June 26, 2019 / 11:53 AM / 5 months ago

ICRA ratings for Indian debt instruments-Jun 26

   Jun 26 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of June 25, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
A.R. Dairy Food Pvt Ltd                 ST - Fund Based       ICRA A4+     10      -
Rating continues to remain under ‘Issuer Not Cooperating’ category
A.R. Dairy Food Pvt Ltd                 ST - Non-Fund Based   ICRA A4+     11      -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Bright Brothers Ltd                     ST: FB – Bill         ICRA A4+     300     Assigned
                                        discounting
Ecap Equities Ltd                       CP Programme          ICRA A1+     12500   Reaffirmed
Ecap Equities Ltd                       ST NCD programme      ICRA A1+     1500    Reaffirmed
Ecap Equities Ltd                       ST Principle          PP-MLD ICRA  1500    Reaffirmed
                                        Protected Market      A1+
                                        Linked Debenture Programme
ECL Finance Ltd                         CP Programme (IPO     ICRA A1+     100000  Reaffirmed
                                        financing)
ECL Finance Ltd                         CP Programme          ICRA A1+     50000   Reaffirmed
ECL Finance Ltd                         ST NCD Programme      ICRA A1+     5000    Reaffirmed
ECL Finance Ltd                         ST Principal          PP-MLDICRA   9000    Reaffirmed
                                        Protected Market      A1+
                                        Linked Debenture Programme
Edel Finance Co. Ltd                    CP Programme          ICRA A1+     10000   Reaffirmed
Edelweiss Agri Value Chain Ltd          CP Programme          ICRA A1+     10000   Reaffirmed
Edelweiss Asset Reconstruction          CP Programme          ICRA A1+     20000   Reaffirmed
Co. Ltd
Edelweiss Finance &                     CP                    ICRA A1+     10000   Reaffirmed
Investments Ltd
Edelweiss Finance &                     ST Principal          PP-MLDICRA   4000    Reaffirmed
Investments Ltd                         Protected Market      A1+
                                        Linked Debenture Programme
Edelweiss Financial Services            CP Programme          ICRA A1+     63500   Withdrawn
Ltd
Edelweiss Financial Services            ST Non-convertible    ICRA A1+     1000    Withdrawn
Ltd                                     Debenture
Edelweiss Finvest Pvt Ltd               ST NCD Programme      ICRA A1+     2000    Reaffirmed
Edelweiss Finvest Pvt Ltd               CP Programme          ICRA A1+     10000   Reaffirmed
Edelweiss Finvest Pvt Ltd               ST Principal          PP-MLDICRA   1500    Reaffirmed
                                        Protected Market      A1+
                                        Linked Debenture Programme
Edelweiss Housing Finance Ltd           CP Programme          ICRA A1+     10000   Reaffirmed
Edelweiss Retail Finance Ltd            CP Programme          ICRA A1+     5000    Reaffirmed
Edelweiss Retail Finance Ltd            ST NCD Programme      ICRA A1+     1000    Reaffirmed
Edelweiss Rural & Corporate             ST NCD Programme      ICRA A1+     5000    Reaffirmed
Services Ltd
Edelweiss Rural & Corporate             CP Programme          ICRA A1+     85000   Reaffirmed
Services Ltd
Edelweiss Rural & Corporate             CP Programme (IPO     ICRA A1+     80000   Reaffirmed
Services Ltd                            financing)
Edelweiss Rural & Corporate             ST NCD Programme      ICRA A1+     635     Reaffirmed
Services Ltd
Edelweiss Rural & Corporate             ST Principal          PP-MLD ICRA  3000    Reaffirmed
Services Ltd                            Protected Market      A1+
                                        Linked Debenture Programme
Edelweiss Securities Ltd                CP Programme LT       ICRA A1+     10000   Reaffirmed
                                        Market Linked
                                        Debenture programme
Piramal Capital & Housing               CP (CP) programme     ICRA A1+     90000   Reaffirmed
Finance Ltd
Piramal Enterprises Ltd                 CP                    ICRA A1+     90000   Outstanding
Piramal Enterprises Ltd                 ST Non-Fund Based     ICRA A1+     2000    Outstanding
Piramal Enterprises Ltd                 ST Fund based         ICRA A1+     21200   Outstanding
Pm Granite Exports Pvt Ltd              ST - Fund Based       ICRA A4      50      -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Pricol Ltd                              ST non-fund based     ICRA A4+&    210     Revised from
                                                                                   ICRA A3+
Pricol Ltd                              ST non-fund based     ICRA A4+&    -       Revised from
                                        (sublimit)                                 ICRA A3+
Sangeetha Mobiles Pvt Ltd               Fund based- ST        ICRA A2      140     Reaffirmed
Sangeetha Mobiles Pvt Ltd               Fund Based/Non-Fund   ICRA A2      500     Reaffirmed
                                        Based ST
Sangeetha Mobiles Pvt Ltd               Non-fund Based- ST    ICRA A2      450     Reaffirmed
Susee Motors (India) Pvt Ltd            ST - Non-Fund Based   ICRA A4      30      -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Svarn Infratel Pvt Ltd                  ST: Non-fund Based    ICRA A3+     320     Upgraded
                                                                                   From ICRA A3
Veer O Metals Pvt Ltd                   ST: Non-Fund based    ICRA A2      216.5   Assigned
VITromed Healthcare                     Non-fund Based/BG     ICRA A3      40      Reaffirmed


MEDIUM TERM RATINGS:
-------------------
Bright Brothers Ltd                     Medium-term: Fixed    MB+          18.6    placed on
                                        deposit programme                          notice of
                                                                                   withdrawal 
                                                                                   for six
                                                                                   months

LONG TERM RATINGS:
-------------------
A.R. Dairy Food Pvt Ltd                 LT - Fund Based/ CC   ICRA BB+     140     -
Rating continues to remain under ‘Issuer Not Cooperating’ category
A.R. Dairy Food Pvt Ltd                 LT - Fund Based TL    ICRA BB+     85.3    -
Rating continues to remain under ‘Issuer Not Cooperating’ category
A.R. Dairy Food Pvt Ltd                 LT - Unallocated      ICRA BB+     32.2    -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Ayushman Merchants Pvt Ltd              Bk loan ratings Name  ICRA         300     -
                                        of the rated entity   BB-/ICRA A4
Bharatiyam Foods And Beverages          LT Fund based - TL    ICRA BB      500     Withdrawn
Pvt. Ltd
Bharatiyam Foods And Beverages          LT Fund based - CC    ICRA BB      40      Withdrawn
Pvt. Ltd
Bright Brothers Ltd                     LT: FB – TL           ICRA BB      89.7    Assigned
Bright Brothers Ltd                     Issuer rating         ICRA BB      -       placed on
                                                                                   notice of
                                                                                   withdrawal 
                                                                                   for six
                                                                                   months
Ecap Equities Ltd                       NCD programme         ICRA AA-     7500    downgraded
                                                                                   from ICRA AA
Ecap Equities Ltd                       LT Market Linked      PP-MLD ICRA  10000   downgraded
                                        Debenture programme   AA-                  from
                                                                                   PP-MLDICRA AA
Ecap Equities Ltd                       LT Market Linked      PP-MLDICRA   18400.4 downgraded
                                        Debenture programme   AA-                  from
                                                                                   PP-MLDICRA AA
ECL Finance Ltd                         Retail NCD Programme  ICRA AA-     20000   Downgraded
                                                                                   from ICRA AA
ECL Finance Ltd                         Retail NCD Programme  ICRA AA-     40000   Downgraded
                                                                                   from ICRA AA
ECL Finance Ltd                         NCD Programme         ICRA AA-     61362.5 Downgraded
                                                                                   from ICRA AA
ECL Finance Ltd                         Subordinated Debt     ICRA AA-     11500   Downgraded
                                        Programme                                  from ICRA AA
ECL Finance Ltd                         Bk Lines              ICRA AA-     180000  Downgraded
                                                                                   from ICRA
                                                                                   AA/ ICRA A1+
ECL Finance Ltd                         LT Principal          PP-MLDICRA   3000    Downgraded
                                        Protected Market      AA-                  from
                                        Linked Debenture Programme                 ICRA AA
ECL Finance Ltd                         LT Principal          PP-MLDICRA   21116.3 Downgraded
                                        Protected Market      AA-                  from
                                        Linked Debenture Programme                 PPMLDICRA AA
Edel Finance Co. Ltd                    NCD programme         ICRA AA-     7500    downgraded
                                                                                   from ICRA AA
Edel Finance Co. Ltd                    LT Market Linked      PP-MLDICRA   10000   downgraded
                                        Debenture             AA-                  from
                                                                                   PP-MLDICRA AA
Edelweiss Agri Value Chain Ltd          NCD Programme         ICRA AA-     10000   Downgraded
                                                                                   from ICRA AA
Edelweiss Agri Value Chain Ltd          NCD Programme         ICRA AA-     5000    Downgraded
                                                                                   from ICRA AA
Edelweiss Agri Value Chain Ltd          Bk Lines ICRA AA-;    ICRA AA-     5000    Downgraded
                                        downgraded LT/ST                           from ICRA AA
Edelweiss Agri Value Chain Ltd          NCD Programme**       ICRA         5000    Downgraded
                                                              AA-(SO) **           from ICRA AA
                                                                                   (SO)
** The letters SO in parenthesis, suffixed to the rating symbol, stand for structured
obligation. An SO rating is specific to the rated issue, its terms, and structure. 
SO ratings do not represent ICRA’s opinion on the general credit quality of the 
issuers concerned. The SO rating for the NCDs is based on the strength of an unconditional, 
irrevocable and continuing guarantee by Edelweiss Financial Services Limited (EFSL; Guarantor).
Edelweiss Asset Reconstruction          NCD Programme         ICRA A+      25000   Downgraded
Co. Ltd                                                                            from ICRA AA-
Edelweiss Asset Reconstruction          Bk Lines              ICRA A+      5000    Downgraded
Co. Ltd                                                                            from ICRA AA-
Edelweiss Asset Reconstruction          NCD Programme         ICRA         10500   Downgraded
Co. Ltd                                                       AA-(SO)**            from ICRA
                                                                                   AA(SO)
** The letters SO in parenthesis, suffixed to the rating symbol, stand for structured 
obligation. An SO rating is specific to the rated issue, its terms, and structure. 
SO ratings do not represent ICRA’s opinion on the general credit quality of the 
issuers concerned. The SO rating for the non-convertible debentures (NCDs) and 
market linked debentures is based on the strength of an unconditional, irrevocable 
and continuing guarantee provided by Edelweiss Financial Services Limited (EFSL; guarantor)
Edelweiss Asset Reconstruction          LT Principal          PP-MLD ICRA  5000    Downgraded
Co. Ltd                                 Protected Market      AA- (SO) **          from PP-MLD
                                        Linked Debenture Program                   ICRA AA (SO)
** The letters SO in parenthesis, suffixed to the rating symbol, stand for structured 
obligation. An SO rating is specific to the rated issue, its terms, and structure. 
SO ratings do not represent ICRA’s opinion on the general credit quality of the 
issuers concerned. The SO rating for the non-convertible debentures (NCDs) and 
market linked debentures is based on the strength of an unconditional, irrevocable 
and continuing guarantee provided by Edelweiss Financial Services Limited (EFSL; guarantor)
Edelweiss Asset Reconstruction          LT Principal          PP-MLD ICRA  2500    Downgraded
Co. Ltd                                 Protected Market      AA-(SO)**            from PP-MLD
                                        Linked Debenture Programme                 ICRA AA(SO)
** The letters SO in parenthesis, suffixed to the rating symbol, stand for structured 
obligation. An SO rating is specific to the rated issue, its terms, and structure. 
SO ratings do not represent ICRA’s opinion on the general credit quality of the 
issuers concerned. The SO rating for the non-convertible debentures (NCDs) and 
market linked debentures is based on the strength of an unconditional, irrevocable 
and continuing guarantee provided by Edelweiss Financial Services Limited (EFSL; guarantor)
Edelweiss Custodial Services            LT/ST Non-fund Based  ICRA AA-     35000   downgraded
Ltd                                     Bk Lines                                   from ICRA
                                                                                   AA/ICRA A1+,
                                                                                   Reaffirmed
Edelweiss Finance &                     NCD                   ICRA AA-     11000   Downgraded
Investments Ltd                                                                    from ICRA AA
Edelweiss Finance &                     Subordinated Debt     ICRA AA-     350     Downgraded
Investments Ltd                                                                    from ICRA AA
Edelweiss Finance &                     Bk Lines              ICRA AA-     5000    Downgraded
Investments Ltd                                                                    from ICRA AA
Edelweiss Finance &                     LT Principal          PP-MLDICRA   7000    Downgraded
Investments Ltd                         Protected Market      AA-                  from
                                        Linked Debenture                           PPMLDICRA AA
Edelweiss Financial Services            NCD 466.00            ICRA AA-     4660    downgraded
Ltd                                                                                from ICRA AA
                                                                                   and withdrawn
Edelweiss Finvest Pvt Ltd               NCD Programme         ICRA AA-     7000    Downgraded
                                                                                   from ICRA AA
Edelweiss Finvest Pvt Ltd               Subordinated Debt     ICRA AA-     1000    Downgraded
                                        Programme                                  from ICRA AA
Edelweiss Finvest Pvt Ltd               Bk Lines              ICRA AA-     5000    Downgraded
                                                                                   from ICRA AA
Edelweiss Finvest Pvt Ltd               LT Principal          PP-MLDICRA   8073.9  Downgraded
                                        Protected Market      AA-                  from
                                        Linked Debenture Programme                 PPMLDICRA AA
Edelweiss Finvest Pvt Ltd               LT Principal          PP-MLDICRA   2000    Downgraded
                                        Protected Market      AA-                  from
                                        Linked Debenture Programme (unsecured)     PPMLDICRA AA
Edelweiss Housing Finance Ltd           NCD                   ICRA AA-     10000   Downgraded
                                                                                   from ICRA AA
Edelweiss Housing Finance Ltd           Bk Lines              ICRA AA-     40000   Downgraded
                                                                                   from ICRA AA
Edelweiss Housing Finance Ltd           NCD Programme         ICRA AA-     9600    Downgraded
                                                                                   from ICRA AA
Edelweiss Housing Finance Ltd           Subordinated Debt     ICRA AA-     3000    Downgraded
                                        Programme                                  from ICRA AA
Edelweiss Housing Finance Ltd           Retail NCD Programme  ICRA AA-     5000    Downgraded
                                                                                   from ICRA AA
Edelweiss Retail Finance Ltd            Bk Lines              ICRA AA-     20000   Downgraded
                                                                                   from ICRA AA
Edelweiss Retail Finance Ltd            Retail NCD Programme  ICRA AA-     5000    Downgraded
                                                                                   from ICRA AA
Edelweiss Retail Finance Ltd            NCD Programme         ICRA AA-     12000   Downgraded
                                                                                   from ICRA AA
Edelweiss Retail Finance Ltd            Subordinated Debt     ICRA AA-     4500    Downgraded
                                        Programme                                  from ICRA AA
Edelweiss Rural & Corporate             NCD Programme         ICRA AA-     30000   Downgraded
Services Ltd                                                                       from ICRA AA
Edelweiss Rural & Corporate             NCD Programme         ICRA AA-     51705   downgraded
Services Ltd                                                                       from ICRA AA
Edelweiss Rural & Corporate             Bk Lines              ICRA AA-     20000   downgraded
Services Ltd                                                                       from ICRA AA
ESE Warehousing Pvt Ltd                 LT: Unallocated       Provisional  1500    Outstanding
                                                              ICRA BBB
India Infoline Finance Ltd              Shining Metal Trust   Provisional  2545.4  Assigned
                                        2019                  ICRA AAA(SO)
Piramal Capital & Housing               NCDs                  ICRA AA      65450   Downgraded
Finance Ltd                                                                        from ICRA AA+
Piramal Capital & Housing               Subordinated          ICRA AA      15000   Downgraded
Finance Ltd                             (Tier-II) Bonds                            from ICRA AA+
Piramal Capital & Housing               LT FB Limits          ICRA AA      28750   Downgraded
Finance Ltd                                                                        from ICRA AA+
Piramal Capital & Housing               LT TL                 ICRA AA      99470   Downgraded
Finance Ltd                                                                        from ICRA AA+
Piramal Enterprises Ltd                 LT - Fund Based TL    ICRA AA      24950   Outstanding
Piramal Enterprises Ltd                 LT- NCD/Debt          ICRA AA      141000  Outstanding
Piramal Enterprises Ltd                 LT/ST Fund Based      ICRA         3000    Outstanding
                                                              AA/ICRA A1+
Piramal Enterprises Ltd                 LT Principal          PP-MLD ICRA  3300    Outstanding
                                        Protected Market      AA
                                        Linked Debentures
Piramal Enterprises Ltd                 LT Principal          Provisional  1700    Outstanding
                                        Protected Market      PP-MLD ICRA
                                        Linked Debentures     AA
Pm Granite Exports Pvt Ltd              LT - Fund Based/CC    ICRA C+      7.5     -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Pm Granite Exports Pvt Ltd              LT - Fund Based TL    ICRA C+      17.2    -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Pm Granite Exports Pvt Ltd              LT / ST – Unallocated ICRA         29.3    -
                                                              C+/ICRA A4
Rating continues to remain under ‘Issuer Not Cooperating’ category
Pricol Ltd                              TL                    ICRA BB+&    1482.6  revised from
                                                                                   ICRA BBB
Pricol Ltd                              LT FB                 ICRA BB+&    1450    revised from
                                                                                   ICRA BBB
Pricol Ltd                              LT unallocated        ICRA BB+&    7.4     revised from
                                                                                   ICRA BBB
Ramapriya Solar Energy Pvt Ltd          LT - Fund Based TL    ICRA B       105     -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Sangeetha Mobiles Pvt Ltd               Fund Based-LT         ICRA BBB+    110     Reaffirmed
Sangeetha Mobiles Pvt Ltd               Unallocated Limits    ICRA BBB+    100     Reaffirmed
                                                              /A2
Sangeetha Mobiles Pvt Ltd               Fund Based/Non-Fund   ICRA BBB+    200     Reaffirmed
                                        BasedLT/ST            /A2
Shiv Shakti Enterprise                  LT – Fund Based TL    ICRA D       100     -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Sunwatt International Pvt Ltd           Bk loan Ratings       ICRA B+/A4   70      -
Susee Motors (India) Pvt Ltd            LT - Fund Based /CC   ICRA B       30      -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Svarn Infratel Pvt Ltd                  LT: CC limits         ICRA BBB     400     Upgraded
                                                                                   from ICRA
                                                                                   BBB-
Svarn Infratel Pvt Ltd                  LT: TL                ICRA BBB     100     Upgraded
                                                                                   from ICRA
                                                                                   BBB-
Svarn Infratel Pvt Ltd                  Long / ST:            ICRA BBB /   10      Upgraded
                                        Unallocated limits    ICRA A3+;            from ICRA
                                                                                   BBB- /ICRA A3
Tripura Natural Gas Co. Ltd             FB- TL                ICRA A-      110     Withdrawn
Veer O Metals Pvt Ltd                   LT: CC                ICRA BBB     470     Assigned
Veer O Metals Pvt Ltd                   TL                    ICRA BBB     140     Outstanding
VIT Trust                               LT: Unallocated       ICRA A(S)    1824.8  Reaffirmed
VIT Trust                               LT: Fund based TL     ICRA A(S)    1175.2  Reaffirmed
VITromed Healthcare                     FB/CC                 ICRA BBB-    42.5    Reaffirmed
VITromed Healthcare                     FB/TL                 ICRA BBB-    30.8    Reaffirmed
Walker Estate Llp                       FB -TL                ICRA BB      450     Assigned
--------------------------------------------------------------------------------------------
$: 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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