July 19, 2019 / 11:10 AM / a month ago

ICRA ratings for Indian debt instruments-Jul 19

    Jul 19 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of July 18, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Analyser Instrument Company             Non FB – ST           ICRA A4      130     -
Pvt Ltd
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Chowgule Industries Pvt Ltd             ST FB                 ICRA A1      320     Reaffirmed
Chowgule Industries Pvt Ltd             Non-fund Based        ICRA A1      5       Reaffirmed
Larsen & Toubro Ltd                     Construction Grading  CR1          -       Withdrawn
Lt Foods Ltd                            NFBL                  ICRA A2+     720     Withdrawn
(Issuer not Cooperating)
Magna Projects Pvt Ltd                  Non-fund Based – BG   ICRA A4      -       Downgraded
                                        (Interchangeable)                          from A3
Magna Projects Pvt Ltd                  Non-fund Based – BG   ICRA A4      100     Downgraded
                                                                                   from A3
Pricewaterhousecoopers Pvt Ltd          ST Non-fund Based     ICRA A1+     550     Reaffirmed
                                        Working Capital Fac
Thakar Dass & Co                        ST - Non Fund Based   ICRA A4      45      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Unique Forgings (India) Pvt Ltd         BG                    ICRA A3+     7.5     Reaffirmed


LONG TERM RATINGS:
-------------------
All India Society For                   LT – Fund Based – CC  ICRA BBB     80      Assigned
Electronics & Computer Technology
All India Society For                   LT – Fund Based – TL  ICRA BBB     94.5    Assigned
Electronics & Computer Technology
Analyser Instrument Company             FB - Working Capital  ICRA B+      10      -
Pvt Ltd                                 Facility
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Axis Wind Farms (Rayalaseema)           FB - TL               ICRA BBB- &  5640    Outstanding
Pvt Ltd
(& watch with developing implications)
Axis Wind Farms (Rayalaseema)           FB - Working Capital  ICRA BBB- &  450     Outstanding
Pvt Ltd
(& watch with developing implications)
Aye Finance (P) Ltd - Vivriti           PTC Series A1         Provisional  499.9   Assigned
Anvesha Msme Trust June 2019                                  ICRA AA-
Aye Finance (P) Ltd - Vivriti           PTC Series A2         Provisional  29.8    Assigned
Anvesha Msme Trust June 2019                                  ICRA AA-
Chintamani Gems & Jewellery             FB limit              ICRA D       200     -
Pvt Ltd
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Chowgule Industries Pvt Ltd             CC                    ICRA A       130     Reaffirmed
Chowgule Industries Pvt Ltd             TL                    ICRA A       75.6    Reaffirmed
Enerfra Projects (India) Pvt.           LT: FB: TL            ICRA BB+     140     Reaffirmed
Ltd
Enerfra Projects (India) Pvt.           LT: Unallocated       ICRA BB+     60      Reaffirmed
Ltd
Late Shri Vishnu Waman Thakur           Fund based-TL         ICRA BBB-    104.1   -
Charitable Trust
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Lt Foods Ltd                            Working Capital LimitsICRA A-      9026.2  Withdrawn
(Issuer not Cooperating)
Lt Foods Ltd                            TL                    ICRA A-      925     Withdrawn
(Issuer not Cooperating)
Lt Foods Ltd                            Unallocated           ICRA A-      1700    Withdrawn
(Issuer not Cooperating)
Magna Projects Pvt Ltd                  Fund Based – CC       ICRA BB      90      Downgraded
                                                                                   from BBB-
Magna Projects Pvt Ltd                  Fund Based – CC       ICRA BB      -       Downgraded
                                        (Proposed)                                 from BBB-
Magna Projects Pvt Ltd                  FB– WCDL              ICRA BB      10      Downgraded
                                                                                   from BBB-
Magna Projects Pvt Ltd                  Unallocated Limit     ICRA BB/A4   150     Downgraded
                                                                                   from BBB-/A3
Mitcon Consultancy And                  LT/ST                 ICRA BBB-/   50      Downgraded
Engineering Services Ltd                Fundbased/Non-fund    ICRA A3              from ICRA
                                        Based – BG                                 BBB/A3+
(continues to be on watch with negative implications)
Nezone Pipes & Structures               Bk Fac                ICRA BBB/    552.5   -
                                                              A3+
(Reason for delay in carrying out periodic review: - Review process is underway)
Orson Holdings Co. Ltd                  Bk Fac                ICRA BBB- /  270     -
                                                              A3
(Reason for delay in carrying out periodic review: - Review process is underway)
P. Mangatram Jewellers Pvt Ltd          Bk loan rating        ICRA BB+ /   820     -
                                                              A4+
(Reason for delay in carrying out periodic review – Delay in sharing information)
Price Waterhouse Chartered              LT FB Fac             ICRA AA-     300     Revised from
Accountants Llp                                                                    ICRA AA
Pricewaterhousecoopers Pvt Ltd          LT FB Fac             ICRA AA-     7350    Revised from
                                                                                   ICRA AA
R.K. Steels                             LT- Fund Based        ICRA BB      550     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Ramco Extrusion Pvt Ltd                 FB Overdraft facility ICRA B+      110     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Ramco Extrusion Pvt Ltd                 TL                    ICRA B+      20      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Rotostat Services Pvt Ltd               LT FB CC              ICRA BB      85      Withdrawn
(Issuer not Cooperating)
Rotostat Services Pvt Ltd               LT Non-fund based BG  ICRA BB      35      Withdrawn
(Issuer not Cooperating)
Snj Breweries Pvt Ltd                   LT – Proposed Loan    ICRA A-      420     Assigned/
                                                                                   Outstanding
Snj Breweries Pvt Ltd                   LT - Fund Based/ CC   ICRA A-      350     Outstanding
Thakar Dass & Co                        LT - Fund Based/ CC   ICRA B+      50      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Thakar Dass & Co                        LT: Unallocated       ICRA B+      30      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Unique Forgings (India) Pvt Ltd         CC                    ICRA BBB     82.5    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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