August 6, 2019 / 11:18 AM / a month ago

ICRA ratings for Indian debt instruments-Aug 6

    Aug 6 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of August 5, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aquatech Systems Asia Pvt Ltd           ST fund based         ICRA A4+     300     Revised from
                                                                                   ICRA A3+
Aquatech Systems Asia Pvt Ltd           ST fund/non-fund basedICRA A4+     65      Revised from
                                                                                   ICRA A3+
Arene Life Sciences Ltd                 Non-FBL               ICRA A4+     50      -
(Outlook revised to Stable from positive; Rating moved to the ‘Issuer Not Cooperating’ category)
Bharat Financial Inclusion Ltd          CP programme          ICRA A1+     -       Withdrawn
India Infoline Finance Ltd -            PTC Series            Provisional  1000    Confirmed as
Secure Trust July 2019                                        ICRA A1+             Final
Kribhco Fertilizers Ltd                 CP                    ICRA A1+     8000    Reaffirmed
Krishak Bharati Cooperative Ltd         ST Non-FB Fac         ICRA A1+     30000   Reaffirmed
Krishak Bharati Cooperative Ltd         CP                    ICRA A1+     1000    Reaffirmed
Locksmiths Industries Pvt Ltd           Non-fund based – LOC  ICRA A4      52.5    Reaffirmed
Northern Arc Capital Ltd                CP                    ICRA A1+     5000    Reaffirmed
(limit reduced from Rs.800.00 crore to Rs.500.00 crore)
Rahee Track Technologies Pvt            Fund based- Working   ICRA A4+     -       Withdrawn
Ltd                                     Capital Demand Loan #
# sub-limit of cash credit facility
Rahee Track Technologies Pvt            Fund based- Export    ICRA A4+     -       Withdrawn
Ltd                                     Packing
                                        Credit/Packing Credit in Foreign Currency #
# sub-limit of cash credit facility
Rahee Track Technologies Pvt            Fund based - Foreign  ICRA A4+     -       Withdrawn
Ltd                                     Usance Bills
                                        Discounting /Foreign Bills Purchased/Post Shipment
Credit in
                                        Foreign Currency #   
# sub-limit of cash credit facility
Rahee Track Technologies Pvt            Non-fund based - BG   ICRA A4+     355     Withdrawn
Ltd
Rahee Track Technologies Pvt            Non-fund based -      ICRA A4+     -       Withdrawn
Ltd                                     Counter BG (sub-limit
                                        of CC)
Rahee Track Technologies Pvt            Sub-limit: LOC        ICRA A4+     -       Withdrawn
Ltd                                     (sub-limit of BG)
Rahee Track Technologies Pvt            Non-fund based        ICRA A4+     15      Withdrawn
Ltd                                     –Derivative
Rahee Track Technologies Pvt            Non fund based - BG   ICRA A4+     -       Withdrawn
Ltd                                     (sub-limit of CC)
Relaxo Footwears Ltd                    Non-funds-based       ICRA A1+     1200    Reaffirmed
Relaxo Footwears Ltd                    CP                    ICRA A1+     500     Reaffirmed
Sbi Funds Management Pvt Ltd            SBI Magnum Ultra      ICRA A1+mfs  -       Outstanding
                                        Short Duration Fund
Sbi Funds Management Pvt Ltd            SBI Magnum Low        ICRA A1+mfs  -       Outstanding
                                        Duration Fund
Sbi Funds Management Pvt Ltd            SBI Liquid Fund       ICRA A1+mfs  -       Outstanding
Shree Durga Iron And Steel Co.          LOC                   ICRA A4      250     Reaffirmed
Ltd
Smc Power Generation Ltd                Non-fund based        ICRA A2+     100     Reaffirmed
Il&Fs Securities Services Ltd           ST Bk lines           ICRA D       3500    Downgraded
                                                                                   from ICRA A4&
& Under rating Watch with Developing Implications
Tata Motors Finance Ltd                 CP Programme          ICRA A1+     70000   Reaffirmed
Tata Motors Finance Solutions           CP                    ICRA A1+     25000   Reaffirmed
Ltd
Tata Motors Ltd                         CP Programme          ICRA A1+     42000   Reaffirmed
Tata Motors Ltd                         ST Debt Programme     ICRA A1+     8000    Reaffirmed
Tmf Holdings Ltd                        CP Programme          ICRA A1+     25000   Reaffirmed
Xander Finance Pvt Ltd                  CP                    ICRA A1+     3000    Reaffirmed


LONG TERM RATINGS:
-------------------
Aquatech Systems Asia Pvt Ltd           LT/ST Non fund based  ICRA BB+/A4+ 1750    Revised from
                                                                                   ICRA BBB/A3+
Aquatech Systems Asia Pvt Ltd           LT/ST unallocated     ICRA BB+/A4+ 300     Revised from
                                                                                   ICRA BBB/A3+
Arene Life Sciences Ltd                 FBL                   ICRA BB+     90      -
(Outlook revised to Stable from positive; Rating moved to the ‘Issuer Not Cooperating’ category)
Arene Life Sciences Ltd                 Unallocated Limits    ICRA BB+     30      -
(Outlook revised to Stable from positive; Rating moved to the ‘Issuer Not Cooperating’ category)
Bharat Financial Inclusion Ltd          LT/ST borrowing       ICRA A+ /    -       Withdrawn
                                        programme             A1+
Global Autotech Ltd                     Issuer rating         ICRA BBB+    -       Assigned
Greenpack Industries                    LT Fund Based – CC    ICRA BBB-    30      Upgraded
                                                                                   from ICRA BB+
Greenpack Industries                    LT Fund Based TL      ICRA BBB-    60      Upgraded
                                                                                   from ICRA BB+
Khoday India Ltd                        Issuer Rating         ICRA B+      -       Reaffirmed
Km Toll Road Pvt Ltd                    Fund Based – TL       ICRA D       7890    -
(Rating continues to be in ‘Issuer Not Cooperating’ category)
Kribhco Fertilizers Ltd                 LT FB Fac             ICRA AA      2000    Reaffirmed
Krishak Bharati Cooperative Ltd         LT FB Fac             ICRA AA      35000   Reaffirmed
Locksmiths Industries Pvt Ltd           Fund based – CC       ICRA B-      42.5    Reaffirmed
Locksmiths Industries Pvt Ltd           CC**                  ICRA B-/A4   -       Reaffirmed
**Inter-changeability of Rs. 3.00 crore from LC to CC; rated on both scale
Mantra Properties And                   Unallocated Limits –  ICRA BB+     125     Downgraded
Developers Pvt Ltd                      LT                                         from ICRA
                                                                                   BBB-
Northern Arc Capital Ltd                NCD                   ICRA A+      1000    Outstanding
Northern Arc Capital Ltd                Cumulative            ICRA A+      200     Outstanding
                                        non-convertible
                                        compulsorily redeemable PS
Northern Arc Capital Ltd                LT FBL                ICRA A+      20000   Outstanding
Northern Arc Capital Ltd                NCDs                  ICRA A+      13350   Outstanding
Northern Arc Capital Ltd                Subordinated Debt     ICRA A+      825     Outstanding
Prachay Capital Pvt Ltd                 CC Facility           ICRA BB+     125     Downgraded
                                                                                   from ICRA
                                                                                   BBB-
Prachay Capital Pvt Ltd                 TL                    ICRA BB+     125     Downgraded
                                                                                   from ICRA
                                                                                   BBB-
Quality Heightcon Pvt Ltd               FB CC                 ICRA BB      250     Downgraded
                                                                                   from ICRA BB+
Quality Heightcon Pvt Ltd               FB Overdraft          ICRA BB      50      Downgraded
                                                                                   from ICRA BB+
Quality Heightcon Pvt Ltd               Non-fund Based BG     ICRA BB/A4   210     Downgraded
                                                                                   from ICRA
                                                                                   BB+/A4+
Quality Heightcon Pvt Ltd               Unallocated Limit     ICRA BB/A4   177.5   Downgraded
                                                                                   from ICRA
                                                                                   BB+/A4+
Rahee Track Technologies Pvt            FB- TL                ICRA BB+     85      Withdrawn
Ltd
Rahee Track Technologies Pvt            FBL – CC              ICRA BB+     230     Withdrawn
Ltd
Ravi Iron Ltd (Ril)                     LT FBL                ICRA B+      244     Downgraded
                                                                                   from ICRA BB-
Relaxo Footwears Ltd                    TL                    ICRA AA      62      Reaffirmed
Relaxo Footwears Ltd                    CC                    ICRA AA      1400    Reaffirmed
Saisrushti Builders Pvt Ltd             NCD Programme         ICRA D       350     Downgraded
                                                                                   from ICRA BB+
Sbi Funds Management Pvt Ltd            SBI Dynamic Bond Fund ICRA AAAmfs  -       Outstanding
Sbi Funds Management Pvt Ltd            SBI Capital           Provisional  -       Assigned
                                        Protection Oriented   ICRA AAAmfs
                                        Fund Series A Plan 7
Sbi Funds Management Pvt Ltd            SBI Capital           Provisional  -       Assigned
                                        Protection Oriented   ICRA AAAmfs
                                        Fund Series A Plan 8
Shree Durga Iron And Steel Co.          CC^                   ICRA B       -       Reaffirmed
Ltd
^sublimit of letter of credit
Shree Durga Iron And Steel Co.          Unallocated           ICRA B/A4    80      Reaffirmed
Ltd
Smc Power Generation Ltd                Fund based - TL       ICRA BBB+    556.5   Reaffirmed
Smc Power Generation Ltd                Fund based - CC       ICRA BBB+    2100    Reaffirmed
Sri Balaji Educational &                LT, FB                ICRA BB+     90      -
Charitable Public Trust
(Continue to remain in Issuer not Cooperating category)
Sri Balaji Educational &                LT, TL                ICRA BB+     942.1   -
Charitable Public Trust
(Continue to remain in Issuer not Cooperating category)
Sri Balaji Educational &                LT, Non fund Based    ICRA BB+     374.5   -
Charitable Public Trust
(Continue to remain in Issuer not Cooperating category)
Surya Automobiles Pvt Ltd               LT: FB/CC             ICRA B+      40      Withdrawn
(ISSUER NOT COOPERATING)
Surya Automobiles Pvt Ltd               LT: FB/TL             ICRA B+      20      Withdrawn
(ISSUER NOT COOPERATING)
Tata Motors Finance Ltd                 Perpetual Debt        ICRA A       14150   Downgraded
                                        Programme                                  from ICRA A+
Tata Motors Finance Ltd                 NCDs                  ICRA AA-     19580   Downgraded
                                                                                   from ICRA AA
Tata Motors Finance Ltd                 Subordinated Debt     ICRA AA-     23150   Downgraded
                                        Programme                                  from ICRA AA
Tata Motors Finance Ltd                 Bk lines programme    ICRA AA/A1+  276320  Reaffirmed
Tata Motors Finance Solutions           Perpetual Debt        ICRA A       1000    Downgraded
Ltd                                     Programme                                  from ICRA A+
Tata Motors Finance Solutions           Subordinated Debt     ICRA AA-     2000    Downgraded
Ltd                                     Programme                                  from ICRA AA
Tata Motors Ltd                         on-convertible        ICRA AA-     22500   Revised from
                                        Debenture Programme                        ICRA AA
Tata Motors Ltd                         Long-TL               ICRA AA-     10000   Revised from
                                                                                   ICRA AA
Tata Motors Ltd                         LT, FB Fac            ICRA AA-     80000   Revised from
                                                                                   ICRA AA
Tata Motors Ltd                         LT / ST, Non-FB Fac   ICRA AA-/A1+ 60000   Revised from
                                                                                   ICRA AA /
                                                                                   Reaffirmed
Tmf Holdings Ltd                        LT Bk Lines Programme ICRA AA-     3000    Downgraded
                                                                                   from ICRA AA
Tmf Holdings Ltd                        NCD Programme         ICRA AA-     12500   Downgraded
                                                                                   from ICRA AA
Tracks & Towers Infratech Pvt           Fund based – CC       ICRA A-      520     Reaffirmed
Ltd (Ttipl)
Tracks & Towers Infratech Pvt           Non fund based – BG   ICRA A-      3570    Reaffirmed
Ltd (Ttipl)
Tracks & Towers Infratech Pvt           Unallocated Limits    ICRA A-      410     Reaffirmed
Ltd (Ttipl)
Xander Finance Pvt Ltd                  NCD Programme         ICRA A+      3000    Assigned
Xander Finance Pvt Ltd                  NCD Programme         ICRA A+      2000    Reaffirmed
Xander Finance Pvt Ltd                  LT Bk Lines           ICRA A+      5000    Reaffirmed
Xander Finance Pvt Ltd                  LT Borrowing ProgrammeICRA A+      9000    Reaffirmed
Xander Finance Pvt Ltd                  LT Borrowing ProgrammeICRA A+      -       Withdrawn

--------------------------------------------------------------------------------------------
$: 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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