April 2, 2019 / 11:28 AM / in 23 days

ICRA ratings for Indian debt instruments-Apr 2

    Apr 2 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of April 1, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Anantha Pvc Pipes Pvt Ltd               ST – LOC/Non Fund     ICRA A4      70      Assigned
                                        Based
Atibir Industries Co. Ltd               Non-FB Fac            ICRA A3+     2520    Withdrawn
Baroda Asset Management India           Baroda Money          ICRA A1+mfs  -       outstanding
Ltd                                     Market Fund

Baroda Asset Management India           Baroda Ultra Short    ICRA A1+mfs  -       outstanding
Ltd                                     Duration Fund

Baroda Asset Management India           Baroda                ICRA A1+mfs  -       outstanding
Ltd
                                        Liquid Fund
Baroda Asset Management India           Baroda                ICRA A2+mfs  -
Ltd
                                        Treasury Advantage Fund
Rating downgraded from ICRA A1+mfs; and put on notice for withdrawal for 1 month
Brady & Morris Engineering Co.          Non FB - BG           ICRA A4      110     Reaffirmed
Ltd
Brady & Morris Engineering Co.          Non FB - Bill         ICRA A4      10      Reaffirmed
Ltd                                     Discounting
Centrum Financial Services Ltd          CP Programme          Provisional  1000    Assigned
                                                              ICRA A1+(SO)
J.M. Financial & Investment             CP (CP) Programme     ICRA A1+     2000    Reaffirmed
Consultancy Services Pvt Ltd
JM Financial Asset                      CP (CP) Programme     ICRA A1+     15000   Reaffirmed
Reconstruction Co. Ltd
JM Financial Capital Ltd                CP (CP) Programme     ICRA A1+     10000   Reaffirmed
JM Financial Credit Solutions           CP (CP) Programme     ICRA A1+     20000   Reaffirmed
Ltd
JM Financial Home Loans Ltd             CP (CP) Programme     ICRA A1+     500     Reaffirmed
JM Financial Ltd                        ST Bk Lines           ICRA A1+     1000    Reaffirmed
JM Financial Ltd                        CP (CP) Programme     ICRA A1+     20000   Reaffirmed
JM Financial Products Ltd               CP (CP) Programme     ICRA A1+     45000   Reaffirmed
JM Financial Properties And             CP (CP) Programme     ICRA A1+     2500    Reaffirmed
Holdings Ltd
JM Financial Services Ltd               CP (CP) Programme     ICRA A1+     11000   Reaffirmed
K V Aromatics Pvt Ltd                   Fund based ST         ICRA A3      1940    Reaffirmed
K V Aromatics Pvt Ltd                   Non-Fund based ST     ICRA A3      110     Reaffirmed
K V Aromatics Pvt Ltd                   Unallocated-ST        ICRA A3      160     Reaffirmed
K V Aromatics Pvt Ltd                   Fund based ST         ICRA A3      1940    Reaffirmed
K V Aromatics Pvt Ltd                   Non-Fund based ST     ICRA A3      110     Reaffirmed
K V Aromatics Pvt Ltd                   Unallocated-ST        ICRA A3      160     Reaffirmed
Ntpc Ltd                                CP                    ICRA A1+     180000  Reaffirmed
Ntpc Ltd                                Non-fund Based        ICRA A1+     60000   Reaffirmed
                                        Working Capital Fac
Outlook Publishing (India) Pvt          Non-fund based – LOC  ICRA A3      50      Reaffirmed
Ltd
Reliance Asset Reconstruction           ST Bk Lines           ICRA A2@     1000
Co. Ltd
Downgraded from ICRA A1@; @On rating Watch with Negative Implications; Continues to be on Watch
with Negative Implications
Rossell India Ltd                       Non FBL               ICRA A2      25      outstanding
Satya Microcapital Ltd.                 CP                    ICRA A3      50      outstanding
Sterling Automobiles Pvt Ltd            Inventory Funding     ICRA A3      215     Reaffirmed
Sterling Automobiles Pvt Ltd            Non-FBL               ICRA A3      3       Reaffirmed
Taurus Powertronics Pvt Ltd             ST-Non-Fund Based BG/ ICRA A4      -
                                        LOC
Issuer Not Cooperating; Withdrawn
Taurus Powertronics Pvt Ltd             ST- Unallocated       ICRA A4      -
Issuer Not Cooperating; Withdrawn
United Office Systems Pvt Ltd           ST FB^                ICRA A2              Outstanding
^sublimit under cash credit facility
United Office Systems Pvt Ltd           ST Non-fund Based     ICRA A2      60      Outstanding

LONG TERM RATINGS:
-------------------
Anantha Pvc Pipes Pvt Ltd               LT – Fund Based       ICRA B       80      Assigned
Atibir Industries Co. Ltd               FB Fac                ICRA BBB     2180    Withdrawn
Atibir Industries Co. Ltd               Unallocated limits    ICRA BBB     100     Withdrawn
Bharat Bijlee Ltd                       FB Limits             ICRA         2750
                                                              A+/ICRA A1+
Upgraded from ICRA A/ICRA A1
Bharat Bijlee Ltd                       Non-FBL               ICRA         4000
                                                              A+/ICRA A1+
Upgraded from ICRA A/ICRA A1
Brady & Morris Engineering Co.          FB - TL               ICRA BB-     48.8    Reaffirmed
Ltd
Brady & Morris Engineering Co.          FB - CC               ICRA BB-     75      Reaffirmed
Ltd
Brady & Morris Engineering Co.          Unallocated           ICRA         5       Reaffirmed
Ltd                                                           BB-/ICRA A4
Doshi Ceramic Industries                CC                    ICRA D       5
Revised from ICRA B+ Issuer Not Cooperating
Doshi Ceramic Industries                TL                    ICRA D       29.2
Revised from ICRA B+ Issuer Not Cooperating
Doshi Ceramic Industries                BG                    ICRA D       2
Revised from ICRA A4 Issuer Not Cooperating
Doshi Ceramic Industries                Unallocated Limits    ICRA D/D     19.6
Revised from ICRA B+ /A4 Issuer Not Cooperating
Ecgc Ltd                                CPA rating            iAAA         -       Reaffirmed
Five-Star Business Finance Ltd          NCD (NCD)             ICRA A       300     Assigned
Five-Star Business Finance Ltd          NCD                   ICRA A       6000    Assigned
Five-Star Business Finance Ltd          LT FB Bk Fac          ICRA A       1000    outstanding
Five-Star Business Finance Ltd          NCD                   ICRA A       490     outstanding
Fusion Microfinance (Pvt.)              PTC Series A1         Provisional  343     Assigned
Ltd. - Vivriti Ravenclaw 02                                   ICRA A-(SO)
2019
Fusion Microfinance (Pvt.)              PTC Series A2         Provisional  19.1    Assigned
Ltd. - Vivriti Ravenclaw 02                                   ICRA
2019                                                          BBB-(SO)
Gorakhpur Infrastructure                Fund based - TL       ICRA AA      3500    Reaffirmed
Company Pvt Ltd
Gururamdas Knit Fab                     LT FB limits          ICRA B       53      Reaffirmed
Gururamdas Knit Fab                     Unallocated amount    ICRA B/ICRA  25.5    Reaffirmed
                                                              A4
Indian Railway Stations                 TL                    ICRA A       10000   Assigned
Development Corporation Ltd
Indian Railway Stations                 FB/CC                 ICRA A       300     Assigned
Development Corporation Ltd
Jain Agencies                           Bk Fac                ICRA B+      100
Issuer Not Cooperating; moved to Issuer not cooperating category due to non submission of
monthly ‘No Default Statement’ (“NDS”)
JM Financial Asset                      NCD Programme         ICRA AA-     20000   Reaffirmed
Reconstruction Co. Ltd
JM Financial Asset                      LT Bk lines           ICRA AA-     10000   Reaffirmed
Reconstruction Co. Ltd
JM Financial Asset                      LT Market Linked      PP-MLD ICRA  3000    Reaffirmed
Reconstruction Co. Ltd                  Debentures (Principal AA-
                                        Protected)
JM Financial Capital Ltd                NCD Programme         ICRA AA      2000    Reaffirmed
JM Financial Capital Ltd                LT Market Linked      PP-MLD ICRA  2000    Reaffirmed
                                        Debentures (Principal AA
                                        Protected)
JM Financial Credit Solutions           NCD Programme         ICRA AA      50000   Reaffirmed
Ltd
JM Financial Credit Solutions           LT Bk Lines           ICRA AA      35000   Reaffirmed
Ltd
JM Financial Credit Solutions           LT Market Linked      PP-MLD ICRA  3000    Reaffirmed
Ltd                                     Debentures (Principal AA
                                        Protected)
JM Financial Home Loans Ltd             NCD Programme         ICRA AA      1000    Reaffirmed
JM Financial Home Loans Ltd             Bk Lines              ICRA AA      1000    Reaffirmed
JM Financial Home Loans Ltd             LT Market Linked      PP-MLD ICRA  500     Assigned
                                        Debenture (Principal  AA
                                        Protected)
JM Financial Institutional              LT Bk lines           ICRA AA      1000    Reaffirmed
Securities Ltd (Formerly Known
As JM Financial Securities Ltd)
JM Financial Ltd                        NCD Programme         ICRA AA      1000    Reaffirmed
JM Financial Products Ltd               NCD Programme         ICRA AA      5700    Assigned
JM Financial Products Ltd               NCD Programme         ICRA AA      19300   Reaffirmed
JM Financial Products Ltd               NCD Programme (Public ICRA AA      20000   Reaffirmed
                                        Issue)
JM Financial Products Ltd               LT Bk Lines           ICRA AA      15000   Reaffirmed
JM Financial Products Ltd               LT Market Linked      PP-MLD ICRA  4550    Reaffirmed
                                        Debentures (Principal AA
                                        Protected)
JM Financial Properties And             Fund based Bk lines – ICRA AA      1350    outstanding
Holdings Ltd                            TL
JM Financial Services Ltd               LT Bk Lines           ICRA AA      8000    Reaffirmed
K V Aromatics Pvt Ltd                   Fund based LT         ICRA BBB-    80      Reaffirmed
K V Aromatics Pvt Ltd                   TL-LT                 ICRA BBB-    3.8     Reaffirmed
K V Aromatics Pvt Ltd                   Fund based LT         ICRA BBB-    80      Reaffirmed
K V Aromatics Pvt Ltd                   TL-LT                 ICRA BBB-    3.8     Reaffirmed
Madura Micro Finance Ltd -              PTC Series A          Provisional  349.7   Assigned
Northern Arc 2019 Mfi Pierre                                  ICRA A-(SO)
Magma Housing Finance Ltd -             PTC A1                Provisional  632.6   Assigned
Mhfl Securitisation Trust Iii                                 ICRA AA(SO)
Magma Housing Finance Ltd -             PTC A2                Provisional  22.9    Assigned
Mhfl Securitisation Trust Iii                                 ICRA AA(SO)
Magma Housing Finance Ltd -             Second Loss Facility  Provisional  39.3    Assigned
Mhfl Securitisation Trust Iii                                 ICRA
                                                              BBB-(SO)
Ntpc Ltd                                FB TL                 ICRA AAA     650000  Reaffirmed
Ntpc Ltd                                FB Working Capital    ICRA AAA     130000  Reaffirmed
                                        Fac
Ntpc Ltd                                Bonds                 ICRA AAA     409203.3Reaffirmed
Ntpc Ltd                                Bonds                 ICRA AAA     -       Withdrawn
Outlook Publishing (India) Pvt          Fund based - CC       ICRA BBB-    225     Reaffirmed
Ltd
Penguin Trading & Agencies Ltd          Unallocated Fund      ICRA A- /    280
                                        based/ Non- fund      ICRA A2+
                                        based - Limits
Upgraded from ICRA BBB+ / ICRA A2
Performance Chemiserve Pvt Ltd          FB -TL                ICRA A(S)    20440   Assigned
Reliance Asset Reconstruction           LT Debt Programme     ICRA BBB+@   2000
Co. Ltd
Downgraded from ICRA A@; @On rating Watch with Negative Implications; Continues to be on Watch
with Negative Implications
Rossell India Ltd                       Fund Based – TL       ICRA BBB+    585.7
Assigned/ outstanding
Rossell India Ltd                       Fund Based – Working  ICRA BBB+    1350
                                        capital limits
Assigned/ outstanding
Satya Microcapital Ltd.                 NCD                   ICRA BBB-    200     Assigned
Satya Microcapital Ltd.                 Sub-debt              ICRA BBB-    200     Assigned
Satya Microcapital Ltd.                 NCD                   ICRA BBB-    940     outstanding
Satya Microcapital Ltd.                 Bk Lines              ICRA BBB-    3500    outstanding
Satya Microcapital Ltd.                 LT- Market Linked     PP-MLD ICRA  150     outstanding
                                        Debenture             BBB-
Satya Microcapital Ltd. -               PTC Series A          Provisional  88      Assigned
Triumph Series Ii - 2019                                      ICRA A(SO)
Siesta Hospitality Services Ltd         LT- Fund based- TL    ICRA BB+     5.9
Downgraded to ICRA BB+ from ICRA BBB-; outlook revised to Negative from Stable
Siesta Hospitality Services Ltd         LT-Fund based- CC     ICRA BB+     240
Downgraded to ICRA BB+ from ICRA BBB-; outlook revised to Negative from Stable
Siesta Hospitality Services Ltd         LT- Unallocated       ICRA BB+     50
Downgraded to ICRA BB+ from ICRA BBB-; outlook revised to Negative from Stable
Solaire Surya Urja Pvt Ltd              LT - TL               ICRA A+      6500
Upgraded from ICRA A-
Sterling Automobiles Pvt Ltd            TL                    ICRA BBB-    31      Reaffirmed
Sterling Automobiles Pvt Ltd            Unallocated           ICRA BBB-    1       Reaffirmed
                                                              /A3
Surat Goods Transport Pvt Ltd           LT: FB Limit - CC     ICRA A-      630     Reaffirmed
outlook revised to ‘Negative’ from ‘Stable’
Surat Goods Transport Pvt Ltd           LT / ST: Non-FBL - BG ICRA A- /    255     Reaffirmed
                                                              ICRA A2+
outlook revised to ‘Negative’ from ‘Stable’
Taurus Powertronics Pvt Ltd             LT- FB CC             ICRA B+      -
Issuer Not Cooperating; Withdrawn
Thirumeni Finance Pvt Ltd               NCDs                  ICRA BBB+    1509.3  outstanding
Thirumeni Finance Pvt Ltd               Bk Fac                ICRA BBB+    708
Assigned to enhanced limits
United Office Systems Pvt Ltd           LT FB - CC            ICRA BBB+    180
Assigned/ Outstanding
United Office Systems Pvt Ltd           LT FB - TL            ICRA BBB+    43.1    Outstanding
Veepee Cotex Corporation                FB – TL               ICRA B       32.5    Assigned
Veepee Cotex Corporation                FB – CC               ICRA B       27.5    Assigned
Vishala India Commercial                LT Fund Based- TL     ICRA BBB-    815     Reaffirmed
Developers Pvt Ltd                                            (SO)
W. H. Brady & Co. Ltd                   FB - Future Rent      ICRA BB-     21.8    Reaffirmed
                                        Receivable
W. H. Brady & Co. Ltd                   FB - CC               ICRA BB-     23      Reaffirmed
W. H. Brady & Co. Ltd                   Non FB - BG           ICRA BB-     30      Reaffirmed
W. H. Brady & Co. Ltd                   Non FB - LOC          ICRA BB-     5       Reaffirmed
W. H. Brady & Co. Ltd                   Unallocated           ICRA BB-     108.2   Reaffirmed

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