss Financial Services            CP Programme (IPO     ICRA A1+     30000   Withdrawn
Ltd                                     financing)
Emdet Engineers Pvt Ltd                 ST, NFBL              ICRA A4      5       Outstanding
Essen Speciality Films Pvt Ltd          Export Packaging      ICRA A2      100     Reaffirmed
                                        Credit
Essen Speciality Films Pvt Ltd          LC Limit              ICRA A2      40      Reaffirmed
Ewdpl Chandigarh Hospitality            Non FB Bk Fac         ICRA A4      52.5    Suspended
Pvt Ltd
Globe Capacitors Ltd                    NFBL                  ICRA A4+     80      Suspended
Jbm Ogihara Automotive India            ST-Non Fund Based     ICRA A3      40      Reaffirmed
Ltd
K.K. Automotive Pvt Ltd                 Non fund based Bk     ICRA A4      2.1     Suspended
                                        facility
Karvy Financial Services Ltd            CP                    ICRA         4000    Reaffirmed
                                                              A1+(SO)*
* Rating backed by Guarantee by parent viz. Karvy Stock Broking Limited (KSBL)
Lovelock & Lewes                        ST NFBL               ICRA A1+     10      Reaffirmed
Mahanadi Education Society              unallocated limits    ICRA A4      0.2     Suspended
Micromatic Grinding                     Short- Term NFBL      ICRA A4+     120     Reaffirmed
Technologies Ltd
Milano Papers Pvt Ltd                   BG                    ICRA A4      12      Assigned
Noor Impex Pvt Ltd                      Non Fund Based- LOC   ICRA A4      150     Suspended
Palm Fibre (India) Pvt Ltd              ST FBL                ICRA A3      190     Reaffirmed
Palm Fibre (India) Pvt Ltd              ST unallocated        ICRA A3      20      Reaffirmed
Paracoat Products Ltd                   Non fund based Bk     ICRA A4+     115     Suspended
                                        facility
Pave Infrastructure Pvt Ltd             Non fund based Bk     ICRA A4      100     Suspended
                                        facility
Price Waterhouse (Kolkata)              ST NFBL               ICRA A1+     37      Reaffirmed
Pricewaterhousecoopers Pvt Ltd          ST NFBL               ICRA A1+     1050    Reaffirmed
enhanced from 87 CR
Relaxo Footwears Ltd                    CP                    ICRA A1+     500     Assigned
(enhanced from 30)
Relaxo Footwears Ltd                    NFB                   ICRA A1+     1200    Outstanding
Reliance Industries Ltd                 CP / ST NCD Programme ICRA A1+     50000   Reaffirmed
Sargam Metals Pvt Ltd                   ST, Non-FB Fac        ICRA A4+     85      Reaffirmed
revised from 12.50 CR
Scg Contracts India Pvt Ltd             LC/BG Limits          ICRA A3      250     Assigned/
                                                                                   outstanding
enhanced from 15 CR
Sterling Automobiles Pvt Ltd            Inventory Funding Fac ICRA A3      215     Assigned
Sterling Automobiles Pvt Ltd            Non FB Fac            ICRA A3      3       Assigned
Super Electro Films Ltd                 NFBL                  ICRA A4+     130     Suspended

LONG TERM RATINGS:
-------------------
Agrimas Chemicals Ltd                   Bk Fac                ICRA BBB-    430     Suspended
                                                              /A3
Anupam Synthetics Pvt Ltd               FB Bk Fac             ICRA B+      68      Suspended
Aradhya Wire And Ropes Pvt Ltd          FBL                   ICRA BB      200     Reaffirmed
enhanced from 12 CR
Arihant Packwell                        Fund based - CC       ICRA B+      40      Assigned
Arihant Packwell                        Fund based - TL       ICRA B+      60      Assigned
Avantor Performance Materials           FB Fac                ICRA BBB-    150     Reaffirmed
India Ltd
B.K.Exports                             CC                    ICRA B-      250     Revised from
                                                                                   B
Bengal Ambuja Housing                   FB Fac                ICRA BBB+    500     Downgraded
Development Ltd                                                                    from A-
Bengal Ambuja Housing                   Non-FB Fac            ICRA BBB+    100*    Downgraded
Development Ltd                                                                    from A-
*Limits of Rs. 10 crore are fully fungible with fund-based facilities
Bengal Ambuja Housing                   Unallocated Limits    ICRA BBB+    2420    Downgraded
Development Ltd                                                                    from A-
Canpac Trends Pvt Ltd                   CC Limits             ICRA BBB-    330     Assigned /
                                                                                   outstanding
enhanced from 21 CR
Canpac Trends Pvt Ltd                   TL                    ICRA BBB-    844     Assigned /
                                                                                   outstanding
enhanced from 11.72 CR
Deva Drill Tech (India) Ltd             TL                    ICRA BBB+    176     Reaffirmed
Deva Drill Tech (India) Ltd             FBL                   ICRA BBB+    130     Reaffirmed
                                                              /A2
Dhana Laxmi Cotton Industries           FBL                   ICRA B       100     Suspended
Diach Chemicals And Pigments            FBL                   ICRA BB-     120     Reaffirmed
Pvt Ltd
Ds Spiceco Pvt Ltd                      LT FB CC              ICRA A(S)    100     Reaffirmed
Ds Spiceco Pvt Ltd                      LT FB TL              ICRA A(S)    300     Assigned
Ds Spiceco Pvt Ltd                      LT FB CC              ICRA A+(SO)  500     Upgraded
enhanced from Rs. 35.0 crore
Emdet Engineers Pvt Ltd                 LT, FBL - TL          ICRA BB      55.8    Assigned
                                                                                   /Outstanding
(enhanced from Rs. 2.00 crore)
Emdet Engineers Pvt Ltd                 LT, FBL - CC          ICRA BB      75      Outstanding
Essen Speciality Films Pvt Ltd          TL                    ICRA BBB+    23.1    Reaffirmed
Essen Speciality Films Pvt Ltd          CC*                   ICRA BBB+            Reaffirmed
* Sub limit of Export Packaging Credit
Ewdpl Chandigarh Hospitality            FB Bk Fac             ICRA B+      20      Suspended
Pvt Ltd
Globe Capacitors Ltd                    FBL                   ICRA BB+     210     Suspended
Globe Capacitors Ltd                    Unallocated limits    ICRA BB+     4.4     Suspended
Gna Gears Ltd                           TL                    ICRA BBB-    452.4   Assigned
Gna Gears Ltd                           CC Fac                ICRA BBB-    700     Assigned
Gna Gears Ltd                           Unallocated Limits    ICRA BBB-    47.6    Assigned
Goyal Sons Jewels Pvt Ltd               FBL                   ICRA B+      170     Suspended
Goyal Sons Zaveri Pvt Ltd               FBL                   ICRA B+      200     Suspended
Hindusthan Urban                        TL                    ICRA BBB-    759.9   Suspended
Infrastructure Ltd
Hindusthan Urban                        Fund based and NFBL   ICRA BBB-    4672.5  Notice for
Infrastructure Ltd                                            /A3                  withdrawal
Icici Bank Ltd                          Infrastructure Bonds  ICRA AAA     150000  Assigned
Indo-Mim Pvt Ltd                        CC                    ICRA AA      879.5   Upgraded
                                                                                   from
                                                                                   AA-
Indo-Mim Pvt Ltd                        TL                    ICRA AA      3733.9  Upgraded
                                                                                   from
                                                                                   AA-
(enhanced from 265.79 CR)
Indo-Mim Pvt Ltd                        NCD#                  ICRA AA      600     Upgraded
                                                                                   from
                                                                                   AA-
Inodaya Foods Pvt Ltd                   FB Bk Fac             ICRA B+      80      Suspended
Jbm Ogihara Automotive India            LT-fund based CC      ICRA BBB-    170     Reaffirmed
Ltd
Jbm Ogihara Automotive India            LT-fund based TL      ICRA BBB-    96.3    Reaffirmed
Ltd
Jbm Ogihara Automotive India            LT/ST- Unallocated    ICRA BBB-    193.7   Reaffirmed
Ltd                                                           /ICRA A3
Jmc Constructions Pvt Ltd               Issuer rating         Ir D                 Withdrawn
K.K. Automotive Pvt Ltd                 Working capital       ICRA B+      60      Suspended
                                        facility
Karvy Financial Services Ltd            Subordinated Debt     ICRA A       300     Developing
                                        Programme                                  implications
Karvy Financial Services Ltd            NCD Programme         ICRA A       500     Developing
                                                                                   implications
Karvy Financial Services Ltd            LT Bk lines (BASEL    ICRA A+(SO)* 15000   Reaffirmed
                                        II)
* Rating backed by Guarantee by parent viz. Karvy Stock Broking Limited (KSBL)
Karvy Financial Services Ltd            Principle Protected   PP-MLD ICRA  750     Developing
                                        NCD Programme         A                    implications
Khandesh Roller Flour Mills             FBF                   ICRA BB+     170     Suspended
Pvt Ltd
Lovelock & Lewes                        LT FBL                ICRA AA      150     Upgraded
                                                                                   from
                                                                                   AA-
Lovelock & Lewes                        unallocated           ICRA AA      60      Upgraded
                                                                                   from
                                                                                   AA-
M/S Guru Nanak Rice Mills               FBL                   ICRA B       120     Suspended
M/S Rajendra Rice & General             unallocated limits    ICRA B+ /    0.5     Suspended
Mills                                                         ICRA A4
M/S Rajendra Rice & General             FBL                   ICRA B+      69.5    Suspended
Mills
Machino Polymers Ltd                    LT-fund based CC      ICRA -       -       -
(Reduced from 67.50)
Machino Polymers Ltd                    LT-fund based TL      ICRA -       -       -
(Reduced from 9.00)
Machino Polymers Ltd                    LT-non fund based     ICRA -       -       -
(Reduced from 1.50)
Machino Polymers Ltd                    ST-Non Fund Based     ICRA -       -       -
(Reduced from 56.00)
Machino Polymers Ltd                    LT/ST-fund based/Non  ICRA BBB+    1655    Reaffirmed
                                        fund based            /ICRA A2+
(Increased from 92.0)
Mahanadi Education Society              TL                    ICRA BB-     89.8    Suspended
Mahanadi Education Society              optionally            ICRA BB-     50      Suspended
                                        convertible debenture
                                        LIMITS
Micromatic Grinding                     Long- Term Fund-      ICRA BB+     70      Reaffirmed
Technologies Ltd                        Based Limits
Milano Papers Pvt Ltd                   CC                    ICRA B+      88      Assigned
Mirae Asset Global Investment           Mirae Asset Savings   ICRA AAAmfs          Assigned
(India) Pvt Ltd                         Fund
Modern Living Solutions Pvt Ltd         LT Bk limits          ICRA B+      93.4    Suspended
Navkar Lifesciences                     Fund based - CC       ICRA BB-     60      Assigned
Navkar Lifesciences                     Fund based - TL       ICRA BB-     70      Assigned
Paracoat Products Ltd                   TL                    ICRA BB+     90.3    Suspended
Paracoat Products Ltd                   Working capital       ICRA BB+     130     Suspended
                                        facility
Pave Infrastructure Pvt Ltd             Working capital       ICRA BB-     10      Suspended
                                        facility
Price Waterhouse (Kolkata)              LT FBL                ICRA AA      150     Upgraded
                                                                                   from
                                                                                   AA-
Price Waterhouse (Kolkata)              Unallocated           ICRA AA      53      Upgraded
                                                                                   from
                                                                                   AA-
Pricewaterhousecoopers Pvt Ltd          LT FBL                ICRA AA      4600    Upgraded
                                                                                   from
                                                                                   AA-
enhanced from 395 CR
Raj Kumar Goel Educational              Over Draft            ICRA BB+     200     Reaffirmed
Foundations
Raj Ratan Smelter Ltd                   LT/ST FB/non-FB       ICRA C+ /A4  185     Revised from
                                                                                   B/ A4
Relaxo Footwears Ltd                    TL                    ICRA A+      1360    Outstanding
Relaxo Footwears Ltd                    FBL                   ICRA A+      1000    Outstanding
Sai Traders                             Bk limits             ICRA BB-     120     Notice for
                                                                                   withdrawal
Sargam Metals Pvt Ltd                   LT, TL                ICRA B-      25      Revised from
                                                                                   B
revised from 5 CR
Sargam Metals Pvt Ltd                   LT, FB Fac            ICRA B-      300     Revised from
                                                                                   B
enhanced from 18.50 CR
Savfab Developers Pvt. Ltd.             TL Facility           ICRA D       350     Revised from
                                                                                   B+
Scg Contracts India Pvt Ltd             Working Capital       ICRA BBB-    30      Outstanding
                                        Limits
Shyam Coal Corporation                  Fund Based- CC        ICRA B+      70      Suspended
Span Pumps Pvt Ltd                      Fund based Bk Fac     ICRA BB+     130     Suspended
                                                              /A4+
Sterling Automobiles Pvt Ltd            TL                    ICRA BBB-    31      Assigned
Sterling Automobiles Pvt Ltd            Unallocated Limits    ICRA BBB-    1       Assigned
                                                              /A3
Sudhamsu Exim Pvt Ltd                   unallocated limits    ICRA B+ /    150     Assigned
                                                              ICRA A4
Super Electro Films Ltd                 FBL                   ICRA BB+     174.1   Suspended
Super Electro Films Ltd                 unallocated limits    ICRA BB+     62.7    Suspended
--------------------------------------------------------------------------------------------
$: 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@thomsonreuters.com)

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