August 14, 2019 / 11:26 AM / 11 days ago

ICRA ratings for Indian debt instruments-Aug 14

    Aug 14 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of August 13, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Harinagar Sugar Mills Ltd               Non-FBL               ICRA A2+     150
Downgraded from ICRA A1
Kothari Metals Ltd                      Non-Fund Based- LOC   ICRA BBBA2+  2640    Reaffirmed
Meghalaya Power Ltd                     Non-FB Fac            ICRA A1+     35      Reaffirmed
Nisiki India Pvt Ltd                    ST Non-FB LOC         ICRA A4      80      Reaffirmed
Orient Exchange And Financial           ST - Non-fund based   ICRA A3      90      Assigned
Reliance Power Ltd                      CP/ ST debt           ICRA D       -       Withdrawn
                                        Programme/ NCD (with
                                        maturity of less than one year)
Issuer Not Cooperating
Services (P) Ltd                        (Proposed)
Shree Polyester Industries Pvt          Non-fund based – LOC  ICRA A4+     25      Reaffirmed
Ltd
Star Cement Meghalaya Ltd               Non-FB Fac            ICRA A1+     100     Reaffirmed
Stefina Ceramic Pvt. Ltd.               Non-fund based – BG   ICRA A4      12.5    Withdrawn
The Andhra Sugars Ltd                   Non-fund              ICRA A1+     1000    Reaffirmed
                                        based-Working Capital
                                        Fac

MEDIUM TERM RATINGS:
-------------------
The Andhra Sugars Ltd                   Fixed Deposits        MAA-         2500    Reaffirmed

LONG TERM RATINGS:
-------------------
Blue Dart Aviation Ltd                  TL                    ICRA AA      750     Reaffirmed
Blue Dart Aviation Ltd                  LT FB Limits          ICRA AA      100     Reaffirmed
Blue Dart Aviation Ltd                  LT/ST Non-FBL         ICRA AA /A1+ 750     Reaffirmed
Blue Dart Express Ltd                   TL                    ICRA AA      750     Reaffirmed
Blue Dart Express Ltd                   NCD (NCD)             ICRA AA      711.8   Reaffirmed
Blue Dart Express Ltd                   LT/ST Fundbased LimitsICRA         300     Reaffirmed
                                                              AA/ICRA A1+
Blue Dart Express Ltd                   LT/ST Non-FBL         ICRA         61.5    Reaffirmed
                                                              AA/ICRA A1+
Daikin Airconditioning India            CC (Proposed)         ICRA AAA     1000
Pvt Ltd
Upgraded from ICRA AA+
Daikin Airconditioning India            Issuer Rating         ICRA AAA     -
Pvt Ltd
Upgraded from ICRA AA+
Dvara Kshetriya Gramin                  Bk Loans              ICRA BBB     2000
Financial Services Pvt Ltd
Upgraded from ICRA BBB-
Dvara Kshetriya Gramin                  Subordinated Debt     ICRA BBB     300
Financial Services Pvt Ltd
Upgraded from ICRA BBB-
Harinagar Sugar Mills Ltd               FB TL                 ICRA A-      1515.2
Downgraded from ICRA A
Harinagar Sugar Mills Ltd               FB Limits             ICRA A-      3100
Downgraded from ICRA A
Intas Pharmaceuticals Ltd               LT / ST, Fundbased /  ICRA         11000   Reaffirmed
                                        Non-FBL Fund based-TL AA/ICRA A1+
International Infrabuild Pvt            NCD (NCD)             ICRA AA-(S)  900     Withdrawn
Ltd
Ireo Hospitality Company Pvt            LT FB limits          ICRA BB-     8633
Ltd
revised from ICRA BB+
Ireo Hospitality Company Pvt            LT non-FBL            ICRA BB-     600
Ltd
revised from ICRA BB+
Kothari Metals Ltd                      Fund Based - CC       ICRA BBB+    -       Reaffirmed
Magnasoft Consulting India Pvt          Fund based- CC        ICRA BB+(SO) 130
Ltd
Downgraded from ICRA BBB+@; removed from watch with negative implications; @ - Under rating
watch with negative implications
Magnasoft Consulting India Pvt          Fund based- TL        ICRA BB+(SO) 20
Ltd
Downgraded from ICRA BBB+@; removed from watch with negative implications; @ - Under rating
watch with negative implications
Meghalaya Power Ltd                     FB – CC               ICRA AA-     280     Reaffirmed
Nanjappa Trust                          LT - Fund Based TL    ICRA BBB-    105
Rating continues to remain under ‘Issuer Not Cooperating’ category
Nanjappa Trust                          LT - Fund Based CC    ICRA BBB-    25
Rating continues to remain under ‘Issuer Not Cooperating’ category
Nanjappa Trust                          LT -Unallocated       ICRA BBB-    220
Rating continues to remain under ‘Issuer Not Cooperating’ category
Nisiki India Pvt Ltd                    LT FB CC              ICRA B+      100     Reaffirmed
Orient Exchange And Financial           LT - Fund based       ICRA BBB-    160     Assigned
Services (P) Ltd                        (Proposed)
Reliance Power Ltd                      LT NCDs (NCD)         ICRA D       7950    Reaffirmed
Issuer Not Cooperating
Reliance Power Ltd                      LT Loans              ICRA D       12000^  Reaffirmed
Issuer Not Cooperating; ^includes ECB of US$ 13 mn
Reliance Power Ltd                      LT - FBL ST – Non-FBL ICRA D       490     Reaffirmed
Issuer Not Cooperating
Reliance Power Ltd                      Non-FBL (B/G and L/C) ICRA D/      2450    Reaffirmed
                                                              ICRA D
Issuer Not Cooperating
Shree Polyester Industries Pvt          Fund based – CC       ICRA BB      123     Reaffirmed
Ltd
Shree Polyester Industries Pvt          Fund based – TL       ICRA BB      79.1    Reaffirmed
Ltd
Shriram Transport Finance Co.           PTC Series A1         ICRA AAA(SO) 4156.6  Assigned
Ltd- Sansar Trust July 2019
Shriram Transport Finance Co.           PTC Series A2         ICRA AAA(SO) 4156.6  Assigned
Ltd- Sansar Trust July 2019
Sri Ramalingeswara Aqua Feeds           FBL                   ICRA B+      60      Reaffirmed
Sri Venkateswara Aqua Culture           FB limits             ICRA B+      120     Reaffirmed
Star Cement Meghalaya Ltd               FB – CC               ICRA AA-     750     Reaffirmed
Stefina Ceramic Pvt. Ltd.               Fund based- CC        ICRA B-      30      Withdrawn
Stefina Ceramic Pvt. Ltd.               Fund based- TL        ICRA B-      41.2    Withdrawn
Stefina Ceramic Pvt. Ltd.               Fund based-           ICRA B-      12.4    Withdrawn
                                        Unallocated Limit
Suvidha Realtors And                    LT - TL               ICRA BB-     155     Assigned
Constructions Pvt Ltd
The Andhra Sugars Ltd                   Fund based- Working   ICRA A+      1400    Reaffirmed
                                        Capital Fac
The Andhra Sugars Ltd                   Unallocated Limits    ICRA A+      100     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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