May 15, 2019 / 11:18 AM / 3 months ago

ICRA ratings for Indian debt instruments-May 15

    May 15 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of May 14, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Abis Exports (India) Pvt Ltd            Interchangeable- Fund ICRA A1+             outstanding
                                        based/ NonFB Fac^
^sub-limit
Abis Exports (India) Pvt Ltd            Proposed CP programme ICRA A1+     500     outstanding
                                        #
#to be carved out of the existing working capital limit
B.L.D.E University                      ST - Non-FB Fac       ICRA A4      20
(Issuer Not Cooperating)
H.K. Agro Impex                         ST – Pledge Loan      ICRA A4      10
(Issuer Not Cooperating)
Ibex Engineering Pvt Ltd                ST – FB               ICRA A4+     27.5
(Issuer Not Cooperating)
Indian Agro And Food                    Interchangeable       ICRA A1+             outstanding
Industries Ltd                          Non-FB limits^
^sub-limit of Cash Credit
Indian Agro And Food                    Proposed CP programme ICRA A1+     500     outstanding
Industries Ltd                          #
#to be carved out of the existing working capital limit
Kotak Mahindra Investments Ltd          CP Programme (IPO     ICRA A1+     -       Withdrawn
                                        Financing)
Kotak Mahindra Investments Ltd          CP Programme          ICRA A1+     70000   Assigned
Kotarki Constructions Pvt Ltd           ST –Non-Fund Based    ICRA A4      120
                                        (BG)
(Issuer Not Cooperating)
Prognosys Medical Systems Pvt           ST - Non-Fund Based - ICRA A4      10
Ltd                                     LOC
(Issuer Not Cooperating)
Satyavan Sales Promotion Pvt            ST: Non-FBL           ICRA A4      75      Withdrawn
Ltd
Shiva Utensils Industries Pvt           ST: FB CC             ICRA A4      300     Reaffirmed
Ltd
Shri Aruna Constructions Pvt            ST - Non-Fund based-BGICRA A4      110
Ltd
(Issuer Not Cooperating)
U P Telelinks Ltd                       ST Non-FBL            ICRA A4+     3       Reaffirmed

LONG TERM RATINGS:
-------------------
Abis Exports (India) Pvt Ltd            Proposed NCD programmeICRA A+      1000    Withdrawn
Abis Exports (India) Pvt Ltd            FB-TL                 ICRA A+      1585.8  outstanding
Abis Exports (India) Pvt Ltd            FB- CC                ICRA A+      3500    outstanding
Abis Exports (India) Pvt Ltd            Interchangeable-FB    ICRA A+              outstanding
                                        Fac^
^sub-limit
Ama India Enterprises Pvt Ltd           LT FB TL              -                    -
Ama India Enterprises Pvt Ltd           LT FB Working Capital ICRA BB      95      Upgraded
                                        Fac                                        from ICRA BB-
Ama India Enterprises Pvt Ltd           LT FB Unallocated     ICRA BB      4.5     Upgraded
                                                                                   from ICRA BB-
B.L.D.E University                      LT - Fund Based (TL)  ICRA BB      40
(Issuer Not Cooperating)
B.L.D.E University                      LT - FB Fac           ICRA BB      40
(Issuer Not Cooperating)
Basant City Centre Malls Pvt            LT - Fund Based (TL)  ICRA B+      100
Ltd
(Issuer Not Cooperating)
Dewan Housing Finance                   PTC Series A2         ICRA         331     Downgraded
Corporation Ltd                                               BBB(SO)&             from ICRA
                                                                                   AA-(SO)&
Dewan Housing Finance                   Purchaser Payouts     ICRA         1005.6  Downgraded
Corporation Ltd-Dhfl Mortgage                                 BBB(SO)&             from ICRA
Loan Pool D.A. Feb-12                                                              AA-(SO)&
Dewan Housing Finance                   Purchaser Payouts     ICRA         485.8   Downgraded
Corporation Ltd-Dhfl Mortgage                                 BBB(SO)&             from ICRA
Loan Pool D.A. Feb-12 Ii                                                           AA-(SO)&
Dewan Housing Finance                   Purchaser Payouts     ICRA         142.3   Downgraded
Corporation Ltd-Dhfl Mortgage                                 BBB(SO)&             from ICRA
Loan Pool D.A. Jan-12                                                              AA-(SO)&
Dewan Housing Finance                   PTC Series A1         ICRA         551.5   Downgraded
Corporation Ltd-Nirmaan Rmbs                                  BBB(SO)&             from ICRA
Trust Series I 2013                                                                AA-(SO)&
Dewan Housing Finance                   PTC Series A1         ICRA         2168.1  Downgraded
Corporation Ltd-Nirmaan Rmbs                                  BBB(SO)&             from ICRA
Trust Series I 2017                                                                AA-(SO)&
Dewan Housing Finance                   Second Loss Facility  ICRA         164.7   outstanding
Corporation Ltd-Nirmaan Rmbs            (SLF)                 BBB(SO)&
Trust Series I 2017
Dewan Housing Finance                   PTC Series A1         ICRA         1620    Downgraded
Corporation Ltd-Nirmaan Rmbs                                  BBB(SO)&             from ICRA
Trust Series II 2017                                                               AA-(SO)&
Expert Educational And                  LT – FB TL            ICRA BBB     500
Charitable Foundation
(Issuer Not Cooperating)
Gtn Industries Ltd                      TL                    ICRA D       507
(Downgraded from ICRA B and simultaneously)
Upgraded to ICRA C
Gtn Industries Ltd                      FB limits             ICRA D       873.6   
(downgraded to ICRA D from ICRA A4 and simultaneously upgraded to ICRA A4)
Gtn Industries Ltd                      Non-FB limits         ICRA D       262     
(downgraded to       D from ICRA A4 and simultaneously upgraded to ICRA A4)
Gtn Industries Ltd                      Unallocated limits    ICRA D       185
Downgraded from ICRA B/ ICRA A4 and simultaneously upgraded to ICRA C/ICRA A4
H.K. Agro Impex                         LT – TL               ICRA B       23.8
(Issuer Not Cooperating)
H.K. Agro Impex                         LT – CC               ICRA B       30
(Issuer Not Cooperating)
H.K. Agro Impex                         LT/ST – Unallocated   ICRA B/ICRA  36.2
                                                              A4
(Issuer Not Cooperating)
Ibex Engineering Pvt Ltd                LT – FB CC            ICRA BB      40
(Issuer Not Cooperating)
Ibex Engineering Pvt Ltd                LT – FB TL            ICRA BB      29.3
(Issuer Not Cooperating)
Ibex Engineering Pvt Ltd                LT – Unallocated      ICRA BB      13.2
(Issuer Not Cooperating)
India Grid Trust                        Issuer Rating         -            -       -
Indian Agro And Food                    Proposed NCD programmeICRA A+      1000    Withdrawn
Industries Ltd
Indian Agro And Food                    FB-TL                 ICRA A+      1250.5  outstanding
Industries Ltd
Indian Agro And Food                    FB- CC                ICRA A+      1850    outstanding
Industries Ltd
Karnataka Water And Sanitation          TL                    ICRA AA-(SO) 5000
Pooled Fund
(Provisional rating confirmed as final)
Karnataka Water And Sanitation          TL                    ICRA AA-(SO) 2323.3  Outstanding
Pooled Fund
Karnataka Water And Sanitation          Rs. 100-crore Bond    ICRA AA-(SO) 166.7   Outstanding
Pooled Fund                             Programme
Kotak Mahindra Investments Ltd          Subordinated Debt     ICRA AAA     2000    outstanding
                                        Programme
Kotarki Constructions Pvt Ltd           LT - Fund Based (CC)  ICRA B+      130
(Issuer Not Cooperating)
Lm Media Services Pvt Ltd               NCDs                  ICRA BB+     2500    Withdrawn
Maa Mangla Flour Mills Pvt Ltd          FBL – CC              ICRA BB+     42      Assigned
Maa Mangla Flour Mills Pvt Ltd          FBL – TL              ICRA BB+     55      Assigned
Maa Mangla Flour Mills Pvt Ltd          Unallocated limits    ICRA BB+     23      Assigned
                                                              /ICRA A4+
Madhuvan Prasad Infra Pvt Ltd           LT - Fund Based       ICRA B+      75
(Issuer Not Cooperating)
Malpefresh Marine Export Pvt            LT - Fund Based TL    ICRA B       100
Ltd
(Issuer Not Cooperating)
Master Staffing Solutions Pvt           Fund Based – Working  ICRA AA(SO)  90      Withdrawn
Ltd                                     Capital Fac
Namishree Infratech                     Fund based-TL         ICRA BB      280     Withdrawn
Nanjappa Trust                          LT –Fund Based (TL)   ICRA BBB-    105
(Issuer Not Cooperating)
Nanjappa Trust                          LT –Fund Based (CC)   ICRA BBB-    25
(Issuer Not Cooperating)
Nanjappa Trust                          LT –Proposed Limits   ICRA BBB-    220
(Issuer Not Cooperating)
Prognosys Medical Systems Pvt           LT - Fund Based - CC  ICRA B+      25
Ltd
(Issuer Not Cooperating)
Prognosys Medical Systems Pvt           LT - Non-Fund Based - ICRA B+      65
Ltd                                     BG
(Issuer Not Cooperating)
Protac Foods International Pvt          LT - Fund Based CC    ICRA D       40
Ltd
(Issuer Not Cooperating)
Protac Foods International Pvt          LT - Fund Based TL    ICRA D       180
Ltd
(Issuer Not Cooperating)
S V Creditline Ltd-Milesec 2019         PTC Series A          Provisional  464.1   Confirmed as
                                                              rating of            Final
                                                              ICRA A-(SO)
Satyavan Sales Promotion Pvt            LT: FBL               ICRA BB-     125     Withdrawn
Ltd
Shree Ambica Cotton Industries          Fund based- CC        ICRA B+      42.5    Withdrawn
Shree Ambica Cotton Industries          Fund based- TL        ICRA B+      18      Withdrawn
Shri Aruna Constructions Pvt            LT - Fund basedCC     ICRA BB      30
Ltd
(Issuer Not Cooperating)
U P Telelinks Ltd                       LT FB –Working        ICRA BB      87      Reaffirmed
                                        Capital Fac
U P Telelinks Ltd                       LT- Unallocated LimitsICRA BB      10      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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