February 12, 2019 / 10:47 AM / in 10 days

ICRA ratings for Indian debt instruments-Feb 12

    Feb 12 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of February 11, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Avt Mccormick Ingredients Pvt           ST FB Bk Fac          ICRA A2+     60      Reaffirmed
Ltd
Avt Mccormick Ingredients Pvt           ST fund based         ICRA A2+             Reaffirmed
Ltd                                     (sub-limit) Bk Fac
Avt Mccormick Ingredients Pvt           ST non-fund based     ICRA A2+             Reaffirmed
Ltd                                     (sub-limit) -Bk Fac
Avt Mccormick Ingredients Pvt           ST fund based /       ICRA A2+             Reaffirmed
Ltd                                     non-fund- -based Bk
                                        (sub-limit) facility
Cholamandalam Investment And            CP                    ICRA A1+     7500    Outstanding
Finance Co. Ltd
Gujarat Paraffins Pvt Ltd               Non-fund based- LOC   ICRA A3      12.5
Issuer Not Cooperating; Withdrawn
Gujarat Paraffins Pvt Ltd               Non-fund based-       ICRA A3      1.5
                                        Credit Exposure Limit
Issuer Not Cooperating; Withdrawn
Gujarat Paraffins Pvt Ltd               Buyers’               ICRA A3
                                        Credit-sublimit to LC
Issuer Not Cooperating; Withdrawn
Gujarat Paraffins Pvt Ltd               EPC/PCFC/FBD/FBP-     ICRA A3
                                        sublimit to CC
Issuer Not Cooperating; Withdrawn
Gujarat Paraffins Pvt Ltd               BG- sublimit to LC    ICRA A3
Issuer Not Cooperating; Withdrawn
Lloyd Insulations (India) Ltd           Non-fund              ICRA A2      592     Reaffirmed
                                        Based-Working Capital
                                        Fac
Manipal Academy Of Higher               Non-fund based-       ICRA A1+     55      Reaffirmed
Education                               Working Capital Fac
Njr Constructions Pvt. Ltd.             Non-fund Based        ICRA A3      33      Assigned
Sangam Fashions Pvt Ltd                 ST: Non fund based -  ICRA A4      4.3
                                        BG
Issuer Not Cooperating; Withdrawn
Spectrum Auxi-Chem Pvt Ltd              ST non FB limits      ICRA A4      2       Withdrawn
Spectrum Auxi-Chem Pvt Ltd              ST interchangeable    ICRA A4              Withdrawn
                                        limits
Tata Sponge Iron Ltd                    Non-FBL               ICRA A1+     148.15  Reaffirmed
Tata Sponge Iron Ltd                    CP programme          ICRA A1+     4000    Outstanding
Vijeta Broking India Pvt Ltd            ST non fund based Bk  ICRA A4      21      Withdrawn
                                        Fac
Zenith Exports Ltd                      Non-FB facility       ICRA A4      1       Reaffirmed

LONG TERM RATINGS:
-------------------
Avt Mccormick Ingredients Pvt           LT / ST FB Bk Fac     ICRA A- /    135     Reaffirmed
Ltd                                                           ICRA A2+
outlook revised to Positive from Stable
Avt Mccormick Ingredients Pvt           Unallocated Limits    ICRA A- /    1.25    Reaffirmed
Ltd                                                           ICRA A2+
outlook revised to Positive from Stable
Cholamandalam Investment And            Fund based - TL       ICRA AA+     21466.99
Finance Co. Ltd
Assigned/ Outstanding
Cholamandalam Investment And            Sub-limit - Non-FBL   ICRA AA+     100     Outstanding
Finance Co. Ltd                         from Bks^
^ Sub-limit of Rs. 100-crore working capital facilities included as part of the rated Rs.
4,000-crore fund-based facilities from banks
Cholamandalam Investment And            NCDs!                 ICRA AA+     12871.2 Outstanding
Finance Co. Ltd
! NCDs and subordinated debenture Outstanding as on May 4, 2018
Cholamandalam Investment And            Subordinated          ICRA AA+     2220    Outstanding
Finance Co. Ltd                         Debentures!
! NCDs and subordinated debenture Outstanding as on May 4, 2018
Cholamandalam Investment And            FB Fac from Bks#      ICRA AA+/    4000    Outstanding
Finance Co. Ltd                                               ICRA A1+
# Rs. 4,000-crore fund-based limits are interchangeable with cash credit and short-term working
capital facilities (rated       A1+), subject to total utilisation not exceeding Rs. 4,000 crore
City Realty And Development             Unallocated limits    Provisional  250     Assigned
Pvt. Ltd.                                                     ICRA BBB(SO)
Gujarat Paraffins Pvt Ltd               Fund based- CC        ICRA BBB-    50
Issuer Not Cooperating; Withdrawn
Gujarat Paraffins Pvt Ltd               Fund based- TL        ICRA BBB-    20
Issuer Not Cooperating; Withdrawn
Gujarat Paraffins Pvt Ltd               Unallocated limit     ICRA BBB-    2.5
                                                              /A3
Issuer Not Cooperating; Withdrawn
India Infoline Finance Ltd              PTC Series A          ICRA AAA(SO) 71.95   Outstanding
India Infoline Finance Ltd              PTC Series A          ICRA AAA(SO) 117.26  Outstanding
India Infoline Finance Ltd              PTC Series A          ICRA AAA(SO) 59.3    Outstanding
India Infoline Finance Ltd              PTC Series A          ICRA AAA(SO) 67.55   Outstanding
India Infoline Finance Ltd              PTC Series A          ICRA AAA(SO) 84.89   Outstanding
India Infoline Finance Ltd              PTC Series A          ICRA AAA(SO) 74.18   Outstanding
India Infoline Finance Ltd              PTC Series A          ICRA AAA(SO) 176     Outstanding
India Infoline Finance Ltd              PTC Series A          ICRA AAA(SO) 183.26  Outstanding
Lloyd Insulations (India) Ltd           FB - Working Capital  ICRA BBB+    90      Reaffirmed
                                        Fac
Lloyd Insulations (India) Ltd           Unallocated Limits    ICRA BBB+    43      Reaffirmed
Manipal Academy Of Higher               FB-TL                 ICRA AA      332.5   Reaffirmed
Education
Manipal Academy Of Higher               Unallocated limits    ICRA AA      412.5   Reaffirmed
Education
Njr Constructions Pvt. Ltd.             CC                    ICRA BBB-    10      Assigned
Sangam Fashions Pvt Ltd                 LT: Fund based – CC   ICRA BB      50
Issuer Not Cooperating; Withdrawn
Sangam Fashions Pvt Ltd                 LT: Fund based – TL   ICRA BB      68
Issuer Not Cooperating; Withdrawn
Shivalakha Solar Energy Pvt             FB - TL               ICRA BB+     112.13
Ltd (Formerly Solar
Semiconductor Power Company (India) Pvt. Ltd.)
Downgraded from ICRA BBB-
Shriram Properties Ltd                  NCD                   ICRA BBB     104.5   Reaffirmed
outlook revised to Positive from Stable
Spectrum Auxi-Chem Pvt Ltd              LT FB limits          ICRA BB-     9.95    Withdrawn
Spectrum Auxi-Chem Pvt Ltd              Unallocated limit     ICRA BB-/    0.95    Withdrawn
                                                              ICRA A4
Tata Sponge Iron Ltd                    Fund Based – CC       ICRA AA-     70      Reaffirmed
Vijeta Broking India Pvt Ltd            LT fund based Bk Fac  ICRA BB-     4       Withdrawn
Zenith Exports Ltd                      FB working-capital    ICRA B+ /    26
                                                              ICRA A4
Assigned/ 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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