June 1, 2018 / 12:28 PM / 16 days ago

ICRA ratings for Indian debt instruments-Jun 1

   Jun 1 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of May 31, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aks Alloys Pvt Ltd                      Fund based            ICRA A4      -       -
                                        (sub-limit) facility
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Aks Alloys Pvt Ltd                      Non fund based        ICRA A4      100     -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Allix Ceramic Pvt Ltd                   Non-fund basedBG      ICRA A4      13.5    Rating
                                                                                   continues to
                                                                                   remain under 
                                                                                   Issuer Not 
                                                                                   Cooperating’
                                                                                   category
Arohan Financial Services Pvt           Social Performance    SP2+         -       Reaffirmed
Ltd                                     Assessment
Bafna Enterprises                       ST, FB Fac            ICRA A2      47.5    -
Rating moved to the ‘Issuer Not Cooperating’ category
Bahuleyan Charitable Foundation         ST – Non-fund based   ICRA A4      1       Reaffirmed
Bavtawala Iron & Steels Pvt.            Non-fund based LOC    ICRA A4      500     Rating moved
Ltd                                                                                to the
                                                                                   Issuer Not 
                                                                                   Cooperating’
                                                                                   category
Bevcon Wayors Pvt Ltd                   Non Fund Based        ICRA A4+     750     Reaffirmed
Casa Tiles Pvt Ltd                      Non-fund Based BG     ICRA A4 (SO) 60      Reaffirmed
Casa Tiles Pvt Ltd                      Unallocated           ICRA A4 (SO) 110.8   Reaffirmed
Desein Pvt Ltd                          Non-FBL               ICRA A4+;    200     removed from
                                                                                   Issuer Not 
                                                                                   Cooperating’
                                                                                   category
Eric Apparel Pvt Ltd                    Import LC             ICRA A4+     12.5    Reaffirmed
Eric Apparel Pvt Ltd                    BG                    ICRA A4+     7.5     Reaffirmed
Flyjac Logistics Pvt Ltd                ST Fund/Non-fund      ICRA A1+             Reaffirmed
                                        based interchangeable
                                        (sublimit of CC)
Janki Rice & Solvent                    Non-fund basedCredit  ICRA A4      5       -
Industries Pvt Ltd                      Exposure Limit
Rating continues to remain under ‘Issuer Not Cooperating’ category
Lantech Pharmaceuticals Ltd             NFBL                  ICRA A4      62.5    -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Oscar Ceramics                          Non-fund Based BG     ICRA A4      16      Reaffirmed
Oshina Expo Pvt Ltd                     Non Fund based LOC    ICRA A4      10      Reaffirmed
Piramal Finance Ltd                     CP                    ICRA A1+     90000   outstanding
Piramal Housing Finance Ltd             CP                    ICRA A1+     35000   Assigned
Rockwell Industries Ltd.                Non Fund Based        ICRA A3      101.5   Reaffirmed
Sanskar Ceramics Pvt Ltd                Non-FBL               ICRA A4      44      Upgraded to
                                                                                   ICRA A4+
Sharekhan Bnp Paribas                   CP Programme          ICRA A1+     10000   Reaffirmed
Financial Services Pvt Ltd
Sharekhan Bnp Paribas                   CP Programme (for IPO ICRA A1+             Withdrawn
Financial Services Pvt Ltd              Financing)
Sharekhan Ltd                           CP Programme          ICRA A1+     5000    Reaffirmed
Spacewood Furnishers Pvt Ltd            Non-FB Fac            ICRA A3      212.6   downgraded
                                                                                   from ICRA A3+
Spacewood Office Solutions Pvt          Non-FB Fac            ICRA A4+     115.1   Reaffirmed
Ltd
Suryoday Small Finance Bank Ltd         CD Programme 1        ICRA A1      1300    outstanding
Tajgvk Hotels & Resorts Ltd             ST, FB Limits         ICRA A1+     300     Reaffirmed
Tajgvk Hotels & Resorts Ltd             ST, Non-FBL           ICRA A1+             Reaffirmed
                                        (Interchangeable) ^
^ Sub-limit of short-term, fund-based limits
Tata Coffee Ltd                         CP                    ICRA A1+     300     Reaffirmed
Tata Motors Finance Ltd                 CP Programme          ICRA A1+     70000   Assigned
Tata Motors Finance Ltd                 ST FBL#               ICRA A1+     55230   outstanding
# Interchangeable between short term and long term fund based limits, out of 
Rs. 5,523 crore long term fund based utilization is subject to a limit of Rs. 5,223 crore 
Tata Motors Finance Solutions           CP                    ICRA A1+     25000   outstanding
Ltd
Varalakshmi Starch Industries           ST – Fund Based       ICRA A4      20      Rating
Pvt Ltd                                                                            continues to
                                                                                   remain in the
                                                                                   Issuer Not 
                                                                                   Cooperating’
                                                                                   category
Varalakshmi Starch Industries           ST – Non Fund Based   ICRA A4      20      Rating
Pvt Ltd                                                                            continues to
                                                                                   remain in the
                                                                                   Issuer Not 
                                                                                   Cooperating’
                                                                                   category
Verona Granito Pvt Ltd                  Non-fund Based BG     ICRA A4      27.5    Reaffirmed


LONG TERM RATINGS:
-------------------
Aasan Corporate Solutions Pvt           NCDs (NCDs)           ICRA AA-(SO) 4000    Final Rating
Ltd
Aasan Corporate Solutions Pvt           NCDs (NCDs)           ICRA AA-(SO) 21500   outstanding
Ltd
Aasan Corporate Solutions Pvt           TL                    ICRA BBB     4500    outstanding
Ltd
Aasan Corporate Solutions Pvt           TL – Lease Rental     ICRA BBB(SO) 4000    outstanding
Ltd                                     Discounting (LRD)
Aasan Corporate Solutions Pvt           TL – Loan Against     ICRA BBB(SO) 1000    outstanding
Ltd                                     Property (LAP)
Aks Alloys Pvt Ltd                      LT - fund based       ICRA C+      140     -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Allix Ceramic Pvt Ltd                   Fund based – CC       ICRA B       50      Rating
                                                                                   continues to
                                                                                   remain under 
                                                                                   Issuer Not 
                                                                                   Cooperating’
Allix Ceramic Pvt Ltd                   Fund based – TL       ICRA B       61.1    Rating
                                                                                   continues to
                                                                                   remain under 
                                                                                   Issuer Not 
                                                                                   Cooperating’
Annapurna Finance Pvt Ltd               NCD Programme         ICRA BBB     500     Assigned
Annapurna Finance Pvt Ltd               TL                    ICRA BBB     6972.2  outstanding
Annapurna Finance Pvt Ltd               Unallocated Bk Lines  ICRA BBB     27.8    outstanding
Annapurna Finance Pvt Ltd               NCD Programme         ICRA BBB     3862.9  outstanding
Annapurna Finance Pvt Ltd               Subordinated Debt     ICRA BBB     890     outstanding
                                        Programme
Bafna Enterprises                       LT, FB Fac            ICRA BBB     70      -
Rating moved to the ‘Issuer Not Cooperating’ category
Bahuleyan Charitable Foundation         LT – FB               ICRA BB      87.5    Upgraded
                                                                                   from ICRA BB-
Bavtawala Iron & Steels Pvt.            Fund based-CC         ICRA BB-     150#    Rating moved
Ltd                                                                                to the
                                                                                   Issuer Not 
                                                                                   Cooperating’
#Sub-limit within non-fund based facility of Rs. 50 crore
Bavtawala Iron & Steels Pvt.            Unallocated amount    ICRA BB-     100     Rating moved
Ltd                                                                                to the
                                                                                   Issuer Not 
                                                                                   Cooperating’
                                                                                   category
Bevcon Wayors Pvt Ltd                   Fund Based            ICRA BB+     110     Reaffirmed
Bevcon Wayors Pvt Ltd                   Unallocated Limits    ICRA BB+     10      Reaffirmed
Casa Tiles Pvt Ltd                      FB TL                 ICRA BB (SO) 9.2     Reaffirmed
Casa Tiles Pvt Ltd                      FB CC                 ICRA BB (SO) 150     Reaffirmed
Chloride Power Systems &                Non-fund Based –BG    -            -       -
Solutions Ltd
Chloride Power Systems &                Non-fund Based –      -            -       -
Solutions Ltd                           Financial BG
Chloride Power Systems &                Non-fund Based – LOC  -            -       -
Solutions Ltd
Chloride Power Systems &                FB Limits – CC        ICRA AA-     100     Assigned
Solutions Ltd
Chloride Power Systems &                Non-FBL               ICRA AA-     400     Assigned
Solutions Ltd                                                 /A1+
Clean Wind Power (Ratlam) Pvt           FB -TL                ICRA A-      5728    upgraded
Ltd                                                                                from ICRA
                                                                                   BBB+
Clean Wind Power (Ratlam) Pvt           FB - Working Capital  ICRA A-      300     upgraded
Ltd                                     Fac                                        from ICRA
                                                                                   BBB+;
Desein Pvt Ltd                          CC                    ICRA BB+     30      reassigned
                                                                                   from ICRA
                                                                                   BBB;
                                                                                   removed from
                                                                                   Issuer Not 
                                                                                   Cooperating’
Dsl Infrastructure And Space            Unallocated Limits    ICRA BB-     500     -
Developers Pvt. Ltd.
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Durga Projects And                      LT- Unallocated       -            -       -
Infrastructure Pvt Ltd
Durga Projects And                      LT- TL                ICRA BB+     800     Reaffirmed
Infrastructure Pvt Ltd
Durga Projects And                      LT- Overdraft         ICRA BB+     100     Reaffirmed
Infrastructure Pvt Ltd
East Hyderabad Expressway Ltd           Fund based-TL         ICRA BBB     1194.9  Downgraded
                                                                                   from ICRA
                                                                                   BBB+
Eric Apparel Pvt Ltd                    PLC / PCFC / FDBD /   ICRA BB+     66      Reaffirmed
                                        FDBP / PSCFC          /ICRA A4+
Eric Apparel Pvt Ltd                    FDBN / PSCFC          ICRA BB+     60      Reaffirmed
                                                              /ICRA A4+
Eric Apparel Pvt Ltd                    Unallocated           ICRA BB+     4       Reaffirmed
                                                              /ICRA A4+
Facor Alloys Ltd                        FB Working Capital    ICRA D       281.6   Reaffirmed
                                        Fac
Facor Alloys Ltd                        Non-fund Based        ICRA D       335.3   Reaffirmed
                                        Working Capital Fac
Facor Alloys Ltd                        Unallocated           ICRA D       12.1    Reaffirmed
Flyjac Logistics Pvt Ltd                CC                    ICRA A+      110     Reaffirmed
Flyjac Logistics Pvt Ltd                Unallocated           ICRA A+      40      Reaffirmed
Future Entertainment Pvt Ltd            Long-TL               ICRA BBB-    1750    Withdrawn
Janki Rice & Solvent                    Fund based-CC         ICRA B       250     -
Industries Pvt Ltd
Rating continues to remain under ‘Issuer Not Cooperating’ category
Janki Rice & Solvent                    Fund based-TL         ICRA B       0.5     -
Industries Pvt Ltd
Rating continues to remain under ‘Issuer Not Cooperating’ category
Janki Rice & Solvent                    Unallocated           ICRA B       6       -
Industries Pvt Ltd
Rating continues to remain under ‘Issuer Not Cooperating’ category
Lantech Pharmaceuticals Ltd             FBL                   ICRA BB-     108.4   -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Lm Media Services Pvt Ltd               NCDs                  ICRA BB+     2500    Reaffirmed
Mid India Creations                     FB- TL                ICRA BB-     1050    Reaffirmed
Nandan Saha Steel Pvt Ltd               FB limits             ICRA BB      538     Assigned
Nandan Saha Steel Pvt Ltd               Unallocated limits    ICRA BB /    162     Assigned
                                                              ICRA A4+
Northern Arc Capital Ltd -              PTC Series A2         ICRA C+(SO)  52      Reaffirmed
Ifmr Capital
Mosec Lorenzo 2016
Orient Green Power Co. Ltd              FB -TL                ICRA D       499.2   Reaffirmed
Orient Green Power Co. Ltd              FB - Working Capital  ICRA D       39      Reaffirmed
                                        Fac
Oscar Ceramics                          FB CC                 ICRA BB-     40      Reaffirmed
Oscar Ceramics                          FB TL                 ICRA BB-     16.6    Reaffirmed
Oshina Expo Pvt Ltd                     Fund based CC         ICRA B       50      Reaffirmed
Oshina Expo Pvt Ltd                     Unallocated           ICRA B       40      Reaffirmed
Pan India Infraprojects Pvt Ltd         Long-TL               ICRA BBB     6224    -
Pan India Infraprojects Pvt Ltd         LT, Unallocated LimitsICRA BBB     5776    -
Piramal Finance Ltd                     LT Bk Fac – Line of   ICRA AA      38750   outstanding
                                        Credit/CC
Piramal Finance Ltd                     LT Bk Fac – TL        ICRA AA      89470   outstanding
Piramal Finance Ltd                     LT Bk Fac –           ICRA AA      20000   outstanding
                                        unallocated
Piramal Finance Ltd                     NCD Programme         ICRA AA      67000   outstanding
Piramal Finance Ltd                     Subordinated Bond     ICRA AA      10000   outstanding
                                        (Tier II) Programme
R. K. Transport Co.                     Non-fund based- BG    ICRA BBB     550     upgraded
                                                              /ICRA A3+            from ICRA
                                                                                   BBB- /ICRA A3
Rockwell Industries Ltd.                Fund Based/CC         ICRA BBB-    170     Reaffirmed
Rockwell Industries Ltd.                TL                    ICRA BBB-    28.5    Reaffirmed
Rockwell Industries Ltd.                Unallocated           ICRA BBB-    70      Reaffirmed
Roop Automotives Ltd                    TL                    ICRA A-      531.1   -
Rating moved to the ‘Issuer Not Cooperating’ category
Roop Automotives Ltd                    FBL                   ICRA A-      1305    -
Rating moved to the ‘Issuer Not Cooperating’ category
Royal Beverages Pvt. Ltd.               Fund based - CC       ICRA BB      800     Withdrawn
Sanskar Ceramics Pvt Ltd                TL                    ICRA BB-     370.6   Upgraded to
                                                                                   ICRA BB
Sanskar Ceramics Pvt Ltd                CC                    ICRA BB-     250     Upgraded to
                                                                                   ICRA BB
Spacewood Furnishers Pvt Ltd            LT, unallocated       -            -       -
Spacewood Furnishers Pvt Ltd            LT FBWorking Capital  ICRA BBB-    435     downgraded
                                        Fac                                        from ICRA BBB
Spacewood Office Solutions Pvt          FB-Working Capital FacICRA BB+     80      Reaffirmed
Ltd
Spacewood Office Solutions Pvt          Fund based TL         ICRA BB+     104.8   Reaffirmed
Ltd
Suryoday Small Finance Bank Ltd         NCDs                  ICRA A-              withdrawn
Suryoday Small Finance Bank Ltd         LT Bk Lines           ICRA A-      1051.2  outstanding
Suryoday Small Finance Bank Ltd         NCD                   ICRA A-      1405    outstanding
Suryoday Small Finance Bank Ltd         Sub. Debt Programme   ICRA A-      500     outstanding
Suryoday Small Finance Bank Ltd         Fixed Deposit         MA           5000    outstanding
                                        Programme
Tajgvk Hotels & Resorts Ltd             Long-TL               ICRA A+      2286.3  Reaffirmed
Tata Coffee Ltd                         FB-Bk Fac             ICRA AA      650     Affirmed
Tata Motors Finance Ltd                 Perpetual Debt        ICRA A+      4150    outstanding
                                        Programme
Tata Motors Finance Ltd                 Sub. Debt Programme   ICRA AA      9150    Assigned
Tata Motors Finance Ltd                 Sub. Debt Programme   ICRA AA      14000   outstanding
Tata Motors Finance Ltd                 NCDs                  ICRA AA      40000   outstanding
Tata Motors Finance Ltd                 Bk Lines              ICRA AA      128500  outstanding
Tata Motors Finance Ltd                 LT FBL#               ICRA AA      52230   outstanding
# Interchangeable between short term and long term fund based limits, out of 
Rs. 5,523 crore long term fund based utilization is subject to a limit of Rs. 5,223 crore
Tata Motors Finance Ltd                 LT NFBL               ICRA AA      26320   outstanding
Tata Motors Finance Solutions           Perpetual Debt        ICRA A+      1000    outstanding
Ltd                                     Programme
Tata Motors Finance Solutions           Sub. Debt Programme   ICRA AA      2000    outstanding
Ltd
Tejas Networks Ltd                      FBL                   ICRA A /     2517.5  Reaffirmed
                                                              ICRA A1
Tejas Networks Ltd                      Non-fund based        ICRA A /     1555    Reaffirmed
                                                              ICRA A1
Tejas Networks Ltd                      Unallocated           ICRA A /     1526.1  Reaffirmed
                                                              ICRA A1
U D Developers Llp                      TL                    ICRA BB-     325     Assigned
Vadivel Pyrotechs Pvtltd                LT,FundbasedFac       ICRA B+      150     -
Continues to remain in non-cooperating category
Varalakshmi Starch Industries           LT –Fund Based        ICRA BB-     207     Rating
Pvt Ltd                                                                            continues to
                                                                                   remain in the
                                                                                   Issuer Not 
                                                                                   Cooperating’
Varalakshmi Starch Industries           LT - Unallocated      ICRA BB-     94.3    Rating
Pvt Ltd                                                                            continues to
                                                                                   remain in the
                                                                                   Issuer Not 
                                                                                   Cooperating’
Varun Enterprises                       FB Fac (CC/BD)        ICRA BB-     155     Assigned
Vbhc Mumbai Value Homes Pvt Ltd         FB -TL                ICRA BBB     380     Revised from
                                                                                   ICRA BBB+
Vbhc Mumbai Value Homes Pvt Ltd         Unallocated           ICRA BBB     390     Revised from
                                                                                   ICRA BBB+
Vbhc Value Homes Pvt Ltd                FB - Working Capital  ICRA BBB     525     Revised from
(Erstwhile Value And Budget             Fac                                        ICRA BBB+
Housing Corporation Pvt Ltd)
Vbhc Value Homes Pvt Ltd                Unallocated           ICRA BBB     250     Revised from
(Erstwhile Value And Budget                                                        ICRA BBB+
Housing Corporation Pvt Ltd)
Vbhc Value Homes Pvt Ltd                FB -TL                ICRA BBB             Revised from
(Erstwhile Value And Budget                                                        ICRA BBB+
Housing Corporation Pvt Ltd)
Verona Granito Pvt Ltd                  FB CC                 ICRA BB      100     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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