August 2, 2019 / 11:17 AM / 20 days ago

ICRA ratings for Indian debt instruments-Aug 2

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


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Gokul Agro Resources Ltd                Non-fund Based- LC/BG ICRA A3      9302    Reaffirmed
Mohindra Fasteners Ltd                  ST - Non-Fund Based   ICRA A3+     200     Reaffirmed
Nelcast Ltd                             ST FB Limits          ICRA A1+     200     Reaffirmed
Nelcast Ltd                             ST FB sub-limits      ICRA A1+     -       Reaffirmed
Nelcast Ltd                             ST Non-FBL            ICRA A1+     90      Reaffirmed
Nelcast Ltd                             CP Programme (CP)     ICRA A1+     300     Reaffirmed
Oriental Carbon & Chemicals Ltd         Non-FB limits         ICRA A1+     140     outstanding
Sapphire Papers Mill (P) Ltd.           Non-FBL – BG          ICRA A4+     20      Assigned
Sapphire Papers Mill (P) Ltd.           Non-FBL – Forward     ICRA A4+     1.4     Assigned
                                        Contract
Sapphire Papers Mill (P) Ltd.           Non-FBL – LOC^        ICRA A4+     -       Assigned
 ^Letter of Credit is a sub-limit of Cash Credit  
Sharekhan Bnp Paribas                   CP Programme (IPO     ICRA A1+     20000   Assigned
Financial Services Ltd                  Financing)
Sharekhan Bnp Paribas                   CP Programme (IPO     ICRA A1+     -       Withdrawn
Financial Services Ltd                  Financing)
Sharekhan Bnp Paribas                   CP Programme          ICRA A1+     1000    outstanding
Financial Services Ltd
Unique Engineers Pvt Ltd                ST Non-fund based     ICRA A3+     400     Reaffirmed
Venus Home Appliances Pvt Ltd           ST – Non-fund based   ICRA A3+     80      Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Oriental Carbon & Chemicals Ltd         Fixed- Deposit        MAA          50      outstanding
                                        Programme
LONG TERM RATINGS:
-------------------
Dempo Industries Pvt Ltd                FB -TL                ICRA BB      15      Downgraded
                                                                                   from ICRA BB+
Dempo Industries Pvt Ltd                LT - Unallocated      ICRA BB      40      Downgraded
                                                                                   from ICRA BB+
Gokul Agro Resources Ltd                FB- EPC/CC/Others     ICRA BBB-    2000    Reaffirmed
Gokul Agro Resources Ltd                FB-TL                 ICRA BBB-    1055    Reaffirmed
Lulu International Shopping             FB -TL                ICRA BBB+    12800   Assigned
Mall Pvt. Ltd.
Lulu International Shopping             FB - Working Capital  ICRA BBB+    1500    Assigned
Mall Pvt. Ltd.                          Fac
Lulu International Shopping             Unallocated (LT)      ICRA BBB+    4200    Assigned
Mall Pvt. Ltd.
Madura Micro Finance Ltd                Subordinated          ICRA BBB+    500     Reaffirmed
                                        Debentures
Madura Micro Finance Ltd                Long-TL from Bks      ICRA BBB+    3000    Reaffirmed
Madura Micro Finance Ltd                NCDs                  ICRA BBB+    366     Reaffirmed
Mohindra Fasteners Ltd                  LT - Fund Based/ CC   ICRA BBB     190     Reaffirmed
Nelcast Ltd                             LT/ST FB sub-limits   -            -       -
Nelcast Ltd                             LT FB Limits          ICRA A+      1600    Reaffirmed
Nelcast Ltd                             Proposed LT/ST FB     ICRA         110     Reaffirmed
                                        Limits                A+/ICRA A1+
Northern Arc Capital Ltd-Aye            PLI programme – IFMR  ICRA A+(SO)  -       Withdrawn
Finance Pvt Ltd                         CAPITAL PLI I June
                                        2017
Northern Arc Capital Ltd-Fino           PLI programme – IFMR  ICRA A+(SO)  -       Withdrawn
Finance Pvt Ltd                         CAPITAL PLI I June
                                        2017
Northern Arc Capital Ltd-Kogta          PLI programme – IFMR  ICRA A+(SO)  -       Withdrawn
Financial (India) Ltd                   CAPITAL PLI I June
                                        2017
Northern Arc Capital Ltd-Pahal          PLI programme – IFMR  ICRA A+(SO)  -       Withdrawn
Financial Services Pvt Ltd              CAPITAL PLI I June
                                        2017
Northern Arc Capital                    PLI programme – IFMR  ICRA A+(SO)  -       Withdrawn
Ltd-S.M.I.L.E. Microfinance Ltd         CAPITAL PLI I June
                                        2017
Northern Arc Capital Ltd-Saija          PLI programme – IFMR  ICRA A+(SO)  -       Withdrawn
Finance Pvt Ltd                         CAPITAL PLI I June
                                        2017
Northern Arc Capital Ltd-Shri           PLI programme – IFMR  ICRA A+(SO)  -       Withdrawn
Ram Finance Corporation Pvt Ltd         CAPITAL PLI I June
                                        2017
Northern Arc Capital                    PLI programme – IFMR  ICRA A+(SO)  -       Withdrawn
Ltd-Svasti Microfinance Pvt Ltd         CAPITAL PLI I June
                                        2017
Oriental Carbon & Chemicals Ltd         TL                    ICRA AA-     1300    Assigned/
                                                                                   outstanding
Oriental Carbon & Chemicals Ltd         FB limits             ICRA AA- /   800     Assigned/
                                                              ICRA A1+             outstanding
Pardos Lucknow Developers Pvt           LT FBL                Provisional  550     Assigned
Ltd                                                           ICRA BBB(SO)
Pasupati Spinning & Weaving             15% PCDs Amount       ICRA D       117.7
Mills Ltd
(Issuer Not Cooperating)
Poonam Grah Nirman (Pvt) Ltd            FB Limits – CC        ICRA B-      120     Assigned
Poonam Grah Nirman (Pvt) Ltd            Non-FBL – BG          ICRA B- /    47      Assigned
                                                              ICRA A4
Poonam Grah Nirman (Pvt) Ltd            Untied Limits         ICRA B- /    3       Assigned
                                                              ICRA A4
Sankalp Cotton & Oil Industries         FB – TL I             ICRA B       2.9     Withdrawn
(Issuer Not Cooperating)
Sankalp Cotton & Oil Industries         FB – TL II            ICRA B       12      Withdrawn
(Issuer Not Cooperating)
Sankalp Cotton & Oil Industries         FB – CC               ICRA B       50      Withdrawn
(Issuer Not Cooperating)
Sapphire Papers Mill (P) Ltd.           FB Limit – TL         ICRA BB+     300.6   Assigned
Sapphire Papers Mill (P) Ltd.           FB Limit – CC         ICRA BB+     120     Assigned
Spandana Sphoorty Financial             PTC Series A          Provisional  999.9   Assigned
Ltd-Kartikeya 07 2019                                         ICRA A(SO)
Sudhakara Infratech Pvt Ltd             FBL                   ICRA BBB     250     outstanding
Sudhakara Infratech Pvt Ltd             Non-FBL               ICRA BBB     1060    outstanding
Sudhakara Infratech Pvt Ltd             Unallocated limits    ICRA BBB     690     outstanding
                                                              /ICRA A3+            /Assigned
Talwalkars Better Value                 NCD Program           ICRA B-      800     Downgraded
Fitness Ltd                                                                        from ICRA BBB
continues to remain in the ‘Issuer Not Cooperating’ category
Unique Engineers Pvt Ltd                LT FB - CC            ICRA BBB     100     Reaffirmed
V.M. Bakery Products Pvt Ltd            Fund based- TL        ICRA D       54      Revised from
                                                                                   ICRA B-
Rating continues to remain under ‘Issuer Not Cooperating’ category
V.M. Bakery Products Pvt Ltd            Fund based- Working   ICRA D       28      Revised from
                                        Capital                                    ICRA B-
Rating continues to remain under ‘Issuer Not Cooperating’ category
V.M. Bakery Products Pvt Ltd            Unallocated           ICRA D       20      Revised from
                                                                                   ICRA B-
Rating continues to remain under ‘Issuer Not Cooperating’ category 
Venus Home Appliances Pvt Ltd           LT – CC               ICRA BBB     219     Reaffirmed
Venus Home Appliances Pvt Ltd           LT – TL               ICRA BBB     31      Reaffirmed
Vgn Property Developers Pvt Ltd         Issuer Rating         ICRA B-      -       Assigned
--------------------------------------------------------------------------------------------
$: 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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