May 18, 2018 / 11:10 AM / 3 months ago

RPT-ICRA ratings for Indian debt instruments-May 18

 (Repeating to add more ratings)
   May 18 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of May 17, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Blue Dart Express Ltd                   CP                    ICRA A1+     0       Withdrawn
Monte Carlo Fashions Ltd                ST Non-FB             ICRA A1+     300     Reaffirmed
Monte Carlo Fashions Ltd                ST FB                 ICRA A1+     500     Reaffirmed
Raaja Magnetics Ltd                     ST – Non-fund Based   ICRA A3      168.3   Reaffirmed
Tmf Holdings Ltd                        CP Programme          ICRA A1+     25000   Outstanding
Ujjivan Small Finance Bank Ltd          ST Fixed Deposits     ICRA A1+     10000
Review process is underway
Ujjivan Small Finance Bank Ltd          CDs                   ICRA A1+     10000   -  
Review process is underway


LONG TERM RATINGS:
-------------------
A.H. Memorial Educational Trust         Fund based-TL         ICRA A-      1402    Reaffirmed
A.H. Memorial Educational Trust         Fund                  ICRA A-      1305    Reaffirmed
                                        based-Unallocated CPA
                                        rating
Asa International India                 PTC Series A1         Provisional  174.2   Assigned
Microfinance Ltd-Northern Arc                                 ICRA A-(SO)
2018 MFI Tonya
Asa International India                 PTC Series A2         Provisional  4.1     Assigned
Microfinance Ltd-Northern Arc                                 ICRA
2018 MFI Tonya                                                BBB+(SO)
Blue Dart Express Ltd                   NCD                   ICRA AA      3322    outstanding
Blue Dart Express Ltd                   FB – Working Capital  ICRA AA /    300     outstanding
                                        Fac                   ICRA A1+
Blue Dart Express Ltd                   Non-fund Based –      ICRA AA /    61.5    outstanding
                                        Working Capital Fac   ICRA A1+
Bodhre Dhule Highway Pvt Ltd            Proposed TL           Provisional  3000    Downgraded
                                                              ICRA B               from
                                                                                   Provisional
                                                                                   ICRA BB
Bodhre Dhule Highway Pvt Ltd            Proposed Non-FBL      Provisional  1080    Downgraded
                                                              ICRA B               from
                                                                                   Provisional
                                                                                   ICRA BB
Electronica Finance Ltd                 NCD                   ICRA BBB+    530     Outstanding
Electronica Finance Ltd                 Subordinated Debt     ICRA BBB+    250     Outstanding
                                        Programme Sl.
Electronica Finance Ltd                 FB Limits             ICRA         -       Withdrawn
                                                              BBB+/ICRA
                                                              A2+
Fincare Business Services Ltd           PTC Series A1         ICRA A-(SO)  9.5     Reaffirmed
Golani SBL IFMR Capital 2015
Fincare Business Services Ltd           PTC Series A2         ICRA         4.7     Reaffirmed
Golani SBL IFMR Capital 2015                                  BBB-(SO)   
Fincare Small Finance Bank              PTC Series A2         ICRA B-(SO)  33.6    Downgraded
Ltd-Cartman Ifmr Capital 2016                                                      from ICRA
                                                                                   BB+(SO)
Fincare Small Finance Bank              PTC Series A1         ICRA A+(SO)  28.1    Upgraded
Ltd-Kestrel Ifmr Capital 2016                                                      from ICRA
                                                                                   A-(SO)
Fincare Small Finance Bank              PTC Series A2         ICRA C(SO)   63.5    Downgraded
Ltd-Melisandre Ifmr Capital                                                        from ICRA
2016                                                                               BB+(SO)
Fincare Small Finance Bank              PTC Series A1         ICRA A+(SO)  10.8    Upgraded
Ltd-Salus Sbl Ifmr Capital 2016                                                    from ICRA
                                                                                   A-(SO)
Fincare Small Finance Bank              PTC Series A2         ICRA B(SO)   95.6    Downgraded
Ltd-Theoden Ifmr Capital 2016                                                      from ICRA
                                                                                   BB+(SO)
Gwasf Quality Castings Pvt Ltd          Fund based -          ICRA B       64      Reaffirmed
                                        PCFC/FBD/optionally
                                        convertible debenture
Gwasf Quality Castings Pvt Ltd          FB - TL               ICRA B       11      Reaffirmed
Gwasf Quality Castings Pvt Ltd          Unallocated Limits    ICRA B       20      Reaffirmed
                                        ISIN No
Haldia Municipality                     Issuer Rating         ICRA BBB     -       Assigned
Hanumant Sugars Pvt Ltd                 FBL                   ICRA B+      197.4   Withdrawn
Hanumant Sugars Pvt Ltd                 Unallocated (Proposed ICRA B+      2.6     Withdrawn
                                        Limits)
Hk Toll Road Pvt Ltd                    Fund Based – TL       ICRA BBB+    5550    -
 (ISSUER NOT COOPERATING)
HK Toll Road Pvt Ltd                    Fund Based – TL       ICRA BBB+    5550    -
Rating moved to the ‘ (ISSUER NOT COOPERATING)’ category
India Infoline Finance                  PTC Series A          ICRA AAA(SO) -       Withdrawn
Ltd-Robust Cv Trust Sep 2015
Km Toll Road Pvt Ltd                    Fund Based – TL       ICRA BBB-    7890    -
Rating moved to the ‘ (ISSUER NOT COOPERATING)’ category
M V Shiptrade Pvt Ltd                   -                     ICRA B+ /A4  -
No Default Statement’ (“NDS”), removed from the ‘ (ISSUER NOT COOPERATING)
MAA Rewa Sugar Pvt Ltd.                 FBL                   ICRA BB-     308.5   Withdrawn
MAA Rewa Sugar Pvt Ltd.                 Unallocated           ICRA BB-     1.5     Withdrawn
                                        (Proposed) Limits
Magma Fincorp Ltd-Mfl                   PTC Series A1         Provisional  2890.7  Assigned
Securitisation Trust Lxv                                      ICRA AAA(SO)
Magma Fincorp Ltd-Mfl                   PTC Series A2         Provisional  136.2   Assigned
Securitisation Trust Lxv                                      ICRA AAA(SO)
Magma Fincorp Ltd-Mfl                   Liquidity Facility    Provisional  45.4    Assigned
Securitisation Trust Lxv                                      ICRA AAA(SO)
Magma Fincorp Ltd-Mfl                   Second Loss Facility  Provisional  227     Assigned
Securitisation Trust Lxv                                      ICRA
                                                              BBB-(SO)
Mid India Creations                     Fund Based- TL        ICRA BB-     1050    -
Rating process is underway
Monte Carlo Fashions Ltd                LT Non-FB             -            -       Outstanding
Monte Carlo Fashions Ltd                LT FB                 ICRA AA-     910     Reaffirmed
Monte Carlo Fashions Ltd                LT Unallocated        ICRA AA-     290     Reaffirmed
Monte Carlo Fashions Ltd                LT/ST Interchangeable ICRA         -       Reaffirmed
                                                              AA-/ICRA A1+
Moti Industries                         FB - TL               -            -       -
Moti Industries                         FB - CC               ICRA BB-     100     Reaffirmed
Moti Industries                         Unallocated Limit     ICRA BB-     16      Reaffirmed
Narmada Sugars Pvt Ltd                  TL                    ICRA BBB-    324.3   Withdrawn
Narmada Sugars Pvt Ltd                  CC                    ICRA BBB-    120     Withdrawn
New Diamond Era                         LT: Fund based – TL   ICRA BB      390     Upgraded
                                                                                   from ICRA BB-
New Diamond Era                         LT: Fund based – CC   ICRA BB      50      Upgraded
                                                                                   from ICRA BB-
Nrss Xxxi(B) Transmission Ltd           TL                    ICRA A       4725    Withdrawn
Nrss Xxxi(B) Transmission Ltd           BG                    ICRA A       275     Withdrawn
Nrss Xxxi(B) Transmission Ltd           Unallocated Limits    ICRA A       30      Withdrawn
Raaja Magnetics Ltd                     LT – Fund Based       ICRA BBB-    120     Reaffirmed
Raaja Magnetics Ltd                     LT – TL               ICRA BBB-    30      Reaffirmed
Sambhav Shelters                        LT – FB/ CC           ICRA B+      300     Assigned
Sambhav Shelters                        LT – FB/ CC           ICRA B+      300     Assigned
Sandhar Technologies Ltd                Non-fund Based –      -            -       -
                                        Working Capital Fac
Sandhar Technologies Ltd                FB – Working Capital  ICRA AA-     500     Upgraded
                                        Fac                                        from ICRA A+
Sandhar Technologies Ltd                Unallocated Limits    ICRA AA-     50      Upgraded
                                                                                   from ICRA A+
Sandhar Technologies Ltd                FB/Non-fund Based –   ICRA AA-     250     Upgraded
                                        Working Capital Fac   /ICRA A1+            from ICRA A+
                                                                                   /ICRA A1
Satin Creditcare Network                PTC Series A2         ICRA A-(SO)  -       Upgraded
Ltd.-Parkour Ifmr Capital 2017                                                     from ICRA
                                                                                   BBB(SO)
Satin Creditcare Network                PTC Series A1         ICRA]AA-(SO) -       Upgraded
Ltd.-Parkour Ifmr Capital 2017                                                     from ICRA
                                                                                   A-(SO)
Satin Creditcare Network                PTC Series A1         ICRA AA(SO)  -       Upgraded
Ltd.-Rouvin Ifmr Capital 2017                                                      from ICRA
                                                                                   A(SO)
Satin Creditcare Network                PTC Series A2         ICRA]AA-(SO) -       Upgraded
Ltd.-Rouvin Ifmr Capital 2017                                                      from ICRA
                                                                                   BBB+(SO)
Satin Creditcare Network                PTC Series A1         ICRA A+(SO)  -       Upgraded
Ltd.-Vivriti Aquila 002 2017                                                       from ICRA
                                                                                   A-(SO)
Satin Creditcare Network                PTC Series A1         ICRA A(SO)   -       Upgraded
Ltd-Saffron Trust November 2017                                                    from ICRA
                                                                                   BBB+(SO)
Satin Creditcare Network                PTC Series A2         ICRA AA(SO)  -       Upgraded
Ltd-Vivriti Yoda 009 2017                                                          from ICRA
                                                                                   BBB+(SO)
Sbi Life Insurance Co. Ltd              CPA rating            IAAA         -       Reaffirmed
Sort India Enviro Solutions Ltd         NCDs                  ICRA D       -
 (ISSUER NOT COOPERATING)
Star Automobiles (Mp) Ltd               LT: FB Limits         ICRA BBB-    100     Upgraded
                                                                                   from ICRA BB+
Tk Toll Road Pvt Ltd                    Fund Based – TL       ICRA BBB-    3709.5  -
Rating moved to the ‘ (ISSUER NOT COOPERATING)’ category
Tmf Holdings Ltd                        LT Bk Lines Programme ICRA AA      3000    Assigned
Tmf Holdings Ltd                        NCD Programme         ICRA AA      12500   Outstanding
Ujjivan Small Finance Bank Ltd          NCDs                  ICRA A+      4437.5
Review process is underway
--------------------------------------------------------------------------------------------
$: 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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