June 4, 2019 / 10:54 AM / 13 days ago

ICRA ratings for Indian debt instruments-Jun 4

    Jun 4 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of June 3, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Bagga Link Motors Ltd                   ST - Fund Based       ICRA A4      291
Upgraded from ICRA D
Bagga Link Motors Ltd                   ST – LOC              ICRA A4      20
Upgraded from ICRA D
Fives Cail Kcp Ltd                      ST Non-fund Based     ICRA A3      1035    Reaffirmed
Fives Cail Kcp Ltd                      ST Non-fund Based     ICRA A3      -       Reaffirmed
                                        (Sublimit)
Franklin Templeton Asset                Franklin India Liquid ICRA A1+mfs  -       Reaffirmed
Management (India) Pvt Ltd              Fund
JM Financial Capital Ltd                CP (IPO Financing)    ICRA A1+     -       Withdrawn
                                        programme
JM Financial Capital Ltd                CP (CP) Programme     ICRA A1+     10000   outstanding
JM Financial Products Ltd               CP (IPO Financing)    ICRA A1+     -       Withdrawn
                                        programme
JM Financial Products Ltd               CP (CP) Programme     ICRA A1+     45000   Outstanding
JM Financial Properties And             CP (CP) Programme     ICRA A1+     -       Withdrawn
Holdings Ltd                            (IPO Financing)
JM Financial Properties And             CP Programme          ICRA A1+     2500    outstanding
Holdings Ltd
Jtekt India Ltd (Erstwhile              ST Non-Fund based     ICRA A1+     750     Reaffirmed
Sona Koyo Steering Systems Ltd)
Jtekt India Ltd (Erstwhile              ST Fund Based         ICRA A1+     625     Reaffirmed
Sona Koyo Steering Systems Ltd)
Jtekt India Ltd (Erstwhile              CP                    ICRA A1+     150     Reaffirmed
Sona Koyo Steering Systems Ltd)
Jtekt India Ltd (Erstwhile              ST Unallocated        ICRA A1+     150     Reaffirmed
Sona Koyo Steering Systems Ltd)
Minex Metallurgical Co. Ltd             ST fund based/ non-   ICRA A1      140     Reaffirmed
                                        FBL
Panchavati Polyfibres Ltd               Non-fund based- LOC   ICRA A4      25      Reaffirmed
The Andhra Petrochemicals Ltd           Non-fund Based        ICRA A2      20
Upgraded to ICRA A2 from ICRA A3+
The Indian Card Clothing Co.            Non-fund based        ICRA A4+     20
Ltd
Downgraded from ICRA A3+
Zetatek Industries Ltd                  ST - Non Fund Based   ICRA A4      20      Withdrawn
Zodiac Clothing Co. Ltd                 ST FB Fac             ICRA A2+     700
revised to ICRA A2
Zodiac Clothing Co. Ltd                 ST non FB Fac         ICRA A2+     100
revised to ICRA A2

LONG TERM RATINGS:
-------------------
Asa International India                 PTC Series A1         Provisional  205.4   Assigned
Microfinance Ltd- Northern Arc                                ICRA A(SO)
2019 MFI Tully
Asa International India                 PTC Series A2         Provisional  7.1     Assigned
Microfinance Ltd- Northern Arc                                ICRA
2019 MFI Tully                                                BBB+(SO)
Bagga Link Motors Ltd                   Fund based - TL       ICRA B+      62.4
Upgraded from ICRA D
Bagga Link Motors Ltd                   Fund based - CC       ICRA B+      94
Upgraded from ICRA D
Bagga Link Motors Ltd                   Unallocated           ICRA B+      23.1
Upgraded from ICRA D
Boi Axa Investment Managers             BOI AXA Liquid Fund   ICRA AAAmfs  -       Reaffirmed
Pvt Ltd
Fives Cail Kcp Ltd                      LT FB                 ICRA BBB-    150     Reaffirmed
Fives Cail Kcp Ltd                      LT FB (Sublimit)      ICRA BBB-    -       Reaffirmed
Fives Cail Kcp Ltd                      ST/LT Unallocated     ICRA         425     Reaffirmed
                                                              BBB-/ICRA A3
Gajavelli Spinning Mills Pvt            Fund based-CC         ICRA B+      700
Ltd
Issuer not cooperating
Gajavelli Spinning Mills Pvt            Fund based- TL        ICRA B+      116.4
Ltd
Issuer not cooperating
Gajavelli Spinning Mills Pvt            Non-Fund based        ICRA B+      10
Ltd
Issuer not cooperating
Gajavelli Spinning Mills Pvt            Unallocated           ICRA B+      8.7
Ltd
Issuer not cooperating
Gillco Developers & Builders            Fund based - CC       ICRA D       200
Pvt Ltd
Downgraded from ICRA BB; Rating continues to remain under ‘Issuer Not Cooperating’ category
Gillco Developers & Builders            Fund based - TL       ICRA D       450
Pvt Ltd
Downgraded from ICRA BB; Rating continues to remain under ‘Issuer Not Cooperating’ category
JM Financial Capital Ltd                NCD Programme         ICRA AA      2000    outstanding
JM Financial Capital Ltd                LT Market Linked      PP-MLD ICRA  2000    outstanding
                                        Debentures (Principal AA
                                        Protected)
JM Financial Products Ltd               LT Bk Lines           ICRA AA      25000   Outstanding
JM Financial Products Ltd               NCD Programme         ICRA AA      19300   Outstanding
JM Financial Products Ltd               NCD Programme         ICRA AA      5700    Outstanding
JM Financial Products Ltd               NCD Programme (Public ICRA AA      20000   Outstanding
                                        Issue)
JM Financial Products Ltd               LT Market Linked      PP-MLD ICRA  450     Assigned
                                        Debentures -          AA
                                        (Principal Protected)
JM Financial Products Ltd               LT Market Linked      PP-MLD ICRA  4550    Outstanding
                                        Debentures (Principal AA
                                        Protected)
JM Financial Properties And             FB Bk Lines – TL      ICRA AA      1350    outstanding
Holdings Ltd
Jtekt India Ltd (Erstwhile              CC                    ICRA AA      713.5   Reaffirmed
Sona Koyo Steering Systems Ltd)
Jtekt India Ltd (Erstwhile              TL                    ICRA AA      1312.9  Reaffirmed
Sona Koyo Steering Systems Ltd)
Jtekt India Ltd (Erstwhile              LT Unallocated        ICRA AA      300     Reaffirmed
Sona Koyo Steering Systems Ltd)
Krushna Godavari Khate,Bi               LT Fund based-        ICRA BB-     60      Reaffirmed
Biyane Utpadan Va Vikri                 Working Capital Fac
Sahakari Sanstha Ltd
Krushna Godavari Khate,Bi               LT unallocated        ICRA BB-     10      Reaffirmed
Biyane Utpadan Va Vikri
Sahakari Sanstha Ltd
Mahakali Chandrapur Polytex             LT FB limits          ICRA D       56.1    Withdrawn
Pvt Ltd
Mahakali Chandrapur Polytex             Unallocated limit     ICRA D       43.9    Withdrawn
Pvt Ltd
Minex Metallurgical Co. Ltd             LT FBL                ICRA A+      850     Reaffirmed
Panchavati Polyfibres Ltd               Fund based- Working   ICRA BB-     193     Reaffirmed
                                        Capital Fac
Panchavati Polyfibres Ltd               Non-fund based-BG     ICRA BB-     53.5    Reaffirmed
Panchavati Polyfibres Ltd               Unallocated           ICRA BB-     20      Reaffirmed
Spark Insulators Pvt Ltd                Fund based-CC         ICRA BB-     60
Issuer not cooperating
Spark Insulators Pvt Ltd                Non-Fund based        ICRA BB-     20
Issuer not cooperating
Spark Insulators Pvt Ltd                Unallocated           ICRA BB- /   19.5
                                                              ICRA A4
Issuer not cooperating
Sunrise Seafoods India Pvt Ltd          Fund based-Export     ICRA BB-     170
                                        Packaging Credit
Issuer delayed in giving information
Sunrise Seafoods India Pvt Ltd          Unallocated           ICRA BB- /   90
                                                              ICRA A4
Issuer delayed in giving information
Tata Motors Finance Ltd-                PTC Series A          Provisional  8257.5  Assigned
Indian Receivable Trust May 19                                ICRA AAA(SO)
C
Tata Motors Finance Ltd-                Second Loss Facility  Provisional  221.3   Assigned
Indian Receivable Trust May 19                                ICRA
C                                                             BBB+(SO)
The Andhra Petrochemicals Ltd           FB - TL               ICRA BBB+    135
Upgraded to ICRA BBB+ from ICRA BBB
The Andhra Petrochemicals Ltd           FB - CC               ICRA BBB+    350
Upgraded to ICRA BBB+ from ICRA BBB
The Andhra Petrochemicals Ltd           LT Unallocated        ICRA BBB+    436.8
Upgraded to ICRA BBB+ from ICRA BBB
The Indian Card Clothing Co.            TL                    ICRA BB+     56
Ltd
Downgraded from ICRA BBB; outlook revised to Stable from Negative
The Indian Card Clothing Co.            Working capital       ICRA BB+     10
Ltd                                     demand loan
Downgraded from ICRA BBB; outlook revised to Stable from Negative
The Indian Card Clothing Co.            FB working capital    ICRA BB+ /   90
Ltd                                                           ICRA A4+
Downgraded from ICRA BBB / ICRA A3+; outlook revised to Stable from Negative
Zetatek Industries Ltd                  LT - Fund Based/ CC   ICRA BB-     55      Withdrawn
Zetatek Industries Ltd                  LT - Non Fund Based   ICRA BB-     100     Withdrawn
Zetatek Industries Ltd                  LT / ST - Unallocated ICRA BB-/    55      Withdrawn
                                                              ICRA A4
--------------------------------------------------------------------------------------------
$: 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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