December 7, 2018 / 11:11 AM / 7 months ago

RPT-ICRA ratings for Indian debt instruments-Dec 7

 (Repeating to add more ratings)
    Dec 7 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of December 6, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Ashoka Poly Laminators Ltd              ShortTerm–Non Fund    ICRA A4      5       Reaffirmed
                                        Based
(Removed from ‘Issuer Not Co-operating’ category)
Bal Pharma Ltd                          ST -Non-FB Fac        ICRA A3+     300     Reaffirmed
Bharti Airtel Ltd                       CP                    ICRA A1+     100000  Assigned /
                                                                                   Outstanding
Bharti Airtel Ltd                       Working Capital       ICRA A1+     2500    Outstanding
                                        Limits (rated on ST
                                        scale)
Credit Suisse Finance                   CP                    ICRA A1+     6000    Assigned
(India)Pvt Ltd
Dalmia Cement (Bharat)Ltd               Non-fund Based        ICRA A1+     6750    Outstanding
                                        Working Capital Fac
Dalmia Cement (Bharat)Ltd               CP                    ICRA A1+2    12000   Assigned
General Polytex Pvt. Ltd                BG                    ICRA A4      23      Withdrawn
(ISSUER NOT COOPERATING)
Indag Rubber Ltd                        Non-Fund based /BG    ICRA A1      450     Revised from
                                                                                   ICRA A1+
Indag Rubber Ltd                        Unallocated           ICRA A1      20      Revised from
                                                                                   ICRA A1+
Maheswari Mining & Energy Pvt.          Non-FB Limits         ICRA A3      37      Revised from
Ltd.                                                                               ICRA A4+
Motherson Sumi Infotech &               Standby Line of CreditICRA A1      20      Reaffirmed
Designs Ltd
Motherson Sumi Infotech &               Non-FB Fac            ICRA A1      40      Reaffirmed
Designs Ltd
Mpp Technologies Pvt Ltd                ST -Non-FBL           ICRA A2      175.7   Reaffirmed
Northern Arc Capital Ltd                CP                    ICRA A1+     8000    Outstanding
Power Finance Corporation Ltd.          ST borrowing          ICRA A1+     200000^ Assigned
                                        programme FY2019
^Short-term borrowings are interchangeable with long-term borrowings, subject to the total
borrowings in FY2019 not exceeding Rs. 82,000 crore
Pricol Engineering Industries           ST non-fund Based     ICRA A4+     75      Reaffirmed
Ltd
Remsons Industries Ltd                  ST: NFBL              ICRA A3      7       Upgraded
                                                                                   from ICRA A4+
Sarju Vitrified Pvt. Ltd                Non-FBL               ICRA A4      40.3    -
(Rating moved to ‘Issuer Not Cooperating’ category)
Sms Envocare Ltd                        Non-FB –BG            ICRA A4      5       Withdrawn
Steer Engineering Pvt Ltd               Non FB                ICRA A3+     250     Reaffirmed
Tgs Investment And Trade Pvt            CP Programme          ICRA A1+&    10500   -
Ltd
(& placed on watch with developing implication)
Trapti Trading And Investments          CP Programme          ICRA A1+&    17500   -
Pvt Ltd
(Rating placed on watch with developing implication)
Ttp Technologies Pvt Ltd                ST Non-FB Fac         ICRA A1      125     Reaffirmed


MEDIUM TERM RATINGS:
-------------------
Power Finance Corporation Ltd.          Fixed deposit         MAA          -       Outstanding
                                        programme



LONG TERM RATINGS:
-------------------
Amrita Developers (Indore) Pvt          LT: Fund Based/CC     ICRA BB-     147.5   Reaffirmed
Ltd
Ashoka Ankleshwar Manubar               Fund based-TL         ICRA A-      6000*   Assigned
Expressway Pvtltd
*Includes bank guarantee sub-limit of Rs.188 crore
Ashoka Poly Laminators Ltd              LT–Fund Based         ICRA BB-     151.6   Reaffirmed
(Removed from ‘Issuer Not Co-operating’ category)
Ashoka Poly Laminators Ltd              LT–Unallocated        ICRA BB-     35.3    Reaffirmed
(Removed from ‘Issuer Not Co-operating’ category)
Bal Pharma Ltd                          LT-FB Fac             ICRA BBB     500     Reaffirmed
Bal Pharma Ltd                          LT-TL                 ICRA BBB     150.2   Reaffirmed
Bharti Airtel Ltd                       TL                    ICRA AA+     46000   Outstanding
Bharti Airtel Ltd                       Working Capital       ICRA AA+     22500   Outstanding
                                        Limits (rated on LT
                                        scale)
Bindu Recepies Pvt Ltd                  LT-NCD                ICRA BB      200     Outstanding
Bindu Recepies Pvt Ltd                  LT-NCD                ICRA BB      50      Assigned
Biscon Tiles Llp                        TL                    ICRA B       4.87    Assigned
Biscon Tiles Llp                        CC                    ICRA B       2.5     Assigned
Coastal Energy Pvt Ltd                  BLR                   ICRA D       1094.5  -
(ISSUER NOT COOPERATING)
Carnival Soft Pvt Ltd                   FB-TL                 ICRA BBB     2000    Reaffirmed
Cyan Textile Pvt Ltd                    FB-TL                 ICRA B+      77      Assigned /
                                                                                   Outstanding
Cyan Textile Pvt Ltd                    FB-CC                 ICRA B+      60      Assigned /
                                                                                   Outstanding
Dalmia Cement (Bharat)Ltd               FB TL                 ICRA AA      26220.9 Outstanding
Dalmia Cement (Bharat)Ltd               FB Working Capital FacICRA AA      3750    Outstanding
Dalmia Cement (Bharat)Ltd               Unallocated –LT       ICRA AA      250     Outstanding
Dalmia Cement (Bharat)Ltd               NCD                   ICRA AA      11820   Outstanding
Etesian Urjaltd                         LT -TL                ICRA BBB     4010    Assigned
Florida Electrical Industries           Fund based –CC        ICRA D       50      -
Ltd
(Reason for delay in carrying out periodic review:-Issuer not cooperating)
Florida Electrical Industries           optionally            ICRA D       20      -
Ltd                                     convertible debenture
(Reason for delay in carrying out periodic review:-Issuer not cooperating)
Florida Electrical Industries           Unallocated           ICRA D       5       -
Ltd
(Reason for delay in carrying out periodic review:-Issuer not cooperating)
General Petrochemicals Ltd.             FBL                   ICRA B+      97.6    Withdrawn
(ISSUER NOT COOPERATING)
General Petrochemicals Ltd.             Unallocated limits    ICRA B+/A4   27.4    Withdrawn
(ISSUER NOT COOPERATING)
General Polytex Pvt. Ltd                FBL                   ICRA B       763.4   Withdrawn
(ISSUER NOT COOPERATING)
Indag Rubber Ltd                        Fund based /CC        ICRA A       80      Revised from
                                                                                   ICRA A+
Indian School Finance Company           PTC Series A2         ICRA A       -       Upgraded
Pvt Ltd-Iamus Sbl Ifmr Capital                                                     from ICRA BBB
2016
Indian School Finance Company           PTC Series A1         ICRA AA-     -       Upgraded
Pvt Ltd-Iamus Sbl Ifmr Capital                                                     from ICRA A+
2016
Indian School Finance Company           PTC Series A2         ICRA A+      -       Upgraded
Pvt Ltd-Inguz Sbl Ifmr Capital                                                     from ICRA A-
2016
Indian School Finance Company           PTC Series A1         ICRA AA-     -       Upgraded
Pvt Ltd-Inguz Sbl Ifmr Capital                                                     from ICRA A+
2016
Indian School Finance Company           PTC Series A3         ICRA BBB+    -       Upgraded
Pvt Ltd-Inguz Sbl Ifmr Capital                                                     from ICRA
2016                                                                               BBB-
Indian School Finance Company           PTC Series A1         ICRA A       -       Reaffirmed
Pvt Ltd-Northern Arc 2018 Sbl
Agastya
Indian School Finance Company           PTC Series A2         ICRA BBB     -       Reaffirmed
Pvt Ltd-Northern Arc 2018 Sbl
Agastya
Indian School Finance Company           PTC Series A2         ICRA A       -       Reaffirmed
Pvt Ltd-Nymeria Sbl Northern
Arc 2018
Indian School Finance Company           PTC Series A1         ICRA A+      -       Reaffirmed
Pvt Ltd-Nymeria Sbl Northern
Arc 2018
Indian School Finance Company           PTC Series A3         ICRA BBB     -       Reaffirmed
Pvt Ltd-Nymeria Sbl Northern
Arc 2018
Indian School Finance Company           PTC Series A1         ICRA A-      -       Reaffirmed
Pvt Ltd-Vivriti Jinn 011 2017
Indian School Finance Company           PTC Series A2         ICRA BBB-    -       Reaffirmed
Pvt Ltd-Vivriti Jinn 011 2017
Indian School Finance Company           PTC Series A1 - (a)   ICRA A       -       Reaffirmed
Pvt Ltd-Vivriti Muneka 07 2018
Indian School Finance Company           PTC Series A1 - (b)   ICRA A       -       Reaffirmed
Pvt Ltd-Vivriti Muneka 07 2018
Indian School Finance Company           PTC Series A2         ICRA BBB+    -       Reaffirmed
Pvt Ltd-Vivriti Muneka 07 2018
Lendingkart Finance Ltd                 Triumphal Northern    ICRA BBB+    -       Upgraded
                                        Arc 2018                                   from ICRA
                                                                                   BBB+
Maheswari Mining & Energy Pvt.          FB -TL                ICRA BBB-    816.6   Revised from
Ltd.                                                                               ICRA BB+
Maheswari Mining & Energy Pvt.          Unallocated           ICRA BBB-/A3 196.4   Revised from
Ltd.                                                                               ICRA BB+/A4+
Motherson Sumi Infotech &               Export Packing        ICRA A       150     Reaffirmed
Designs Ltd                             Credit/CC Fac
Motherson Sumi Infotech &               Unallocated –LT       ICRA A       15      Reaffirmed
Designs Ltd
Mpp Technologies Pvt Ltd                LT -FB Limit          ICRA BBB     290     Reaffirmed
Mpp Technologies Pvt Ltd                LT -FB TL             ICRA BBB     220     Reaffirmed
Mpp Technologies Pvt Ltd                LT -Non-FB Fac        ICRA BBB     45      Reaffirmed
Northern Arc Capital Ltd                Cumulative            ICRA A       200     Outstanding
                                        non-convertible
                                        compulsorily redeemable PS
Northern Arc Capital Ltd                NCD                   ICRA A+      1750    Assigned
Northern Arc Capital Ltd                LT FBL                ICRA A+      20000   Outstanding
Northern Arc Capital Ltd                NCDs                  ICRA A+      9850    Outstanding
Northern Arc Capital Ltd                Subordinated Debt     ICRA A+      825     Outstanding
Power Finance Corporation Ltd.          LT borrowing          ICRA AAA     620000^ Assigned
                                        programme FY2019
^Short-term borrowings are interchangeable with long-term borrowings, subject to the total
borrowings in FY2019 not exceeding Rs. 82,000 crore
Power Finance Corporation Ltd.          Rated LT/ST           ICRA AAA/A1+ 3345050 Outstanding
                                        borrowings of
                                        previous FYs
Pricol Engineering Industries           LT -TL                ICRA BB+     100     Reaffirmed
Ltd
Pricol Engineering Industries           LT FB                 ICRA BB+     50      Reaffirmed
Ltd
Pricol Engineering Industries           LT fund based         ICRA BB+     -       Reaffirmed
Ltd                                     (sublimit)#
# -Although the facility is denominated in foreign currency, ICRA’s rating for the same is on
national scale as distinct from international rating scale.
Pricol Engineering Industries           LT/ ST FB Fac         ICRA BB+/A4+ -       Reaffirmed
Ltd                                     (sublimit)
Pricol Engineering Industries           LT/ ST non-FB Fac     ICRA BB+/A4+ -       Reaffirmed
Ltd                                     (sublimit)
Pricol Engineering Industries           LT/ ST unallocated FacICRA BB+/A4+ 175     Reaffirmed
Ltd
Radius Water Ltd                        Bk Fac                ICRA BB+/A4+ 260     -
(Reason for delay in carrying out periodic review:-Issuer not cooperating)
Remsons Industries Ltd                  LT: Fund based –CC    ICRA BBB-    220     Upgraded
                                                                                   from ICRA BB+
Remsons Industries Ltd                  LT: Fund based –TL    ICRA BBB-    65      Upgraded
                                                                                   from ICRA BB+
Sarju Vitrified Pvt. Ltd                FB limits             ICRA B       360     -
(Rating moved to ‘Issuer Not Cooperating’ category)
Sms Envocare Ltd                        FB –CC                ICRA BB      10      Withdrawn
Sms Envocare Ltd                        FB –TL                ICRA BB      16.1    Withdrawn
Sri Priyanka Agro Enterprises           Fund Based-CC         ICRA B+      160     Reaffirmed
Pvt Ltd
Sri Priyanka Agro Enterprises           Fund Based-TL         ICRA B+      1.8     Reaffirmed
Pvt Ltd
Sri Priyanka Agro Enterprises           Non Fund Based        ICRA B+      74      Reaffirmed
Pvt Ltd
Sri Priyanka Agro Enterprises           Unallocated           ICRA B+      14.2    Reaffirmed
Pvt Ltd
Steer Engineering Pvt Ltd               FB –TL                ICRA BBB     360     Reaffirmed
Steer Engineering Pvt Ltd               FB –CC                ICRA BBB     450     Reaffirmed
Tgs Investment And Trade Pvt            NCD Program           ICRA AA&     5000    -
Ltd
(& placed on watch with developing implication)
Triton Maritime Pvt Ltd                 Fund based -TL        ICRA BB+     140     Withdrawn
Ttp Technologies Pvt Ltd                LT FB/CC              ICRA A       120     Reaffirmed
Ttp Technologies Pvt Ltd                LT/ST Fund            ICRA A/A1    315     Reaffirmed
                                        based/Non-Fund based
                                        -Working Capital Fac
Ttp Technologies Pvt Ltd                LT/ST Unallocated     ICRA A/A1    220.3   Reaffirmed
                                        Limits
Vena Energy Jmd Power Pvt Ltd           FB-TL                 ICRA A-      1459.2  Reaffirmed
Venus Jewel                             LT / ST, FB limits    ICRA A+/A1+  7050    Reaffirmed
Venus Jewel                             LT / ST, Non-FBL      ICRA A+/A1+  1       Reaffirmed



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