May 16, 2019 / 11:29 AM / 4 days ago

ICRA ratings for Indian debt instruments-May 16

    May 16 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of May 15, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Ganapathi Stone Crusher                 ST- NonFund based     ICRA A4+     70      -
(Reason for delay in carrying out periodic review: Issuer Non-Cooperating under NDS)
Invesco Asset Management                Invesco India Liquid  ICRA A1+mfs  -       Assigned
(India) Pvt Ltd                         Fund
Payal International Ltd                 ST – FB               ICRA A4      123     Reaffirmed
Remove from ‘Issuer Not Cooperating'
Payal International Ltd                 ST – Unallocated      ICRA A4      57      Reaffirmed
Remove from ‘Issuer Not Cooperating'
Sunair Hotels Ltd                       Non-fund Based        ICRA A2+     5       Withdrawn
Sunair Hotels Ltd                       Unallocated           ICRA A2+     250     Withdrawn
Utkarsh Small Finance Bank Ltd          CD Programme          ICRA A1+     10000   Outstanding


LONG TERM RATINGS:
-------------------
A Shama Rao Foundation                  -                     -            -       -
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Aegis Agro Chemicals India Pvt          -                     -            -       -
Ltd
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Aircon Engineers Pvt Ltd                -                     -            -       -
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Buddha Sortex Rice Industries           -                     -            -       -
Pvt Ltd
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Captronic Systems Pvt Ltd               -                     -            -       -
Submitted its ‘No Default Statement'
Classic Cotton Pvt Ltd                  -                     -            -       -
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Crystal Sea Foods Pvt Ltd               -                     -            -       -
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Cyan Textile Pvt Ltd                    -                     -            -       -
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Da Toll Road Pvt Ltd                    -                     -            -       -
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Daman Ganga Packaging                   FB – TL               ICRA BB-     98.7    Withdrawn
Solutions Llp
Daman Ganga Packaging                   FB – CC               ICRA BB-     45      Withdrawn
Solutions Llp
Daman Ganga Packaging                   Unallocated Limit     ICRA BB-     3.8     Withdrawn
Solutions Llp
Deco Equipments Pvt Ltd                 -                     -            -       -
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Ganapathi Stone Crusher                 LT- Fund based / CC   ICRA BB+     60      -
(Reason for delay in carrying out periodic review: Issuer Non-Cooperating under NDS)
Ganga Developers                        LT: Fund based – TL   ICRA BB      125     Withdrawn
Gayathri Sustainable Energies           -                     -            -       -
India Pvt Ltd
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Mahaveer Finance India Ltd -            PTC Series A1         Provisional  66.9    Confirmed as
Northern Arc 2019 Cv Ronan                                    ICRA A               final
Mahaveer Finance India Ltd -            PTC Series A2         Provisional  32.3    Confirmed as
Northern Arc 2019 Cv Ronan                                    ICRA BBB+            final
Mini Construction                       Bk Fac                ICRA BB+ /   120     -
                                                              ICRA A4+
(Reason for delay in carrying out periodic review: - Review process is underway)
N.S. Associates Pvt Ltd                 -                     -            -       -
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
National Insurance Co. Ltd              Subordinated Debt     ICRA AA-     8950    Outstanding
                                        Programme
Natvar Cotex Pvt. Ltd                   Fund based- CC        ICRA B       60      Withdrawn
Natvar Cotex Pvt. Ltd                   Fund based- TL        ICRA B       0.8     Withdrawn
Natvar Cotex Pvt. Ltd                   Unallocated Limit     ICRA B       14.6    Withdrawn
Nlc India Ltd: Rating Assigned          LT, TL                ICRA AAA     14000   Outstanding
Nlc India Ltd: Rating Assigned          LT, Borrowing         ICRA AAA     20000   Outstanding
                                        Programme
Nlc India Ltd: Rating Assigned          LT, NCDs              ICRA AAA     20000^  Assigned
^Company can raise NCD upto Rs. 2000 crore
Rajnish Steels                          -                     -            -       -
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Renjin Construction                     -                     -            -       -
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Rich Phytocare Pvt Ltd                  -                     -            -       -
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Sanghavi Foods Pvt Ltd                  -                     -            -       -
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Satya Microcapital Ltd -                PTC Series A2         ICRA BBB+    -       Withdrawn
Missandei Ifmr Capital 2017
Servocontrols And Hydraulics            -                     -            -       -
(I) Pvt Ltd
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Sri Murari Oil Industries Pvt           -                     -            -       -
Ltd
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Starwood Contracts Pvt Ltd              FB Limits             ICRA BB+     150     Withdrawn
Sun Metallics & Alloys Pvt Ltd          -                     -            -       -
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Sunair Hotels Ltd                       Fund based            ICRA BBB+    145     Withdrawn
Svasti Microfinance Pvt Ltd -           PTC Series A1         Provisional  149     Confirmed as
Vivriti Ellaria 01 2019                                       ICRA A-              final
Svasti Microfinance Pvt Ltd -           PTC Series A2         Provisional  8.8     Confirmed as
Vivriti Ellaria 01 2019                                       ICRA BBB             final
Swaraj Suiting Pvt Ltd                  -                     -            -       -
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
T.K. Engineering Consortium             -                     -            -       -
Pvt Ltd
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Tag Corporation                         -                     -            -       -
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Tamilnadu State Transport               -                     -            -       -
Corporation (Kumbakonam) Ltd
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Tema India Ltd                          TL                    ICRA BBB     21.6    Reaffirmed
Tema India Ltd                          FBL                   ICRA BBB     675     Reaffirmed
Tema India Ltd                          Non-FBL               ICRA BBB/A3+ 2650    Reaffirmed
The Oriental Insurance Company          CPA                   ICRA AAA     -       Outstanding
Ltd
The Oriental Insurance Company          Subordinated Debt     ICRA AAA-    7500    Outstanding
Ltd                                     Programme
Utkarsh Small Finance Bank Ltd          Subordinated Debt     ICRA A       2000    Assigned
                                        Programme
Veepee Cotex Corporation                -                     -            -       -
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)
Vishal Infrastructure Ltd               -                     -            -       -
(ISSUER NOT COOPERATING due to Non Submission of No Default Statement)

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