May 13, 2019 / 10:48 AM / 5 months ago

ICRA ratings for Indian debt instruments-May 13

    May 13 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of May 10, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Astec Lifesciences Ltd                  ST, Non-FBL           ICRA A1+     490     Outstanding
Astec Lifesciences Ltd                  CP Programme          ICRA A1+     1500    Outstanding
Bhanu Construction                      Non-fund based – BG   ICRA A3      350     Outstanding
Citicorp Finance (India) Ltd            CP                    ICRA A1+     40000   Outstanding
Citicorp Finance (India) Ltd            ST Debt Programme     ICRA A1+     20000   Outstanding
                                        (ICD)
DLF Ltd                                 CP                    ICRA A1      10000   Reaffirmed
Ethos Ltd                               Non-fund Based - BG   ICRA A2      53.5    Reaffirmed
Jai & Sons Pvt Ltd                      ST: Fund based        ICRA A4      87
Upgraded from ICRA D
Jai & Sons Pvt Ltd                      ST: Non-fund based    ICRA A4      10
Upgraded from ICRA D
Kddl Ltd                                Non-fund Based        ICRA A2      120     Reaffirmed
Roots Cast Pvt Ltd                      ST - Non-fund based   ICRA A3+     20      Assigned
Security And Intelligence               Non-FBL               ICRA A1+     1540
Services (India) Ltd
Reaffirmed and removed from watch with developing implications
Suguna Foods Pvt Ltd                    ST - Non-FB Fac       ICRA A2+     180     Reaffirmed
                                        (sub-limit)
Torrent Pharmaceuticals Ltd             CP                    ICRA A1+     5600    Reaffirmed
V-Guard Industries Ltd                  ST non-fund based     ICRA A1+     400     Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Ethos Ltd                               Fixed Deposits        MA-          220     Reaffirmed
Kddl Ltd                                Fixed Deposits        MA-          150     Reaffirmed

LONG TERM RATINGS:
------------------
Aadarshini Real Estate                  NCDs                  ICRA A+      9000    Reaffirmed
Developers Pvt Ltd
Astec Lifesciences Ltd                  LT, FB Limits         ICRA AA-     1460    Outstanding
Astec Lifesciences Ltd                  LT / ST, FB / NonFBL  ICRA AA- /   2600    Outstanding
                                                              ICRA A1+
Bhanu Construction                      Fund based – CC       ICRA BBB-    100     Outstanding
Bhanu Construction                      Unallocated limits    ICRA BBB-    400     Outstanding
                                                              /ICRA A3
Brajesh Packaging Pvt Ltd               LT, Fund based-TL     ICRA D       7.3
Downgraded from ICRA B+ and continues to remain in the ‘Issuer Not Cooperating’ category
Brajesh Packaging Pvt Ltd               LT, Fund based-CC     ICRA D       67.5
Downgraded from ICRA B+ and continues to remain in the ‘Issuer Not Cooperating’ category
Brajesh Packaging Pvt Ltd               ST, Nonfund based – BGICRA D       1.4
Downgraded from ICRA A4 and continues to remain in the ‘Issuer Not Cooperating’ category
Citicorp Finance (India) Ltd            NCD Programme (NCD)   ICRA AAA     -       Withdrawn
Citicorp Finance (India) Ltd            Secured Bk Lines      ICRA AAA     12000   Outstanding
                                        Programme
Citicorp Finance (India) Ltd            NCD Programme (NCD)   ICRA AAA     63000   Outstanding
Citicorp Finance (India) Ltd            LT Market Linked      PP-MLD ICRA  -       Withdrawn
                                        Debenture Programme   AAA
                                        (MLD)
Citicorp Finance (India) Ltd            LT Market Linked      PP-MLD ICRA  31201.4 Outstanding
                                        Debenture Programme   AAA
                                        (MLD)
Citicorp Finance (India) Ltd            LT Market Linked      PP-MLDICRA   10000   Assigned
                                        Debenture Programme   AAA
                                        (MLD)
DLF Home Developers Ltd                 Fund based-TL         ICRA A+      6250    Reaffirmed
DLF Ltd                                 Fund based - TL       ICRA A+      19680   Reaffirmed
DLF Ltd                                 Fund based - Working  ICRA A+      18370   Reaffirmed
                                        Capital Fac
DLF Ltd                                 Non-fund based -      ICRA A+      9500    Reaffirmed
                                        Working Capital Fac/BG
DLF Ltd                                 NCD Programme         ICRA A+      31900   Reaffirmed
DLF Ltd                                 NCDs                  ICRA A+      -       Withdrawn
Ethos Ltd                               FB - CC               ICRA BBB+    560     Reaffirmed
Ethos Ltd                               FB - TL               ICRA BBB+    36.5    Reaffirmed
Harshita Polypack                       LT, Fund based-TL     ICRA D       13.7
Downgraded from ICRA B+ and continues to remain in the ‘Issuer Not Cooperating’ category
Harshita Polypack                       LT, Fund based-CC     ICRA D       46
Downgraded from ICRA B+ and continues to remain in the ‘Issuer Not Cooperating’ category
Harshita Polypack                       ST, Nonfund based –BG ICRA D       0.9
Downgraded from ICRA A4 and continues to remain in the ‘Issuer Not Cooperating’ category
Jai & Sons Pvt Ltd                      LT: CC                ICRA B+      40
Upgraded from ICRA D
Jai & Sons Pvt Ltd                      LT/ ST: Unallocated   ICRA B+ /A4  23.4
                                        limits
Upgraded from ICRA D
Kddl Ltd                                FB - CC               ICRA BBB+    190     Reaffirmed
Kddl Ltd                                FB - TL               ICRA BBB+    140     Reaffirmed
Lodhi Property Co. Ltd                  Fund based-TL         ICRA A+      440     Reaffirmed
Millennia Realtors Pvt Ltd              FB TL                 ICRA BBB-    5500    Reaffirmed
Millennia Realtors Pvt Ltd              LT Unallocated        ICRA BBB-    797.6   Reaffirmed
Nambi Buildwell Pvt Ltd                 Fund based-TL         ICRA A+      5160    Reaffirmed
Radhika Packaging Pvt Ltd               LT, Fund based-TL     ICRA D       10.9
Downgraded from ICRA B+ and continues to remain in the ‘Issuer Not Cooperating’ category
Radhika Packaging Pvt Ltd               LT, Fund based-CC     ICRA D       46
Downgraded from ICRA B+ and continues to remain in the ‘Issuer Not Cooperating’ category
Radhika Packaging Pvt Ltd               ST, Nonfund based – BGICRA D       1.2
Downgraded from ICRA A4 and continues to remain in the ‘Issuer Not Cooperating’ category
Rmz Galleria India Pvt Ltd              Fund based-TL         ICRA BBB-    3000    Reaffirmed
Rmz Galleria India Pvt Ltd              LT Unallocated        ICRA BBB-    1100    Reaffirmed
Rmz North Star Projects Pvt Ltd         Fund based - TL       ICRA BBB-    1000    Assigned
Roots Cast Pvt Ltd                      LT - Fund based       ICRA BBB     127.5   Assigned
Roots Cast Pvt Ltd                      LT – TL               ICRA BBB     80      Assigned
Roots Cast Pvt Ltd                      ST/LT – Unallocated   ICRA BBB/    22.5    Assigned
                                                              ICRA A3+
Security And Intelligence               TL                    ICRA A+      550
Services (India) Ltd
Reaffirmed and removed from watch with developing implications
Security And Intelligence               FB Limits             ICRA A+      4050
Services (India) Ltd
Reaffirmed and removed from watch with developing implications
Security And Intelligence               NCDs                  ICRA A+      2500
Services (India) Ltd
Reaffirmed and removed from watch with developing implications
Suguna Foods Pvt Ltd                    LT-TL Fac             ICRA A-      2888    Reaffirmed
Suguna Foods Pvt Ltd                    LT - FB Fac           ICRA A-      9800    Reaffirmed
Suguna Foods Pvt Ltd                    LT/ST - Proposed Fac  ICRA         88.7    Reaffirmed
                                                              A-/ICRA A2+
Suyash Polymer                          LT, Fund based-TL     ICRA D       8.6
Downgraded from ICRA B+ and continues to remain in the ‘Issuer Not Cooperating’ category
Suyash Polymer                          LT, Fund based-CC     ICRA D       46
Downgraded from ICRA B+ and continues to remain in the ‘Issuer Not Cooperating’ category
Suyash Polymer                          ST, Nonfund based –BG ICRA D       1.3
Downgraded from ICRA A4 and continues to remain in the ‘Issuer Not Cooperating’ category
Torrent Pharmaceuticals Ltd             NCD programme         ICRA AA      31000   Reaffirmed
Torrent Pharmaceuticals Ltd             FB TL                 ICRA AA      17976.7 Reaffirmed
Torrent Pharmaceuticals Ltd             FB working capital    ICRA AA      17950   Reaffirmed
                                        Fac
Tulsi Corporation                       Fund Based – TL       ICRA BB-     250
Upgraded from ICRA B+
V-Guard Industries Ltd                  TL                    ICRA AA      -       Reaffirmed
V-Guard Industries Ltd                  LT fund based         ICRA AA      2850    Reaffirmed
V-Guard Industries Ltd                  LT unallocated        ICRA AA      198.7   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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