December 17, 2019 / 11:02 AM / a month ago

ICRA ratings for Indian debt instruments-Dec 17

    Dec 17 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of December 16, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Capstone Ceramic (India) Llp            Non FB – BG           ICRA A4      12.1    -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Colorant Ltd - Capstone                 Non-fund Based LOC    ICRA A4      20      -
Ceramic (India) Llp
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Fullerton India Credit Co. Ltd          CP programme          ICRA A1+     45000   Outstanding
Fullerton India Credit Co. Ltd          ST debt programme     ICRA A1+     10000   Outstanding
Hanuman Agro Products                   ST-Fund Based         ICRA A4      17.5    -
(Continues to remain under the ‘Issuer Not Cooperating’ category)
J.K Transformers                        ST non fund based     ICRA A4      30      -
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Kailash Trading Corporation             ST – FB Fac           ICRA A4      1.3     -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Kailash Trading Corporation             ST – Non FB Fac       ICRA A4      61      -
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Kakinada Seaports Ltd                   ST, non-FB Fac        ICRA A1      1250    Reaffirmed
Kansara Forge & Wires Pvt Ltd           ST nonfund based      ICRA A4      20      -
(Continues to remain under the ‘Issuer Not Cooperating’ category on information)
Shapoorji Pallonji                      CP                    ICRA A2      -       -
Infrastructure Capital Company
Pvt Ltd
(Downgraded from ICRA A2+ and withdrawn)
Shapoorji Pallonji                      Fund based – ST Loan  ICRA A2      1350    Downgraded
Infrastructure Capital Company                                                     from ICRA A2+
Pvt Ltd

LONG TERM RATINGS:
-------------------
Asa International India                 NCD Programme         ICRA         3135.4  Reaffirmed
Microfinance Ltd                                              BBB(Stable)
Asa International India                 TL                    ICRA         8000    Reaffirmed
Microfinance Ltd                                              BBB(Stable)
Asianlak Health Foods Ltd               -                     -            -       -
(Due to non submission of monthly ‘No Default Statement’ (“NDS”) by the entity)
Capstone Ceramic (India) Llp            FB – CC               ICRA B+      30      -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Capstone Ceramic (India) Llp            FB – TL               ICRA B+      70.5    -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Colorant Ltd - Capstone                 FB – CC               ICRA BB-     90      -
Ceramic (India) Llp                                           (Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Colorant Ltd - Capstone                 FB – TL               ICRA BB-     5.5     -
Ceramic (India) Llp                                           (Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Eagle Extrusion Pvt Ltd                 -                     -            -       -
(Due to non submission of monthly ‘No Default Statement’ (“NDS”) by the entity)
Ekam Agro Pvt Ltd                       LT - Fund Based/ CC   ICRA         40      -
                                                              B+(Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Ekam Agro Pvt Ltd                       LT - Fund Based TL    ICRA         110     -
                                                              B+(Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Ekam Agro Pvt Ltd                       LT / ST - Unallocated ICRA         30      -
                                                              B+(Stable)
                                                              / A4
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Fullerton India Credit Co. Ltd          NCD programme         ICRA         50000   Assigned
                                                              AAA(stable)
Fullerton India Credit Co. Ltd          Retail NCD programme  ICRA         20000   Outstanding
                                                              AAA(stable)
Fullerton India Credit Co. Ltd          LT Bk lines           ICRA         80000   Outstanding
                                                              AAA(stable)
Fullerton India Credit Co. Ltd          Issuer Rating         ICRA         -       Outstanding
                                                              AAA(stable)
Fullerton India Credit Co. Ltd          NCD programme         ICRA         34640   Outstanding
                                                              AAA(stable)
Fullerton India Credit Co. Ltd          Subordinated debt     ICRA         8880    Outstanding
                                        programme             AAA(stable)
Hanuman Agro Products                   LT fund based (CC     ICRA B       40      -
                                        Limit)                (Stable)
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Hanuman Agro Products                   LT fund based (TL)    ICRA B       5       -
                                                              (Stable)
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Hanuman Agro Products                   Unallocated           ICRA B       17.5    -
                                                              (Stable) /
                                                              A4
(Continues to remain under the ‘Issuer Not Cooperating’ category)
J.K Transformers                        LT fund based (CC     ICRA B       30      -
                                        Limit)                (Stable)
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Jineshwar Malleable & Alloys            LT – Fund Based – CC  ICRA         40      -
                                                              B+(Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Jineshwar Malleable & Alloys            LT – Fund Based – TL  ICRA         20      -
                                                              B+(Stable)
(Rating downgraded from ICRA BB- (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Jineshwar Malleable & Alloys            LT/ ST – Unallocated  ICRA         5       -
                                                              B+(Stable)
                                                              / A4
(Long term rating downgraded from ICRA BB- (Stable); Ratings continues to remain under ‘Issuer
Not Cooperating’ category)
Kailash Trading Corporation             LT – CC               ICRA B       40      -
                                                              (Stable)
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Kailash Trading Corporation             LT – TL               ICRA B       2.7     -
                                                              (Stable)
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Kailash Trading Corporation             LT/ ST - Unallocated  ICRA B       45      -
                                                              (Stable)/ A4
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Kakinada Seaports Ltd                   LT TL                 ICRA A       2817.6  Reaffirmed
                                                              (Stable)
Kakinada Seaports Ltd                   LT FB Fac             ICRA A       500     Reaffirmed
                                                              (Stable)
Kakinada Seaports Ltd                   LT unallocated        ICRA A       857     Reaffirmed
                                                              (Stable)
Kansara Forge & Wires Pvt Ltd           LT fund based (CC     ICRA         25      -
                                        Limit)                B+(Stable)
(Continues to remain under the ‘Issuer Not Cooperating’ category on information)
Kansara Forge & Wires Pvt Ltd           LT fund based (TL)    ICRA         35      -
                                                              B+(Stable)
(Continues to remain under the ‘Issuer Not Cooperating’ category on information)
Karvy Financial Services Ltd            LT Bk Lines (Basel II)ICRA B-      1743.6  Downgraded
                                                              (negative)           from ICRA
                                                                                   BBB(Stable)
Karvy Financial Services Ltd            Sub Debt Programme    ICRA B-      300     Downgraded
                                                              (negative)           from ICRA
                                                                                   BBB(Stable)
Lapp India Pvt Ltd                      FB/Non-fund based -   ICRA         700     Reaffirmed
                                        Working Capital Fac   A-(Stable)
                                                              / ICRA A2+
Lapp India Pvt Ltd                      Unallocated Limits    ICRA         20      Reaffirmed
                                                              A-(Stable)
                                                              / ICRA A2+
Mac-Chem Products (India) Pvt           -                     -            -       -
Ltd
(Due to non submission of monthly ‘No Default Statement’ (“NDS”) by the entity)
Magma Fincorp Ltd                       TL (Bk)               ICRA AA-     20566.7 Reaffirmed
                                                              (Negative)
(Outlook revised to Negative from Stable)
Magma Fincorp Ltd                       NCD Programme         ICRA AA-     3350    Reaffirmed
                                                              (Negative)
(Outlook revised to Negative from Stable)
Magma Housing Finance Ltd               TL (Bk)               ICRA AA-     11221.1 Reaffirmed
                                                              (Negative)
(Outlook revised to Negative from Stable)
Magma Housing Finance Ltd               NCD Programme         ICRA AA-     500     Reaffirmed
                                                              (Negative)
(Outlook revised to Negative from Stable)
Maruti Ginning And Pressing             -                     -            -       -
Industries
(Due to non submission of monthly ‘No Default Statement’ (“NDS”) by the entity)
Mewad Polymers Pvt Ltd                  LT - Fund Based/ CC   ICRA         60      Downgraded
                                                              B+(Stable)           from ICRA
                                                                                   BB-(Stable)
(Continues to remain under the ‘Issuer Not Cooperating’ category on information)
Mewad Polymers Pvt Ltd                  LT - Fund Based TL    ICRA         40      Downgraded
                                                              B+(Stable)           from ICRA
                                                                                   BB-(Stable)
(Continues to remain under the ‘Issuer Not Cooperating’ category on information)
Pahal Financial Services Pvt.           PTC Series A2         ICRA A-(SO)  8.6     Confirmed as
Ltd - Northern Arc 2019 Mfi                                                        final
Sachs
Pahal Financial Services Pvt.           PTC Series A1         ICRA A+(SO)  120     Confirmed as
Ltd - Northern Arc 2019 Mfi                                                        final
Sachs
Peninsula Land Ltd                      -                     -            -       -
(Due to non submission of monthly ‘No Default Statement’ (“NDS”) by the entity)
Prompt Terminals Pvt Ltd                LT fund based – CC    ICRA B+      15      Withdrawn
                                                              (Stable)
(Issuer not Cooperating)
Prompt Terminals Pvt Ltd                LT fund based – TL    ICRA B+      185     Withdrawn
                                                              (Stable)
(Issuer not Cooperating)
Sh Protein Foods Pvt Ltd                Fund based – CC       ICRA BBB+    56      Withdrawn
                                                              (CE)
                                                              (Positive)
Sh Protein Foods Pvt Ltd                FB –TL                ICRA BBB+    135.5   Withdrawn
                                                              (CE)
                                                              (Positive)
Shapoorji Pallonji                      Non-FBL               ICRA A(CE)   5000    -
Infrastructure Capital Company
Pvt Ltd
(Downgraded from ICRA A+(CE), rating removed from watch with developing implications and
‘Negative’ outlook assigned)
Shapoorji Pallonji                      Non-FBL               ICRA A+(CE)  4620    -
Infrastructure Capital Company
Pvt Ltd
(Downgraded from ICRA AA- (CE), rating removed from watch with developing implications and
‘Negative’ outlook assigned)
Shapoorji Pallonji                      Fund based-TL         ICRA BBB+    9150    -
Infrastructure Capital Company
Pvt Ltd
(Downgraded from ICRA A-, rating removed from watch with developing implications and ‘Negative’
outlook assigned)
Shapoorji Pallonji                      FBL (sub-limit of     ICRA BBB+/A2 -       -
Infrastructure Capital Company          non-FBL)
Pvt Ltd
(Long-term rating: ICRA BBB+; downgraded from ICRA A-, rating removed from watch with developing
implications and ‘Negative’ outlook assigned; Short-term rating: ICRA A2; downgraded from ICRA
A2+)
Shapoorji Pallonji                      Non-FBL               ICRA BBB+/A2 21250   -
Infrastructure Capital Company
Pvt Ltd
(Downgraded from ICRA A-, rating removed from watch with developing implications and ‘Negative’
outlook assigned; Short-term rating: ICRA A2; downgraded from ICRA A2+)
Shorapur Solar Power Ltd                LT - TL               ICRA         383.6   Downgraded
                                                              BB+(Stable)          from ICRA
                                                                                   BBB-(Stable)
Shorapur Solar Power Ltd                LT – Unallocated      ICRA         66.4    Downgraded
                                        limits                BB+(Stable)          from ICRA
                                                                                   BBB-(Stable)
Sitaram India Ltd                       -                     -            -       -
(Due to non submission of monthly ‘No Default Statement’ (“NDS”) by the entity)
Stelis Biopharma Pvt. Ltd               Fund Based – TL       ICRA A (CE)  3800    Downgraded
                                                              (Stable)             from ICRA A+
                                                                                   (SO)
(Rating removed from Watch with Developing Implications; Stable outlook assigned)
Uniflex Industries Pvt Ltd              -                     -            -       -
(Due to non submission of monthly ‘No Default Statement’ (“NDS”) by the entity)
Urbanedge Hotels Pvt Ltd                FB -TL                ICRA C+      1120    Reaffirmed
Vihaan Boards Pvt Ltd                   -                     -            -       -
(Due to non submission of monthly ‘No Default Statement’ (“NDS”) by the entity)
Woolways (India) Ltd                    Long/ST Fund based    ICRA D/D     100     -
(Continues to remain under the ‘Issuer Not Cooperating’ category)
--------------------------------------------------------------------------------------------
$: 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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