January 4, 2018 / 12:09 PM / 15 days ago

ICRA ratings for Indian debt instruments-Jan 4

    Jan 4 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of January 3, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Asansol Polyfabs Pvt Ltd                ST-Non-BG             [ICRA A3     20      Reaffirmed
Dev Metals & Alloys Pvt Ltd             Non-fund Based LOC    ICRA A4      15      Reaffirmed
E-Pack Polymers Pvt Ltd                 Non-FBL               ICRA A3+     130     Reaffirmed
Hariom Polypacks Ltd                    Non-FBL               ICRA A3      10      Reaffirmed
Ifmr Capital Finance Pvt Ltd            CP                    ICRA A1+     5000    outstanding
India Infoline Finance                  PTC Series A          Provisional  450     Assigned
Ltd-Shining Metal Trust Dec                                   ICRA A1+(SO)
2017 Gold Ptc Xiii A
Katira Construction Ltd                 Non-fund Based BG     ICRA A3+     976.5   Downgraded
                                                                                   from ICRA A2
Noor Ice & Cold Storage Pvt Ltd         ST FB Limit- Packing  ICRA A4      285     Reaffirmed
                                        Credit
Panasian Impex Pvt Ltd                  ST-Fund Based         ICRA A4      400     Reaffirmed
Panasian Impex Pvt Ltd                  ST - Non Fund Based   ICRA A4      41.4    Reaffirmed
Panasian Impex Pvt Ltd                  ST - Unallocated      ICRA A4      3.6     Reaffirmed
Ramkrishy Infrastructure Pvt            LT: Non-Fund based    ICRA A3      470     Reaffirmed
Ltd                                     Working Capital Limits
Shri Maa Polyfabs Ltd.                  ST-Non-FBL            ICRA A3      70      Reaffirmed
Suncore Tiles Pvt Ltd                   Non-fund based – BG   ICRA A4      35      Assigned


LONG TERM RATINGS:
-------------------
Asansol Polyfabs Pvt Ltd                Fund based-CC         ICRA BBB-    70      Reaffirmed
Asansol Polyfabs Pvt Ltd                Unallocated Limit     ICRA BBB-    10      Reaffirmed
                                                              /ICRA A3
Asirvad Microfinance Pvt Ltd            NCD Programme         ICRA A       366.4   Reaffirmed
Asirvad Microfinance Pvt Ltd            Bk Fac                ICRA A       2000    Reaffirmed
Desai Textiles                          CC                    ICRA B-      50      Assigned
Desai Textiles                          TL                    ICRA B-      18.7    Assigned
Dev Metals & Alloys Pvt Ltd             FB TL                 ICRA C       9.6     Reaffirmed
(revised from 2.32 earlier)
Dev Metals & Alloys Pvt Ltd             FB CC                 ICRA C       70      Reaffirmed
Dev Metals & Alloys Pvt Ltd             Unallocated Limit     ICRA C/ICRA  13.6    Reaffirmed
                                                              A4
(revised from Nil earlier)
E-Pack Polymers Pvt Ltd                 FB Limits             ICRA BBB     505.3   Reaffirmed
E-Pack Polymers Pvt Ltd                 Unallocated (Proposed ICRA BBB     24.7    Reaffirmed
                                        Limits)
Gmax Auto Ltd                           TL                    ICRA AA      564     -
                                                              (SO)
Gmax Auto Ltd                           FB Fac                ICRA AA      95      -
                                                              (SO)
Gmax Auto Ltd                           Non-fund Based Fac    ICRA AA      350     -
                                                              (SO) / ICRA
                                                              A1+ (SO)
Gmw Pvt Ltd                             NDS                   ICRA]BB              Removed from
                                                              (Stable)/A4          ISSUER NOT
                                                                                   COOPERATING
Goodluck Carbon Pvt Ltd                 Fund based-TL         ICRA D       727.4   Issuer Not
                                                                                   Cooperating
Goodluck Carbon Pvt Ltd                 Fund based-CC         ICRA D       300     Issuer Not
                                                                                   Cooperating
Goodluck Carbon Pvt Ltd                 ST- Non Fund Based    ICRA D       40      Issuer Not
                                                                                   Cooperating
Hariom Polypacks Ltd                    Unallocated           -                    -
Hariom Polypacks Ltd                    Fund based-TL         ICRA BBB-    107.5   Reaffirmed
Hariom Polypacks Ltd                    Fund based-CC         ICRA BBB-    72.5    Reaffirmed
Ifmr Capital Finance Pvt Ltd            Subordinated Debt     ICRA A+      750     Assigned
Ifmr Capital Finance Pvt Ltd            LT FBL                ICRA A+      20000   outstanding
Ifmr Capital Finance Pvt Ltd            NCDs                  ICRA A+      5750    outstanding
Ifmr Capital Finance Pvt Ltd            Subordinated Debt     ICRA A+      75      outstanding
Karvy Fintech Pvt Ltd                   NCD Programme         Provisional  4000
                                                              ICRA AA-
Katira Construction Ltd                 FB Working Capital    ICRA BBB     190     Downgraded
                                        Limits                                     from ICRA
                                                                                   BBB+
Noor Ice & Cold Storage Pvt Ltd         LT and ST-Working     -                    Reaffirmed
                                        Capital Limits
(reduced from 21.00crs)
Noor Ice & Cold Storage Pvt Ltd         TL                    ICRA B+      47      Reaffirmed
(enhanced from nil)
Noor Ice & Cold Storage Pvt Ltd         LT FB Limit           ICRA B+      40      Reaffirmed
Noor Ice & Cold Storage Pvt Ltd         LT and ST-Unallocated ICRA         3       Reaffirmed
                                        Limit                 B+/ICRA A4;
(enhanced from nil)
P.R. Nayak Associates Pvt Ltd           LT: FB Working        ICRA BB+     220     Assigned /
                                        capital limits                             Outstanding
Panasian Impex Pvt Ltd                  Fund based-UnallocatedICRA B+      50      Reaffirmed
Patel Cotton                            NDS                   ICRA B+              Removed from
                                                                                   ISSUER NOT
                                                                                   COOPERATING
Ramkrishy Infrastructure Pvt            LT: FB Working        ICRA BBB-    110     Reaffirmed
Ltd                                     Capital Limits
Riddhi Siddhi Cotfiber Pvt Ltd          FB Limit              ICRA B+      158.5   Reaffirmed
removed from issuer non cooperating category
Shri Maa Polyfabs Ltd.                  Fund based-TL         ICRA BBB-    350     Reaffirmed
Shri Maa Polyfabs Ltd.                  Fund based- Working   ICRA BBB-    190     Reaffirmed
                                        Capital Fac
Sri Mvr Cotton Oil Mills Pvt            Fund based-CC         ICRA B       160     Reaffirmed
Ltd
Sri Mvr Cotton Oil Mills Pvt            Unallocated Limits    ICRA B       8       Reaffirmed
Ltd
Sri Ramadas Paper Boards Pvt            CC                    ICRA BBB     100     Upgraded
Ltd                                                                                from ICRA
                                                                                   BBB-
Sri Ramadas Paper Boards Pvt            TL                    ICRA BBB     100     Upgraded
Ltd                                                                                from ICRA
                                                                                   BBB-
Suncore Tiles Pvt Ltd                   FB – CC               ICRA B       100     Assigned
Suncore Tiles Pvt Ltd                   FB – TL               ICRA B       260     Assigned
Suncore Tiles Pvt Ltd                   Unallocated           ICRA B/ICRA  5       Assigned
                                                              A4
Tata Housing Development Co.            NCD                   ICRA AA      13000
Ltd
Review process is underway
Three C Greens Developers Pvt           NCD Programme         ICRA D       2250    downgraded
Ltd                                                                                from ICRA
                                                                                   B(SO)
Issuer Not Cooperating
Vsrk Constructions                      Fund based- Secured   ICRA B+      20      Outstanding
                                        Overdraft
Vsrk Constructions                      Non-fund based-BG     ICRA B+      120     Assigned /
                                                                                   Outstanding
--------------------------------------------------------------------------------------------
$: 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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