January 12, 2018 / 10:47 AM / 11 days ago

ICRA ratings for Indian debt instruments-Jan 12

    Jan 12 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of January 11, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Avi Oil India Pvt Ltd                   ST FBL                ICRA A1      20      Reaffirmed
Avi Oil India Pvt Ltd                   ST Non-FBL            ICRA A1      200     Reaffirmed
Bucon Infratech Pvt Ltd                 FB limits             ICRA A4      130     Withdrawn
Bucon Infratech Pvt Ltd                 Non-FBL               ICRA A4      25      Withdrawn
Bucon Infratech Pvt Ltd                 ST unallocated        ICRA A4      5       Withdrawn
Embee Ferro Alloy Pvt Ltd               Non-Fund based-LOC    ICRA A4      15
Rating moved to the ‘Issuer Not Cooperating’ category
Embee Ferro Alloy Pvt Ltd               Non-Fund based-BG     ICRA A4      15
Rating moved to the ‘Issuer Not Cooperating’ category
Enterprising Enterprises                Non-fund based- ST    ICRA A4
Rating moved to the ‘Issuer Not Cooperating’ category
Goa Carbon Ltd                          ST non-FBL            ICRA A3      2050    Withdrawn
Goa Carbon Ltd                          ST unallocated        ICRA A3      400     Withdrawn
Indian Oil Corporation Ltd              CP                    ICRA A1+     400000  Reaffirmed
Polysol Industries                      Non-fund based – LOC  ICRA A4      90      Reaffirmed
removed from non cooperation category
Polysol Industries                      Non-fund based –      ICRA A4      8       Reaffirmed
                                        Forward Contract
                                        Exposure
removed from non cooperation category
Rajasthan International                 Non-fund Based        ICRA A4      30      Reaffirmed
Shree Ram Lime Products Pvt Ltd         NFBL-Bills DiscountingICRA A4+     50
Issuer not Cooperating
Shree Ram Lime Products Pvt Ltd         NFBL-BG               ICRA A4+     1200
Issuer not Cooperating
Sk Systems Pvt Ltd                      Non-fund              ICRA A4+     170
                                        based-Working Capital
                                        Fac
Upgraded from ICRA A4
Suresh Exports                          Fund based            ICRA A4      85      Reaffirmed
Suresh Exports                          Non fund based        ICRA A4      44      Reaffirmed
Suresh Exports                          Non Fund Based        ICRA A4              Reaffirmed
                                        (sublimit of CC)

LONG TERM RATINGS:
-------------------
Aasra Foundations (Regd.)               LT - Fund based       ICRA D       1300
Issuer not Cooperating
Avi Oil India Pvt Ltd                   LT FBL                ICRA A+      70
Upgraded from ICRA A
Avi Oil India Pvt Ltd                   LT/ST Limits          ICRA A+ /A1  60
                                        Unallocated
Upgraded from ICRA A; Reaffirmed
Embee Ferro Alloy Pvt Ltd               Fund based-TL         ICRA B       158
Rating moved to the ‘Issuer Not Cooperating’ category
Embee Ferro Alloy Pvt Ltd               Fund based-CC         ICRA B       45
Rating moved to the ‘Issuer Not Cooperating’ category
Enterprising Enterprises                Fund based-TL         ICRA B       295
Rating moved to the ‘Issuer Not Cooperating’ category
Goa Carbon Ltd                          LT FBL                ICRA BBB-    80      Withdrawn
Il&Fs Solar Power Ltd                   NCD                   ICRA A+ (SO) 2100    Assigned
Indian Oil Corporation Ltd              Non-Convertible Bonds ICRA AAA     10700   Reaffirmed
                                        - Series-VIIIB
Indian Oil Corporation Ltd              Non-Convertible       ICRA AAA             Withdrawn
                                        Bonds- Series- IX
Indian Oil Corporation Ltd              Non-Convertible       ICRA AAA             Withdrawn
                                        Bonds- V
Khaya Solar Projects Pvt Ltd            Fund based-TL         ICRA B-      542     Reaffirmed
National Polyplast (India) Ltd          TL                    ICRA D^      305.1   Withdrawn
^ Rating Suspended
National Polyplast (India) Ltd          LT Fund Based         ICRA D^      73      Withdrawn
^ Rating Suspended
National Polyplast (India) Ltd          ST Non Fund Based     ICRA D^      15      Withdrawn
^ Rating Suspended
National Polyplast (India) Ltd          Unallocated           ICRA D^      34.1    Withdrawn
^ Rating Suspended
Polysol Industries                      Fund based - CC       ICRA B+      20      Reaffirmed
                                        Facility
removed from non cooperation category
Rajasthan International                 Fund Based            ICRA BB-     70      Reaffirmed
Ratabhe Renewable Energy Pvt            Issuer Rating         ICRA BBB+            Assigned
Ltd
S.S. Construction                       --                    --
Submitted its ‘No Default Statement’
Shankar Parvati Industries              Fund based-TL         ICRA B+      6.2
Rating moved to the ‘Issuer Not Cooperating’ category
Shankar Parvati Industries              Fund based-CC         ICRA B+      70
Rating moved to the ‘Issuer Not Cooperating’ category
Shankar Parvati Industries              Unallocated Limits    ICRA B+      6.9
Rating moved to the ‘Issuer Not Cooperating’ category
Shree Ram Lime Products Pvt Ltd         FBL-CC                ICRA BB+     60
Issuer not Cooperating
Shree Ram Lime Products Pvt Ltd         FBL-TL                ICRA BB+     44
Issuer not Cooperating
Shree Ram Lime Products Pvt Ltd         Unallocated Limits    ICRA BB+     36
Issuer not Cooperating
Shree Rupanadham Steel Pvt Ltd          FB Limits             ICRA B+      50      Withdrawn
ISSUER NOT COOPERATING
Shree Rupanadham Steel Pvt Ltd          Non FB Limits^        ICRA B+ /            Withdrawn
                                                              ICRA A4
ISSUER NOT COOPERATING; ^Rs. 1 crore non fund-based limit is a sub limit of the Cash Credit
facility. Overall ratings are assigned for Rs. 5 crore bank limits only.
Sk Systems Pvt Ltd                      Fund based- Working   ICRA BB+     70
                                        Capital Fac
Upgraded from ICRA BB
Sk Systems Pvt Ltd                      Unallocated Limits    ICRA BB+     10
Upgraded from ICRA BB
Suresh Exports                          CC                    ICRA B       9       Reaffirmed
Suresh Exports                          Unallocated Limits    ICRA B/ A4   62      Reaffirmed
United India Insurance Co. Ltd          CPA                   iAA+
Downgraded from iAAA
Yogesh Construction                     BLR                   ICRA B+ /
                                                              ICRA A4
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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