August 23, 2019 / 11:04 AM / 2 months ago

ICRA ratings for Indian debt instruments-Aug 23

    Aug 23 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of August 22, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Bajaj Finance Ltd.                      CP                    ICRA A1+     200000  Reaffirmed
Deepak Nitrite Ltd                      Non-FBL               ICRA A1+     1700    Reaffirmed
Deepak Nitrite Ltd                      CP                    ICRA A1+     2000    Reaffirmed
Icewear Creation                        ST FB limits          ICRA A4      265     Reaffirmed
Satya Microcapital Ltd.                 CP                    ICRA A3      100     outstanding

MEDIUM TERM RATINGS:
-------------------
Bajaj Finance Ltd.                      Fixed Deposit         MAAA         -       Reaffirmed
                                        Programme
 
LONG TERM RATINGS:
-------------------
Asa International India                 PTC Series A2         Provisional  10.3    Confirmed as
Microfinance Ltd                                              ICRA A-(SO)          final
Asa International India                 PTC Series A1         Provisional  205.4   Confirmed as
Microfinance Ltd                                              ICRA A(SO)           final
Asa International India                 PTC Series A1         Provisional  195.2   Confirmed as
Microfinance Ltd                                              ICRA A+(SO)          final
Asa International India                 PTC Series A2         Provisional  7.1     Confirmed as
Microfinance Ltd                                              ICRA                 final
                                                              BBB+(SO)
Bajaj Finance Ltd.                      NCD Programme         ICRA AAA     12900   Reaffirmed
Bajaj Finance Ltd.                      Subordinated Debt     ICRA AAA     12783   Reaffirmed
                                        Programme
Bajaj Finance Ltd.                      NCD Programme Trust   ICRA AAA     -       Withdrawn
                                        Name Trust Name
Deepak Nitrite Ltd                      TL                    ICRA AA-     2770    Upgraded
                                                                                   from ICRA A+
Deepak Nitrite Ltd                      FBL                   ICRA AA-     3000    Upgraded
                                                                                   from ICRA A1+
Deepak Nitrite Ltd                      Fund & Non-FBL        ICRA AA- /   2000    Upgraded
                                        (Interchangeable)     ICRA A1+             from ICRA A+
                                                                                   /ICRA A1+
Icewear Creation                        LT FB -TL             ICRA BB-     13.2    Reaffirmed
Icewear Creation                        LT/ST-Unallocated     ICRA BB- /A4 18.5    Reaffirmed
Imi Abrasives (P) Ltd.                  Bk Fac                ICRA BB+     100
                                                              /ICRA A4+
Reason for delay in carrying out periodic review:- Issuer not cooperating
Max Infra (I) Ltd                       FB Working Capital    ICRA A-      1100    Reaffirmed
                                        Fac
Max Infra (I) Ltd                       Unallocated           ICRA A-      100     Reaffirmed
Max Infra (I) Ltd                       Non-fund Based        ICRA A-/     6750    Reaffirmed
                                        Working Capital Fac   ICRA A2+
Mehta Petro Refineries Ltd              BLR                   ICRA BBB- /  800
                                                              ICRA A3
Reason for delay in carrying out periodic review- Review process is underway
Nandan Saha Steel Pvt Ltd               Bk Fac                ICRA BB /    700
                                                              ICRA A4+
Reason for delay in carrying out periodic review:- Issuer not cooperating
Satya Microcapital Ltd.                 NCD programme         ICRA BBB-    285     Assigned
Satya Microcapital Ltd.                 Tier-II Bonds         ICRA BBB-    250     outstanding
                                        Programme
Satya Microcapital Ltd.                 Bk Lines              ICRA BBB-    3500    outstanding
Satya Microcapital Ltd.                 NCD programme         ICRA BBB-    1140    outstanding
Satya Microcapital Ltd.                 Sub-debt              ICRA BBB-    200     outstanding
Satya Microcapital Ltd.                 LT- Market Linked     PP-MLD ICRA  150     outstanding
                                        Debenture             BBB-
--------------------------------------------------------------------------------------------
$: 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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