February 14, 2018 / 10:28 AM / 5 days ago

RPT-ICRA ratings for Indian debt instruments-Feb 14

 (Repeating to add additonal ratings)
    Feb 14 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of February 13, 2018.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Bharti Airtel Ltd                       CP                    ICRA A1+     15000   Assigned
Bharti Airtel Ltd                       CP                    ICRA A1+     45000   outstanding
Bharti Airtel Ltd                       Working Capital LimitsICRA A1+     2500    outstanding
Bharti Hexacom Ltd                      CP                    ICRA A1+     5000    Assigned
Dream Digital                           Non-fund based- BG    ICRA A4      1.2     -
ISSUER NOT COOPERATING*
Jbm Auto Ltd                            Non FB Fac            ICRA A3+     645     -
Jbm Ma Automotive Pvt Ltd               Non FB Fac            ICRA A3+     645     -
Lasa Cera Pvt Ltd                       Non FB – BG           ICRA A4      30      Reaffirmed
Neel Metal Products Ltd                 CP/ ST Debt           ICRA A1+     1000    -
Sungold Processed Foods                 ST – FB               ICRA D       180     Revised from
                                                                                   ICRA A4
Sungold Processed Foods                 ST – Non-fund based   ICRA D       60      Revised from
                                                                                   ICRA A4
Savla Foods & Cold Storage Pvt          Non-fund based-BG     ICRA A4      5       Reaffirmed -
Ltd                                     Unallocated
Yenepoya University                     Non-fund based-BG     ICRA A4+     50      Revised from
                                                                                   ICRA A4
Sadhu Forging Ltd                       Non-fund Based - BG   ICRA A3+    28       Reaffirmed
Sree Venkateswara Motors                Fund Based –          ICRA A4     50       Reaffirmed
(India) Pvt Ltd                         Inventory Funding
                                        Limits
Removed from Issuer not cooperating
 
 

LONG TERM RATINGS:
-------------------
Arcelormittal Sa                        Issuer Rating         ICRA AA              Assigned
Aye Finance Pvt Ltd                     PTC Series A1-(a)     Provisional  150     confirmed as
                                                              ICRA A-(SO)          final
Aye Finance Pvt Ltd                     PTC Series A1-(b)     Provisional  85      confirmed as
                                                              ICRA A-(SO)          final
Aye Finance Pvt Ltd                     PTC Series A2         Provisional  16.6    confirmed as
                                                              ICRA                 final
                                                              BBB-(SO)
Bharti Airtel Ltd                       Issuer Rating         ICRA AA+             outstanding
Bharti Airtel Ltd                       TL                    ICRA AA+     46000   outstanding
Bharti Airtel Ltd                       Working Capital LimitsICRA AA+     22500   outstanding
Dashmesh Rice Mills                     FBL                   ICRA B       300     -
Rating moved to the ‘Issuer Not Cooperating’ category
Dream Digital                           Fund based - TL       ICRA B-      35.6    -
ISSUER NOT COOPERATING*
Dream Digital                           Fund based – CC       ICRA B-      15      -
ISSUER NOT COOPERATING*
India Infoline Finance Ltd              PTCs                  Provisional  862.1   confirmed as
                                                              ICRA                 final
                                                              AAA(SO)
International Combustion                Fund based- Working   ICRA         152.5   Downgraded
(India) Ltd                             Capital Fac           BBB-/ICRA A3         from ICRA
                                                                                   BBB / ICRA A2
International Combustion                Non-fund              ICRA         180     Downgraded
(India) Ltd                             based-Working Capital BBB-/ICRA A3         from ICRA
                                                                                   BBB / ICRA A2
Jbm Auto Ltd                            TL                    ICRA BBB     1021.9  -
Jbm Auto Ltd                            Unallocated Limits    ICRA BBB     61.8    -
Jbm Auto Ltd                            CC/WCDL               ICRA BBB /   1142.5  -
                                                              ICRA A3+
Jbm Auto Ltd                            Fund Based & NFBL     ICRA BBB /   972.5   -
                                                              ICRA A3+
Jbm Ma Automotive Pvt Ltd               TL                    ICRA BBB     1021.9  -
Jbm Ma Automotive Pvt Ltd               Unallocated Limits    ICRA BBB     61.8    -
Jbm Ma Automotive Pvt Ltd               CC Fac                ICRA BBB /   1142.5  -
                                                              ICRA A3+
Jbm Ma Automotive Pvt Ltd               Fund Based & NFBL     ICRA BBB /   972.5   -
                                                              ICRA A3+
Karnimata Cold Storage Ltd              Bk Fac                ICRA B/ICRA  120     -
(Karnimata Cold Storage Pvt                                   A4
Ltd)
Issuer not cooperating
Kuldevi Cotton Industries               FB CC                 ICRA B       47.5    Reaffirmed
Kuldevi Cotton Industries               FB TL                 ICRA B       12.5    Reaffirmed
Lasa Cera Pvt Ltd                       FB – CC               ICRA B+      40      Reaffirmed
Lasa Cera Pvt Ltd                       FB – TL               ICRA B+      62.4    Reaffirmed
Mytrah Vayu (Sabarmati) Pvt Ltd         Fund based-TL         ICRA BBB     14520   Assigned
Neel Metal Products Ltd                 TL                    ICRA A+      1375    -
Neel Metal Products Ltd                 Fund Based facilites  ICRA A+ /    3930    -
                                                              ICRA A1+
Neel Metal Products Ltd                 Non FB Fac            ICRA A+ /    2550    -
                                                              ICRA A1+
Neel Metal Products Ltd                 Unallocated Limits    ICRA A+ /    8.4     -
                                                              ICRA A1+
Patwari Steels Pvt Ltd                  Bk Fac                ICRA D       137     -
Rachana Television Pvt Ltd              BLR                   ICRA BB+     115     -
Rajamahendravaram Municipal             Issuer Rating         ICRA BBB             Assigned
Corporation
Rockwell Industries Ltd                 BLR                   ICRA BBB- /  370     -
                                                              /ICRA A3
Review Process Underway
Savla Foods & Cold Storage Pvt          FB- CC                ICRA BB-     50      Reaffirmed
Ltd
Savla Foods & Cold Storage Pvt          FB-TL                 ICRA BB-     345     Reaffirmed
Ltd
Srl Diagnostics Pvt Ltd                 FB Fac                ICRA BBB+    150     Downgraded
                                                                                   from ICRA A-
(rating continues to be on watch with negative implications)
Srl Diagnostics Pvt Ltd                 Non-FB Fac            ICRA BBB+/A2 20      Downgraded
                                                                                   from ICRA
                                                                                   A-/A2+
(rating continues to be on watch with negative implications)
Srl Ltd                                 FB Fac                ICRA A-      240     Downgraded
                                                                                   from ICRA A+
(rating continues to be on watch with negative implications)
Srl Ltd                                 Non-FB Fac            ICRA A-/A2+  45      Downgraded
                                                                                   from ICRA
                                                                                   A+/A1+
(rating continues to be on watch with negative implications)
Svs Food Processors Pvt Ltd             BLR                   ICRA B-      70      -
Issuer delayed in giving information
Tvs Credit Services Ltd                 Titan Trust Mar-16    ICRA A-(SO)  19.6    Reaffirmed
                                        Second Loss Facility
Tvs Credit Services Ltd                 Silver Trust Mar-16   ICRA A-(SO)  24.5    Reaffirmed
                                        Second Loss Facility
Tvs Credit Services Ltd                 Silver Trust Jul-16   ICRA A-(SO)  474.9   Reaffirmed
                                        Second Loss Facility
Tvs Credit Services Ltd                 Silver Trust Feb-17   ICRA A-(SO)  22.2    Reaffirmed
                                        Second Loss Facility
Tvs Credit Services Ltd                 Gold Trust Oct-15     ICRA A+(SO)  43.6    Reaffirmed
                                        Second Loss Facility
Tvs Credit Services Ltd                 Silver Trust Mar-16   ICRA AAA(SO) 611.6   Reaffirmed
                                        PTCs
Tvs Credit Services Ltd                 Silver Trust Jul-16   ICRA AAA(SO) 24.5    Reaffirmed
                                        PTCs
Tvs Credit Services Ltd                 Gold Trust Oct-15 PTCsICRA         757.8   Reaffirmed
                                                              AAA(SO)
Tvs Credit Services Ltd                 Titan Trust Mar-16    ICRA         412.1   Reaffirmed
                                        PTCs                  AAA(SO)
Tvs Credit Services Ltd                 Silver Trust Feb-17   ICRA         555     Reaffirmed
                                        PTCs                  AAA(SO)
Yenepoya University                     Fund based-TL         ICRA BB+     550     Revised from
                                                                                   ICRA BB
Yenepoya University                     Fund based-CC         ICRA BB+     100     Revised from
                                                                                   ICRA BB
Dashmesh Agro Industries                FBL                   ICRA B      260     -
ISSUER NOT COOPERATING
Magadh Precision Equipment Ltd          FBL-CC                ICRA D      500     -
Reason for delay in carrying out periodic review - Issuer not cooperating
Magadh Precision Equipment Ltd          Non-FBL               ICRA D      250     -
Reason for delay in carrying out periodic review - Issuer not cooperating
Sadhu Forging Ltd                       FB – TL               ICRA BBB    222      Reaffirmed
Sadhu Forging Ltd                       FB – Working Capital  ICRA BBB /  500      Reaffirmed
                                        Fac^                  A3+
^ Long-term fund-based limits are interchangeable with short-term fund-based limits to the
extent of Rs. 12.00 crore and in case the limits are availed as short-term facilities, the
short-term rating will be applicable. The overall utilisation by way of long-term and short-term
fund-based limits cannot exceed Rs. 50.00 crore.
Sociedade De Fomento                    Issuer Rating         ICRA BBB    -       -
Industrial Pvt Ltd
Placed on rating watch with negative implications
Sree Venkateswara Motors                Fund Based –CC        ICRA B+     31.5     Reaffirmed
(India) Pvt Ltd
Removed from Issuer not cooperating
Sree Venkateswara Motors                Unallocated Limits    ICRA B+ /   28.5     Reaffirmed
(India) Pvt Ltd                                               A4
Removed from Issuer not cooperating
Vibhaas Polymers Pvt. Ltd.              BLR                   ICRA BB-    110.4   -
Reason for delay in carrying out periodic review - Issuer not cooperating
--------------------------------------------------------------------------------------------
$: 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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