March 12, 2019 / 10:41 AM / in 10 days

ICRA ratings for Indian debt instruments-Mar 12

    Mar 12 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of March 11, 2019.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Bharat Seats Ltd                        ST Non-fund Based     ICRA A2+     200     -
Citicorp Finance (India) Ltd            CP                    ICRA A1+     40000   Reaffirmed
Citicorp Finance (India) Ltd            ST Debt Programme     ICRA A1+     20000   Reaffirmed
                                        (ICD)
Gulbarga Electricity Supply             Non-fund based – LOC  ICRA A3      1040    Reaffirmed
Co. Ltd
Hil (India) Ltd                         ST-Fund Based/        ICRA A4+     500     Assigned
                                        Non-Fund based
Jmc Paper Tech Pvt Ltd                  Working Capital LimitsICRA A4      20      -
Reason for delay in carrying out periodic review: - Issuer Not Cooperating
Jmc Paper Tech Pvt Ltd                  BG                    ICRA A4      36.6    -
Reason for delay in carrying out periodic review: - Issuer Not Cooperating
Jmc Paper Tech Pvt Ltd                  Proposed Limits       ICRA A4      73.4    -
Reason for delay in carrying out periodic review: - Issuer Not Cooperating
Kribhco Fertilizers Ltd                 CP                    ICRA A1+     8000    Outstanding
Nandan Denim Ltd                        Fund- based Working   ICRA A1      152     Reaffirmed
                                        Capital Fac (ST)
Nandan Denim Ltd                        Non- FB Fac           ICRA A1      800     Reaffirmed
Pacific Development                     Non-fund based-BG     ICRA A1      1000    Reaffirmed
Corporation Ltd
Perfecto Electricals                    Non-FBL – BG          ICRA A4      200     -
Downgraded to ICRA D from ICRA A4 and simultaneously upgraded to ICRA A4
Reliance Industries Ltd                 CP                    ICRA A1+     100000  outstanding
Sri Lakshmi Narasimha Spinning          Non-FBL               ICRA A4      50      Withdrawn
Mills (India) Pvt. Ltd
Issuer Not Cooperating

LONG TERM RATINGS:
-------------------
Bharat Seats Ltd                        LT FB - CC            ICRA A-      352     -
Bharat Seats Ltd                        LT FB - TL            ICRA A-      131.1   -
Bharat Seats Ltd                        LT/ ST Unallocated    ICRA         1.9     -
                                        Limits                A-/ICRA A2+
                                                              Rating Action
Citicorp Finance (India) Ltd            Secured Bk Lines      ICRA AAA     12000   Reaffirmed
                                        Programme
Citicorp Finance (India) Ltd            NCD Programme (NCD)   ICRA AAA     127500  Reaffirmed
Citicorp Finance (India) Ltd            LT Market Linked      PP-MLDICRA   48476   Reaffirmed
                                        Debenture Programme   AAA
                                        (MLD)
Gulbarga Electricity Supply             Fund based -TL        ICRA BBB-    6832.8  Reaffirmed
Co. Ltd
outlook revised to Stable from Negative
Gulbarga Electricity Supply             Fund based – OverdraftICRA BBB-    1000    Reaffirmed
Co. Ltd
outlook revised to Stable from Negative
Hil (India) Ltd                         LT-FB/Non-Fund Based  ICRA BB+     1500    Assigned
Hil (India) Ltd                         LT/ ST Unallocated    ICRA BB+/    1000    Assigned
                                                              ICRA A4+
Indo Global Ranjangaon                  TL                    ICRA A-      1140    Assigned
Infrastructure And Utility
Services Pvt Ltd
Indo Global Ranjangaon                  Unallocated limits    ICRA A-      60      Assigned
Infrastructure And Utility
Services Pvt Ltd
Jmc Paper Tech Pvt Ltd                  CC                    ICRA BB -    80      -
                                                              (Positive)
Reason for delay in carrying out periodic review: - Issuer Not Cooperating
Jmc Paper Tech Pvt Ltd                  TL                    ICRA BB -    24.8    -
                                                              (Positive)
Reason for delay in carrying out periodic review: - Issuer Not Cooperating
Kribhco Fertilizers Ltd                 NCDs (NCDs)           ICRA AA(SO)  2000    -
provisional rating finalised
Mallcom (India) Ltd                     FB – Working capital  ICRA BBB+    750     Assigned
                                        Fac
Nandan Denim Ltd                        FB TL                 ICRA A       3903.5  Reaffirmed
Nandan Denim Ltd                        FB Working Capital FacICRA A       2498    Reaffirmed
Pacific Development                     Fund based-TL         ICRA A       7900    Reaffirmed
Corporation Ltd                                               (positive)
Outlook changed from stable to positive
Perfecto Electricals                    FB Limit – CC         ICRA C       75      -
Downgraded to ICRA D from ICRA C+ and simultaneously upgraded to ICRA C
Perfecto Electricals                    Unallocated Limits    ICRA C/      80      -
                                                              ICRA A4
Downgraded to ICRA D from ICRA C+/ ICRA A4 and simultaneously upgraded to ICRA C/ ICRA A4
Reliance Industries Ltd                 NCD Programme         ICRA AAA     80000   Assigned
Reliance Industries Ltd                 NCD Programme         ICRA AAA     320000  outstanding
Sara Investments                        FB -TL                ICRA A-      100     Assigned
Sri Lakshmi Narasimha Spinning          CC                    ICRA B-      160     Withdrawn
Mills (India) Pvt. Ltd
Issuer Not Cooperating
Sri Lakshmi Narasimha Spinning          TL                    ICRA B-      29.6    Withdrawn
Mills (India) Pvt. Ltd
Issuer Not Cooperating
Sri Lakshmi Narasimha Spinning          Unallocated Limits    ICRA B-      0.9     Withdrawn
Mills (India) Pvt. Ltd
Issuer Not Cooperating
T A Pai Management Institute            LT-Unallocated        ICRA A-      294.6   Reaffirmed
Vir Varenya Shipping Singapore          FB -TL                ICRA BBB-    68.88   Assigned
Pte. 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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