June 7, 2019 / 11:24 AM / 2 months ago

ICRA ratings for Indian debt instruments-Jun 7

   Jun 7 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of June 6, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Alpha Services                          ST/Non-fund Based     ICRA A4+     150     Downgraded
                                                                                   from ICRA A3
Asbesco (India) Pvt Ltd                 Non-FB limits         ICRA A4+     797.5   Downgraded
                                                                                   from ICRA A3
Cholamandalam Investment And            CP                    ICRA A1+     75000   Outstanding
Finance Co. Ltd
JTEKT India Ltd                         ST Non-Fund based     ICRA A1+     400     Reaffirmed
JTEKT India Ltd                         ST Fund Based         ICRA A1+     625     Reaffirmed
JTEKT India Ltd                         ST Fund               ICRA A1+     390     Reaffirmed
                                        based/Non-fund based
JTEKT India Ltd                         CP                    ICRA A1+     150     Reaffirmed
JTEKT India Ltd                         ST Unallocated        ICRA A1+     110     Reaffirmed
Kanishk Steel Industries Ltd            ST – Non Fund based   ICRA A4+     480     Reaffirmed
Kanishk Steel Industries Ltd            ST - Unallocated      ICRA A4+     210     Reaffirmed
Mahanagar Gas Ltd                       ST non-FBL            ICRA A1+     4000    Reaffirmed
Polyplastics Decorative Pvt.            ST – Non-fund Based   ICRA A2+     80      Reaffirmed
Ltd.                                    (SO)                  (SO)
Preet Agro Industries Pvt Ltd           Non-fund Based        ICRA A2+     30      Reaffirmed
Preet Tractors Pvt Ltd                  Non-fund Based        ICRA A2+     90      Reaffirmed
Qdigi Services Ltd                      ST – Non-Fund Based   ICRA A1+(SO) 200     Outstanding
Rajratan Global Wire Ltd                Non-FB Fac -          ICRA A2+     523.6   Assigned
Tata Asset Management Ltd               Tata Ultra ST Fund    ICRA A1+mfs  -       Assigned
Tata Asset Management Ltd               Tata Money Market FundICRA A1+mfs  -       Outstanding
Tata Asset Management Ltd               Tata Liquid Fund      ICRA A1+mfs  -       Outstanding


LONG TERM RATINGS:
-------------------
Alpha Services                          LT: Fund based        ICRA BB+     150     Downgraded
                                                                                   from ICRA
                                                                                   BBB-
Asbesco (India) Pvt Ltd                 FB limits – CC        ICRA BB+     455     Downgraded
                                                                                   from ICRA
                                                                                   BBB-
Asbesco (India) Pvt Ltd                 FB limits – Bill      ICRA BB+     -       Downgraded
                                        Discounting Fac#                           from ICRA
                                                                                   BBB-
#Sub-limit of cash credit
Asbesco (India) Pvt Ltd                 Unallocated limits    ICRA BB+     17.5    Downgraded
                                                              /ICRA A4+            from ICRA
                                                                                   BBB-/ICRA A3
Cholamandalam Investment And            Perpetual Debt        ICRA AA      16800   Outstanding
Finance Co. Ltd                         Instrument (PDI)
Cholamandalam Investment And            Fund Based - TL       ICRA AA+     248268.3Assigned
Finance Co. Ltd
Cholamandalam Investment And            Sub-limit - Non-FBL   ICRA AA+     1000    Outstanding
Finance Co. Ltd                         from Bks^
^ Sub-limit of Rs. 100-crore working capital facilities included as part of the rated 
Rs. 4,000-crore fund-based facilities from banks
Cholamandalam Investment And            NCDs!                 ICRA AA+     77902   Reaffirmed
Finance Co. Ltd
! NCDs and subordinated debenture Outstanding as on May 20, 2019
Cholamandalam Investment And            NCDs!                 ICRA AA+     50810   Withdrawn
Finance Co. Ltd
! NCDs and subordinated debenture Outstanding as on May 20, 2019
Cholamandalam Investment And            Subordinated          ICRA AA+     18835   Reaffirmed
Finance Co. Ltd                         Debentures!
! NCDs and subordinated debenture Outstanding as on May 20, 2019
Cholamandalam Investment And            Subordinated          ICRA AA+     3365    Withdrawn
Finance Co. Ltd                         Debentures!
! NCDs and subordinated debenture Outstanding as on May 20, 2019
Cholamandalam Investment And            FB Fac from Bks#      ICRA AA+/    40000   Outstanding
Finance Co. Ltd                                               ICRA A1+
# Rs. 4,000-crore fund-based limits are interchangeable with cash credit and short-term 
working capital facilities (rated       A1+), subject to the total utilisation not 
exceeding Rs. 4,000 crore
Creditaccess Grameen                    PTC Series A1         ICRA A+(SO)  -       Confirmed as
Ltd-Northern Arc 2019 MFI                                                          final
Naruto
JTEKT India Ltd                         CC                    ICRA AA      713.5   Reaffirmed
JTEKT India Ltd                         TL                    ICRA AA      1312.9  Reaffirmed
JTEKT India Ltd                         LT Unallocated        ICRA AA      300     Reaffirmed
Kanishk Steel Industries Ltd            LT –CC                ICRA BB+     225     Reaffirmed
L&T Transportation                      FB -TL                ICRA AA      198.2   Reaffirmed
Infrastructure Ltd
Mahanagar Gas Ltd                       LT debt programme     ICRA AAA     1000    Reaffirmed
Mahanagar Gas Ltd                       LT non-FBL            ICRA AAA     2000    Reaffirmed
Polyplastics Auto Components            LT – Fund Based/CC(SO)ICRA A- (SO) 35      Reaffirmed
Pvt Ltd
Polyplastics Auto Components            LT – Fund Based TL(SO)ICRA A- (SO) 50      Reaffirmed
Pvt Ltd
Polyplastics Decorative Pvt.            LT – Fund Based/CC(SO)ICRA A- (SO) 70      Reaffirmed
Ltd.
Polyplastics Decorative Pvt.            LT – Fund Based TL(SO)ICRA A- (SO) 527     Reaffirmed
Ltd.
Preet Agro Industries Pvt Ltd           FB                    ICRA A-      120     Reaffirmed
Preet Tractors Pvt Ltd                  FB                    ICRA A-      110     Reaffirmed
Qdigi Services Ltd                      LT – Fund Based/CC    ICRA AA(SO)  200     Assigned /
                                                                                   Outstanding
R. K. Transport Co.                     Non-fund Based- BG    ICRA BBB     550     Reaffirmed
                                                              /ICRA A3+
Rajratan Global Wire Ltd                Issuer Rating         ICRA A-      0       Outstanding
Rajratan Global Wire Ltd                FB - TL -             ICRA A-      483.9   Assigned
Rajratan Global Wire Ltd                FB - CC - Fac         ICRA A-      652.5   Assigned
Rajratan Global Wire Ltd                FB/Non-fund Based -   ICRA A-      100     Assigned
                                        Fac                   /ICRA A2+
Tata Asset Management Ltd               Tata Treasury         ICRA AA+mfs  -       Outstanding
                                        Advantage Fund
Tata Asset Management Ltd               Tata ST Bond Fund     ICRA AAAmfs  -       Outstanding
Tata Asset Management Ltd               Tata Dynamic Bond FundICRA AAAmfs  -       Outstanding
Tata Asset Management Ltd               Tata Income Fund      ICRA AAAmfs  -       Outstanding
Vivriti Capital Pvt                     PTC Series A1         Provisional  379.3   Confirmed as
Ltd-Vivriti Cabsec 002 2019                                   rating of            final
                                                              ICRA A-(SO)
Vivriti Capital Pvt                     PTC Series A2         Provisional  17.2    Confirmed as
Ltd-Vivriti Cabsec 002 2019                                   rating of            final
                                                              ICRA BBB(SO)
--------------------------------------------------------------------------------------------
$: 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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