February 13, 2019 / 11:04 AM / 5 days ago

RPT-ICRA ratings for Indian debt instruments-Feb 13

 (Repeating to add more ratings.)
   Feb 13 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of February 12, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Asap Fluids Pvt Ltd                     Non-fund              ICRA A2(SO)  155.5   Upgraded
                                        Based-Working Capital                      from ICRA
                                        Fac                                        A3+(SO)
Kalpesh Synthetics Pvt Ltd              ST Interchangeable    ICRA A4      -       Reaffirmed
Raj Exports                             ST— Non FB            ICRA A3      50      Outstanding
Space Textiles Pvt Ltd                  ST FB Fac             ICRA A3+     50      Withdrawn
Space Textiles Pvt Ltd                  ST non-FB Fac         ICRA A3+     47.5    Withdrawn
Shantai Exim Ltd                        ST FB limits          ICRA A4      230     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)

LONG TERM RATINGS:
-------------------
Adarsha Automotives Pvt Ltd             LT/ST- Non fund based -            -       Reaffirmed
Adarsha Automotives Pvt Ltd             LT - Fund based/CC    ICRA BB+     787.5   Reaffirmed
Adarsha Automotives Pvt Ltd             LT - Fund based- TL   ICRA BB+     94.8    Reaffirmed
Adarsha Automotives Pvt Ltd             LT/ST Unallocated     ICRA BB+     3.7     Reaffirmed
                                        Limits                /ICRA A4+
Asap Fluids Pvt Ltd                     Fund Based - Working  ICRA         50      Upgraded
                                        Capital Fac           BBB+(SO)             from ICRA
                                                                                   BBB(SO) 
Asap Fluids Pvt Ltd                     Fund Based - TL       ICRA         -       Withdrawn
                                                              BBB+(SO)
Bucon Engineers &                       FB - CC               ICRA BB-     150     Reaffirmed
Infrastructure Pvt Ltd
Bucon Engineers &                       Non-fund Based - BG   ICRA BB-     450     Reaffirmed
Infrastructure Pvt Ltd
Kalpesh Synthetics Pvt Ltd              LT FB/CC              ICRA B       98      Reaffirmed
Kalpesh Synthetics Pvt Ltd              LT - Unallocated      ICRA B       28.3    Reaffirmed
Milton Cycle Industries Ltd             LT: CC limits         ICRA BB+     100     Reaffirmed
Oil Country Tubular Ltd                 FB limits             ICRA D#      1250    Reaffirmed
                                                                                   and removed
                                                                                   from 
                                                                                  (Issuer Not 
                                                                                   Cooerating)
                                                                                   category
#ST ratings on sub-limits also reaffirmed at ICRA D
Oil Country Tubular Ltd                 Non-FB limits         ICRA D#      620     Reaffirmed
                                                                                   and removed
                                                                                   from 
                                                                                  (Issuer Not 
                                                                                   Cooerating)
                                                                                   category
#ST ratings on sub-limits also reaffirmed at ICRA D
Pioneer Urban Land &                    Non-fund Based        ICRA BBB@    500     -
Infrastructure Ltd
rating put on watch with negative implications
Raj Exports                             Unallocated limits    -            -       -
Raj Exports                             LT— FB                ICRA BBB     574.7   outstanding/
                                                                                   assigned
Reliance Commercial Finance             PTC Series A          ICRA AAA(SO) 168.9   Withdrawn
Ltd -Indian Receivable Trust 10
Shree Balaji Roadlines                  FB –TL                ICRA B       250     Assigned
Space Textiles Pvt Ltd                  LT - TL Fac           ICRA BBB     206.7   Withdrawn
Space Textiles Pvt Ltd                  LT FB Fac             ICRA BBB     1350    Withdrawn
Space Textiles Pvt Ltd                  LT/ST proposed Fac    ICRA BBB     62.9    Withdrawn
                                                              /ICRA A3+
Spandana Sphoorty Finance Ltd           PTC Series A1         ICRA AA(SO)  -       Withdrawn
-Vivriti Norsu 007 2017
Spandana Sphoorty Financial             PTC Series A          ICRA AA-(SO) 1388.8  Final Rating
Ltd -Pragathi 11 2018
Spandana Sphoorty Financial             PTC Series A          Provisional  1388.8  Final Rating
Ltd -Pragathi 11 2018                                         ICRA AA-(SO)
Ujjivan Small Finance Bank Ltd          PTC Series A1         Provisional  1394.5  Final Rating
-Vivriti Nirvana 09 2018                                      ICRA AA-(SO)
Shantai Exim Ltd                        LT FB limit           ICRA C       70      Downgraded
                                                                                   From
                                                                                         B-
(Rating continues to remain in 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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