August 5, 2019 / 11:32 AM / 3 months ago

ICRA ratings for Indian debt instruments-Aug 5

    Aug 5 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of August 2, 2019.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Caspian Impact Investments Pvt          Fund Based – Working  ICRA A2      200     Reaffirmed
Ltd                                     Capital Fac
Ivalue Infosolutions Pvt Ltd            ST - Fund Based       ICRA A2      200     Upgraded
                                                                                   from ICRA A3+
Ivalue Infosolutions Pvt Ltd            ST - Non-Fund Based   ICRA A2      270     Upgraded
                                                                                   from ICRA A3+
Myoung Shin India Automotive            ST non-fund based     ICRA A3      -       Reaffirmed
Pvt Ltd                                 sublimit Fac
The Shipping Corporation Of             ST Debt Programme     ICRA A1+     10000   Reaffirmed
India Ltd
Zinka Logistics Solutions Pvt           ST FB Fac             ICRA A4+     5220    -
Ltd
Downgraded from ICRA A2+ (SO) for existing limits; rating of ICRA A4+ assigned to enhanced
limits
Zinka Logistics Solutions Pvt           Unallocated           ICRA A4+     4780    -
Ltd
Downgraded from Provisional ICRA A2+ (SO) for existing limits; rating of ICRA A4+ assigned to
enhanced limits

LONG TERM RATINGS:
-------------------
Andhra Expressway Pvt Ltd               Non-fund based        ICRA AA      279.2   outstanding
Andhra Expressway Pvt Ltd               Fund based-TL         ICRA AA      -       Withdrawn
Caspian Impact Investments Pvt          NCD Programme         ICRA BBB     1600    Reaffirmed
Ltd                                                           (Positive)
Caspian Impact Investments Pvt          Fund Based – TL       ICRA BBB     900     Reaffirmed
Ltd                                                           (Positive)
Electronica Finance Ltd                 Egret SBL IFMR        ICRA AA-(SO) 13.8    Upgraded
                                        Capital 2016 PTC                           from ICRA
                                        Series A2                                  BBB+(SO)
Electronica Finance Ltd                 Egret SBL IFMR        ICRA AAA(SO) 306.6   Upgraded
                                        Capital 2016 PTC                           from ICRA
                                        Series A1                                  A+(SO)
Electronica Finance Ltd                 MSE Loan Pool Trust – ICRA AAA(SO) 328.5   Upgraded
                                        X PTC Series A1                            from ICRA
                                                                                   AA-(SO)
Electronica Finance Ltd                 MSE Loan Pool Trust – ICRA AAA(SO) 108.5   Upgraded
                                        XI PTC Series A1                           from ICRA
                                                                                   A+(SO)
Ivalue Infosolutions Pvt Ltd            LT - Fund Based - TL  -            -       -
Ivalue Infosolutions Pvt Ltd            LT - Fund Based - CC  ICRA AAA+    170     Upgraded
                                                                                   from ICRA BBB
Ivalue Infosolutions Pvt Ltd            LT / ST – Unallocated ICRA BBB+ /  320     Upgraded
                                                              ICRA A2              from ICRA
                                                                                   BBB / ICRA
A3+
Kogta Financial India Ltd               A.K. Avighna July     ICRA A+(SO)  100.5   Assigned
                                        2019 PTC Series A1
Myoung Shin India Automotive            FB -TL                ICRA BBB-    1901    Reaffirmed
Pvt Ltd
Myoung Shin India Automotive            LT fund based         ICRA BBB-    34.8    Reaffirmed
Pvt Ltd
Myoung Shin India Automotive            LT fund based         ICRA BBB-    -       Reaffirmed
Pvt Ltd                                 sublimit Fac
Myoung Shin India Automotive            LT unallocated Limits ICRA BBB-    164.2   Reaffirmed
Pvt Ltd
Northern Arc Capital Ltd                Aye Finance Private   ICRA BBB     320     Assigned
                                        Limited (Aye/AFPL)
Northern Arc Capital Ltd                ASA International     ICRA BBB     170     Assigned
                                        India Microfinance
                                        Limited (ASA)
Northern Arc Capital Ltd                Kanakadurga Finance   ICRA BBB-    320     Assigned
                                        Limited (Kanakadurga)
                                        Previously Rated Amount
Northern Arc Capital Ltd                Thirumeni Finance     ICRA BBB+    250     Assigned
                                        Private Limited
                                        (Varthana/TFPL)
Rajahmundry Expressway Pvt Ltd          Non-fund based        ICRA AA      296.2   outstanding
Rajahmundry Expressway Pvt Ltd          Fund based-TL         ICRA AA      -       Withdrawn
Talwalkars Better Value                 NCD                   ICRA C       800     -
Fitness Ltd
Rating downgraded from ICRA B- (Negative) and continues to remain in the ‘Issuer Not
Cooperating’ category
The Shipping Corporation Of             Issuer Rating1        ICRA AA-     -       Reaffirmed
India Ltd
Vayu Urja Bharat Pvt Ltd                TL                    ICRA BBB &   8580    -
placed on watch with developing implications
--------------------------------------------------------------------------------------------
$: 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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