April 3, 2018 / 11:04 AM / 20 days ago

ICRA ratings for Indian debt instruments-Apr 3

    Apr 3 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of April 2, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aavas Financiers Ltd                    CP                    ICRA A1+     5000    Outstanding
Air India Express Ltd                   Short-TL              ICRA A3      67500   Reaffirmed
Air India Express Ltd                   ST, FB Bk Fac         ICRA A3      71900   Reaffirmed
Baba Jhareswar Multipurpose             Non Fund Based-BG     ICRA A4      15      -
Himghar Pvt Ltd
Rating continues to remain under ‘Issuer Not Cooperating’ category
Baijnath Melaram                        ST, Non-FBL           ICRA A4+     10000   Reaffirmed
Brady Services Pvt Ltd                  BG                    ICRA A4      500     Assigned
Comstar Automotive                      ST non-fund based     ICRA A1+     1200    Reaffirmed
Technologies Pvt Ltd
Comstar Automotive                      ST – sub limit        ICRA A1+     -       Reaffirmed
Technologies Pvt Ltd
Deepak Fertilisers &                    CP                    ICRA A1+     100000  Reaffirmed
Petrochemicals Corporation Ltd
Deepak Fertilisers &                    Non-FBL               ICRA A1+     120000  Reaffirmed
Petrochemicals Corporation Ltd
Dhansar Engineering Co. Pvt Ltd         LOC                   ICRA A2      **      Reaffirmed
**sublimit of bank guarantee limits
Idfc Bank Ltd                           CDs                   ICRA A1+     3000000 Reaffirmed
International Cargo Terminals           FBL                   ICRA A3+     3100    Outstanding
And Rail Infrastructure Pvt Ltd
International Cargo Terminals           Non-FBL               ICRA A3+     1600    Outstanding
And Rail Infrastructure Pvt Ltd
Khudiram Cold Storage Pvt Ltd           Non Fund BasedBG      ICRA A4      10      -
ISSUER NOT COOPERATING
Kothari Petrochemicals Ltd              ST, Non-FBL           ICRA A2+     1500    Reaffirmed
Limitorque India Ltd                    Non-fund based – ST   ICRA A4      210     Reaffirmed
P. Mangatram Jewellers Pvt Ltd          ST fund based         ICRA A4+     1500    Assigned
P. Mangatram Jewellers Pvt Ltd          ST FB (sub-limit)     ICRA A4+     -       Outstanding
Rural Electrification                   ST borrowing          ICRA A1+     70000^  Assigned
Corporation Ltd                         programme FY2019
^ Short-term borrowings are interchangeable with long-term borrowings, subject to the total
borrowings in FY2019 not exceeding Rs. 60,000 crore
Smartchem Technologies Ltd              Non-FBL               ICRA A1+     105000  Reaffirmed
Smartchem Technologies Ltd              CP                    ICRA A1+     100000  Reaffirmed
Sundaram Finance Ltd                    CP                    ICRA A1+     600000  Outstanding
Sundaram Finance Ltd                    Short-TL from Bks     ICRA A1+     100000  Outstanding
Surajbhan Rajkumar Pvt Ltd              LOC                   ICRA A4      3500    Reaffirmed
Vinayak International                   Non-FBL               ICRA A4      1000    -
Reason for delay in carrying out periodic review ? Info and fee not provided
Web Spiders (India) Pvt Ltd             Non Fund Based –LOC   ICRA A4      -       -
                                        (ILC/FLC)#
ISSUER NOT COOPERATING / #sublimit of Term loan

MEDIUM TERM RATINGS:
-------------------
Sundaram Finance Ltd                    Fixed Deposits        MAA          -       Outstanding



LONG TERM RATINGS:
-------------------
Aavas Financiers Ltd                    LT Bk Lines           ICRA A+      124000  Assigned
Aavas Financiers Ltd                    NCD Programme         ICRA A+      35000   Outstanding
Apl Infrastructure Pvt Ltd              Fund based TL         ICRA A       10000   Assigned
Appollo Distilleries Pvt Ltd            LT FBL                ICRA D       7500    -
Reason for delay in carrying out periodic review: - Issuer not cooperating
Aravon Services Pvt Ltd                 LT- FB/CC             ICRA AA-     700     Reaffirmed
Baba Jhareswar Multipurpose             Fund Based – TL       ICRA B       280     -
Himghar Pvt Ltd
Rating continues to remain under ‘Issuer Not Cooperating’ category
Baba Jhareswar Multipurpose             Fund Based – CC       ICRA B       590     -
Himghar Pvt Ltd
Rating continues to remain under ‘Issuer Not Cooperating’ category
Baba Jhareswar Multipurpose             Fund BasedWorking     ICRA B       85      -
Himghar Pvt Ltd                         Capital Loan
Rating continues to remain under ‘Issuer Not Cooperating’ category
Baba Jhareswar Multipurpose             Fund BasesUntied LimitICRA B       30      -
Himghar Pvt Ltd
Rating continues to remain under ‘Issuer Not Cooperating’ category
Baijnath Melaram                        LT, FB Limit^         ICRA BB      -       Reaffirmed
^Sublimit of short-term non-fund based limit
Base Metal Chemicals                    BLR                   ICRA BB/A4+  1188    -
Reason for delay in carrying out periodic review: Issuer Not Cooperating
Bindu Food Processors Pvt Ltd           Fund Based – TL       ICRA C+      135     -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Bindu Food Processors Pvt Ltd           Fund Based – CC       ICRA C+      500     -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Bindu Food Processors Pvt Ltd           Fund BasedWorking     ICRA C+      100     -
                                        Capital Loan
Rating continues to remain under ‘Issuer Not Cooperating’ category
Bindu Food Processors Pvt Ltd           Untied Limits         ICRA C+/A4   65      -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Boi Axa Investment Managers             BOI AXA Capital       ICRA AAAmfs  -       Withdrawn
Pvt Ltd                                 Protection Oriented
                                        Fund - Series 2
Boi Axa Investment Managers             BOI AXA Capital       ICRA AAAmfs  -       Outstanding
Pvt Ltd                                 Protection Oriented
                                        Fund - Series 3
Boi Axa Investment Managers             BOI AXA Capital       ICRA AAAmfs  -       Outstanding
Pvt Ltd                                 Protection Oriented
                                        Fund - Series 4
Boi Axa Investment Managers             BOI AXA Capital       ICRA AAAmfs  -       Outstanding
Pvt Ltd                                 Protection Oriented
                                        Fund - Series 5
Boi Axa Investment Managers             BOI AXA Liquid Fund   ICRA AAAmfs  -       Outstanding
Pvt Ltd
Brady Services Pvt Ltd                  CC                    ICRA B+      225     Assigned
Comstar Automotive                      LT fund based         ICRA AA-     3500    Revised from
Technologies Pvt Ltd                                                               ICRA A+
Deepak Fertilisers &                    TL                    ICRA AA-     43100   Reaffirmed
Petrochemicals Corporation Ltd
Deepak Fertilisers &                    CC                    ICRA AA-     97500   Reaffirmed
Petrochemicals Corporation Ltd
Deepak Fertilisers &                    NCDs                  ICRA AA-     -       Withdrawn
Petrochemicals Corporation Ltd
Dhansar Engineering Co. Pvt Ltd         CC                    ICRA BBB+    5700    Reaffirmed
Dhansar Engineering Co. Pvt Ltd         BG                    ICRA BBB+    11909   Reaffirmed
Dhansar Engineering Co. Pvt Ltd         TL                    ICRA BBB+    9991    Reaffirmed
Dusmer Tools Pvt Ltd                    Bk Fac                ICRA B/A4    600     -
Reason for delay in carrying out periodic review: - Issuer not cooperating
Emmvee Photovoltaic Power Pvt           FB limits             ICRA         5000    Reaffirmed
Ltd                                                           BBB+/ICRA A2
Emmvee Photovoltaic Power Pvt           Non-FBL               ICRA         3000    Reaffirmed
Ltd                                                           BBB+/ICRA A2
Empee Sugars And Chemicals Ltd          Fund based, Non Fund  ICRA D       64100   -
                                        based and unallocated
                                        limits
Reason for delay in carrying out periodic review: - Issuer not cooperating
Gurukrupa Metals                        BLR                   ICRA B-      1000    -
Reason for delay in carrying out periodic review: Issuer Not Cooperating
Hassan City Municipal Council           -                     -            -       No Default
                                                                                   Statement
Idfc Bank Ltd                           NCD Programme         ICRA AAA     100000^ Reaffirmed
^ Rs. 480 crore outstanding, balance yet to be placed 
Idfc Bank Ltd                           NCD Programme*        ICRA AAA     3171130 Reaffirmed
*Non-convertible debentures (NCDs) of IDFC Limited reassigned to IDFC Bank Limited following the
transfer of business with effect from October 1, 2015. 
Idfc Bank Ltd                           NCD Programme*        ICRA AAA     -       Withdrawn
*Non-convertible debentures (NCDs) of IDFC Limited reassigned to IDFC Bank Limited following the
transfer of business with effect from October 1, 2015. 
International Cargo Terminals           TL                    ICRA BBB     10000   Outstanding
And Rail Infrastructure Pvt Ltd
K. S. Fiber                             BLR                   ICRA B/A4    2500    -
Reason for delay in carrying out periodic review: Issuer Not Cooperating
Kautilya Industries Pvt Ltd             LT Fund based CC      ICRA BBB-    500     -
ISSUER NOT CO- OPERATING
Kautilya Industries Pvt Ltd             LT Fund based TL      ICRA BBB-    1850    -
ISSUER NOT CO- OPERATING
Khudiram Cold Storage Pvt Ltd           Fund Based – TL       ICRA B       460     -
ISSUER NOT COOPERATING
Khudiram Cold Storage Pvt Ltd           Fund Based – CC       ICRA B       326     -
ISSUER NOT COOPERATING
Khudiram Cold Storage Pvt Ltd           Fund BasedWorking     ICRA B       204     -
                                        Capital Loan
ISSUER NOT COOPERATING
Kothari Petrochemicals Ltd              LT, TL                ICRA A-      1500    Reaffirmed
Kothari Petrochemicals Ltd              LT, FB Fac            ICRA A-      2500    Reaffirmed
Laxmikant Cotton                        BLR                   ICRA B       620     -
Reason for delay in carrying out periodic review: Issuer Not Cooperating
Limitorque India Ltd                    Fund based - TL – LT  ICRA B       1700    Reaffirmed
Limitorque India Ltd                    Fund based - CC – LT  ICRA B       1190    Reaffirmed
Mangalam Metals & Ores Ltd              Fund Based–CC         ICRA B-      1200    -
ISSUER NOT CO- OPERATING
Mfx Infotech Pvt Ltd                    LT- FB/CC             ICRA AA-     600     Reaffirmed
Moti Industries                         BLR                   ICRA B-      1160    -
Reason for delay in carrying out periodic review: Issuer Not Cooperating
Muthoot Health Care Pvt Ltd             LT – Fund Based/TL    ICRA BBB-    1322    Assigned
Muthoot Health Care Pvt Ltd             LT – Fund Based/CC    ICRA BBB-    250     Assigned
Muthoot M. George Institute Of          LT – Fund Based/TL    ICRA BBB-    6500    Assigned
Technology
P. Mangatram Jewellers Pvt Ltd          LT FB                 ICRA BB+     6650    Outstanding
Pasupati Spinning And Weaving           15% PCDs              ICRA D       1177    -
Mills Pvt Ltd
Issuer delayed in giving information
Puranmal Phoola Devi Memorial           LT FB TL              ICRA BB      1000    -
Trust
-Issuer delayed in giving information Rating rationale last published on ICRA website
Quesscorp Holdings Pte. Ltd             TL                    ICRA AA-     11100   Reaffirmed
R. L. Steels & Energy Ltd               Bk Loan Rating        ICRA D       30000   -
Reason for delay in carrying out periodic review:-Issuer delayed in giving information
Rajshree Sugars And Chemicals           TL, Fund based and    ICRA D       64982   -
Ltd                                     Unallocated Limits
Reason for delay in carrying out periodic review: Issuer Not Cooperating
Rural Electrification                   LT borrowing          ICRA AAA     530000^ Assigned
Corporation Ltd                         programme FY2019
^ Short-term borrowings are interchangeable with long-term borrowings, subject to the total
borrowings in FY2019 not exceeding Rs. 60,000 crore
Rural Electrification                   Overall borrowing     ICRA AAA/A1+ 600000^ Assigned
Corporation Ltd                         programme FY2019
^ Short-term borrowings are interchangeable with long-term borrowings, subject to the total
borrowings in FY2019 not exceeding Rs. 60,000 crore
Rural Electrification                   Rated LT ST           ICRA AAA/A1+ 2843060 Assigned
Corporation Ltd                         borrowings of
                                        previous FYs
Sh Infratech Pvt Ltd                    Non-Fund basedBG      ICRA D       2000    -
ISSUER NOT CO- OPERATING
Sh Infratech Pvt Ltd                    Fund based –CC        ICRA D       100     -
ISSUER NOT CO- OPERATING
Shree Siddheshwari Oil                  CC                    ICRA B+      1600    -
Industries
ISSUER NOT COOPERATING
Shree Siddheshwari Oil                  TL                    ICRA B+      375     -
Industries
ISSUER NOT COOPERATING
Shri Prabhulingeshwar Sugars            Fund based-TL         ICRA B       5627    Reaffirmed
And Chemicals Ltd
Shri Prabhulingeshwar Sugars            Fund based- Working   ICRA B       2890    Reaffirmed
And Chemicals Ltd                       Capital Fac
Shri Prabhulingeshwar Sugars            Unallocated           ICRA B       1483    Reaffirmed
And Chemicals Ltd
Siyaram Metal Udyog Pvt Ltd             BLR                   ICRA B-      3500    -
Reason for delay in carrying out periodic review: Issuer Not Cooperating
Smartchem Technologies Ltd              TL                    ICRA AA-     55000   Reaffirmed
Smartchem Technologies Ltd              FBL                   ICRA AA-     90000   Reaffirmed
Sundaram Finance Ltd                    Long-TL from Bks      ICRA AAA     162500  Assigned /
                                                                                   Outstanding
Sundaram Finance Ltd                    FBL from Bks          ICRA AAA     225000  Outstanding
Sundaram Finance Ltd                    Non-FBL from Bks      ICRA AAA     808     Outstanding
Sundaram Finance Ltd                    NCDs#                 ICRA AAA     667900  Outstanding
# NCDs outstanding as on March 13, 2018
Sundaram Finance Ltd                    Subordinated          ICRA AAA     175710  Outstanding
                                        Debentures
Surajbhan Rajkumar Pvt Ltd              CC                    ICRA B+      -       -
Downgraded from ICRA BB(Stable) / ICRA A4
Suryoday Energy Pvt Ltd                 TL                    ICRA BBB     20550   Reaffirmed
Thyssenkrupp Industries India           LT Fund Based/CC      ICRA AA      9550    Reaffirmed
Pvt Ltd
Thyssenkrupp Industries India           LT Non Fund Based     ICRA AA      216500  Reaffirmed
Pvt Ltd
Transmission Corporation Of             Bond Programme        ICRA D       97500   Assigned
Andhra Pradesh Ltd
Trident Sugars Ltd                      LT FBL                ICRA C       4195    -
ISSUER NOT COOPERATING
Tusha Textiles (Mumbai) Pvt Ltd         FB-Packing Credit/    ICRA BB+     1000    Reaffirmed
                                        Post Shipment Credit
Tusha Textiles (Mumbai) Pvt Ltd         FB-Standby Line of    ICRA BB+     200     Reaffirmed
                                        Credit
Tusha Textiles (Mumbai) Pvt Ltd         Non-Fund based-LOC    ICRA BB+     -       Reaffirmed
Tusha Textiles (Mumbai) Pvt Ltd         Unallocated Limit     ICRA BB+     20*     Reaffirmed
*sub-limit of Packing Credit
Universal Mine Developers And           TL                    ICRA A       15600   Reaffirmed
Service Providers Pvt. Ltd
Universal Mine Developers And           CC                    ICRA A       600     Reaffirmed
Service Providers Pvt. Ltd
Vinayak International                   FBL                   ICRA B+      2000    -
Reason for delay in carrying out periodic review ? Info and fee not provided
Vlcc Personal Care Ltd                  LT FB Bk Fac: CC      ICRA A-      5500    Assigned /
                                                                                   Outstanding
Vlcc Personal Care Ltd                  LT FB Bk Fac: TL      ICRA A-      1000    Assigned
Web Spiders (India) Pvt Ltd             Fund Based – TL       ICRA B+      1500
ISSUER NOT COOPERATING
--------------------------------------------------------------------------------------------
$: 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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