January 7, 2020 / 9:22 AM / 13 days ago

ICRA ratings for Indian debt instruments-Jan 7

   Jan 7 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of January 6, 2020.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Amazoone Ceramics Ltd                   ST Non-FBL            ICRA A3      55      Reaffirmed
Anugraha Valve Castings Ltd             Fund based facility - ICRA A2+     450     Reaffirmed
                                        EPC
Anugraha Valve Castings Ltd             Non-fund based        ICRA A2+     30      Reaffirmed
                                        facility
Asian Granito India Ltd                 ST Non-FB limits      ICRA A1      682.7   Reaffirmed
Balaji Warehousing Company Pvt          Non Fund based        ICRA A4+     80      Assigned
Ltd
Camrola Quartz Ltd                      BG                    ICRA A2+     50      Reaffirmed
                                                              (CE)
Camrola Quartz Ltd                      Inland LOC            ICRA A2+     4.6     Reaffirmed
                                                              (CE)
Chaitanya India Fin Credit Pvt          CP Programme          ICRA A2      100     Assigned
Ltd
Chennai Petroleum Corporation           CP                    ICRA A1+     60000   Reaffirmed
Ltd
Crystal Ceramic Industries              ST Non-FBL – BG/ LOC  ICRA A1(CE)  180     Reaffirmed
Pvt. Ltd
Dalmia Bharat Sugar And                 Non-fund Based –      ICRA A1+     1775    Reaffirmed
Industries Ltd                          Working Capital Fac
Dalmia Bharat Sugar And                 CP                    ICRA A1+     7000    Reaffirmed
Industries Ltd
Express Publications (Madurai)          ST: Non-FBL           ICRA A4+     350     Withdrawn
Pvt Ltd
Kemco Corporation                       ST: Non-fund based    ICRA A4+     240     Withdrawn
(Issuer not cooperating)
Kemco Corporation                       ST: Interchangeable   ICRA A4+     -       Withdrawn
(Issuer not cooperating)
L&T Investment Management Ltd           L&T Money Market Fund ICRA A1+mfs  -       Assigned
L&T Investment Management Ltd           L&T Cash Fund         ICRA A1+mfs  -       Outstanding
L&T Investment Management Ltd           L&T Ultra ST Fund     ICRA A1+mfs  -       Outstanding
L&T Investment Management Ltd           L&T Liquid Fund       ICRA A1+mfs  -       Outstanding
Luxmi Tea Company Pvt Ltd               FB – ST loan          ICRA A2      -       Outstanding
Mahavir Ship Breakers                   Non-fund based-LOC    ICRA A4      348     Reaffirmed
Mahavir Ship Breakers                   Non-fund based-Credit ICRA A4      7       Reaffirmed
                                        Exposure Limit
R.Rajesh Exports                        PC/PCFC               ICRA A4      800     Assigned
Tablets (India) Ltd                     ST: FB Fac – sublimit ICRA A2+     -       Reaffirmed
Tablets (India) Ltd                     ST: Non-FB Fac        ICRA A2+     80      Reaffirmed
Tablets (India) Ltd                     ST: Non-FB Fac –      ICRA A2+     -       Reaffirmed
                                        sublimit
Viacom18 Media Pvt Ltd                  CP Programme          ICRA A1+     5000    Reaffirmed



MEDIUM TERM RATINGS:
-------------------
Hind Rectifiers Ltd                     Medium term: Fixed    MB+(Stable)  190     Withdrawn
                                        Deposit Programme


LONG TERM RATINGS:
-------------------
Amazoone Ceramics Ltd                   TL                    ICRA BBB-    150^    Reaffirmed
                                                              (Stable)
^ Proposed limits
Amazoone Ceramics Ltd                   CC                    ICRA BBB-    105     Reaffirmed
                                                              (Stable)
Amazoone Ceramics Ltd                   Unallocated limits    ICRA BBB-    38      Reaffirmed
                                                              (Stable)
Anugraha Valve Castings Ltd             CC (sub-limit of EPC) ICRA         -       Reaffirmed
                                                              A-(Stable)
Anugraha Valve Castings Ltd             TL                    ICRA         150     Reaffirmed
                                                              A-(Stable)
Ashoka Karadi Banwara Road Pvt          Fund based – TL       ICRA         3850    Reaffirmed
Ltd                                                           A-(Stable)
Ashoka Mallasandra Karadi Road          Fund based – TL       ICRA         2750    Reaffirmed
Pvt Ltd                                                       A-(Stable)
Asian Granito India Ltd                 LT FB TL              ICRA A       154.4   Reaffirmed
(Outlook revised to Stable from Negative)
Asian Granito India Ltd                 LT FB CC              ICRA A       1700    Reaffirmed
(Outlook revised to Stable from Negative)
Asian Granito India Ltd                 Unallocated Limits    ICRA A       82.9    Reaffirmed
(Outlook revised to Stable from Negative)
Balaji Warehousing Company Pvt          CC                    ICRA         120     Assigned
Ltd                                                           BB+(Stable)
Balaji Warehousing Company Pvt          TL                    ICRA         11.4    Assigned
Ltd                                                           BB+(Stable)
Balaji Warehousing Company Pvt          Unallocated           ICRA         13.6    Assigned
Ltd                                                           BB+(Stable)
                                                              / A4+
Camrola Quartz Ltd                      CC                    ICRA A- (CE) 100.4   Reaffirmed
(Outlook revised to Stable from Negative)
Camrola Quartz Ltd                      TL                    ICRA A- (CE) 248     Reaffirmed
(Outlook revised to Stable from Negative)
Chaitanya India Fin Credit Pvt          Bk Fac                ICRA BBB     520     Upgraded
Ltd                                                           (Positive)           from ICRA
                                                                                   BBB-
(Outlook revised from Stable to Positive)
Chaitanya India Fin Credit Pvt          NCD Programme         ICRA BBB     1280    Upgraded
Ltd                                                           (Positive)           from ICRA
                                                                                   BBB-
(Outlook revised from Stable to Positive)
Chaitanya India Fin Credit Pvt          Subordinated Debt     ICRA BBB     200     Upgraded
Ltd                                     Programme             (Positive)           from ICRA
                                                                                   BBB-
(Outlook revised from Stable to Positive)
Chaitanya India Fin Credit Pvt          Market Linked         PP-MLD ICRA  200     Upgraded
Ltd                                     NonConvertible        BBB                  from PP-MLD
                                        Debenture Programme   (Positive)           ICRA BBB-
(Outlook revised from Stable to Positive)
Cms It Services Pvt Ltd                 Fund Based - Working  ICRA BBB-    330     Reaffirmed
                                        Capital Fac           (Positive)
(Revision in rating outlook from Stable)
Cms It Services Pvt Ltd                 Non-fund Based -      ICRA BBB-    809     Reaffirmed
                                        Working Capital Fac   (Positive)
                                                              / A3
(Revision in rating outlook from Stable; ICRA A3 withdrawn)
Creations Jewellery                     Pre-Shipment Credit - ICRA BBB/    200     Reaffirmed
Manufacturing Pvt Ltd                   EPC/PCFC              A3+
(Outlook revised to Positive from Stable)
Creations Jewellery                     Post-Shipment Credit  ICRA BBB/    250     Reaffirmed
Manufacturing Pvt Ltd                   - EBR                 A3+
(Outlook revised to Positive from Stable)
Creations Jewellery                     Standby Line of CreditICRA BBB/    90      Reaffirmed
Manufacturing Pvt Ltd                                         A3+
(Outlook revised to Positive from Stable)
Creations Jewellery                     Unallocated Limits    ICRA BBB/    5       Reaffirmed
Manufacturing Pvt Ltd                                         A3+
(Outlook revised to Positive from Stable)
Crystal Ceramic Industries              LT FB TL              ICRA A (CE)  500     Reaffirmed
Pvt. Ltd
(Outlook revised to Stable from Negative)
Crystal Ceramic Industries              LT FB CC              ICRA A (CE)  700     Reaffirmed
Pvt. Ltd
(Outlook revised to Stable from Negative)
D Nitin & Company Pvt Ltd               LT FBL                ICRA BBB-    600     Reaffirmed
                                                              (Negative)
(Outlook revised from Stable)
Dalmia Bharat Sugar And                 Fund Based – Working  ICRA AA-     5700    Reaffirmed
Industries Ltd                          Capital Fac           (Stable)
Dalmia Bharat Sugar And                 Fund Based – TL       ICRA AA-     5121.3  Reaffirmed
Industries Ltd                                                (Stable)
Express Publications (Madurai)          LT: FB / CC           ICRA BB+     350     -
Pvt Ltd                                                       (Stable)
(Outlook revised to Stable from Positive and withdrawn)
Express Publications (Madurai)          LT: Fund based / TL   ICRA BB+     766.4   -
Pvt Ltd                                                       (Stable)
(Outlook revised to Stable from Positive and withdrawn)
Gloria Engineering Company              Fund based- Working   ICRA BBB-    130     Reaffirmed
                                        Capital Fac           (Stable)
Gloria Engineering Company              LT/ ST fund based     ICRA BBB-    100     Reaffirmed
                                                              (Stable) /
                                                              A3
International Seaport Dredging          LT / ST, FB and       ICRA BBB-    1000    Reaffirmed
Pvt Ltd                                 non-FB Fac            (Stable) /
                                                              A3
Kemco Corporation                       LT: Fund based        ICRA BB      110     Withdrawn
                                                              (Stable)
(Issuer not cooperating)
Kemco Corporation                       LT/ST: Unallocated    ICRA BB      200     Withdrawn
                                        limits                (Stable) /
                                                              A4+
(Issuer not cooperating)
L&T Investment Management Ltd           L&T Triple Ace Bond   ICRA AAAmfs  -       Outstanding
                                        Fund
L&T Investment Management Ltd           L&T ST Bond Fund      ICRA AAAmfs  -       Outstanding
L&T Investment Management Ltd           L&T Flexi Bond Fund   ICRA AAAmfs  -       Outstanding
L&T Investment Management Ltd           L&T Bking and PSU     ICRA AAAmfs  -       Outstanding
                                        Debt Fund
Lalitpur Power Generation Co.           FB - TL               ICRA B+      133637.8Upgraded
Ltd                                                           (Stable)             from ICRA D
Lalitpur Power Generation Co.           FB – CC               ICRA B+      28000   Upgraded
Ltd                                                           (Stable)             from ICRA D
Lalitpur Power Generation Co.           Non-fund based        ICRA B+      13269   Upgraded
Ltd                                                           (Stable)             from ICRA D
Luxmi Tea Company Pvt Ltd               FB – TL               ICRA BBB+    980     Outstanding
                                                              (Stable)
Luxmi Tea Company Pvt Ltd               FB – CC               ICRA BBB+    392.5   Outstanding
                                                              (Stable)
Luxmi Tea Company Pvt Ltd               Unallocated           ICRA BBB+    -       Outstanding
                                                              (Stable) /
                                                              A2
Luxmi Tea Company Pvt Ltd               Non Fund Based- SBLC/ ICRA BBB+    1060    Assigned
                                        LER                   (Stable) /
                                                              A2
M.M.Vora Automobiles Pvt Ltd            FB CC                 ICRA         245     Reaffirmed
                                                              B+(Stable)
Mahavir Ship Breakers                   FB-Working Capital TL ICRA B-      214.7   Reaffirmed
                                                              (Stable)
Mahavir Ship Breakers                   Fund based-CC         ICRA B-      40      Reaffirmed
                                                              (Stable)
Mahavir Ship Breakers                   Unallocated Limits    ICRA B-      84.6    Reaffirmed
                                                              (Stable)
Mann Mediciti Wellness Centre           Fund based-CC         ICRA D       58      Downgraded
Pvt Ltd                                                                            from ICRA
                                                                                   B(Stable)
(Continues to remain under ‘Issuer Not Cooperating’ category)
Mann Mediciti Wellness Centre           Unallocated           ICRA D       15      Downgraded
Pvt Ltd                                                                            from ICRA
                                                                                   B(Stable)
(Continues to remain under ‘Issuer Not Cooperating’ category)
Mazda Ltd                               FB Fac                ICRA A       40      Reaffirmed
                                                              (Stable)
Mazda Ltd                               Non-FB Fac            ICRA A       183.8   Reaffirmed
                                                              (Stable) /
                                                              A1
Mazda Ltd                               Unallocated Limits    ICRA A       20      Reaffirmed
                                                              (Stable) /
                                                              A1
Mi Solar (India) Pvt Ltd                Fund Based – TL       ICRA         28.1    Downgraded
                                                              B+(Stable)           from ICRA
                                                                                   BB- (Stable)
Parcos Tiles Llp                        FB Limits             ICRA D       203.2   Assigned
Parcos Tiles Llp                        Non-FBL               ICRA D       40      Assigned
Parcos Tiles Llp                        Unallocated Limits    ICRA D       6.8     Assigned
R.Rajesh Exports                        TL                    ICRA BB      3.3     Assigned
                                                              (Stable)
R.Rajesh Exports                        CC                    ICRA BB      10      Assigned
                                                              (Stable)
R.Rajesh Exports                        Unallocated           ICRA BB      196.7   Assigned
                                                              (Stable) /
                                                              A4
Sonata Finance Pvt Ltd -                PTC Series A1         Provisional  216.3   Assigned
Northern Arc 2019 Mfi Kubrick                                 ICRA A(SO)
Sonata Finance Pvt Ltd -                PTC Series A2         Provisional  9.9     Assigned
Northern Arc 2019 Mfi Kubrick                                 ICRA BBB(SO)
Sree Lakshmi Gayatri Hospitals          Fund Based TL Limits  ICRA D       1600    Revised from
Pvt Ltd                                                                            ICRA
                                                                                   B+(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sterling & Wilson Pvt Ltd               FB -LT                ICRA BBB-    400     Withdrawn
                                                              (Stable)
(Issuer not cooperating)
Sterling & Wilson Pvt Ltd               Non-fund based – LT/STICRA BBB-    1710    Withdrawn
                                                              (Stable) /
                                                              A3
(Issuer not cooperating)
Tablets (India) Ltd                     LT: FB Fac            ICRA A-      325     Reaffirmed
                                                              (Positive)
Tablets (India) Ltd                     Proposed LT Fac       ICRA A-      198     Reaffirmed
                                                              (Positive)
Thirumeni Finance Pvt Ltd -             PTC Series A1         Provisional  288.9   Assigned
Northern Arc 2019 Sbl Chandler                                ICRA AA(SO)
Thirumeni Finance Pvt Ltd -             PTC Series A2         Provisional  64.7    Assigned
Northern Arc 2019 Sbl Chandler                                ICRA AA(SO)
Thirumeni Finance Pvt Ltd -             PTC Series A3         Provisional  34.5    Assigned
Northern Arc 2019 Sbl Chandler                                ICRA
                                                              BBB+(SO)
Vaya Finserv Pvt Ltd -                  PTC Series A1         Provisional  197.4   Assigned
Northern Arc 2019 Mfi Mossadegh                               ICRA A+(SO)
Vaya Finserv Pvt Ltd -                  PTC Series A2         Provisional  18.8    Assigned
Northern Arc 2019 Mfi Mossadegh                               ICRA
                                                              BBB+(SO)
Viacom18 Media Pvt Ltd                  LT / ST, FB /         ICRA AAA /   16107   -
                                        Non-fund Based Bk Fac A1+
(Short-term rating of ICRA A1+ reaffirmed; longterm rating of ICRA AAA (Stable) withdrawn)
--------------------------------------------------------------------------------------------
$: 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)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below