July 12, 2017 / 11:00 AM / 12 days ago

RPT-ICRA ratings for Indian debt instruments-Jul 12

22 Min Read

 (Repeating to add additional ratings.)
    Jul 12 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of July 11, 2017.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Alstom Bharat Forge Power Ltd           ST Non-FBL            ICRA A2+     2650    Reaffirmed
Ankit International                     NON FBL               ICRA A4      455     Reaffirmed
Anshul Impex Pvt Ltd                    Non fund based        ICRA A4+     400
Issuer delayed in giving information
Federal Engineers                       ST Non-FBL            ICRA A2      110     Revised from
                                                                                   ICRA A3+
Fiat India Automobiles Pvt Ltd          CP                    ICRA A1+     5000    Assigned
G,R Weavers Pvt Ltd                     ST Non-fund based     ICRA A4      50
Issuer not cooperating
G.M. Syntex Pvt Ltd                     Non Fund Based        ICRA A3+             Downgraded
                                        Sub-limits                                 from ICRA A2
Issuer did not cooperate
Jak Group Pvt Ltd                       ST FB                 ICRA A4+     200     Assigned
Marudhar Fashions                       Fund Based Working    ICRA A4      150     Reaffirmed
                                        Capital Limits
Nikhil Adhesives Ltd                    Non-FBL               ICRA A4+     700#    Reaffirmed
# Includes fund based overdraft sub-limit of Rs. 3.00 crore and cash credit sub-limit of Rs.
2.00 crore rated ICRA BB+ and ICRA A4+
Raj Overseas                            ST fund based         ICRA A2+     560     Reaffirmed
Raj Overseas                            ST non fund based     ICRA A2+     70      Reaffirmed
Ratnagiri Ceramics Pvt Ltd              LOC                   ICRA A4      45
Info and fee not provided
Rhc Holding Pvt Ltd                     CP                    ICRA A1+     21000   Withdrawn
                                                              (SO)
Rhc Holding Pvt Ltd                     CP                    ICRA A1+     21000   Withdrawn
                                                              (SO)
Sharpline Automation Pvt Ltd            Unallocated Limits    ICRA A4      8.1     Upgraded
                                                                                   from ICRA B-
Sharpline Automation Pvt Ltd            BG                    ICRA A4      40      Reaffirmed
Sharpline Automation Pvt Ltd            ILC/FLC               ICRA A4      10      Reaffirmed
Versatile Engineers                     ST: non fund based    ICRA A4      0.6
Issuer delayed in giving information
Automotive Axles Ltd                    ST Non fund based     ICRA A1+     200     Reaffirmed
                                        facilitie
Cmr Toyotsu Aluminium India             NFBL                  ICRA A2      10      Assigned
Pvt Ltd
Dada Ganpati Guar Products Pvt          ST Non FB             ICRA A4      10      Reaffirmed
Ltd
Durga Polyesters Pvt Ltd                Non FB Limits         ICRA A4+     20      Reaffirmed
Il&Fs Securities Services Ltd           ST Bk lines           ICRA A1+     3500    Assigned
Il&Fs Securities Services Ltd           ST debt programme     ICRA A1+     4000    Outstanding
Jl Hotels Pvt Ltd                       ST - Non Fund Based   ICRA A4      3.9     Assigned
Jsw Steel Ltd                           ST FB Limits          ICRA A1+     14000   Reaffirmed
Jsw Steel Ltd                           ST Non-FBL            ICRA A1+     168000  Reaffirmed
Jsw Steel Ltd                           CP Programme          ICRA A1+     35000   Reaffirmed
Jsw Steel Ltd                           Proposed CP Programme ICRA A1+     15000   Assigned
Karnataka Power Corporation Ltd         ST loans              ICRA A3      138500  Assigned /
                                                                                   Outstanding
Nkg Infrastructure Ltd                  Non-FB                ICRA A4      9000    Withdrawn
Prestress Steel Llp                     ST – non-fund based   ICRA A3      225     Reaffirmed
R.D. Tea Ltd                            NFBL –Letter of       ICRA A4      3.7     -
                                        Guarantee
Ramco Systems Ltd                       ST, FBL               ICRA A2+     420     Reaffirmed
Ramco Systems Ltd                       ST, Non-FBL           ICRA A2+     255     Reaffirmed
Royal Castor Products Ltd               ST FBL (EPC/FBD/FBP)  ICRA A2      550     Reaffirmed
Royal Castor Products Ltd               ST NFBL               ICRA A2      30      Reaffirmed
Smpp Pvt Ltd                            BG                    ICRA A3+     100     Revised from
                                                                                   ICRA A3
Synthetic Packers Pvt Ltd               ST-Non Fund Based     ICRA A3      169.2   Reaffirmed
The Andhra Petrochemicals Ltd           NFB                   ICRA A4      20      Reaffirmed
Trl Krosaki Refractories Ltd.           CP/ ST debt           ICRA A1+     750     Reaffirmed
Trl Krosaki Refractories Ltd.           Non fund based        ICRA A1+     983.8   Reaffirmed
                                        working capital limits

MEDIUM TERM RATINGS:
-------------------
Nikhil Adhesives Ltd                    FD                    MB+          35      Reaffirmed
LONG TERM RATINGS:
-------------------

A.H. Memorial Educational               LT–Fund Based         ICRA A-      1027    Reaffirmed
Trust
enhanced from Rs. 52.70 CR
Alstom Bharat Forge Power Ltd           TL                    ICRA A-      12000   Reaffirmed
Alstom Bharat Forge Power Ltd           LT/ST FBL             ICRA A- /A2+ 2000    Reaffirmed
Alstom Bharat Forge Power Ltd           LT/ST NonFBL          ICRA A- /A2+ 20750   Reaffirmed
Ankit International                     FBL                   ICRA B               Reaffirmed
Anshul Impex Pvt Ltd                    CC                    ICRA BB+     300
Issuer delayed in giving information
Avenues Pharmaceuticals                 LT fund based         ICRA BB+     170     Reaffirmed
Associates
Bhadohi Carpets                         LT FB                 ICRA BB      115     Reaffirmed
Federal Engineers                       LT and ST FBL         ICRA BBB /A2 100     Reaffirmed,
                                                                                   Revised from
                                                                                   ICRA A3+ to
                                                                                   ICRA A2
Fiat India Automobiles Pvt Ltd          FB – CC               ICRA A+      5000    Assigned
Fiat India Automobiles Pvt Ltd          FB – TL               ICRA A+      14500   Assigned
Fiat India Automobiles Pvt Ltd          Non FB                ICRA A+ /A1+ 500     Assigned
G,R Weavers Pvt Ltd                     LT FB – CC            ICRA B+      57.5
Issuer not cooperating
G,R Weavers Pvt Ltd                     LT FB – TL            ICRA B+      130
Issuer not cooperating
G.M. Syntex Pvt Ltd                     FBL                   ICRA BBB     470     Downgraded
                                                                                   from ICRA
                                                                                   BBB+
Issuer did not cooperate
G.M. Syntex Pvt Ltd                     FBL                   ICRA BBB     250     Downgraded
                                                              /A3+                 from ICRA
                                                                                   BBB+/ A2
Issuer did not cooperate
Jak Group Pvt Ltd                       LT FB                 ICRA BB+     50      Assigned
Karda Construction Pvt Ltd              LT: Fund based        ICRA BB-     300
Issuer delayed in giving information
Kavali Municipality                     Issuer Rating         IrBB                 Assigned
Krushna Industries                      FB – CC               ICRA B+      95      Reaffirmed
Machilipatnam Municipality              Issuer Rating         IrBB+                Assigned
Magma Fincorp Ltd- Mfl                  PTC Series A1         ICRA AA (SO) 381.1   Provisional
Securitisation Trust Liv
Magma Fincorp Ltd- Mfl                  PTC Series A2         ICRA AA (SO) 17.9    Provisional
Securitisation Trust Liv
Magma Fincorp Ltd- Mfl                  Liquidity Facility    ICRA AAA     7       Provisional
Securitisation Trust Liv                                      (SO)
Magma Fincorp Ltd- Mfl                  Second Loss Facility  ICRA BBB-    27.9    Provisional
Securitisation Trust Liv                                      (SO)
Marudhar Fashions                       Fund Based TL Limits  ICRA BB-     67.3    Reaffirmed
previously 9.45 CR
Marudhar Fashions                       Unallocated Limits    ICRA BB- /A4 62.7    Reaffirmed
previously 3.55 CR
Miryalaguda Municipality                Issuer Rating         IrBB                 Assigned
Nikhil Adhesives Ltd                    FB Limits             ICRA BB+     200     Reaffirmed
Prabha Engineers                        TL                    ICRA B+      25
Issuer delayed in giving information
Prabha Engineers                        CC                    ICRA B+      25
Issuer delayed in giving information
Raj Overseas                            LT fund based         ICRA A-      104.7   Reaffirmed
Raj Overseas                            LT Unallocated        ICRA A-      265.3   Reaffirmed
Ratnagiri Ceramics Pvt Ltd              TL                    ICRA B       1.1
Info and fee not provided
Ratnagiri Ceramics Pvt Ltd              CC                    ICRA B       72.2
Info and fee not provided
Ratnagiri Ceramics Pvt Ltd              BG                    ICRA B       2.5
Info and fee not provided
Ratnagiri Ceramics Pvt Ltd              Credit exposure limit ICRA B       0.7
                                        to notional contract
Info and fee not provided
Ratnagiri Ceramics Pvt Ltd              Unallocated limits    ICRA B       8.5
Info and fee not provided
Rhc Holding Pvt Ltd                     NCD                   ICRA A       650     Withdrawn
Rhc Holding Pvt Ltd                     NCD                   ICRA A       650     Withdrawn
Sharpline Automation Pvt Ltd            TL                    ICRA B       27.9    Upgraded
                                                                                   from ICRA B-
Sharpline Automation Pvt Ltd            CC                    ICRA B       24.3    Upgraded
                                                                                   from ICRA B-
Sharpline Automation Pvt Ltd            Packing Credit        ICRA B       10      Upgraded
                                                                                   from ICRA B-
Shree Packers (Mp) Pvt Ltd              LT fund based         ICRA BB-     98      Assigned
Shree Packers (Mp) Pvt Ltd              Long/ST-Unallocated   ICRA BB- /A4 2       Assigned
Siddipet Municipality                   Issuer Rating         IrBB                 Assigned
Signet Denim Pvt Ltd                    FBL                   ICRA B+      770     Assigned
Versatile Alucast Pvt Ltd               TL                    ICRA D       80
Issuer delayed in giving information
Versatile Alucast Pvt Ltd               CC                    ICRA D       31
Issuer delayed in giving information
Versatile Engineers                     TL                    ICRA BB-     35.3
Issuer delayed in giving information
Versatile Engineers                     CC                    ICRA BB-     50
Issuer delayed in giving information
Vyanktesh Plastics And                  LT fund based         ICRA BB-     68.7    Assigned
Packaging Pvt Ltd
Vyanktesh Plastics And                  Long/ST-Unallocated   ICRA BB- /A4 24.8    Assigned
Packaging Pvt Ltd
Aarti Suitings Pvt Ltd                  LT FB –CC             ICRA BB-     95      Reaffirmed
Aarti Suitings Pvt Ltd                  LT FB –TL             ICRA BB-     15      Reaffirmed
Automotive Axles Ltd                    LT FB Fac             ICRA A+      1050    Reaffirmed
C.K. Industries                         Standby Line of Credit-            -       -
(earlier Rs. 1.95 CR)
C.K. Industries                         FB – CC               ICRA B+      120     Upgraded
                                                                                   from ICRA B
(reduced from Rs. 13.00 CR)
C.K. Industries                         FB – Warehouse ReceiptICRA B+      30      Upgraded
                                                                                   from ICRA B
(reduced from Rs. 5.00 CR)
C.K. Industries                         Unallocated           ICRA B+      49.5    Upgraded
                                                                                   from ICRA B
Ceebros Hotels Pvt Ltd                  LT: Proposed Fac      ICRA BBB     5800    Withdrawn
Cmr Toyotsu Aluminium India             Fund Based Working    ICRA BBB+    270     Assigned
Pvt Ltd                                 Capital Limits
Cmr Toyotsu Aluminium India             TL                    ICRA BBB+    270     Assigned
Pvt Ltd
Dada Ganpati Guar Products Pvt          LT FB –CC             ICRA BB-     160     Reaffirmed
Ltd
Dada Ganpati Guar Products Pvt          LT FB –TL             ICRA BB-     30      Reaffirmed
Ltd
Dewan Housing Finance                   PTC Series A          Provisional  3136.4  Assigned
Corporation Ltd                                               ICRA AAA
Dewan Housing Finance                   Second Loss Facility  Provisional  164.7   Assigned
Corporation Ltd                                               ICRA BBB
Durga Polyesters Pvt Ltd                FB Limits             ICRA BB+     502.1   Reaffirmed
Durga Polyesters Pvt Ltd                Unallocated Limits    ICRA BB+ /   0.3     Reaffirmed
                                                              A4+
Jl Hotels Pvt Ltd                       LT - Fund Based TL    ICRA BB-     215     Assigned /
                                                                                   Outstanding
(enhanced from Rs 12.00 crore)
Jl Hotels Pvt Ltd                       LT - Fund Based (CC)  ICRA BB-     10      Assigned
Jl Hotels Pvt Ltd                       LT / ST - Unallocated ICRA BB- /   1.1     Assigned
                                                              ICRA A4
Jsw Steel Ltd                           TL / Standby LOC Fac  ICRA AA-     225830.5Reaffirmed
Jsw Steel Ltd                           Proposed – TL         ICRA AA-     50000   Assigned
Jsw Steel Ltd                           NCD Programme         ICRA AA-     53510.4 Reaffirmed
Jsw Steel Ltd                           Proposed NCD ProgrammeICRA AA-     50000   Assigned
Jsw Steel Ltd                           LT / ST - Fund        ICRA AA-/A1+ 58444   Reaffirmed
                                        based/Non-FBL
Karnataka Power Corporation Ltd         Long-TL               ICRA BBB-    54000   Outstanding
Karnataka Power Corporation Ltd         FB limit              ICRA BBB-    1500    Outstanding
Karnataka Power Corporation Ltd         Non-FBL               ICRA BBB-    1000    Outstanding
Kiratpur Ner Chowk Pvt Ltd              TL                    ICRA BBB     14847.6 Reaffirmed
Mathuram Swastha Evam Shikshan          TL                    ICRA B+      70      Reaffirmed
Sansthan
Mathuram Swastha Evam Shikshan          Unallocated Limits    ICRA B+      10      Reaffirmed
Sansthan
Navjivan Cotton Industries              FB –CC                ICRA B       117.5   Reaffirmed
Navjivan Cotton Industries              FB –TL                ICRA B       26.3    Reaffirmed
Nkg Infrastructure Ltd                  FB TL                 ICRA B+      700     Withdrawn
Nkg Infrastructure Ltd                  FB CC                 ICRA B+      2300    Withdrawn
Nkg Infrastructure Ltd                  Unallocated Limits    ICRA B+      1000    Withdrawn
Prestress Steel Llp                     TL                    ICRA BBB-    18      Reaffirmed
Prestress Steel Llp                     CC                    ICRA BBB-    400     Reaffirmed
R S Spuntex Pvt Ltd                     LT FB –CC             ICRA BB-     68      Reaffirmed
R S Spuntex Pvt Ltd                     LT FB –TL             ICRA BB-     22      Reaffirmed
R.D. Tea Ltd                            FBL –TL               ICRA BB      31.2    -
R.D. Tea Ltd                            FBL –CC               ICRA BB      157.3   -
Ramco Systems Ltd                       LT, FB Fac            ICRA A       250     Reaffirmed
Ramco Systems Ltd                       Unallocated Limits    ICRA A-/A2+  430     Reaffirmed
Royal Castor Products Ltd               TL                    ICRA BBB+    30      Reaffirmed
Royal Castor Products Ltd               Public Deposit        MA-          100     Reaffirmed
                                        Programme
Seavalley Resorts Pvt Ltd               FBL                   ICRA BBB-    -       Reaffirmed
Seavalley Resorts Pvt Ltd               NFBL                  ICRA BBB- /  110     Reaffirmed
                                                              A3
Shriniwas Board & Paper Pvt Ltd         LT Fund Based         ICRA BB-     80      Assigned
Shriniwas Board & Paper Pvt Ltd         Long/ST Non-fund BasedICRA BB- /   20      Assigned
                                                              ICRA A4
Smpp Pvt Ltd                            CC                    ICRA BBB     50      Revised from
                                                                                   ICRA BBB-
Smpp Pvt Ltd                            LT/ ST Unallocated    ICRA BBB /   300     Revised from
                                                              A3+                  ICRA BBB- /
                                                                                   A3
Synthetic Packers Pvt Ltd               LT-Fund Based- TL     ICRA BBB-    75      Reaffirmed
Synthetic Packers Pvt Ltd               LT-Fund Based- CC     ICRA BBB-    135     Reaffirmed
Synthetic Packers Pvt Ltd               LT/ST- Unallocated    ICRA BBB- /  15.8    Reaffirmed
                                        Limits                A3
Taurus Thermoplastics Pvt Ltd           Fund Based-CC         ICRA BB-     27.5    Reaffirmed
Taurus Thermoplastics Pvt Ltd           Fund Based-TL         ICRA BB-     57.5    Reaffirmed
Taurus Thermoplastics Pvt Ltd           Unallocated Limits    ICRA BB-     15      Reaffirmed
The Andhra Petrochemicals Ltd           TL                    ICRA BB-     589     Reaffirmed
(revised from 70.12 CR)
The Andhra Petrochemicals Ltd           CC                    ICRA BB-     350     Reaffirmed
The Andhra Petrochemicals Ltd           Unallocated           ICRA BB-     186.5   Reaffirmed
(revised from 7.43 CR)
Trl Krosaki Refractories Ltd.           TL                    ICRA AA-     150     Reaffirmed
Trl Krosaki Refractories Ltd.           Fund based working    ICRA AA-     1620    Reaffirmed
                                        capital limits

--------------------------------------------------------------------------------------------
$: 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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