February 20, 2018 / 10:35 AM / in 3 months

ICRA ratings for Indian debt instruments-Feb 20

    Feb 20 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of February 19, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Arohan Financial Services (P)           Social Performance    SP2+         -       -
Ltd                                     Assessment
Reason for delay in carrying
Bhadra International (India)            ST- Non-fund Based    ICRA D       780     Reaffirmed
Pvt Ltd
Cadillac Granito Pvt Ltd                BG                    ICRA A4      25      Assigned
Dalmia Cement Bharat Ltd                Non-fund Based        ICRA A1+     6750    Outstanding
                                        Working Capital Limits
Dalmia Cement Bharat Ltd                CP                    ICRA A1+     8000    Outstanding
Dalmia Cement Bharat Ltd                ST Loan               -            -       Outstanding
DH Ltd                                  Non-fund Based BG     ICRA A3      90      Assigned
DH Ltd                                  Non-fund Based LOC    ICRA A3      10      Assigned
DH Ltd                                  Unallocated           ICRA A3      305     Assigned
Globe Capital Market Ltd                CP                    ICRA A1+     2000    Reaffirmed
Globe Fincap Ltd                        CP                    ICRA A1+     500     Reaffirmed
Il&Fs Financial Services Limit          CP programme          ICRA A1+     30000   Assigned/
                                                                                   outstanding
Jagsonpal Pharmaceuticals Ltd           Non-fund Based        ICRA A4+     67      outstanding
Maruti Papers Ltd                       Non Fund based- LOC   ICRA A4+     20      -
ISSUER NOT COOPERATING
Outlook Publishing (India) Pvt          Non FB LOC            ICRA A3      50      outstanding
Ltd
Padia Exports Pvt Ltd                   Non FB Limits         ICRA A4      12      Withdrawn
Pnb Gilts Ltd                           CP programme          ICRA A1+     5000    Outstanding
Prabhat Dairy Ltd                       ST - Non Fund Based – ICRA A1      450     Outstanding
                                        LC/BG
Punjab National Bank                    CDs                   ICRA A1+     600000  Outstanding
Reliance Nippon Life Asset              Reliance Interval     ICRA A1+mfs  -       Assigned
Management Ltd                          Fund - Quarterly
                                        Interval Fund - Series II
Reliance Nippon Life Asset              Reliance Liquidity    ICRA A1+mfs  -       Outstanding
Management Ltd                          Fund
Reliance Nippon Life Asset              Reliance Liquid Fund  ICRA A1+mfs  -       Outstanding
Management Ltd                          – Treasury Plan
Reliance Nippon Life Asset              Reliance Liquid Fund  ICRA A1+mfs  -       Outstanding
Management Ltd                          - Cash Plan
Ridley Life Science Pvt Ltd             Non-fund based        ICRA A4+     20      -
Reason for delay in carrying out periodic review: - Issuer delayed in giving information
Righill Electrics Pvt Ltd               Non-FBL -/ST          ICRA A4      45      -
Reason for delay in carrying out periodic review: - Issuer delayed in giving information
Snj Sugars & Products Ltd               ST - Unallocated      ICRA A2      38.4    Reaffirmed
Snj Sugars & Products Ltd               ST - Non Fund Based   ICRA A2      30      Reaffirmed
Sundaram Industries Pvt Ltd             ST FBL                ICRA A1+     250     Reaffirmed
Sundaram Industries Pvt Ltd             ST Fund based         ICRA A1+     -       Reaffirmed
                                        (Sublimit)
Sundaram Industries Pvt Ltd             ST Non-FBL            ICRA A1+     260     Reaffirmed
Sundaram Industries Pvt Ltd             CP                    ICRA A1+     100     Reaffirmed
Sunfresh Agro Industries Pvtltd         ST - Non-Fund Based – ICRA A1      450     Outstanding
                                        LC/BG
Yes Bank Ltd                            CD Programm           ICRA A1+     100000  Outstanding
Yes Bank Ltd                            ST Fixed Deposit      ICRA A1+     -       Outstanding
                                        Programme



MEDIUM TERM RATINGS:
-------------------
Punjab National Bank                    Fixed deposit         MAAA         -
                                        programme
Under Rating Watch with Negative Implications

LONG TERM RATINGS:
-------------------
Agra Oil & General Industries           Fund based - Working  ICRA B+      125     Assigned/
Ltd                                     Capital Fac                                outstanding
Ajab Singh And Company                  LT FB Limit           ICRA BB-     182     Reaffirmed
Ajab Singh And Company                  LT Non-FBL            ICRA BB-     200     Reaffirmed
Arya Cotton Industries                  FB – CC               ICRA B+      150     Reaffirmed
Removed from issuer not cooperating category
Atpac Industries                        Fund Based: LT        ICRA BB+     80      -
Reason for delay in carrying out periodic review: - Issuer delayed in giving informatio
Bhadra International (India)            FB TL                 ICRA D       3045.3  Reaffirmed
Pvt Ltd
Bhadra International (India)            LT Non-fund Based     ICRA D       300     Reaffirmed
Pvt Ltd
Cadillac Granito Pvt Ltd                TL                    ICRA B       150     Assigned
Cadillac Granito Pvt Ltd                CC                    ICRA B       75      Assigned
Captab Biotec Unit -Ii                  FB                    ICRA BB-     80.3    Assigned
Captab Biotec Unit -Ii                  Unallocated           ICRA BB-     14.7    Assigned
Captab Biotec Unit -Ii                  Non-fund Based        ICRA BB-     35      Assigned
Dalmia Cement Bharat Ltd                FB Working Capital    ICRA AA      3750    Outstanding
                                        Limits
Dalmia Cement Bharat Ltd                TL                    ICRA AA      26220.9 Outstanding
Dalmia Cement Bharat Ltd                Unallocated FB Limits ICRA AA      250     Outstanding
Dalmia Cement Bharat Ltd                NCD                   ICRA AA      11820   Outstanding
Dalmia Cement Bharat Ltd                NCD                   ICRA AA      -       Outstanding
Dalmia Cement Bharat Ltd                NCD                   ICRA AA      -       Outstanding
Deedy Chemicals Pvt Ltd                 FB TL                 ICRA BB      88.4    -
Removed from Issuer not cooperating and Withdrawn
Deedy Chemicals Pvt Ltd                 FB Working Capital FacICRA BB      35      -
Removed from Issuer not cooperating and Withdrawn
Deedy Chemicals Pvt Ltd                 Unallocated Limit     ICRA BB      1.6     -
Removed from Issuer not cooperating and Withdrawn
Dh Ltd                                  FB CC                 ICRA BBB-    70      Assigned
Eric Apparel Pvt Ltd                    BLR                   ICRA BB+ /   150     -
                                                              ICRA A4+
Reason for delay in carrying out periodic review - Issuer not cooperating
Good Luck Financial Inclusion           Issuer Rating         ICRA B+      -       Assigned
Pvt Ltd
Govind Cable Industries                 Fund Based: LT        ICRA B       60      -
ISSUER NOT COOPERATING
Govind Cable Industries                 Non-fund Based: ST    ICRA B       70      -
ISSUER NOT COOPERATING
Guruvayoor Infrastructure Pvt           TL                    ICRA BBB     11100   outstanding
Ltd
Guruvayoor Infrastructure Pvt           NCD (NCD)             ICRA BBB     981.4   outstanding
Ltd
Jagsonpal Pharmaceuticals Ltd           FB                    ICRA BB+     130     outstanding
Jagsonpal Pharmaceuticals Ltd           Non-fund Based        ICRA BB+     3       outstanding
Karna International                     Fund based- Packing   ICRA BB-     135     Reaffirmed
                                        Credit (PC)/Foreign
                                        Bills Discounting (FDB)/Foreign Bills of Exchange (FBE)
Maruti Papers Ltd                       Fund basedCC          ICRA BB      65      -
ISSUER NOT COOPERATING
Maruti Papers Ltd                       Fund basedTL          ICRA BB      85.1    -
ISSUER NOT COOPERATING
Mirae Asset Global Investment           Mirae Asset Savings   ICRA AAAmfs  -       Reaffirmed
(India) Pvt Ltd                         Fund
Outlook Publishing (India) Pvt          FB CC                 ICRA BBB-    175     Assigned/
Ltd                                                                                outstanding
Padia Exports Pvt Ltd                   FB Limits             ICRA BB-/    132     Withdrawn
                                                              ICRA A4
Pnb Housing Finance Ltd                 NCD                   ICRA AA+     29000   Outstanding
Pnb Housing Finance Ltd                 Tier II Bonds         ICRA AA+     2000    Outstanding
Prabhat Dairy Ltd                       LT - Fund Based – TL  ICRA A+      455     Outstanding
Prabhat Dairy Ltd                       LT - Fund Based- CC / ICRA A+      1750    Outstanding
                                        WCD
Prabhat Dairy Ltd                       LT / ST – Unallocated ICRA A+      220     Outstanding
Pravin Electricals Pvt Ltd              BLR                   ICRA BB /    645     -
                                                              ICRA A4+
Reason for delay in carrying out periodic review - Issuer not cooperating
Punjab National Bank                    Infrastructure Bonds  ICRA AA+     30000   -
                                        Programme
Under Rating Watch with Negative Implications
Punjab National Bank                    Basel III Compliant   ICRA         10000   -
                                        Tier II Bonds         AA+(hyb)
Under Rating Watch with Negative Implications
Reliance Nippon Life Asset              Reliance Money        ICRA AAAmfs  -       Outstanding
Management Ltd                          Manager Fund
Reliance Nippon Life Asset              Reliance Income Fund  ICRA AAAmfs  -       Outstanding
Management Ltd
Reliance Nippon Life Asset              Reliance Floating     ICRA AAAmfs  -       Outstanding
Management Ltd                          Rate Fund – ST Plan
Reliance Nippon Life Asset              Reliance ST Fund      ICRA AAAmfs  -       Outstanding
Management Ltd
Reliance Nippon Life Asset              Reliance Medium Term  ICRA AAAmfs  -       Outstanding
Management Ltd                          Fund
Reliance Nippon Life Asset              Reliance Dynamic Bond ICRA AAAmfs  -       Outstanding
Management Ltd
Reliance Nippon Life Asset              Reliance Bking & PSU  ICRA AAAmfs  -       Outstanding
Management Ltd                          Debt Fund
Reliance Nippon Life Asset              Reliance Corporate    ICRA AAmfs   -       Outstanding
Management Ltd                          Bond Fund
Ridley Life Science Pvt Ltd             Fund Based            ICRA BB      55      -
Reason for delay in carrying out periodic review: - Issuer delayed in giving informatio
Righill Electrics Pvt Ltd               FB Limits -LT         ICRA B       35      -
Reason for delay in carrying out periodic review: - Issuer delayed in giving informatio
Saija Finance Pvt Ltd                   Social Performance    -            -       -
                                        Assessment / SP2+
Reason for delay in carrying out periodic review: - Review process is underway
Satya Microcapital Ltd                  NCD Programme         ICRA BB+     200     Assigned
Shree Jagannath Expressways             Fund based-TL         ICRA A-      11100   -
Pvt Ltd
Reassigned from       A-
Snj Sugars & Products Ltd               LT - Fund Based TL    ICRA BBB+    431.6   Reaffirmed
Snj Sugars & Products Ltd               LT - Fund Based/ CC   ICRA BBB+    500     Reaffirmed
Sundaram Finance Ltd                    PTCs                  Provisional  4582.8  Assigned
                                                              ICRA AAA
Sundaram Industries Pvt Ltd             LT FBL                ICRA AA      275.5   Reaffirmed
Sundaram Industries Pvt Ltd             Proposed/ Unallocated ICRA AA      2       Reaffirmed
                                        limits
Sunfresh Agro Industries Pvtltd         LT - Fund Based- CC / ICRA A+      2100    Outstanding
                                        WCDL
Sunfresh Agro Industries Pvtltd         LT / ST – Unallocated ICRA A+      200     Outstanding
Visage Holdings And Finance             PTC Series A1         Provisional  227.6   Assigned
Pvt Ltd                                                       ICRA A-
Visage Holdings And Finance             PTC Series A2         Provisional  18.5    Assigned
Pvt Ltd                                                       ICRA BBB-
Yes Bank Ltd                            Basel II Compliant    ICRA AA      15441   Outstanding
                                        Upper Tier II Bond
                                        Programme
Yes Bank Ltd                            Basel II Compliant    ICRA AA      4610    Outstanding
                                        Tier I Bond Programme
Yes Bank Ltd                            Basel III Compliant   ICRA AA      108000  Outstanding
                                        Additional Tier I
                                        Bond Programme
Yes Bank Ltd                            Infrastructure Bond   ICRA AA+     70300   Outstanding
                                        Programme
Yes Bank Ltd                            Basel II Compliant    ICRA AA+     25306   Outstanding
                                        Lower Tier II Bond
                                        Programme
Yes Bank Ltd                            Basel III Compliant   ICRA AA+     30000   Assigned
                                        Tier II Bond Programme(hyb)
Yes Bank Ltd                            Basel III Compliant   ICRA AA+     79000   Outstanding
                                        Tier II Bond Programme(hyb)

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