January 25, 2018 / 10:53 AM / 4 months ago

ICRA ratings for Indian debt instruments-Jan 25

    Jan 25 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of January 24, 2018.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Hi-Q Electronics (P) Ltd                ST - Non-fund based-  ICRA A3      10      Reaffirmed
                                        - Working Capital Fac
N.D. Gupta & Sons                       ST Non Fund Based     ICRA A4      40      -
ISSUER NOT COOPERATING
Narendra Dev Girrajji                   ST Non Fund Based     ICRA A4      50      -
Constructions (Jv)
ISSUER NOT COOPERATING
Narendra Dev Railways                   ST Non Fund Based     ICRA A4      287     -
ISSUER NOT COOPERATING
Safeflex International Ltd              NFBL 3.00             ICRA A3      30      Reaffirmed
Torrent Pharmaceuticals Ltd             CP                    ICRA A1+     5600    -
placed on ratings watch with developing implications
Triveni Engicons Pvt Ltd                Non-fund based- BGs   ICRA A2+             Assigned
# Rs. 6 crore of bank guarantee can be used as a fund-based working capital facility.

LONG TERM RATINGS:
-------------------
Betterman Engineers Pvt Ltd             Bk Fac                ICRA B /     160     -
                                                              ICRA A4
Review process is underway
Gopalan Enterprises                     LT - TL               ICRA BBB+    439.6   Assigned
Gopalan Enterprises                     LT – Overdraft        ICRA BBB+    2000    Assigned
Gopalan Enterprises                     LT - unallocated      ICRA BBB+    10.4    Assigned
Gopalan Enterprises India Pvt           LT - TL               ICRA BBB+    4618.4  Assigned
Ltd
Gopalan Enterprises India Pvt           LT - unallocated      ICRA BBB+    1881.6  Assigned
Ltd
Gopalan Foundation                      LT - TL               ICRA BBB+    130     Assigned
Hero Solar Energy Pvt. Ltd.             NCD                   ICRA A       1750    -
Review process is underway
Hero Wind Energy Pvt Ltd                NCD                   ICRA A       3150    -
Review process is underway
Hindustan Petroleum                     Issuer Rating         ICRA AAA             -
Corporation Ltd
Hi-Q Electronics (P) Ltd                LT – FB – 5 CC        ICRA BBB-    55      Reaffirmed
Hi-Q Electronics (P) Ltd                LT – FB – 19.9 TL     ICRA BBB-    179     Reaffirmed
Hi-Q Electronics (P) Ltd                Unallocated 0.22      ICRA         7.2     Reaffirmed
                                                              BBB-/A3
Ifmr Capital Finance Pvt Ltd            PTC Series A1         ICRA A(SO)   1015.7  Assigned
confirmed as final
Ifmr Capital Finance Pvt Ltd            PTC Series A2         ICRA A(SO)   68.5    Assigned
confirmed as final
Indera Ethnic & Designs Pvt Ltd         Bk Fac                ICRA D       57.4    -
Mad Studios Pvt Ltd                     FB- CC                ICRA D       25      Rating moved
                                                                                   to the
                                                                                   ‘Issuer Not
                                                                                   Cooperating’
                                                                                   category
Mad Studios Pvt Ltd                     Non-fund Based- TL    ICRA D       130     Rating moved
                                                                                   to the
                                                                                   ‘Issuer Not
                                                                                   Cooperating’
                                                                                   category
Mad Studios Pvt Ltd                     Non-FBL               ICRA D       20      Rating moved
                                                                                   to the
                                                                                   ‘Issuer Not
                                                                                   Cooperating’
                                                                                   category
N.D. Gupta & Sons                       LT Fund Based– CC     ICRA BB-     25      -
ISSUER NOT COOPERATING
Nano Agro Foods Pvt Ltd                 CC                    ICRA B       100     Reaffirmed
issuer Non- cooperating
Narendra Dev Girrajji                   LT Fund Based– CC     ICRA BB-     25      -
Constructions (Jv)
ISSUER NOT COOPERATING
Narendra Dev Railways                   LT Fund Based– CC     ICRA BB      119.8   -
ISSUER NOT COOPERATING            
Patil Rail Infrastructure Pvt           NCD                   ICRA BB      1350    -
Ltd
ISSUER NOT COOPERATING
Psa Construction                        Bk Fac                ICRA BB /    215     -
                                                              ICRA A4+
ISSUER NOT COOPERATING
Religare Finvest Ltd                    PTC Series B          ICRA AA-(SO) 77.8    -
placed on watch with developing implications
Religare Finvest Ltd                    PTC Series B          ICRA AA-(SO) 40.5    -
placed on watch with developing implications
Religare Finvest Ltd                    PTC Series A          ICRA AAA(SO) 1478.1  Reaffirmed
Religare Finvest Ltd                    PTC Series A          ICRA AAA(SO) 770     Reaffirmed
Rijiya Brothers                         FB- CC                ICRA BBB-    270     Rating moved
                                                                                   to the
                                                                                   ‘Issuer Not
Cooperating’ category
ISSUER NOT COOPERATING
Rijiya Brothers                         Non-fund Based- CC    ICRA BBB-    17      Rating moved
                                                                                   to the
                                                                                   ‘Issuer Not
                                                                                   Cooperating’
                                                                                   category
Rijiya Brothers                         Unallocated Limit     ICRA BBB-    63      Rating moved
                                                                                   to the
                                                                                   ‘Issuer Not
                                                                                   Cooperating’
                                                                                   category
Safeflex International Ltd              FBL – Term 35.5 Loan  ICRA BBB-    355     Reaffirmed
Safeflex International Ltd              Fund based- Working   ICRA BBB-/A3 312.5   Reaffirmed
                                        Capital 31.25 Fac
Suvarna Lakshmi Jewellers               CC TL                 ICRA B+      180     Reaffirmed -
Suvarna Lakshmi Jewellers               Unallocated limits    ICRA B+      92      Reaffirmed
Tirupathi Yarntex Spinners Pvt          TL                    ICRA B-      29      Upgraded
Ltd                                                                                from ICRA C+
Tirupathi Yarntex Spinners Pvt          CC                    ICRA B-      145     Upgraded
Ltd                                                                                from ICRA C+
Tirupathi Yarntex Spinners Pvt          BG Unallocated Limits ICRA B-      6       Upgraded
Ltd                                                                                from ICRA C+
Torrent Pharmaceuticals Ltd             NCD                   ICRA AA      31000   -
placed on ratings watch with developing implications
Torrent Pharmaceuticals Ltd             FBTL                  ICRA AA      1976.7  -
placed on ratings watch with developing implications
Torrent Pharmaceuticals Ltd             FB CC                 ICRA AA      17950   -
placed on ratings watch with developing implications
Torrent Pharmaceuticals Ltd             LT                    ICRA AA      16000   -
placed on ratings watch with developing implications
Triveni Engicons Pvt Ltd                Fund based-Working    ICRA A-              Assigned
                                        capital Fac
*Fund-based working-capital limit of Rs. 5 crore can be used as bank guarantee
Zed Vitrified Pvt Ltd                   Bk Fac                ICRA BB- /   341.2   -
                                                              ICRA A4
Review process is underway
--------------------------------------------------------------------------------------------
$: 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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