June 8, 2020 / 11:42 AM / a month ago

ICRA ratings for Indian debt instruments-Jun 8

   Jun 8 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of June 5, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Bharti Enterprises (Holding)           CP                   ICRA A1+    10000  Reaffirmed
Pvt Ltd
Bharti Telecom Ltd                     CP                   ICRA A1+    70000  outstanding
Ginza Industries Ltd                   Non-fund based       ICRA A3+    185    Downgraded
                                                                               from ICRA A2
Idfc Asset Management Co. Ltd          IDFC Overnight Fund  ICRA A1+mfs -      Reaffirmed
Idfc Asset Management Co. Ltd          IDFC Cash Fund       ICRA A1+mfs -      Reaffirmed
Idfc Asset Management Co. Ltd          IDFC Ultra ST Fund   ICRA A1+mfs -      Reaffirmed
Kapoor Industries Ltd                  ST FB Bk Fac         ICRA A1+    2387.5 -
(outstanding/Assigned)
Kapoor Industries Ltd                  ST non-fund based Bk ICRA A1+    20     -
                                       Fac
(outstanding/Assigned)
Khanna Industrial Pipes Pvt Ltd        ST - Non-Fund Based  ICRA A4     190    Reaffirmed
Khanna Industrial Pipes Pvt Ltd        ST - Fund Based      ICRA A4     50     Reaffirmed
Merlin Acropolis Projects Pvt          ST –Interchangeable^ ICRA A1     20     -
Ltd.
(Reaffirmed/Assigned. ^ Short term interchange is a sub limit of fund based working capital)
Merlin Projects Ltd                    Unallocated Bk Fac   ICRA A      1080   Reaffirmed
                                                            (Stable)
                                                            and ICRA A1
Rec Ltd                                ST borrowing         ICRA A1+    100000 outstanding
                                       programme FY2021
Rec Ltd                                ST borrowing         ICRA A1+    120000 outstanding
                                       programme FY2020
Systematix Shares And Stocks           ST non-fund based Bk ICRA A3     785    Reaffirmed
(India) Ltd                            lines



LONG TERM RATINGS:
-------------------
Asa International India                Northern Arc 2019 MFI ICRA A(SO)  -     Withdrawn
Microfinance Ltd                       Wurz - PTC Series A1
Asa International India                Northern Arc 2019 MFI ICRA        -     Withdrawn
Microfinance Ltd                       Wurz -PTC Series A2  BBB+(SO)
Clix Capital Services Pvt Ltd          Northern Arc 2020 SBL Provisional 498.5 Final
                                       Duflo - PTC Series A1 ICRA AA-(SO)
Ginza Industries Ltd                   CC                   ICRA BBB    1100   Downgraded
                                                                               from ICRA
                                                                               BBB+
(outlook revised to Negative from (Stable))
Ginza Industries Ltd                   TL                   ICRA BBB    936    Downgraded
                                                                               from ICRA
                                                                               BBB+
(outlook revised to Negative from (Stable))
Hand In Hand India                     Fund Based – TL      ICRA        150    Reaffirmed
                                                            B+(Stable)
Idfc Asset Management Co. Ltd          IDFC Dynamic Bond Fund ICRA AAAmfs -    Reaffirmed
Idfc Asset Management Co. Ltd          IDFC Bond Fund –     ICRA AAAmfs -      Reaffirmed
                                       Income Plan
Idfc Asset Management Co. Ltd          IDFC Money Manager   ICRA AAAmfs -      Reaffirmed
                                       Fund
Idfc Asset Management Co. Ltd          IDFC Bond Fund – ST  ICRA AAAmfs -      Reaffirmed
                                       Plan
Idfc Asset Management Co. Ltd          IDFC Low Duration Fund ICRA AAAmfs -    Reaffirmed
Idfc Asset Management Co. Ltd          IDFC Bond Fund –     ICRA AAAmfs -      Reaffirmed
                                       Medium Term Plan
Idfc Asset Management Co. Ltd          IDFC Bking and PSU   ICRA AAAmfs -      Reaffirmed
                                       Debt Fund
Idfc Asset Management Co. Ltd          IDFC Corporate Bond  ICRA AAAmfs -      Reaffirmed
                                       Fund
K.K. Proteins Pvt Ltd                  Fund based- CC       ICRA BB-    200    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
K.K. Proteins Pvt Ltd                  Unallocated          ICRA BB-    10     -
                                                            (Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Kapoor Industries Ltd                  LT FB Bk Fac         ICRA        1333   -
                                                            A+(Stable)
(outstanding/Assigned)
Kapoor Industries Ltd                  LT non-fund based Bk ICRA        2.5    outstanding
                                       Fac                  A+(Stable)
Karnataka State Road Transport         FB TL                ICRA BBB-   5000   -
Corporation                                                 (Negative)
(Downgraded from ICRA BBB (Negative))
Khanna Industrial Pipes Pvt Ltd        LT - Fund Based TL   ICRA B+     23     -
                                                            (Negative)
(Downgraded from ICRA BB (Negative))
Khanna Industrial Pipes Pvt Ltd        LT - Fund Based CC   ICRA B+     124.5  -
                                                            (Negative)
(Downgraded from ICRA BB (Negative))
Merlin Acropolis Projects Pvt          FB -TL               ICRA        1976.2 -
Ltd.                                                        A(Stable)
(Reaffirmed/Assigned)
Merlin Acropolis Projects Pvt          FB working capital   ICRA        573.8  -
Ltd.                                                        A(Stable)
(Reaffirmed/Assigned)
Merlin Projects Ltd                    FB -TL               ICRA A      250    Reaffirmed
                                                            (Stable)
Merlin Projects Ltd                    FB - Working Capital ICRA A      170    Reaffirmed
                                       Fac                  (Stable)
Rec Ltd                                LT borrowing         ICRA AAA    1000000outstanding
                                       programme FY2021     (Stable)
Rec Ltd                                LT borrowing         ICRA AAA    791500 outstanding
                                       programme FY2020     (Stable)
Rec Ltd                                LT borrowing         ICRA AAA    -      -
                                       programme FY2020     (Stable)
(Reaffirmed and Withdrawn#. 
#Withdrawn as instruments stand fully redeemed basis publicly available information)
Rec Ltd                                LT borrowing         ICRA AAA    1728364outstanding
                                       programmes from      (Stable)
                                       earlier years
Rec Ltd                                LT borrowing         ICRA AAA    -      -
                                       programmes from      (Stable)
                                       earlier years
(Reaffirmed and Withdrawn #. 
#Withdrawn as instruments stand fully redeemed basis publicly available information)
Rec Ltd                                GoI fully serviced   ICRA AAA    150000 outstanding
                                       bonds                (Stable)
Rec Ltd                                LT-Market Linked     PP-MLD ICRA 10000  Assigned
                                       Debenture            AAA (Stable)
Shri Darshana Industries               Fund based- CC       ICRA B+     70     -
                                                            (Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Shri Darshana Industries               Unallocated          ICRA B+     30     -
                                                            (Stable)/
                                                            ICRA A4
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Systematix Shares And Stocks           LT FB Bk lines       ICRA BBB-   215    -
(India) Ltd                                                 (Negative)
(outlook revised to Negative from (Stable))
Tcil Bina Toll Road Ltd                TL                   ICRA BBB-   620    Reaffirmed
                                                            (Negative)
(outlook revised from Stable)
Tcil Lakhnadone Toll Road Ltd          TL                   ICRA BBB-   412    Reaffirmed
                                                            (Negative)
(outlook revised from Stable)
--------------------------------------------------------------------------------------------
$: 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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