February 8, 2019 / 10:59 AM / 4 months ago

ICRA ratings for Indian debt instruments-Feb 8

    Feb 8 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of February 7, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Cholamandalam Investment And            CP                    ICRA A1+     75000   Outstanding
Finance Company Limited
Grentex & Company Pvt Ltd               FBL                   ICRA A3+     100     Reaffirmed
Grentex & Company Pvt Ltd               Non-FBL               ICRA A3+     100     Reaffirmed
Jagsonpal Pharmaceuticals Ltd           ST – Non-FBL          ICRA A4+     67      Reaffirmed
Nevatia Steel & Alloys Pvt Ltd          ST fundbased and      ICRA A4      219.6   Withdrawn
                                        non-FBL
(ISSUER NOT CO-OPERATING)
Servocontrols Aerospace India           FB Fac                ICRA A4      5       Reaffirmed
Pvt Ltd
Servocontrols Aerospace India           Non-FB Fac            ICRA A4      21.3    Reaffirmed
Pvt Ltd
Shree Sai Baba Ship Breaking            ST non-FBL            ICRA A4      1200    Reaffirmed
Company
Shree Sai Baba Ship Breaking            ST interchangeable    ICRA A4      -       Reaffirmed
Company
Strides Pharma Science Ltd              ST FB Fac             ICRA A1 &    8900    -
(& placed on watch with developing implications)
Strides Pharma Science Ltd              ST non-fundbased Fac  ICRA A1 &    5200    -
(& placed on watch with developing implications)
Strides Pharma Science Ltd              Unallocated Fac       ICRA A1 &    6244.1  -
(& placed on watch with developing implications)
Super Screws Pvt Ltd                    Fund based – Stand by ICRA A3+     25      Upgraded
                                        line of credit                             from ICRA A3
Super Screws Pvt Ltd                    Non-fund Based – LOC  ICRA A3+     115     Upgraded
                                                                                   from ICRA A3
Vijeta Projects &                       Non-fund Based -      ICRA A4      1945    Upgraded
Infrastructures Ltd.                    Working Capital Fac                        from ICRA D



LONG TERM RATINGS:
-------------------
Asa International India                 PTC Series A1         Provisional  195     Assigned
Microfinance Ltd - Northern                                   ICRA A
Arc 2019 Mfi Hume
Asa International India                 PTC Series A2         Provisional  5.3     Assigned
Microfinance Ltd - Northern                                   ICRA BBB+
Arc 2019 Mfi Hume
Cholamandalam Investment And            Perpetual Debt        ICRA AA      3500    Assigned
Finance Company Limited                  Instrument (PDI)
Cholamandalam Investment And            PDI                   ICRA AA      13300   Outstanding
Finance Company Limited
Cholamandalam Investment And            Fund based - TL       ICRA AA+     184519.9Outstanding
Finance Company Limited
Cholamandalam Investment And            Sub-limit - Non-FBL   ICRA AA+     1000    Outstanding
Finance Company Limited                  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+     128712  Outstanding
Finance Company Limited
! NCDs and subordinated debenture outstanding as on May 4, 2018
Cholamandalam Investment And            Subordinated          ICRA AA+     22200   Outstanding
Finance Company Limited                  Debentures!
! NCDs and subordinated debenture outstanding as on May 4, 2018
Cholamandalam Investment And            FB Fac from Bks#      ICRA AA+/A1+ 40000   Outstanding
Finance Company Limited
# Rs. 4,000-crore fund-based limits are interchangeable with cash credit and short-term working
capital facilities (rated ICRA A1+), subject to total utilisation not exceeding Rs. 4,000 crore
Damodar Tradelinks Pvt Ltd              LT – FB               ICRA BB-     125     Reaffirmed
Damodar Tradelinks Pvt Ltd              LT/ST –               ICRA BB-/A4  -       Reaffirmed
                                        Interchangeable
Deep Automobiles                        Fund Based - CC       ICRA BB+     185     Upgraded
                                                                                   from ICRA BB
(Removed from issuer not cooperating category)
Deep Automobiles                        Unallocated           ICRA BB+     27      Upgraded
                                                                                   from ICRA BB
(Removed from issuer not cooperating category)
Desai Textiles                          FB – CC               ICRA B-      65      Reaffirmed
Desai Textiles                          FB – TL               ICRA B-      33.7    Reaffirmed
Electro Polychem Ltd                    LT – FB               ICRA BB-     180     Reaffirmed
Electro Polychem Ltd                    LT/ST –               ICRA BB-/A4  -       Reaffirmed
                                        Interchangeable
Grentex & Company Pvt Ltd               Unallocated limits    ICRA BBB /   150     Reaffirmed
                                                              ICRA A3+
Jagsonpal Pharmaceuticals Ltd           LT – FB/CC            ICRA BB+     130     Reaffirmed
Jagsonpal Pharmaceuticals Ltd           LT – Non-FBL          ICRA BB+     3       Reaffirmed
Karelides Traders Pvt Ltd               NCDs (NCDs)           ICRA AA-     11730   Withdrawn
Mandava Holdings Pvt Ltd                NCDs (NCDs)           ICRA AAA     250     Reaffirmed
Midland Microfin Ltd - Vivriti          PTC Series A1         Provisional  248.1   Assigned
Toby 01 2019                                                  ICRA A
Midland Microfin Ltd - Vivriti          PTC Series A2         Provisional  1.4     Assigned
Toby 01 2019                                                  ICRA A-
Nevatia Steel & Alloys Pvt Ltd          LT fundbased limit    ICRA B-      5       Withdrawn
(ISSUER NOT CO-OPERATING)
Nevatia Steel & Alloys Pvt Ltd          Unallocated limit     ICRA B-/A4   15.1    Withdrawn
(ISSUER NOT CO-OPERATING)
Repco Micro Finance Ltd                 LT Bk Fac             ICRA BBB     500     Reaffirmed
Servocontrols Aerospace India           FB Fac                ICRA BB-     25      Upgraded
Pvt Ltd                                                                            from ICRA B
Servocontrols Aerospace India           TL                    ICRA BB-     90      Upgraded
Pvt Ltd                                                                            from ICRA B
Servocontrols Aerospace India           Interchangeable       ICRA BB-     -       Upgraded
Pvt Ltd                                                                            from ICRA B
Shree Sai Baba Ship Breaking            LT interchangeable    ICRA BB      -       Reaffirmed
Company
Shri Siddhbali Agro Industries          FB Limits             ICRA B       58.1    Reaffirmed
Shri Siddhbali Agro Industries          Unallocated (Proposed ICRA B       1.9     Reaffirmed
                                        Limits)
Siti Networks Ltd                       Long-TL               ICRA BBB-    1250    Withdrawn
Siti Networks Ltd                       LT, Non-fund Based    ICRA BBB-    750     Withdrawn
Srg Spinning And Weaving Mills          LT- Fund Based/ CC    ICRA B+      70      Assigned
Pvt Ltd
Strides Pharma Science Ltd              TL                    ICRA A+ &    10946   -
(& placed on watch with developing implications)
Super Screws Pvt Ltd                    Fund based – CC       ICRA BBB     200     Upgraded
                                                                                   from ICRA
                                                                                   BBB-
Super Screws Pvt Ltd                    Fund based – TL       ICRA BBB     240     Upgraded
                                                                                   from ICRA
                                                                                   BBB-
Three C Green Developers Pvt            NCD Programme         ICRA D       2250    -
Ltd
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Vijeta Projects &                       Fund Based - Working  ICRA B+      800     Upgraded
Infrastructures Ltd.                    Capital Fac                                from ICRA D


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