June 10, 2019 / 11:07 AM / 3 months ago

ICRA ratings for Indian debt instruments-Jun 10

    Jun 10 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of June 7, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Bhadra International (India)            ST - Non-fund Based   ICRA D       780     Reaffirmed
Pvt Ltd
Crystal Granite And Marble Pvt          ST: Fund based        ICRA A4+     254     Reaffirmed
Ltd
Crystal Granite And Marble Pvt          ST: Non-Fund based    ICRA A4+     38      Reaffirmed
Ltd
Datamatics Global Services Ltd          ST FB/Non-FBL         ICRA A1      750     Assigned
Den Networks Ltd                        Non-fund Based        ICRA A1+     150
                                        Working Capital Fac
Upgraded to ICRA A1+ from ICRA A1%; removed from watch with positive implications
Green Gas Ltd                           ST Non-Fund Based     ICRA A1+     2400    Reaffirmed
Indian Railway Finance                  ST borrowing programmeICRA A1+     150000  Reaffirmed
Corporation Ltd
Kanan Devan Hills Plantations           Fund based –          ICRA A2+             Reaffirmed
Company Pvt Ltd                         Interchangeable
                                        sub-limits
Kantilal Chhotalal                      FB - Working Capital  ICRA A2      375     Reaffirmed
                                        Fac
Reliance Nippon Life Asset              Reliance ST Fund      ICRA A1+mfs          Reaffirmed
Management Ltd
Reliance Nippon Life Asset              Reliance Interval     ICRA A1+mfs          Reaffirmed
Management Ltd                          Fund – Monthly
                                        Interval Fund – Series I
Reliance Nippon Life Asset              Reliance Interval     ICRA A1+mfs          Reaffirmed
Management Ltd                          Fund – Monthly
                                        Interval Fund – Series II
Reliance Nippon Life Asset              Reliance Interval     ICRA A1+mfs          Reaffirmed
Management Ltd                          Fund - Quarterly
                                        Interval Fund - Series II
Reliance Nippon Life Asset              Reliance Dynamic Bond ICRA A1+mfs@         Reaffirmed
Management Ltd                          Fund
@Under rating Watch with Negative Implications
Reliance Nippon Life Asset              Reliance Banking &    ICRA A1mfs@          Reaffirmed
Management Ltd                          PSU Debt Fund
@Under rating Watch with Negative Implications
Sterling Generators Pvt Ltd             ST – Fund Based       ICRA A3              Reaffirmed
Sterling Generators Pvt Ltd             ST – Fund Based       ICRA A3              Reaffirmed
Suguna Foods Pvt Ltd                    ST - Non-FB Fac       ICRA A2+     180     Outstanding
Ttk Healthcare Ltd                      ST: Non-FB Fac        ICRA A1+     77.5    Reaffirmed
Ttk Healthcare Ltd                      ST: Proposed Fac      ICRA A1+     2.5     Reaffirmed
Ttk Healthcare Ltd                      ST: FB Fac            ICRA A1+             Reaffirmed
                                        interchangeable (Sub
                                        limits)

LONG TERM RATINGS:
-------------------
Bhadra International (India)            FB - TL               ICRA D       3045.3  Reaffirmed
Pvt Ltd
Bhadra International (India)            LT - Fund Based/ CC   ICRA D       300     Reaffirmed
Pvt Ltd
Crystal Granite And Marble Pvt          LT – Fund based - TL  ICRA BB      0.5     Reaffirmed
Ltd
Den Networks Ltd                        FB TL                 ICRA AA-     3938.5
Upgraded to ICRA AA- (Stable) from ICRA A%; removed from watch with positive implications and
Stable outlook assigned
Den Networks Ltd                        FB Working Capital FacICRA AA-     1050
Upgraded to ICRA AA- (Stable) from ICRA A%; removed from watch with positive implications and
Stable outlook assigned
Den Networks Ltd                        Unallocated Limits    ICRA AA-     1353.5
                                                              /A1+
Upgraded to ICRA AA-(Stable) from ICRA A%/ Upgraded to ICRA A1+ from ICRA A1%; removed from
watch with positive implications and Stable outlook assigned
Gmr Ose Hungund Hospet                  FB -TL                ICRA B+      10287.1
Highways Pvt Ltd
Upgraded from ICRA D
Gopalan Enterprises                     LT - TL               ICRA BBB+    316.5   Reaffirmed
Gopalan Enterprises                     LT – Overdraft        ICRA BBB+    2000    Reaffirmed
Gopalan Enterprises                     LT - unallocated      ICRA BBB+    133.5   Reaffirmed
Gopalan Enterprises (India)             LT - TL               ICRA BBB+    4023.2  Reaffirmed
Pvt. Ltd
Gopalan Enterprises (India)             LT - unallocated      ICRA BBB+    2476.8  Reaffirmed
Pvt. Ltd
Gopalan Foundation                      LT - TL               ICRA BBB+    130     Reaffirmed
Green Gas Ltd                           Proposed TL           ICRA AA      5000
Rating upgraded to ICRA AA from ICRA AA-
Indian Railway Finance                  LT borrowing          ICRA AAA     554710  Assigned
Corporation Ltd                         programme FY2020
Indian Railway Finance                  Previous years’ LT    ICRA AAA     1154730 Reaffirmed
Corporation Ltd                         borrowing programmes
Joyalukkas Retail Pvt Ltd               LT – TL               ICRA BBB     80      Reaffirmed
Joyalukkas Retail Pvt Ltd               LT – Fund based CC    ICRA BBB     250     Reaffirmed
Joyalukkas Retail Pvt Ltd               LT – Unallocated      ICRA BBB     120     Reaffirmed
Kanan Devan Hills Plantations           Fund based- Working   ICRA A-      930     Reaffirmed
Company Pvt Ltd                         Capital Fac
outlook revised to Negative from Stable
Kanan Devan Hills Plantations           Fund based – TL       ICRA A-      150     Reaffirmed
Company Pvt Ltd
outlook revised to Negative from Stable
Kanan Devan Hills Plantations           Fund based –          ICRA A-      220     Reaffirmed
Company Pvt Ltd                         Unallocated limits
outlook revised to Negative from Stable
Northern Arc Capital Ltd- Akme          PLI programme         ICRA A- (SO)         Reaffirmed
Fintrade (India) Ltd
Northern Arc Capital Ltd- Aris          PLI programme         ICRA A- (SO)         Reaffirmed
Capital Pvt Ltd
Northern Arc Capital Ltd- Aye           PLI programme         ICRA A- (SO)         Reaffirmed
Finance Pvt Ltd
Northern Arc Capital Ltd- Aye           PLI programme         ICRA A- (SO)         Reaffirmed
Finance Pvt Ltd
Northern Arc Capital Ltd- Aye           PLI programme         ICRA A+ (SO)         Reaffirmed
Finance Pvt Ltd
Northern Arc Capital Ltd-               PLI programme         ICRA A- (SO)         Reaffirmed
Capfloat Financial Services
Pvt Ltd
Northern Arc Capital Ltd- Ess           PLI programme         ICRA A- (SO)         Reaffirmed
Kay Fincorp Ltd
Northern Arc Capital Ltd-               PLI programme         ICRA A- (SO)         Reaffirmed
Essel Finance Business Loan Ltd
Northern Arc Capital Ltd-               PLI programme         ICRA A- (SO)         Reaffirmed
Essel Finance Business Loans
Ltd
Northern Arc Capital Ltd- Fino          PLI programme         ICRA A- (SO)         Reaffirmed
Finance Pvt Ltd
Northern Arc Capital Ltd- Fino          PLI programme         ICRA A+ (SO)         Reaffirmed
Finance Pvt Ltd
Northern Arc Capital Ltd-               PLI programme         ICRA A+ (SO)         Reaffirmed
Kogta Financial (India) Ltd
Northern Arc Capital Ltd-               PLI programme         ICRA A- (SO)         Reaffirmed
Kogta Financial (India) Ltd
Northern Arc Capital Ltd-               PTC Series A1         ICRA A-(SO)  297.5
Northern Arc 2019 Mosec Mirage
Provisional rating confirmed as final
Northern Arc Capital Ltd-               PTC Series A2         ICRA         13.6
Northern Arc 2019 Mosec Mirage                                BBB-(SO)
Provisional rating confirmed as final
Northern Arc Capital Ltd-               PLI programme         ICRA A- (SO)         Reaffirmed
Pahal Financial Services Pvt
Ltd
Northern Arc Capital Ltd-               PLI programme         ICRA A+ (SO)         Reaffirmed
Pahal Financial Services Pvt
Ltd
Northern Arc Capital Ltd-               PLI programme         ICRA A+ (SO)         Reaffirmed
S.M.I.L.E. Microfinance Ltd
Northern Arc Capital Ltd-               PLI programme         ICRA A+ (SO)         Reaffirmed
Saija Finance Pvt Ltd
Northern Arc Capital Ltd-               PLI programme         ICRA A- (SO)         Reaffirmed
Samunnati Financial
Intermediation & Services Pvt Ltd
Northern Arc Capital Ltd-               PLI programme         ICRA A- (SO)         Reaffirmed
Satya Microcapital Ltd
Northern Arc Capital Ltd- Shri          PLI programme         ICRA A- (SO)         Reaffirmed
Ram Finance Corporation Pvt Ltd
Northern Arc Capital Ltd- Shri          PLI programme         ICRA A- (SO)         Reaffirmed
Ram Finance Corporation Pvt Ltd
Northern Arc Capital Ltd- Shri          PLI programme         ICRA A+ (SO)         Reaffirmed
Ram Finance Corporation Pvt Ltd
Northern Arc Capital Ltd-               PLI programme         ICRA A+ (SO)         Reaffirmed
Svasti Microfinance Pvt Ltd
Northern Arc Capital Ltd-               PLI programme         ICRA A- (SO)         Reaffirmed
Svasti Microfinance Pvt Ltd
Northern Arc Capital Ltd-               PLI programme         ICRA A- (SO)         Reaffirmed
Visage Holdings And Finance
Pvt Ltd
Northern Arc Capital Ltd-               PLI programme         ICRA A- (SO)         Reaffirmed
Western India Transport
Finance Company Pvt Ltd
Orange Jaisalmer Wind Energy            TL                    ICRA A-      1236    Reaffirmed
Pvt Ltd
Orange Jaisalmer Wind Energy            CC                    ICRA A-      72      Reaffirmed
Pvt Ltd
Orange Jaisalmer Wind Energy            Unallocated           ICRA A-      142     Reaffirmed
Pvt Ltd
Reliance Nippon Life Asset              Reliance Low Duration ICRA A+mfs@
Management Ltd                          Fund
downgraded from ICRA AAAmfs and placed on rating watch with negative implications
Reliance Nippon Life Asset              Reliance Prime Debt   ICRA AA+mfs@         Reaffirmed
Management Ltd                          Fund
@Under rating Watch with Negative Implications
Reliance Nippon Life Asset              Reliance Gilt         ICRA AAAmfs          Assigned
Management Ltd                          Securities Fund
Reliance Nippon Life Asset              Reliance Ultra Short  ICRA AAAmfs          Reaffirmed
Management Ltd                          Duration Fund
Reliance Nippon Life Asset              Reliance Floating     ICRA AAAmfs          Reaffirmed
Management Ltd                          Rate Fund
Reliance Nippon Life Asset              Reliance Income Fund  ICRA AAAmfs          Reaffirmed
Management Ltd
Reliance Nippon Life Asset              Reliance Liquid Fund  ICRA AAAmfs          Reaffirmed
Management Ltd
Reliance Nippon Life Asset              Reliance Money Market ICRA AAAmfs          Reaffirmed
Management Ltd                          Fund
Reliance Nippon Life Asset              Reliance Interval     ICRA AAAmfs          Reaffirmed
Management Ltd                          Fund – Quarterly
                                        Interval Fund – Series III
Reliance Nippon Life Asset              Reliance Overnight    ICRA AA-mfs@         Reaffirmed
Management Ltd                          Fund
@Under rating Watch with Negative Implications
Reliance Nippon Life Asset              Reliance Strategic    ICRA Amfs@
Management Ltd                          Debt Fund
downgraded from ICRA A+mfs@; continues to remain on rating watch with negative implications
Shirpur-Warvade Municipal               TL                    ICRA BB+     76.8    Reaffirmed
Council
Spandana Sphoorty Financial             PTC Series A          ICRA AA(SO)          Upgraded
Ltd- Abhilasha 08 2018                                                             from ICRA
                                                                                   A+(SO
Spandana Sphoorty Financial             PTC Series A1         ICRA AA(SO)          Upgraded
Ltd- Chetana 03 2018                                                               From ICRA
                                                                                   A+(SO)
Spandana Sphoorty Financial             PTC Series A1         ICRA AA(SO)          Upgraded
Ltd- Kartikeya 03 2018                                                             From ICRA
                                                                                   A+(SO)
Spandana Sphoorty Financial             PTC Series A          ICRA A+(SO)          Reaffirmed
Ltd- Keerthana 01 2019
Spandana Sphoorty Financial             PTC Series A1         ICRA A(SO)           Reaffirmed
Ltd- Northern Arc 2018 Mfi
Sartre
Spandana Sphoorty Financial             PTC Series A2         ICRA BBB+            Reaffirmed
Ltd- Northern Arc 2018 Mfi                                    (SO)
Sartre
Spandana Sphoorty Financial             PTC Series A          ICRA AA-(SO)         Upgraded
Ltd- Pragathi 05 2018                                                              from ICRA
                                                                                   AA-(SO)
Spandana Sphoorty Financial             PTC Series A          ICRA AA-(SO)         Reaffirmed
Ltd- Pragathi 11 2018
Spandana Sphoorty Financial             PTC Series A          ICRA A+(SO)          Reaffirmed
Ltd- Siri 03 2019
Spandana Sphoorty Financial             PTC Series A2         ICRA AA-(SO)         Upgraded
Ltd- Syamantaka Ifmr Capital                                                       from ICRA
2017                                                                               BBB+(SO)
Spandana Sphoorty Financial             PTC Series A1         ICRA AAA(SO)         Upgraded
Ltd- Syamantaka Ifmr Capital                                                       from ICRA
2017                                                                               A+(SO)
Spandana Sphoorty Financial             PTC Series A2         ICRA A+(SO)          Upgraded
Ltd- Vivriti Cavalieri 06 2018                                                     from ICRA
                                                                                   A-(SO
Spandana Sphoorty Financial             PTC Series A1         ICRA AA-(SO)         Upgraded
Ltd- Vivriti Cavalieri 06 2018                                                     from ICRA
                                                                                   A(SO)
Spandana Sphoorty Financial             PTC Series A1         ICRA A(SO)           Reaffirmed
Ltd- Vivriti Zephyr 03 2019
Spandana Sphoorty Financial             PTC Series A2         ICRA A-(SO)          Reaffirmed
Ltd- Vivriti Zephyr 03 2019
Sterling & Wilson Energy                LT/ST Non-fund Based  ICRA BBB-    70      Reaffirmed
Systems Pvt Ltd                                               /A3
Outlook revised from Stable to Negative
Sterling & Wilson Powergen Pvt          LT – Fund Based/CC    ICRA BBB     50      Reaffirmed
Ltd
Outlook revised from Stable to Negative
Sterling & Wilson Powergen Pvt          LT – TL               ICRA BBB-    250     Reaffirmed
Ltd
Outlook revised from Stable to Negative
Sterling & Wilson Powergen Pvt          LT/ST – Non-fund BasedICRA BBB-    1025    Reaffirmed
Ltd                                                           /A3
Outlook revised from Stable to Negative
Sterling Generators Pvt Ltd             LT – Fund based/CC    ICRA BBB-            Reaffirmed
Outlook revised from Stable to Negative
Sterling Generators Pvt Ltd             LT/ST Non-fund Based  ICRA BBB-            Reaffirmed
                                                              /A3
Outlook revised from Stable to Negative
Sterling Generators Pvt Ltd             LT/ST Non-fund Based  ICRA BBB-            Reaffirmed
                                                              /A3
Outlook revised from Stable to Negative
Suguna Foods Pvt Ltd                    LT-TL Fac             ICRA A-      2700.2  Outstanding
Suguna Foods Pvt Ltd                    LT - FB Fac           ICRA A-      8850    Outstanding
Suguna Foods Pvt Ltd                    LT/ST - Proposed Fac  ICRA A- /A2+ 1226.5  Outstanding
TTK Healthcare Ltd                      LT: FB Fac            ICRA A+      325     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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