July 25, 2019 / 11:18 AM / in 24 days

ICRA ratings for Indian debt instruments-Jul 25

    Jul 25 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of July 24, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Ab Sugars Ltd                           LOC/BG                ICRA A3      300     -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Birla Group Holdings Pvt Ltd            CP Programme          ICRA A1+     35000   Assigned
Geo Foundations And Structures          ST – Non-fund based   ICRA A4+     250     Withdrawn
Pvt Ltd
(Issuer not cooperating)
Kish Exports Ltd                        Non-fund Based        ICRA A4      10      -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Mangalore Refinery And                  Non-FBL               ICRA A1+     50000   Assigned /
Petrochemicals Ltd                                                                 Outstanding
Mangalore Refinery And                  CP / Shortterm Debt   ICRA A1+     9000    Outstanding
Petrochemicals Ltd
Oriental Carbon & Chemicals Ltd         Non-FB limits         ICRA A1+     140     Reaffirmed
Piramal Glass Pvt Ltd                   ST, Non-FBL           ICRA A3+     1500    Revised from
                                                                                   ICRA A2
Piramal Glass Pvt Ltd                   Short-TL              ICRA A3+     5000    Revised from
                                                                                   ICRA A2
S.V.S Classic Foods                     ST – Fund Based       ICRA A4      13.5    -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
S.V.S Classic Foods                     ST – Non Fund Based   ICRA A4      1       -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sharu Steels (P) Ltd.                   LOC                   ICRA A4      170     -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Techno Process Equipments               Non-fund based -      ICRA A3+     415     Upgraded
(India) Pvt Ltd                         LOC/BG                                     from ICRA A3
Varroc Engineering Ltd                  CP                    ICRA A1+     1000    -
(Reason for delay in carrying out periodic review : - Review process is underway)
Varroc Polymers Pvt Ltd                 CP                    ICRA A1+     750     -
(Reason for delay in carrying out periodic review : - Review process is underway)
Veto Electropowers (India) Pvt          Non-fund Based        ICRA A4+     70      -
Ltd
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Yes Bank Ltd                            ST Fixed Deposit      ICRA A1+     -       Reaffirmed
                                        Programme
Yes Bank Ltd                            Certificates of       ICRA A1+     200000  Reaffirmed
                                        Deposit Programme


MEDIUM TERM RATINGS:
-------------------
Oriental Carbon & Chemicals Ltd         Fixed- Deposit        MAA          50      Upgraded
                                        Programme                                  from MAA-



LONG TERM RATINGS:
-------------------
Ab Sugars Ltd                           TL                    ICRA BBB-    259.7   -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Ab Sugars Ltd                           CC                    ICRA BBB-    1100    -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Ab Sugars Ltd                           Unallocated           ICRA BBB-    772.2   -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Birla Group Holdings Pvt Ltd            NCD Programme         ICRA AA-     15000   Assigned
Geo Foundations And Structures          LT – FB               ICRA BB+     50      Withdrawn
Pvt Ltd
(Issuer not cooperating)
Global Dent Aids Pvt. Ltd.              FBL                   ICRA BBB     72.3    -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Global Dent Aids Pvt. Ltd.              LT Unallocated        ICRA BBB     7.7     -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Jayabheri Automotives Pvt Ltd           Fund BasedWorking     ICRA BB-     1145    -
                                        Capital
(Reason for delay in carrying out periodic review : - Review process is underway)
Jayabheri Automotives Pvt Ltd           Fund Based – TL       ICRA BB-     82.5    -
(Reason for delay in carrying out periodic review : - Review process is underway)
Jayabheri Automotives Pvt Ltd           Unallocated           ICRA BB- /   22.5    -
                                                              A4
(Reason for delay in carrying out periodic review : - Review process is underway)
Kalyani Motors Pvt Ltd                  LT - Fund Based/ CC   ICRA BB      250     Revised from
                                                                                   ICRA BBB-
Kish Exports Ltd                        FBL                   ICRA B       100     -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Lrc Abarana Maaligai                    LT – FB               ICRA B+      150     Withdrawn
(Issuer not cooperating)
M/S Kirpa Rice Mills                    CC                    ICRA B+      290     -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Mangalore Refinery And                  Issuer Rating         ICRA AAA     -       Outstanding
Petrochemicals Ltd
Mangalore Refinery And                  FBL                   ICRA AAA     45000   Assigned /
Petrochemicals Ltd                                                                 Outstanding
Mangalore Refinery And                  TL                    ICRA AAA     13714   Outstanding
Petrochemicals Ltd
Oriental Carbon & Chemicals Ltd         TL                    ICRA AA-     1160    Upgraded
                                                                                   from ICRA A+
Oriental Carbon & Chemicals Ltd         FB limits             ICRA AA-/A1+ 700     Upgraded
                                                                                   from ICRA
                                                                                   A+/Reaffirmed
Piramal Glass Pvt Ltd                   Long-TL               ICRA BBB     3500    Revised from
                                                                                   ICRA BBB+
Piramal Glass Pvt Ltd                   LT / ST, Fundbased    ICRA BBB /   3150    Revised from
                                        Limits^               A3+                  ICRA BBB+/A2
^Fund-based limits are completely interchangeable between long-term and short-term exposures
such that the total fund-based limits utilisation should not exceed Rs. 315 crore
S.V.S Classic Foods                     LT –Fund Based CC     ICRA BB-     90      -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
S.V.S Classic Foods                     LT – Interchangeable  ICRA BB-     -       -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
S.V.S Classic Foods                     LT - Unallocated      ICRA BB-     1       -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Satin Creditcare Network Ltd -          PTC Series A2         ICRA A+      28.5    Upgraded
Northern Arc 2018 Mfi Leonard                                                      from ICRA
                                                                                   BBB+
Satin Creditcare Network Ltd -          PTC Series A1         ICRA AA      113.6   Upgraded
Northern Arc 2018 Mfi Leonard                                                      from ICRA A
Sharu Steels (P) Ltd.                   TL                    ICRA B+      4.8     -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Sharu Steels (P) Ltd.                   CC                    ICRA B+      170     -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Sharu Steels (P) Ltd.                   Long/ST               ICRA B+/A4   -       -
                                        Interchangeable
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Techno Process Equipments               Fund based - CC       ICRA BBB     65      Upgraded
(India) Pvt Ltd                                                                    from ICRA
                                                                                   BBB-
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Thangaraj Exports                       LT – Unallocated      ICRA B       140     Withdrawn
Varroc Engineering Ltd                  TL                    ICRA AA-     1706.5  -
(Reason for delay in carrying out periodic review : - Review process is underway)
Varroc Engineering Ltd                  NCD                   ICRA AA-     1000    -
(Reason for delay in carrying out periodic review : - Review process is underway)
Varroc Engineering Ltd                  FB Fac                ICRA AA- /   3438.5  -
                                                              A1+
(Reason for delay in carrying out periodic review : - Review process is underway)
Varroc Engineering Ltd                  Non-FB Fac            ICRA AA- /   1520    -
                                                              A1+
(Reason for delay in carrying out periodic review : - Review process is underway)
Varroc Engineering Ltd                  FB/ NonFB Fac         ICRA AA- /   2385    -
                                                              A1+
(Reason for delay in carrying out periodic review : - Review process is underway)
Varroc Polymers Pvt Ltd                 TL                    ICRA AA-     515     -
(Reason for delay in carrying out periodic review : - Review process is underway)
Varroc Polymers Pvt Ltd                 NCD                   ICRA AA-     500     -
(Reason for delay in carrying out periodic review : - Review process is underway)
Varroc Polymers Pvt Ltd                 FB Fac                ICRA AA-/A1+ 395     -
(Reason for delay in carrying out periodic review : - Review process is underway)
Varroc Polymers Pvt Ltd                 Non-FB Fac            ICRA AA-/A1+ 690     -
(Reason for delay in carrying out periodic review : - Review process is underway)
Varroc Polymers Pvt Ltd                 FB/ NonFB Fac         ICRA AA-/A1+ 1400    -
(Reason for delay in carrying out periodic review : - Review process is underway)
Veto Electropowers (India) Pvt          Fund Based            ICRA BB+     115     -
Ltd
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Yes Bank Ltd                            Basel II Compliant    ICRA A       13441   Downgraded
                                        Upper Tier II Bond                         from ICRA A+
                                        Programme
Yes Bank Ltd                            Basel II Compliant    ICRA A       -       Downgraded
                                        Tier I Bond Programme                      from ICRA A+
Yes Bank Ltd                            Basel II Compliant    ICRA A       3070    Downgraded
                                        Tier I Bond Programme                      from ICRA A+
Yes Bank Ltd                            Basel II Compliant    ICRA A+      25306   Downgraded
                                        Lower Tier II Bond                         from ICRA AA-
                                        Programme
Yes Bank Ltd                            Infrastructure Bond   ICRA A+      70300   Downgraded
                                        Programme                                  from ICRA AA-
Yes Bank Ltd                            Basel III Compliant   ICRA A+      109000  Downgraded
                                        Tier II Bond Programme(hyb)                from ICRA
                                                                                   AA- (hyb)
Yes Bank Ltd                            Basel III Compliant   ICRA BBB+    108000  Downgraded
                                        Additional Tier I     (hyb)                from ICRA A
                                        Bond Programme                             (hyb)
Yusra Agro Foods Pvt Ltd                Fund Based            ICRA BBB     45      -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Yusra Agro Foods Pvt Ltd                Unallocated           ICRA BBB     205     -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)

--------------------------------------------------------------------------------------------
$: 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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