December 5, 2018 / 11:12 AM / 2 months ago

ICRA ratings for Indian debt instruments-Dec 5

    Dec 5 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of December 4, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Dewan Housing Finance                   CP Programme          ICRA A1+     80000   outstanding
Corporation Ltd (Dhfl)
Indigo Jewellery (India)                ST FB limit           ICRA A2      250     Reaffirmed
Mangalore Ganesh Beedi Works            ST Non-Fund Based     -            0       -
Manufacturing Pvt Ltd
Indigo Jewellery (India)                ST unallocated amount ICRA A2      100     Reaffirmed
Manufacturing Pvt Ltd
Indigo Jewellery (India)                ST interchangeable    ICRA A2      0       Reaffirmed
Manufacturing Pvt Ltd
Mangalore Ganesh Beedi Works            ST Interchangeable    ICRA A1      -       Revised from
                                                                                   ICRA A1+
Marvel Vinyls Ltd                       ST Non-fund Based     ICRA A4+     310     outstanding
Muthoot Finance Ltd                     CP Programme          ICRA A1+     50000*  Reaffirmed
* Commercial paper programme enhanced to Rs. 5,000 crore from Rs. 4,000 crore
Muthoot Finance Ltd                     ST FB Bk Fac          ICRA A1+     131530# Reaffirmed
# Long-term and short-term fund-based bank limits include an interchangeable limit of Rs.
9,200.00 crore; the total rated bank facilities stand at Rs. 14,115.00 crore (including Rs.
200.0-crore term loans)
Padma Polymers                          Non – fund based – LOCICRA A4      60      Assigned
Page Industries Ltd                     ST non-fund based     ICRA A1+     800     Reaffirmed
Radiant Organics Pvt Ltd                ST Non-FB BG          ICRA A4      3       Reaffirmed
Radiant Plastruders (I) Pvt Ltd         ST FB                 ICRA A4      10      Reaffirmed

LONG TERM RATINGS:
-------------------
Ananda Aqua Exports Pvt Ltd             LT- Fund Based        ICRA BB+     500     Reaffirmed
Ananda Aqua Exports Pvt Ltd             LT- Unallocated       ICRA BB+     600     Reaffirmed
Annapurna Trading Company               FB – CC               ICRA D       80      Downgraded
                                                                                   from ICRA B
Annapurna Trading Company               FB – CC against       ICRA D/      20      Downgraded
                                        pledge of warehouse   ICRA D               from ICRA
                                        receipts                                   B/ICRA A4
Asa International India                 PTC Series A1         Provisional  128.9   Assigned
Microfinance Ltd-Northern Arc                                 ICRA A-(SO)
2018 Mfi Felix
Asa International India                 PTC Series A2         Provisional  1.4     Assigned
Microfinance Ltd-Northern Arc                                 ICRA
2018 Mfi Felix                                                BBB+(SO)
Ceejay Finance Ltd                      LT fund based-Bk LinesICRA BB+     150
Rating continues to remain in the ‘(Issuer Not Cooperating)’ category
Global Infra Fzco                       LOC                   ICRA A(SO)&  850
&placed under rating watch with developing implications
Indigo Jewellery (India)                LT FB limit           ICRA BBB+    250     Reaffirmed
Manufacturing Pvt Ltd
Mangalore Ganesh Beedi Works            LT FB- Working        ICRA A       600     Revised from
                                        Capital Fac                                ICRA A+ -
Marvel Vinyls Ltd                       LT FB CC              ICRA BB+     320     outstanding
Marvel Vinyls Ltd                       LT FB TL              ICRA BB+     50      Assigned
                                                                                   /outstanding
Muthoot Finance Ltd                     NCD Programme         ICRA AA      15250   Reaffirmed
                                        (private
                                        placement)-unallocated
Muthoot Finance Ltd                     NCD Programme         ICRA AA      4750    Reaffirmed
                                        (private
                                        placement)-allocated
Muthoot Finance Ltd                     NCD Programme (public ICRA AA      65276.4 Reaffirmed
                                        placement)-allocated
Muthoot Finance Ltd                     NCD Programme (public ICRA AA      3056.7  Withdrawn
                                        placement)-allocated
Muthoot Finance Ltd                     LT FB Bk Fac          ICRA AA      99620#  Reaffirmed
# Long-term and short-term fund-based bank limits include an interchangeable limit of Rs.
9,200.00 crore; the total rated bank facilities stand at Rs.14,115.00 crore (including Rs.
200.0-crore term loans)
Muthoot Finance Ltd                     TL                    ICRA AA      2000    Reaffirmed
Muthoot Finance Ltd                     Subordinated          ICRA AA      5513.6  Reaffirmed
                                        Debenture Programme
Navkar Lifesciences                     Fund based            ICRA D       267.5   Downgraded
                                                                                   from ICRA BB-
(Issuer Not Cooperating)
New Asian Infrastructure                Fund Based - TL       ICRA D       261.3   Downgraded
Development Pvt Ltd                                                                from ICRA B
New Asian Infrastructure                Unallocated Limits    ICRA D       33.7    Downgraded
Development Pvt Ltd                                                                from ICRA B
Padma Polymers                          FB – CC               ICRA B+      80      Assigned
Padma Polymers                          Unallocated Limits    ICRA B+      10      Assigned
                                                              /ICRA A4
Page Industries Ltd                     LT FB                 ICRA AA      2400    Reaffirmed
Radiant Organics Pvt Ltd                LT FB CC              ICRA BB      70      Reaffirmed
Radiant Plastruders (I) Pvt Ltd         LT FB CC              ICRA BB-     40      Upgraded
                                                                                   from ICRA B+
Radiant Plastruders (I) Pvt Ltd         LT Unallocated        ICRA BB-     14.4    Upgraded
                                                                                   from ICRA B+
Reliance Industrial Consortium          Bk Fac                ICRA B-      105
Ltd
(Issuer Not Cooperating)
Shapoorji Pallonji Solar                TL                    ICRA A (SO)& 2500
Holdings Pvt Ltd
&placed under rating watch with developing implications
The Mahatma Gandhi Sahakara             LT - Fund Based/ CC   ICRA C+      150     Reaffirmed
Sakkare Karkhane
The Mahatma Gandhi Sahakara             LT - Unallocated      ICRA C+      200     Reaffirmed
Sakkare Karkhane
Universal Mine Developers And           TL                    ICRA A (SO)& 1560
Service Providers Pvt. Ltd
&placed under rating watch with developing implications
Universal Mine Developers And           CC                    ICRA A (SO)& 60
Service Providers Pvt. Ltd
&placed under rating 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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