May 17, 2019 / 11:15 AM / 3 months ago

ICRA ratings for Indian debt instruments-May 17

    May 17 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of May 16, 2019.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Atlas Cycles (Haryana) Ltd              ST – Fund based –     ICRA D       150     Downgraded
                                        Bills Discounting                          from ICRA A4
Arihant Spintex Pvt. Ltd.               ST Non-fund based     ICRA A3      7.5     Upgraded
                                                                                   from ICRA
                                                                                   A4+
Beumer India Pvt Ltd                    Non-FBL               ICRA A2      300     Assigned
Cipy Polyurethanes Pvt Ltd              ST – Interchangeable  ICRA A3      -       -
Issuer did not cooperate,^sublimit of cash credit facility
Cipy Polyurethanes Pvt Ltd              ST Non-Fund based     ICRA A3      172.5   -
Issuer did not cooperate
Ebro India Pvt Ltd                      Fund Based - Working  ICRA A1      5440    Assigned
                                        Capital Fac
Hyundai Steel India Pvt Ltd             FB and non-FB Fac     ICRA A2+(S)  -       Reaffirmed
Hyundai Steel India Pvt Ltd             FB and non-FB Fac     ICRA A2+(S)  900     Reaffirmed
Hyundai Steel India Pvt Ltd             FB Fac                ICRA A3+     -       Reaffirmed
Jay Bharat Maruti Ltd                   CP Programme          ICRA A1+     750     Outstanding
Kalthia Priyheer                        Non-FBL Trust name    ICRA A2+(SO) -       Assigned
Infrastructure Pvt Ltd                  Trust name
Melco India Pvt Ltd                     ST Non-FB/BG          ICRA A3      400     Withdrawn
Issuer did not cooperate
Melco India Pvt Ltd                     ST- Unallocated       ICRA A3      200     Withdrawn
Issuer did not cooperate
Neel Auto Pvt Ltd                       ST FB Limits          ICRA A2+&    1314.8  Withdrawn
&: Rating Watch with Developing Implications
Pearl Global Industries Ltd             ST FB working capital ICRA A3+     1795    Outstanding
                                        limits
Pearl Global Industries Ltd             ST non-FB limits      ICRA A3+     1455    Outstanding
Punjab & Sind Bank                      Certificates of       ICRA A1+     100000  Outstanding
                                        Deposit Programme
Raisen Marketing Pvt Ltd                Non-fund Based - BG   ICRA A4+     250     Assigned
Sbi Global Factors Ltd                  ST Bk lines           ICRA A1+     10000   Reaffirmed
Sbi Global Factors Ltd                  ST debt programme     ICRA A1+     20000   Reaffirmed
Servocontrols And Hydraulics            ST - Non Fund Based   ICRA A4+     34      -
(I) Pvt Ltd
NDS Non cooperation
Servocontrols And Hydraulics            ST – Interchangeable  ICRA A4+     7.5     -
(I) Pvt Ltd
NDS Non cooperation
Ultra Dimensions Pvt Ltd                Non Fund Based – BG   ICRA A4      490     Outstanding

LONG TERM RATINGS:
-------------------
Arihant Spintex Pvt. Ltd.               CC                    ICRA BBB-    39.4    Upgraded
                                                                                   from ICRA
                                                                                   BB+
Arihant Spintex Pvt. Ltd.               TL                    ICRA BBB-    68.7    Upgraded
                                                                                   from ICRA
                                                                                   BB+
Arihant Spintex Pvt. Ltd.               LT Unallocated        ICRA BBB-    104.4   Upgraded
                                                                                   from ICRA
                                                                                   BB+
Atlas Cycles (Haryana) Ltd              LT – Fund based – CC  ICRA D       450     Downgraded
                                                                                   from ICRA C
Atlas Cycles (Haryana) Ltd              LT – Non-fund Based – ICRA D       222     Downgraded
                                        BGs/LCs                                    from ICRA C
Atlas Cycles (Haryana) Ltd              LT – Unallocated      ICRA D       23      Downgraded
                                                                                   from ICRA C
Belstar Investment And Finance          PTC Series A2         ICRA A(SO)   4.8     -
Pvt Ltd
Confirmed as final
Belstar Investment And Finance          PTC Series A1         ICRA A+(SO)  421.5   -
Pvt Ltd
Confirmed as final
Beumer India Pvt Ltd                    FB Limits             ICRA BBB+    50      Assigned
Cipy Polyurethanes Pvt Ltd              LT Fund based – TL    ICRA BBB-    66.2    -
Issuer did not cooperate
Cipy Polyurethanes Pvt Ltd              LT Fund based – CC    ICRA BBB-    237.5   -
Issuer did not cooperate
Globe Civil Projects Pvt Ltd            LT/Fund Based         ICRA BB+     65      Downgraded
                                                                                   from ICRA
                                                                                   BBB-
Globe Civil Projects Pvt Ltd            LT/ST: Non-fund based ICRA BB+     785     Downgraded
                                                              /A4+                 from ICRA
                                                                                   BBB-/A3
Greenwood High Trust                    Unallocated facility  ICRA A+      500     Withdrawn
Hyundai Steel India Pvt Ltd             FB sub-limits         ICRA         0       Reaffirmed
                                                              A-(S)/ICRA
                                                              A2+(S)
Ilv Distripark (Mwc) Pvt Ltd            TL                    ICRA BBB+    500     Assigned
Ilv Distripark Pvt Ltd                  TL                    ICRA BBB+    1600    Assigned
Jay Bharat Maruti Ltd                   TL                    ICRA AA-     3256.2  Assigned/
                                                                                   Outstanding
Jay Bharat Maruti Ltd                   NCD Programme         ICRA AA-     1500    Outstanding
Jay Bharat Maruti Ltd                   Buyer’s Credit        ICRA AA-/A1+ 900     Outstanding
                                        Facility/Letters of
                                        Credit/BG
Jay Bharat Maruti Ltd                   Unallocated Name of   ICRA AA-/A1+ 18.8    Outstanding
                                        the rated entity
Jay Bharat Maruti Ltd                   CC/WCDL               ICRA         3545    Assigned/
                                                              AA-/A1+              Outstanding
Kalthia Priyheer                        FB - TL               ICRA A-(SO)  520     Assigned
Infrastructure Pvt Ltd
Melco India Pvt Ltd                     LT FB/ CC             ICRA BBB-    100     Withdrawn
Issuer did not cooperate
Modern Agro Mills                       Fund Based- CC        ICRA B+      90      -
Rating continues to remain under ‘Issuer Not Cooperating’ category,Issuer did not cooperate
Neel Auto Pvt Ltd                       TL                    ICRA BBB+&   250     Withdrawn
&: Rating Watch with Developing Implications
Neel Auto Pvt Ltd                       LT/ST FB Limits       ICRA         900     Withdrawn
                                                              BBB+&/ICRA
                                                              A2+&
&: Rating Watch with Developing Implications
Neel Auto Pvt Ltd                       Unallocated Limits    ICRA         10      Withdrawn
                                                              BBB+&/ICRA
                                                              A2+&
&: Rating Watch with Developing Implications
Northern Arc Capital Ltd                PTC Series A1         ICRA A-(SO)  1829    -
confirmed as final
Pearl Global Industries Ltd             LT FB limits (TL)     ICRA BBB     801.2   Assigned
Pearl Global Industries Ltd             LT/ ST Unallocated    ICRA BBB /   18.8    Outstanding
                                        Limits                ICRA A3+
Punjab & Sind Bank                      Basel III Compliant   ICRA A+      10000   Outstanding
                                        Tier I Bonds
Punjab & Sind Bank                      Basel II Compliant    ICRA AA      0       Withdrawn
                                        Lower Tier II Bonds
Punjab & Sind Bank                      Basel II Compliant    ICRA AA      5000    Outstanding
                                        Lower Tier II Bonds
Raisen Marketing Pvt Ltd                FB - CC               ICRA BB+     250     Assigned
Raisen Marketing Pvt Ltd                Issuer Rating Trust   ICRA BB+     -       Assigned
                                        Name
Sbi Global Factors Ltd                  Subordinated debt     ICRA AAA     1598    Reaffirmed
                                        programme
Sbi Global Factors Ltd                  LT Bk lines           ICRA AAA     10000   Reaffirmed
Servocontrols And Hydraulics            LT- Fund based / CC   ICRA B+      65      -
(I) Pvt Ltd
NDS Non cooperation
Servocontrols And Hydraulics            LT- Fund based TL     ICRA B+      8.3     -
(I) Pvt Ltd
NDS Non cooperation
Servocontrols And Hydraulics            LT - Unallocated      ICRA B+      2.7     -
(I) Pvt Ltd
NDS Non cooperation
Sort India Enviro Solutions Ltd         UNSECURED REDEEMABLE  ICRA D       80      -
                                        NCD.
Issuer not co-operating; Placed under review for non-confirmation of ISIN status
Ultra Dimensions Pvt Ltd                Fund based            ICRA BB      53.7    Assigned/
                                                                                   Outstanding
Ultra Dimensions Pvt Ltd                TL                    ICRA BB      49.8    Outstanding
Ultra Dimensions Pvt Ltd                Unallocated           ICRA BB      6.5     Outstanding
----------------------------------------------------------------------------------------------
$: 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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