January 14, 2019 / 11:02 AM / 8 days ago

ICRA ratings for Indian debt instruments-Jan 14

    Jan 14 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of January 11, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Asian Granito India Ltd                 ST Non-FB limits      ICRA A1      658.4   Unchanged
Bartaman Pvt Ltd                        Non-FBL – Working     ICRA A1      87.2    Reaffirmed
                                        Capital Fac
Bharat Chemicals                        ST Non-FB             ICRA A4      57
Assigned/ outstanding
Elgi Electric And Industries            ST non-FB Fac         ICRA A3      50      Reaffirmed
Ltd
ICICI Home Finance Co. Ltd              CP programme          ICRA A1+     40000   Reaffirmed
Principal Asset Management Pvt          Principal Cash        ICRA A1+mfs  -
Ltd                                     Management Fund
Upgraded to ICRA A1+mfs from ICRA A1mfs; removed from rating watch with developing implication
Principal Asset Management Pvt          Principal Low         ICRA A1+mfs  -
Ltd                                     Duration Fund
reaffirmed; removed from rating watch with developing implication
The Karur Vysya Bank Ltd                Certificates of       ICRA A1+     30000   Outstanding
                                        Deposit Programme
Union Asset Management Company          Union Liquid Fund     ICRA A1+mfs  -
Pvt Ltd
Upgraded to ICRA A1+mfs from ICRA A1mfs; removed from rating watch with developing implication
Zf Hero Chassis Systems Pvt Ltd         Non-fund              ICRA A2+     40      Assigned
                                        Based-Working Capital
                                        Fac
MEDIUM TERM RATINGS:
-------------------
ICICI Home Finance Co. Ltd              Fixed deposit         MAAA         -       Reaffirmed
                                        programme

LONG TERM RATINGS:
-------------------
Asian Granito India Ltd                 LT FB TL              ICRA A       142.9   Unchanged
Asian Granito India Ltd                 LT FB CC              ICRA A       2200    Unchanged
Asian Granito India Ltd                 Unallocated Limits    ICRA A       118.7   Unchanged
Bartaman Pvt Ltd                        FB Limits – TL        ICRA A+      400     Reaffirmed
Bartaman Pvt Ltd                        FB Limits – Working   ICRA A+      57.5    Reaffirmed
                                        Capital Fac
Bharat Chemicals                        LT FB- CC             ICRA BB-     140     outstanding
Boi Axa Investment Managers             BOI AXA Liquid Fund   ICRA AAAmfs  -       outstanding
Pvt Ltd
Boi Axa Investment Managers             BOI AXA Capital       ICRA AAAmfs  -       Withdrawn
Pvt Ltd                                 Protection Oriented   (SO)
                                        Fund Series V
Elgi Electric And Industries            LT FB Fac             ICRA BBB-    50      Reaffirmed
Ltd
Elgi Electric And Industries            Proposed LT Fac       ICRA BBB-    80.6    Reaffirmed
Ltd
Ess Kay Fincorp Ltd                     PTC Series A1         ICRA A+(SO)  173.8
Upgraded to ICRA A+(SO) from ICRA A-(SO)
Ess Kay Fincorp Ltd                     PTC Series A2         ICRA         46.7
                                                              BBB-(SO)
Upgraded to ICRA BBB-(SO) from ICRA BB(SO)
Ess Kay Fincorp Ltd                     PTC Series A1         ICRA         90.8
                                                              BBB+(SO)
Upgraded to ICRA BBB+(SO) from ICRA BBB(SO)
Ess Kay Fincorp Ltd- Drava Cv           PTC Series A2         ICRA AA-(SO) 5.4
IFMR Capital 2017
Upgraded to ICRA AA-(SO) from ICRA BBB+(SO)
Ess Kay Fincorp Ltd- Drava Cv           PTC Series A1         ICRA AA+(SO) 5.3
IFMR Capital 2017
Upgraded to ICRA AA+(SO) from ICRA A+(SO)
Ess Kay Fincorp Ltd- Rashford           PTC Series A1         ICRA A+(SO)  62.5
Cv IFMR Capital 2017
Upgraded to ICRA A+(SO) from ICRA A-(SO)
Ess Kay Fincorp Ltd- Tagus Cv           PTC Series A2         ICRA A(SO)   12
IFMR Capital 2017
Upgraded from ICRA BBB(SO)
Ess Kay Fincorp Ltd- Tagus Cv           PTC Series A1         ICRA AA(SO)  18
IFMR Capital 2017
Upgraded to ICRA AA(SO) from ICRA A(SO)
Eye-Q Vision Pvt Ltd                    NCD (NCD) Programme   ICRA D       40
Revised from ICRA B+
Fashionage Corporation Pvt Ltd          LT - Fund Based/ CC   ICRA BB-     145
Issuer not cooperating; Withdrawn
Fashionage Corporation Pvt Ltd          LT - Fund Based TL    ICRA BB-     47.5
Issuer not cooperating; Withdrawn
Fashionage Corporation Pvt Ltd          LT / ST - Non Fund    ICRA BB- /A4 7.5
                                        Based
Issuer not cooperating; Withdrawn
Grospinz Fabz Ltd                       LT - Fund Based/ CC   ICRA BB      500
Issuer not cooperating; Withdrawn
Grospinz Fabz Ltd                       LT - Fund Based TL    ICRA BB      433.6
Issuer not cooperating; Withdrawn
Grospinz Fabz Ltd                       LT / ST - Non Fund    ICRA BB /A4+ 6
                                        Based
Issuer not cooperating; Withdrawn
Grospinz Fabz Ltd                       LT / ST - Unallocated ICRA BB /A4+ 10.4
Issuer not cooperating; Withdrawn
Hooghly Alloy & Steels Co. Pvt          Bk Fac                ICRA BB /    300
Ltd                                                           ICRA A4
Issuer not cooperating
ICICI Home Finance Co. Ltd              LT bonds programme    ICRA AAA     51485   Reaffirmed
ICICI Home Finance Co. Ltd              Subordinated debt     ICRA AAA     8727    Reaffirmed
                                        programme
ICICI Home Finance Co. Ltd              LT FB Bk limits       ICRA AAA     90000
Reaffirmed ; Includes external commercial borrowings
ICICI Home Finance Co. Ltd              Issuer rating         ICRA AAA     -       Reaffirmed
ICICI Home Finance Co. Ltd              LT bonds programme    ICRA AAA     -       Withdrawn
ICICI Home Finance Co. Ltd              Subordinated debt     ICRA AAA     -       Withdrawn
                                        programme
Indian Potash Ltd                       NCD (NCDs)            Provisional  3000    Assigned
                                                              ICRA AA-(SO)
Orange Dnd Wind Power Pvt Ltd           TL                    ICRA BBB+    1260
Upgraded from ICRA BBB
Orange Dnd Wind Power Pvt Ltd           CC                    ICRA BBB+    60
Upgraded from ICRA BBB
The Karur Vysya Bank Ltd                Lower Tier II Bonds   ICRA A+      3000    Outstanding
                                        Programme
The Karur Vysya Bank Ltd                Basel III Compliant   ICRA A+      12000   Assigned
                                        Tier-II Bonds         (hyb)
Union Asset Management Company          Union ST Fund*        ICRA AAAmfs  -
Pvt Ltd
outstanding; *Formerly Union Ultra Short Term Debt Fund
Variety Lumbers Pvt Ltd                 FB CC                 ICRA D       20
Downgraded from ICRA B+ and removed from Issuer Not Cooperating category
Variety Lumbers Pvt Ltd                 Non-FB Import LOC cum ICRA D       200^
                                        Buyers Credit
Downgraded from ICRA A4 and removed from Issuer Not Cooperating category; ^Includes sublimit:
BELC (Rs. 4.00 crore) and BG (Rs. 1.00 crore)
Yashmu Projects (Erstwhile              LT-Unallocated        ICRA B       250     Withdrawn
Eternity Structures Pvt Ltd)
Zf Hero Chassis Systems Pvt Ltd         FB – CC Fac           ICRA A-      300     Reaffirmed
Zf Hero Chassis Systems Pvt Ltd         Unallocated           ICRA A-      60      Reaffirmed

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