June 12, 2020 / 10:58 AM / 21 days ago

ICRA ratings for Indian debt instruments-Jun 12

    Jun 12 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of June 11, 2020.

COMPANY                                INSTRUMENT           RATING      AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                 ----------           ------      -----   ---------
SHORT TERM RATINGS:
-------------------
Allahabad Bank                         Certificates of      ICRA A1+    200000 Withdrawn
                                       Deposit Programme
Goan Fresh Marine Exports Pvt Ltd      ST - fundbased       ICRA A4+    300
Delay in receipt of information due to the lockdown amid Covid-19 pandemic
Godrej Properties Ltd                  CP                   ICRA A1+    15000  Outstanding
Kissandhan Agri Financial Services Pvt CP Programme         ICRA A2     150
Ltd
Downgraded to ICRA A2 from ICRA A2+
Muthoot Finance Ltd                    ST FB Bk Fac         ICRA A1+    133380#assigned/
                                                                               outstanding
##Long term and short-term fund based limits include an interchangeable limit of Rs. 7,260
crore; total rated bank facilities stand at Rs. 17,665 crore (including Rs. 2,690.0 crore term
loans and Rs.870 crore credit exposure limit)
Muthoot Finance Ltd                    CP Programme         ICRA A1+    50000  Outstanding
Ram Kripal Singh Construction Pvt. Ltd.ST Non-fund Based(LC)ICRA A2+ @
@Rating placed on watch with Negative implications
Sundaram Industries Pvt Ltd            ST FB sub-limits     ICRA A1+           Reaffirmed
Sundaram Industries Pvt Ltd            ST Non-FBL           ICRA A1+    340    Reaffirmed
Tata Capital Financial Services Ltd    CP                   ICRA A1+    150000 Outstanding
Virgo Aluminium Ltd                    ST/Non-fund Based    ICRA A2     292.5  Reaffirmed /
                                                                               assigned

LONG TERM RATINGS:
-------------------
Chhapra Hajipur Expressways Ltd        TL                   ICRA D      9338.2 Reaffirmed /
                                                                               assigned
Chhapra Hajipur Expressways Ltd        Unallocated Limits   ICRA D      1.7    Reaffirmed /
                                                                               assigned
Gayatri Hi-Tech Hotels Ltd             Fund Based – CC      ICRA D      180    Issuer Not
                                                                               Cooperating
Gayatri Hi-Tech Hotels Ltd             Fund Based – TL      ICRA D      4911   Issuer Not
                                                                               Cooperating
Gayatri Hi-Tech Hotels Ltd             Non Fund Based       ICRA D      268    Issuer Not
                                                                               Cooperating
Gayatri Hi-Tech Hotels Ltd             Unallocated          ICRA D      11     Issuer Not
                                                                               Cooperating
Goan Fresh Marine Exports Pvt Ltd      LT - Fundbased - TL  ICRA BB+    75
                                                            (Negative)
(Delay in receipt of information due to the lockdown amid Covid-19 pandemic)
Godrej Properties Ltd                  LT – FB/CC           ICRA AA     18000  Outstanding
                                                            (Stable)
Godrej Properties Ltd                  LT – Non-FBL         ICRA AA     1000   Outstanding
                                                            (Stable)
Godrej Properties Ltd                  LT/ ST – Proposed    ICRA AA     1000   Outstanding
                                                            (Stable)
Godrej Properties Ltd                  NCD Programme        ICRA AA     5000   Outstanding
                                                            (Stable)
Godrej Properties Ltd                  NCD Programme        ICRA AA     10000  Assigned
                                                            (Stable)
Madurai Tuticorin Expressways Ltd      TL                   ICRA D      5251.2 Reaffirmed /
                                                                               assigned
Muthoot Finance Ltd                    NCD Programme(public ICRA AA     11890.1Outstanding
                                       placement) –         (Stable)
                                       Unallocated
Muthoot Finance Ltd                    NCD Programme(public ICRA AA     76813  Outstanding
                                       placement) – Allocate(Stable)
Muthoot Finance Ltd                    NCD Programme        ICRA AA     21750  Outstanding
                                       (private placement) –(Stable)
                                       Unallocated
Muthoot Finance Ltd                    NCD Programme        ICRA AA     18250  Outstanding
                                       (private placement) –(Stable)
                                       Allocated
Muthoot Finance Ltd                    LT FB Bk Fac         ICRA AA     88970##assigned/
                                                            (Stable)           outstanding
##Long term and short-term fund based limits include an interchangeable limit of Rs. 7,260
crore; total rated bank facilities stand at Rs. 17,665 crore (including Rs. 2,690.0 crore term
loans and Rs.870 crore credit exposure limit)
Muthoot Finance Ltd                    TL                   ICRA AA     26900  assigned/
                                                            (Stable)           outstanding
Muthoot Finance Ltd                    Subordinated         ICRA AA     2738.4 Outstanding
                                       Debenture Programme –(Stable)
                                       Allocated
Muthoot Finance Ltd                    Subordinated         ICRA AA     1895   Outstanding
                                       Debenture            (Stable)
Muthoot Finance Ltd                    Programme –          ICRA AA     105    Assigned
                                       Unallocated          (Stable)
Ram Kripal Singh Construction Pvt. Ltd.FB Limits            ICRA A-@    800^
@Rating placed on watch with Negative implications; ^Interchangeable between fund-based and
non-fund based limits to the extent of Rs. 40.0 crore
Ram Kripal Singh Construction Pvt. Ltd.Non-FBL              ICRA A-@    7700
@Rating placed on watch with Negative implications
S & T Mining Company Pvt Ltd           Non-FBL – BG         ICRA BBB+   50
                                                            (Stable)
ISSUER NOT COOPERATING; Withdrawn
Sai Ram Constructions                  LT - Fund Based      ICRA BB-    60     Assigned
                                                            (Stable)
Sai Ram Constructions                  LT - Non Fund Based  ICRA BB-    133.5  Assigned
                                                            (Stable)
Sai Ram Constructions                  LT- Unallocated      ICRA BB-    56.5   Assigned
                                                            (Stable)
Shree Hari Yarns Pvt Ltd               -                    -
Removed from ‘Issuer not cooperating’ Category
Shriram Transport Finance Co. Ltd-     Assignee Payouts     Provisional 5008   Assigned
Indian Bank Pcg_June 2020                                   ICRA AA (SO)
Shriram Transport Finance Co. Ltd-     PTC Series A1        ICRA AA (SO)2543.6
Sansar Trust July 2019
Downgraded from ICRA AAA(SO)@; @: The symbol implies that the ratings are under Watch with
Negative Implications
Shriram Transport Finance Co. Ltd-     PTC Series A2        ICRA AA (SO)3033.6
Sansar Trust July 2019
Shriram Transport Finance Co. Ltd-     PTC Series A1a       ICRA AA (SO)85.7
Sansar Trust May 2019
Downgraded from ICRA AAA(SO)@; @: The symbol implies that the ratings are under Watch with
Negative Implications
Shriram Transport Finance Co. Ltd-     PTC Series A1b       ICRA AA (SO)685
Sansar Trust May 2019
Downgraded from ICRA AAA(SO)@; @: The symbol implies that the ratings are under Watch with
Negative Implications
Shriram Transport Finance Co. Ltd-     PTC Series A1c       ICRA AA (SO)469.1
Sansar Trust May 2019
Downgraded from ICRA AAA(SO)@; @: The symbol implies that the ratings are under Watch with
Negative Implications
Shriram Transport Finance Co. Ltd-     PTC Series A1d       ICRA AA (SO)436.4
Sansar Trust May 2019
Downgraded from ICRA AAA(SO)@; @: The symbol implies that the ratings are under Watch with
Negative Implications
Shriram Transport Finance Co. Ltd-     PTC Series A2        ICRA AA (SO)2061
Sansar Trust May 2019
Downgraded from ICRA AAA(SO)@; @: The symbol implies that the ratings are under Watch with
Negative Implications
Sundaram Finance Ltd- Shri Trust S 2018PTC Series A         ICRA AAA(SO)810.4  Withdrawn
Sundaram Industries Pvt Ltd            LT FB limits         ICRA AA     492.5  Reaffirmed
                                                            (stable)
Sundaram Industries Pvt Ltd            LT TL                ICRA AA     169.3  Reaffirmed /
                                                            (stable)           assigned
Sundaram Industries Pvt Ltd            LT/ST: Unallocated   ICRA AA     400.7  Reaffirmed /
                                                            (Stable) /         assigned
                                                            ICRA A1+
Tamil Nadu Dindigul Karur Expressways  TL                   ICRA D      1217   Reaffirmed /
Ltd                                                                            assigned
Tata Capital Financial Services Ltd    Perpetual debt       ICRA AA+    10865.5Outstanding
                                       programme            (Stable)
Tata Capital Financial Services Ltd    NCD programme        ICRA AAA    25000  Assigned
                                                            (Stable)
Tata Capital Financial Services Ltd    Retail bonds         ICRA AAA    50000  Outstanding
                                       programme (inlc. NCDs(Stable)
                                       and subordinated debt)
Tata Capital Financial Services Ltd    NCD programme        ICRA AAA    132934.Outstanding
                                                            (Stable)
Tata Capital Financial Services Ltd    Subordinated debt    ICRA AAA    19054.5Outstanding
                                       programme            (Stable)
Tata Capital Financial Services Ltd    LT/ST – Fund based/  ICRA AAA    250000 Outstanding
                                       Non-fund based       (Stable)/
                                                            ICRA A1+
Trichy Thanjavur Expressways Ltd       TL                   ICRA D      2121.3 Reaffirmed /
                                                                               assigned
Virgo Aluminium Ltd                    LT: Fund based       ICRA BBB+   222.5  Reaffirmed /
                                                            (Stable)           assigned
outlook revised from Positive
Virgo Aluminium Ltd                    LT/ Unallocated      ICRA BBB+   35     Reaffirmed /
                                                            (Stable)           assigned
outlook revised from Positive
--------------------------------------------------------------------------------------------
$: 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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