June 6, 2018 / 11:00 AM / in 2 months

ICRA ratings for Indian debt instruments-Jun 6

    Jun 6 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of June 5, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Agra Products Pvt Ltd                   ST FB - PCFC          ICRA A4      280     Reaffirmed
Angadpal Industries Pvt Ltd             Non-fund              ICRA A4+     23      Reaffirmed
                                        based-Working Capital
                                        Fac
Arene Life Sciences Ltd                 NFBL                  ICRA A4+     50      Upgraded
                                                                                   from ICRA A4
Biological E. Ltd                       ST, Non-FB Fac        ICRA A1+     2250    Assigned
                                                                                   /Outstanding
Icc Projects Pvt. Ltd.                  ST non-FBL            ICRA A4      40      Withdrawn
Jala Shakti Ltd                         ST: NonFund Based- BG ICRA D       16
Moved to ‘Issuer Not Cooperating’ category
Prathima Institute Of Medical           Non-FBL               ICRA A3+     50      Assigned
Sciences
Rkg International Pvt Ltd               STForeign Discount    ICRA A4      60
                                        Bill Purchase
Rating moved to the ‘Issuer Not Cooperating’ category
Rkg International Pvt Ltd               ST- LOC               ICRA A4      80
Rating moved to the ‘Issuer Not Cooperating’ category
S.A.N. Garment Manufacturing            FB – Working Capital  ICRA A3      420     Reaffirmed
Pvt Ltd
S.A.N. Garment Manufacturing            Non-FBL               ICRA A3      44.7    Reaffirmed
Pvt Ltd
Shrenik Marble Pvt Ltd                  Non-fund based        ICRA A4      50      Reaffirmed
The Indian Card Clothing Co.            Non-fund based        ICRA A2      20      Downgraded
Ltd                                                                                from ICRA A2+
Vaighai Chemical Industries Ltd         Non-fund based        ICRA A3      25      Reaffirmed
                                        Facility
LONG TERM RATINGS:
-------------------
Aasan Corporate Solutions Pvt           NCDs (NCDs)           ICRA         25500   outstanding
Ltd                                                           AA-(SO)
Aasan Corporate Solutions Pvt           TL                    ICRA BBB     4500    outstanding
Ltd
Aasan Corporate Solutions Pvt           TL – Lease Rental     ICRA         4000    outstanding
Ltd                                     Discounting (LRD)     BBB(SO)
Aasan Corporate Solutions Pvt           TL – Loan Against     ICRA         1000    outstanding
Ltd                                     Property (LAP)        BBB(SO)
Aasan Corporate Solutions Pvt           NCDs (NCDs) -         Provisional  5000    Assigned
Ltd                                                           ICRA AA-(SO)
Aasan Corporate Solutions Pvt           NCDs (NCDs) -         Provisional  1850    Assigned
Ltd                                                           ICRA AA-(SO)
Agra Products Pvt Ltd                   LT FB - CC            -            -       -
Agra Products Pvt Ltd                   Unallocated           ICRA BB      70      Reaffirmed
Angadpal Industries Pvt Ltd             Fund based- TL        ICRA BB+     16      Reaffirmed
Angadpal Industries Pvt Ltd             Fund based-Working    ICRA BB+     71      Reaffirmed
                                        Capital Fac
Angadpal Industries Pvt Ltd             Unallocated Limit     ICRA BB+     15.1    Reaffirmed
                                                              /ICRA A4+
Arene Life Sciences Ltd                 FBL                   ICRA BB+     90      Upgraded
                                                                                   from ICRA BB
Arene Life Sciences Ltd                 Unallocated Limits    ICRA         30      Upgraded
                                                              BB+/ICRA A4+         from ICRA
                                                                                   BB/ICRA A4
Bhima Jewellers                         LT – FB – CC          ICRA BBB     2710    Reaffirmed
Bhima Jewellers                         LT – FB – TL          ICRA BBB     422.5   Reaffirmed
Biological E. Ltd                       Long-TL               ICRA AA      -       Outstanding
Biological E. Ltd                       LT, FB Fac            ICRA AA      1000    Outstanding
Biological E. Ltd                       LT, Non-FB Fac        ICRA AA      1340    Assigned
Biological E. Ltd                       LT / ST, FB / Non-FB  ICRA AA /    1780    Outstanding
                                        Fac                   ICRA A1+
Biological E. Ltd                       LT / ST, Unallocated  ICRA AA /    490     Outstanding
                                        Fac                   ICRA A1+
Icc Projects Pvt. Ltd.                  Fund based- CC        ICRA BB-     20      Withdrawn
IL Jin Electronics (India) Pvt          LT: Fund Based- CC    ICRA BB      137.5
Ltd
Continues to remain under ‘Issuer Not Cooperating’ category
IL Jin Electronics (India) Pvt          LT: Fund Based- TL    ICRA BB      35
Ltd
Continues to remain under ‘Issuer Not Cooperating’ category
IL Jin Electronics (India) Pvt          Long/ ST: Unallocated ICRA BB /    57.5
Ltd                                                           ICRA A4
Continues to remain under ‘Issuer Not Cooperating’ category
Imosys Engineering Company              LT – FB – CC          ICRA B       20      Reaffirmed
Pvt. Ltd.
Imosys Engineering Company              LT – FB – TL          ICRA B       52.5    Reaffirmed
Pvt. Ltd.
Jala Shakti Ltd                         LT: Fund Based- TL    ICRA D       242.2
Moved to ‘Issuer Not Cooperating’ category
Jala Shakti Ltd                         LT: Unallocated       ICRA D       6.8
Moved to ‘Issuer Not Cooperating’ category
Lohiya Developers                       FBL                   ICRA B       50
Reason for delay in carrying out periodic review
- Info and fee not provided
Lohiya Developers                       Non-FBL               ICRA B       5
Reason for delay in carrying out periodic review
- Info and fee not provided
Man Cott Pvt Ltd                        LT FB Limit           ICRA BB      350     Reassigned
                                                                                   from
                                                                                   Provisional
                                                                                   ICRA BBB- (S)
Oswal Minerals Ltd                      LT, FB Fac            ICRA BB+     300     Upgraded
                                                                                   from ICRA BB
P&R Engineering Services Pvt            LT: Fund Based-TL     ICRA D       221.7
Ltd
Continues to remain under ‘Issuer Not Cooperating’ category
P&R Gogaripur Hydro Power Pvt           LT: Fund Based-TL     ICRA D       94.8
Ltd
Continues to remain under ‘Issuer Not Cooperating’ category
Prathima Institute Of Medical           FB limits             ICRA BBB     450     Assigned
Sciences
Prathima Institute Of Medical           Unallocated limits    ICRA BBB     150     Assigned
Sciences
R.S. Ventures                           LT Fund Based TL      ICRA B       160     Withdrawn
Rahul Texo Print                        LT Fund Based         ICRA BB-     95      Withdrawn
Raman Education Society                 Bk Fac                ICRA BBB+    160
Reason for delay in carrying out periodic review:
- Issuer not cooperating
Rkg International Pvt Ltd               Fund based-CC         ICRA BB-     20
Rating moved to the ‘Issuer Not Cooperating’ category
S.A.N. Garment Manufacturing            FB - TL               ICRA BBB-    11.7    Reaffirmed
Pvt Ltd
S.A.N. Garment Manufacturing            Unallocated           ICRA BBB-    10.6    Reaffirmed
Pvt Ltd
Sap Energy                              FB - TL               ICRA BB      90      Upgraded
                                                                                   from ICRA BB-
Sap Energy                              Unallocated           ICRA BB      2.5     Upgraded
                                                                                   from ICRA BB-
Shree Ramkrushna Ginning And            LT FB - CC            ICRA BB-     99      Reaffirmed
Oil Industries
Shrenik Marble Pvt Ltd                  FB – Working Capital  ICRA B+      46      Reaffirmed
Singla Rice Oil Amp; General            LT: Fund Based-CC     ICRA B       75
Mills
Continues to remain under ‘Issuer Not Cooperating’ category
Spandana Sphoorty Financial Ltd         NCD Programme         ICRA BBB+    1500    Assigned
Spandana Sphoorty Financial Ltd         NCD Programme         ICRA BBB+    5850    Outstanding
Spandana Sphoorty Financial Ltd         LT Bk Fac             ICRA BBB+    5000    Outstanding
Surbhi Ferro Impex Pvt Ltd              LT: Fund Based- CC    ICRA B       113
Continues to remain under ‘Issuer Not Cooperating’ category
Surbhi Ferro Impex Pvt Ltd              LT: Unallocated       ICRA B       37
Continues to remain under ‘Issuer Not Cooperating’ category
The Indian Card Clothing Co.            TL                    ICRA BBB+    56      Downgraded
Ltd                                                                                from ICRA A-
The Indian Card Clothing Co.            WCDL                  ICRA BBB+    10      Downgraded
Ltd                                                                                from ICRA A-
The Indian Card Clothing Co.            FB working capital    ICRA BBB+ /  90      Downgraded
Ltd                                                           ICRA A2              from ICRA A-
                                                                                   / ICRA A2+
Vaighai Chemical Industries Ltd         CC                    ICRA BBB-    72.5    Reaffirmed
Vaighai Chemical Industries Ltd         Unallocated facility  ICRA BBB-    21.5    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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