March 11, 2019 / 11:34 AM / 3 months ago

ICRA ratings for Indian debt instruments-Mar 11

    Mar 11 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of March 8, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Avr Swarnamahal Jewelry Pvt Ltd         Fund based sub limit  ICRA A2      -
Upgraded from ICRA A3+
Avr Swarnamahal Jewelry Pvt Ltd         Non fund based sub    ICRA A2      -       Upgraded
                                        limit
Dalmia Cement (Bharat) Ltd              CP                    ICRA A1+     12000   Outstanding
Dalmia Cement (Bharat) Ltd              Non-fund Based        ICRA A1+     15485.5 Assigned
                                        Working Capital Fac
Gokak Textiles Ltd                      Unallocated Limits    ICRA A4      1425.9  Reaffirmed
Karvy Stock Broking Ltd                 CP Programme          ICRA A1      3000
Downgraded from ICRA A1+
Karvy Stock Broking Ltd                 ST Debt Programme     ICRA A1+(SO) 1250    Reaffirmed
Lahoti Overseas Ltd.                    ST FB Limit           ICRA A3+     714.4   Reaffirmed
Lahoti Overseas Ltd.                    ST Non-FBL            ICRA A3+     -       Reaffirmed
Newage Laminators Pvt Ltd               Non-fund Based        ICRA A4      12      Reaffirmed
Wohr Parking Systems Pvt Ltd            ST, Non FB            ICRA A3      90
Upgraded from ICRA A4+

LONG TERM RATINGS:
-------------------
Avr Swarnamahal Jewelry Pvt Ltd         CC                    ICRA BBB+    1700
Upgraded from ICRA BBB
Avr Swarnamahal Jewelry Pvt Ltd         Proposed Fac          ICRA         900
                                                              BBB+/ICRA A2
Upgraded from ICRA BBB/ ICRA A3+
Dalmia Cement (Bharat) Ltd              FB TL                 ICRA AA      32276.9 Assigned
Dalmia Cement (Bharat) Ltd              FB Working Capital    ICRA AA      10000   Assigned
                                        Fac
Dalmia Cement (Bharat) Ltd              Unallocated – LT      ICRA AA      130.2   Assigned
Dalmia Cement (Bharat) Ltd              NCD                   ICRA AA      15870   Outstanding
Ess Kay Fincorp Ltd - Vivriti           PTC Series A2         ICRA A(SO)   13.8    Provisional
Arod 02 2019                                                                       assigned
Ess Kay Fincorp Ltd - Vivriti           PTC Series A1         ICRA AA-(SO) 400     Provisional
Arod 02 2019                                                                       assigned
Gokak Textiles Ltd                      TL                    ICRA B+      -       Withdrawn
Gokak Textiles Ltd                      FB Working Capital    ICRA B+      243.5   Reaffirmed
                                        Limits
Igenetic Diagnostics Pvt Ltd            Fund based-CC         ICRA BB+     60
Withdrawn; Issuer Not Cooperating
Karvy Financial Services Ltd            LT Bk Lines (Basel II)ICRA BBB     1743.6
Re Assigned from ICRA A+ (SO)
Karvy Financial Services Ltd            Sub Debt Programme    ICRA BBB     300
Re Assigned from ICRA A+ (SO)
Karvy Financial Services Ltd            Principle Protected   PP-MLD ICRA  29      Withdrawn
                                        NCD                   A+(SO)
Karvy Stock Broking Ltd                 LT Bk Lines           ICRA A       2500
Downgraded from ICRA A+
Lahoti Overseas Ltd.                    LT and ST Unallocated ICRA         360.1
                                        Limits                BBB/ICRA A3+
Reaffirmed and outlook revised to Stable from Negative
Magma Housing Finance Ltd               PTC A1                ICRA AA(SO)  480.6
-Mhfl Securitisation Trust I
Provisional assigned
Magma Housing Finance Ltd               PTC A2                ICRA AA(SO)  17.4
-Mhfl Securitisation Trust I
Provisional assigned
Magma Housing Finance Ltd               Second Loss Facility  ICRA         29.9
-Mhfl Securitisation Trust I                                  BBB-(SO)
Provisional assigned
Maithri Developers                      LT-Proposed TL        ICRA B-      300
Withdrawn; Issuer Not Cooperating
Merlin Acropolis Projects Pvt           Unallocated Limit     ICRA A /A1   2400    Assigned
Ltd.
Merlin Projects Ltd                     CC                    ICRA A       170
Rating reassigned from       BBB+ (Stable) and removed from the ‘Issuer Not Cooperating’
category
Merlin Projects Ltd                     TL                    ICRA A       250
Rating reassigned from       BBB+ (Stable) and removed from the ‘Issuer Not Cooperating’
category
Merlin Projects Ltd                     Unallocated Limit     ICRA A /A1   1080    Assigned
Newage Laminators Pvt Ltd               Fund Based - CC       ICRA BB-     35
Upgraded from ICRA B+
Newage Laminators Pvt Ltd               Fund Based - TL       ICRA BB-     18.4
Upgraded from ICRA B+
Newage Laminators Pvt Ltd               Unallocated           ICRA BB-     34.6
Upgraded from ICRA B+
Sundaram Finance Ltd- Shri              PTC Series A          ICRA AAA(SO) 2732.7  Reaffirmed
Trust R 2018
Sundaram Finance Ltd- Shri              PTC Series A          ICRA AAA(SO) 1400.3  Reaffirmed
Trust R 2018
Sundaram Finance Ltd- Shri              PTC Series A          ICRA AAA(SO) 2171.5  Reaffirmed
Trust R 2018
Wohr Parking Systems Pvt Ltd            LT, FB – CC           ICRA BBB-    40
Upgraded to ICRA BBB- from ICRA BB+ outlook revised to Stable from Positive
Wohr Parking Systems Pvt Ltd            LT, Unallocated       ICRA BBB-    10
Upgraded to ICRA BBB- from ICRA BB+ outlook revised to Stable from Positive
Wohr Parking Systems Pvt Ltd            LT/ST –               ICRA BBB-    -
                                        Interchangeable#      /A3
Upgraded to ICRA BBB-/ICRA A3 from ICRA BB+/ ICRA A4+ outlook revised to Stable from Positive ;
#: Long Term/Short Term Interchangeable limit of Rs. 1.50 crore is sublimit of long term
fund-based Cash Credit facility of Rs. 4.00 crore
Zillion Infraprojects Pvt Ltd           FB Fac                ICRA D       800     Retained
(Formerly Known As Durha
Constructions Pvt Ltd)
Zillion Infraprojects Pvt Ltd           Non-FB Fac            ICRA D       2500    Retained
(Formerly Known As Durha
Constructions Pvt Ltd)

--------------------------------------------------------------------------------------------
$: 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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