January 3, 2020 / 10:20 AM / 22 days ago

ICRA ratings for Indian debt instruments-Jan 3

   Jan 3 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of January 2, 2020.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Ambience Interiors Pvt Ltd              Non-fund based        ICRA A2      350     Upgraded
                                                                                   from ICRA A3+
Canara Robeco Asset Management          Canara Robeco Savings ICRA A1+mfs  -       Reaffirmed
Co. Ltd                                 Fund
Canara Robeco Asset Management          Canara Robeco Liquid  ICRA A1+mfs  -       Reaffirmed
Co. Ltd                                 Fund
Ifgl Refractories Ltd                   Non-FBL – LOC/ BG     ICRA A1+     100     Assigned
Ifgl Refractories Ltd                   Non-FBL – LOC/ BG#    ICRA A1+     -       Assigned
# Non-fund based limits of Rs. 62.00 crore is the sub-limit to the fund-based working capital
limits
Saraswati Sugar Mills Ltd               Non-fund              ICRA A1      50      Reaffirmed
                                        based-Working Capital
                                        Fac
Sivaswati Textile Pvt Ltd               Non-fund based – LOC  ICRA A3      80      Reaffirmed
Sri Lakshmi Ammal Educational           ST - Non Fund Based   ICRA A2      100     Withdrawn
Trust
(Issuer not Cooperating)
Sri Swetharka Constructions             ST - Non-fund Based/BGICRA A4      30      Reaffirmed
Pvt Ltd
Sri Vaishnavi Spintex (India)           ST - Unallocated      ICRA A4      1.7     -
Pvt Ltd
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Vaya Finserv Pvt Ltd                    CP (CP) programme     ICRA A3+     500     Assigned
Vinit Gloves Manufacturing Pvt          FB – Packing Credit / ICRA A3      160     Reaffirmed
Ltd                                     PreShipment Credit in
                                        Foreign Currency
Vinit Gloves Manufacturing Pvt          FB – Post Shipment    ICRA A3      20      Reaffirmed
Ltd                                     Limit
Vinit Gloves Manufacturing Pvt          Non-fund based – LOC  ICRA A3      7.5     Reaffirmed
Ltd                                     (Inland/Import)
Vinit Gloves Manufacturing Pvt          Non-fund Based –Loan  ICRA A3      110     Reaffirmed
Ltd                                     Equivalent Factor for
                                        Forward Covers


LONG TERM RATINGS:
-------------------
Act Infraport Ltd                       LT FB CC              ICRA         300     Assigned
                                                              BBB(Stable)
Act Infraport Ltd                       LT Non-fund Based BG  ICRA         10      Assigned
                                                              BBB(Stable)
Act Infraport Ltd                       LT Unallocated        ICRA         200     Assigned
                                                              BBB(Stable)
Allcargo Logistics Ltd                  Proposed NCD ProgrammeICRA AA&     1250    -
(Rating placed under watch with developing implications)
Ambience Interiors Pvt Ltd              CC                    ICRA BBB+    200     Upgraded
                                                              (Stable)             from ICRA
                                                                                   BBB (Stable)
Arg Outlier Media Asianet News          LT, FB Limits         ICRA BBB-    650     Assigned
Pvt Ltd                                                       (Stable)
Arg Outlier Media Asianet News          LT, Loans             ICRA BBB-    400     Assigned
Pvt Ltd                                                       (Stable)
Balaji Rail Road Systems Pvt            LT- FBL               ICRA BB+     30      Revised from
Ltd                                                           (Stable)             ICRA BBB-
(Removed from Issuer not cooperating category)
Balaji Rail Road Systems Pvt            LT - Non-fund based   ICRA BB+     91.5    Revised from
Ltd                                                           (Stable)             ICRA BBB-
(Removed from Issuer not cooperating category)
Balaji Rail Road Systems Pvt            LT – Unallocated      ICRA BB+     78.5    Revised from
Ltd                                                           (Stable)             ICRA BBB-
(Removed from Issuer not cooperating category)
Bengaluru Metropolitan                  FB TL                 ICRA B-      3350    Upgraded
Transport Corporation                                         (Stable)             from ICRA D
Bengaluru Metropolitan                  Proposed TL           ICRA B-      9650    Upgraded
Transport Corporation                                         (Stable)             from ICRA D
Berar Finance Ltd - Northern            PTC Series A1         Provisional  171.4   Assigned
Arc 2019 2W Chaplin                                           ICRA A+(SO)
Berar Finance Ltd - Northern            PTC Series A2         Provisional  4       Assigned
Arc 2019 2W Chaplin                                           ICRA
                                                              BBB+(SO)
Bhaurao Chavan Sahakari Sakhar          TL                    ICRA B+      229.2   Reaffirmed
Karkhana Ltd                                                  (Stable)
(Removed from Issuer NonCooperating category)
Bhaurao Chavan Sahakari Sakhar          FB Limits             ICRA B+      910     Reaffirmed
Karkhana Ltd                                                  (Stable)
(Removed from Issuer NonCooperating category)
Bhaurao Chavan Sahakari Sakhar          Basal Dose Loan       ICRA B+      716.9   Reaffirmed
Karkhana Ltd                                                  (Stable)
(Removed from Issuer NonCooperating category)
Bhaurao Chavan Sahakari Sakhar          BG                    ICRA B+      40      Reaffirmed
Karkhana Ltd                                                  (Stable)
(Removed from Issuer NonCooperating category)
Bhaurao Chavan Sahakari Sakhar          Unallocated           ICRA B+      3.9     Reaffirmed
Karkhana Ltd                                                  (Stable)
(Removed from Issuer NonCooperating category)
Canara Robeco Asset Management          Canara Robeco         ICRA AA+mfs  -       Reaffirmed
Co. Ltd                                 Corporate Bond Fund
Canara Robeco Asset Management          Canara Robeco Ultra   ICRA AAAmf   -       Reaffirmed
Co. Ltd                                 ST Fund
Eros Resorts And Hotels Pvt Ltd         CC                    ICRA B+      50      Upgraded
                                                              (Stable)             from ICRA B-
                                                                                   (Stable)
Eros Resorts And Hotels Pvt Ltd         TL                    ICRA B+      390     Upgraded
                                                              (Stable)             from ICRA B-
                                                                                   (Stable)
Eros Resorts And Hotels Pvt Ltd         Unallocated           ICRA B+      60      Upgraded
                                                              (Stable) /           from ICRA B-
                                                              A4                   (Stable)/
                                                                                   Reaffirmed
Hyderabad Institute Of                  Fund Based – CC       ICRA A       150     Reaffirmed
Oncology Pvt Ltd                                              (Stable)
Hyderabad Institute Of                  Fund Based – TL       ICRA A       50.3    Reaffirmed
Oncology Pvt Ltd                                              (Stable)
Hyderabad Institute Of                  Unallocated Limits    ICRA A       476.7   Reaffirmed
Oncology Pvt Ltd                                              (Stable)
Ifgl Refractories Ltd                   FB Limits – Working   ICRA A+      1430    Assigned
                                        Capital Limits        (Stable)
Ifgl Refractories Ltd                   FB Limits –           ICRA A+      200     Assigned
                                        Unallocated Limits    (Stable)
Indiabulls Housing Finance Ltd          Assignee Payouts      Provisional  4976.1  Assigned
- Innovation Trust Xxxii Dec-19                               ICRA AA(SO)
Saraswati Sugar Mills Ltd               Fund based – Working  ICRA A-      2405    Reaffirmed
                                        Capital Fac           (Stable)
Saraswati Sugar Mills Ltd               LT - Unallocated      ICRA A-      2405    Reaffirmed
                                        Limits                (Stable)
Sivaswati Textile Pvt Ltd               Unallocated limits    ICRA BBB-    388.2   Reaffirmed
                                                              (Positive)
(Outlook revised to Positive from Stable)
Sivaswati Textile Pvt Ltd               Fund based – CC       ICRA BBB-    444     Reaffirmed
                                                              (Positive)
(Outlook revised to Positive from Stable)
Spandana Sphoorty Financial             PTC Series A          Provisional  1249.7  Assigned
Ltd - Kartikeya 12 2019                                       ICRA A (SO)
Sri Lakshmi Ammal Educational           LT - Fund Based/ CC   ICRA BBB+    125     Withdrawn
Trust                                                         (Stable)
(Issuer not Cooperating)
Sri Lakshmi Ammal Educational           LT - Fund Based TL    ICRA BBB+    1300    Withdrawn
Trust                                                         (Stable)
(Issuer not Cooperating)
Sri Lakshmi Ammal Educational           LT / ST – Unallocated ICRA BBB+    75      Withdrawn
Trust                                                         (Stable) /
                                                              A2
(Issuer not Cooperating)
Sri Swetharka Constructions             LT - Fund Based/CC    ICRA B+      60      Reaffirmed
Pvt Ltd                                                       (Stable)
Sri Vaishnavi Spintex (India)           LT - Fund Based/ CC   ICRA B       130     -
Pvt Ltd                                                       (Stable)
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Sri Vaishnavi Spintex (India)           LT - Non Fund Based   ICRA B       8.3     -
Pvt Ltd                                                       (Stable)
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Sunbeam Speciality Alloys Ltd           LT - Fund Based- CC   ICRA D       70      -
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Sunbeam Speciality Alloys Ltd           LT - Non Fund Based   ICRA D       30      -
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Sunbeam Speciality Alloys Ltd           LT - Unallocated      ICRA D       20      -
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Vaya Finserv Pvt Ltd                    NCD programme         ICRA         1440    Outstanding
                                                              BBB(Stable)
Vaya Finserv Pvt Ltd                    LT Bk lines           ICRA         5000    Outstanding
                                                              BBB(Stable)
Vinit Gloves Manufacturing Pvt          FB – CC#              ICRA         -       Reaffirmed
Ltd                                                           BBB-(Stable)
# Sub-limit of packing credit
Vinit Gloves Manufacturing Pvt          Non-fund based – BG^  ICRA         -       Reaffirmed
Ltd                                                           BBB-(Stable)
^ Sub-limit of letter of credit
Vinit Gloves Manufacturing Pvt          FB – TL               ICRA         39      Reaffirmed
Ltd                                                           BBB-(Stable)
Vivekananda Seeds                       LT Fund based/CC      ICRA         84      Withdrawn
                                                              B+(Stable)
Vivekananda Seeds                       LT / ST - Unallocated ICRA         11      Withdrawn
                                                              B+(Stable)
                                                              / A4
Vivriti Capital Pvt Ltd -               Multi-borrower credit Provisional  125     Assigned
Berar Finance Ltd                       enhanced loan         ICRA A-(CE)
                                        programme             (Stable)
Vivriti Capital Pvt Ltd -               Multi-borrower credit Provisional  100     Assigned
Indel Money Pvt Ltd                     enhanced loan         ICRA A-(CE)
                                        programme             (Stable)
Vivriti Capital Pvt Ltd -               Multi-borrower credit Provisional  125     Assigned
Midland Microfin Ltd                    enhanced loan         ICRA A-(CE)
                                        programme             (Stable)
Vivriti Capital Pvt Ltd -               Multi-borrower credit Provisional  150     Assigned
S.M.I.L.E. Microfinance Ltd             enhanced loan         ICRA A-(CE)
                                        programme             (Stable)
Vivriti Capital Pvt Ltd - Up            Multi-borrower credit Provisional  50      Assigned
Money Ltd                               enhanced loan         ICRA A-(CE)
                                        programme             (Stable)
Vivriti Capital Pvt Ltd -               PTC Series A1         Provisional  592.4   Assigned
Vivriti Cabsec 007 2019                                       ICRA A-(SO)
Vivriti Capital Pvt Ltd -               PTC Series A2         Provisional  42.3    Assigned
Vivriti Cabsec 007 2019                                       ICRA
                                                              BBB-(SO)
Vivriti Capital Pvt Ltd -               Multi-borrower credit Provisional  50      Assigned
Yogakshemam Loans Ltd                   enhanced loan         ICRA A-(CE)
                                        programme             (Stable)
--------------------------------------------------------------------------------------------
$: 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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