May 2, 2018 / 10:41 AM / 3 months ago

ICRA ratings for Indian debt instruments-May 2

    May 2 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of Apr 30 & May 1, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Al Gyas Exports Pvt Ltd                 Foreign Documentary   ICRA A4+     800     Upgraded
                                        Bills for Purchase                         from ICRA A4
                                        (FDBP)/Foreign Usance Discount Bill Purchase (FUDBP)
Al Gyas Exports Pvt Ltd                 Packing credit        ICRA A4+     600#    Upgraded
                                                                                   from ICRA A4
#Sub-limit within FDBP/FUDBP
Al Gyas Exports Pvt Ltd                 FDBP                  ICRA A4+     350#    Upgraded
                                                                                   from ICRA A4
#Sub-limit within FDBP/FUDBP
Al Gyas Exports Pvt Ltd                 FUDBP                 ICRA A4+     300#    Upgraded
                                                                                   from ICRA A4
#Sub-limit within FDBP/FUDBP
Al Gyas Exports Pvt Ltd                 Direct Bills          ICRA A4+     240#    Upgraded
                                                                                   from ICRA A4
#Sub-limit within FDBP/FUDBP
Al Gyas Exports Pvt Ltd                 Letter of Guarantee   ICRA A4+     50      Upgraded
                                                                                   from ICRA A4
Al Gyas Exports Pvt Ltd                 Unallocated Limits    ICRA A4+     200     Upgraded
                                                                                   from ICRA A4
Apollo Micro Systems Ltd                Non-fund              ICRA A3+     320     Assigned
                                        based-Working Capital
                                        Fac–LC
Astron Paper And Board Mill Ltd         Bill Discounting      ICRA A4      30      -
                                        Facility
(Rating watch with developing implications)
Astron Paper And Board Mill Ltd         LOC (LC)              ICRA A4      220     -
(Rating watch with developing implications)
Astron Paper And Board Mill Ltd         Credit Exposure Limit ICRA A4      14.9    -
(Rating watch with developing implications)
Astron Paper And Board Mill Ltd         BG                    ICRA A4      20      -
(Rating watch with developing implications)
Astron Paper And Board Mill Ltd         EPC/PCFC/FBD/FBP –    ICRA A4      -       -
                                        sublimit to CC
(Rating watch with developing implications)
Astron Paper And Board Mill Ltd         EPC/ PCFC/ FBD/ FBP/  ICRA A4      -       -
                                        LC / BC – sublimit to
                                        CC / LC
(Rating watch with developing implications)
Bahadur Chand Investments Pvt           CP Program            ICRA A1+     25000   Reaffirmed
Ltd
Falcon Yarns Pvt Ltd                    Non FB Limits         ICRA A4      45      -
(Removed from Issuer not cooperating and Withdrawn)
Falcon Yarns Pvt Ltd                    LOC                   ICRA A4      -       -
(Removed from Issuer not cooperating and Withdrawn)
Falcon Yarns Pvt Ltd                    Credit Exposure Limit ICRA A4      -       -
(Removed from Issuer not cooperating and Withdrawn)
Heather Constructions                   ST, non FB Fac        ICRA A4      45      -
(Rating continues to remain in the Issuer Not Cooperating category)
Jm Financial Credit Solutions           CP programme          ICRA A1+     20000   Outstanding
Ltd
Kailash Devbuild (India) Pvt            NonFund based-BG      ICRA A4+     280     -
Ltd
(Issuer Not Cooperating)
M/S. Carona Knit Wear                   ST FB Fac             ICRA A4+     155     -
(Reason for delay in carrying out periodic review:-Issuer not cooperating)
Mbm Engineering Infotech Ltd            ST –Non fund based    ICRA A4      2.5     -
                                        facility
(Reason for delay in carrying out periodic review. -Information yet to be received)
MM Auto Industries Ltd                  ST –Non-fund based    ICRA A4      85.9    -
(Rating downgraded from ICRA A4+ (Stable) and moved to the Issuer Not Cooperating category)
Nectar Craft                            Long -Term            ICRA A4      4       -
                                        –Unallocated Fac
(Rating continues to remain in the Issuer Not Cooperating category)
Nectar Craft                            ST –Non FB Fac        ICRA A4      10      -
(Rating continues to remain in the Issuer Not Cooperating category)
Ptc India Ltd                           ST Bk facility        ICRA A1+     1500    Reaffirmed
Ptc India Ltd                           Non-FBL               ICRA A1+     21390   Reaffirmed
Ptc India Ltd                           Proposed non-FBL      ICRA A1+     5610    Reaffirmed
Ptc India Ltd                           CP                    ICRA A1+     1000    Reaffirmed
Renxsol Ecotech Pvt Ltd                 ST-LOC                ICRA A4      43      -
(Reason for delay in carrying out periodic review:-Issuer delayed in sharing information)
Rmz Ecoworld Infrastructure             ST Proposed NCD       Provisional  11000   Assigned
Pvt Ltd                                                       ICRA A1+
Unicon Engineer                         ST–Non Fund Based     ICRA A4      55      -
(Ratings continue to remain in ISSUER NOT COOPERATING category)
Union Bank Of India                     CDs                   ICRA A1+     100000  Reaffirmed
Wonder Signs                            Non-fund Based –FLC/BGICRA A4      70      -
(Rating moved to the Issuer Not Cooperating category)


LONG TERM RATINGS:
-------------------
Apollo Micro Systems Ltd                Fund based-TL         ICRA BBB     74      Assigned
Apollo Micro Systems Ltd                Fund based-Working    ICRA BBB     845     Assigned
                                        Capital Fac
Apollo Micro Systems Ltd                Non-fund              ICRA BBB     175     Assigned
                                        based-Working Capital
                                        Fac–BG
Apollo Micro Systems Ltd                Unallocated           ICRA BBB     6       Assigned
Astron Paper And Board Mill Ltd         CC (CC)               ICRA BB      305     -
(Rating watch with developing implications)
Astron Paper And Board Mill Ltd         TL                    ICRA BB      237.5   -
(Rating watch with developing implications)
Astron Paper And Board Mill Ltd         Unallocated Limits    ICRA BB/A4   132.6   -
(Rating watch with developing implications)
Azad Ispat India Pvt Ltd                LT – CC               ICRA B+      120     -
(Rating moved to the Issuer Not Cooperating category)
Bahadur Chand Investments Pvt           NCD Programme         ICRA AA      10000   Reaffirmed
Ltd
Bahadur Chand Investments Pvt           LT BorrowingProgramme ICRA AA      22000   Reaffirmed
Ltd
Barani Ferrocast Pvt Ltd                LT -fundbased (CC)    ICRA B-      36.5    -
(Rating continues to remain in the Issuer Not Cooperating category)
Barani Ferrocast Pvt Ltd                LT -TL                ICRA B-      57.2    -
(Rating continues to remain in the Issuer Not Cooperating category)
Barani Ferrocast Pvt Ltd                LT -Unallocated       ICRA B-      46.3    -
(Rating continues to remain in the Issuer Not Cooperating category)
Bhansali Diamonds                       LT/ST FB Limits       ICRA BB-/ A4 115     Reaffirmed
Chennai United Metal                    LT, FB Fac            ICRA BB      150     -
Industries Pvt Ltd
(Rating continues to remain in the Issuer Not Cooperating category)
Dhandu Mariamman Steels                 LT -fund based (CC)   ICRA B       55      -
(Rating continues to remain in the Issuer Not Cooperating category)
Dhandu Mariamman Steels                 Unallocated           ICRA B       5       -
(Rating continues to remain in the Issuer Not Cooperating category)
Dhfl Pramerica Asset Managers           DHFL Pramerica Short  ICRA AA+mfs  -       Reaffirmed
Pvt Ltd                                 Maturity Fund
Dhfl Pramerica Asset Managers           DHFL Pramerica Bking  ICRA AAAmfs  -       Reaffirmed
Pvt Ltd                                 andPSU Debt Fund
Dhfl Pramerica Asset Managers           DHFL Pramerica        ICRA AAAmfs  -       Reaffirmed
Pvt Ltd                                 Dynamic Bond Fund
Dhfl Pramerica Asset Managers           DHFL Pramerica Insta  ICRA AAAmfs  -       Reaffirmed
Pvt Ltd                                 Cash Plus Fund
Dhfl Pramerica Asset Managers           DHFL Pramerica Medium ICRA AAAmfs  -       Reaffirmed
Pvt Ltd                                 Term Income Fund
Dhfl Pramerica Asset Managers           DHFL Pramerica        ICRA AAAmfs  -       Reaffirmed
Pvt Ltd                                 Premier Bond Fund
Dhfl Pramerica Asset Managers           DHFL Pramerica ST     ICRA AAAmfs  -       Reaffirmed
Pvt Ltd                                 Floating Rate Fund
Dhfl Pramerica Asset Managers           DHFL Pramerica Ultra  ICRA AAAmfs  -       Reaffirmed
Pvt Ltd                                 ShortTerm Fund
Eftec (India) Pvtlimite                 LT/ST -Fund based/Non ICRA BBB+/A2 170
                                        Fund based
(Rating moved to the Issuer Not Cooperating category)
Everest Gold Mart Pvt Ltd               CC                    ICRA BB+     200     Upgraded
                                                                                   from ICRA BB
Excellent Power Cable Pvt. Ltd          LT FB/CC              ICRA B       75      Withdrawn
Falcon Yarns Pvt Ltd                    FB TL                 ICRA BB-     770     -
(Removed from Issuer not cooperating and Withdrawn)
Falcon Yarns Pvt Ltd                    FB Working Capital    ICRA BB-     100     -
                                        Facilitie
(Removed from Issuer not cooperating and Withdrawn)
Globus Steel And Power Pvt Ltd          TL                    ICRA BBB+    1308.7  Reaffirmed
Globus Steel And Power Pvt Ltd          CC                    ICRA BBB+    50      Reaffirmed
Globus Steel And Power Pvt Ltd          Unallocated           ICRA BBB+    51.3    Reaffirmed
Golden Fibres Llp                       Bk Loans              ICRA BB-/A4  920     -
(Reason for delay in carrying out periodic review:-Issuer delayed in giving information)
Great Value Fuels Pvt Ltd               LT Fund based         ICRA BB+     1131    -
(Reason for delay in carrying out periodic review:-Issuer not cooperating)
Great Value Fuels Pvt Ltd               LT: Non-fund based    ICRA BB+     100     -
(Reason for delay in carrying out periodic review:-Issuer not cooperating)
Great Value Fuels Pvt Ltd               LT:Unallocated        ICRA BB+     169     -
(Reason for delay in carrying out periodic review:-Issuer not cooperating)
Greenstar Fertilizers Ltd               LT, FB Fac            ICRA BBB-    1250    Reaffirmed
Greenstar Fertilizers Ltd               LT, Unallocated Fac   ICRA BBB-    2750    Reaffirmed
Hardoli Paper Mills Ltd                 BLR                   ICRA B+/A4   160     -
(Reason for delay in carrying out periodic review:-Review process is underway)
Heather Constructions                   LT, FB Fac(CC)        ICRA BB-     75      -
(Rating continues to remain in the Issuer Not Cooperating category)
Hemraj Devkarandas Metals And           Fund based-CC         ICRA D       85      Withdrawn
Minerals Ltd
Hemraj Devkarandas Metals And           Fund                  ICRA D       2       Withdrawn
Minerals Ltd                            based-Unallocated
                                        Limits
Hemraj Devkarandas Metals And           Non-fund based-LOC    ICRA D       60      Withdrawn
Minerals Ltd
Hemraj Devkarandas Metals And           Non-fund              ICRA D       3       Withdrawn
Minerals Ltd                            based-Forward
                                        Contract Limit
Indera Ethnic & Designs Pvt Ltd         FBL –CC               ICRA D       49.7    -
(Rating movedto Issuer Not Cooperating category)
Indera Ethnic & Designs Pvt Ltd         FBL –TL               ICRA D       4.2     -
(Rating movedto Issuer Not Cooperating category)
Indera Ethnic & Designs Pvt Ltd         Untied Limit          ICRA D       3.5     -
(Rating movedto Issuer Not Cooperating category)
Inexo Cast Metal Solutions Pvt          LT -fund based (CC)   ICRA BB      50      -
Ltd
(Rating continues to remain in the Issuer Not Cooperating category)
Jm Financial Credit Solutions           NCD programme#        ICRA AA      20000   Assigned
Ltd
#Public issue of non-convertible debentures
Jm Financial Credit Solutions           LT Bk lines           ICRA AA      35000   Outstanding
Ltd
Jm Financial Credit Solutions           NCD programme         ICRA AA      30000   Outstanding
Ltd
Jm Financial Credit Solutions           LT market linked      PP-MLDICRA   3000    Outstanding
Ltd                                     debenture programme   AA
                                        (Principal Protected)
Kailash Devbuild (India) Pvt            Fund based-TL         ICRA BB+     100     -
Ltd
(Issuer Not Cooperating)
Kamala Ginning And Oil                  LT -FBL               ICRA B       300     -
Industries Pvt Ltd
(Rating moved to the Issuer Not Cooperating category)
Kamala Ginning And Oil                  LT -Unallocated       ICRA B       20      -
Industries Pvt Ltd
(Rating moved to the Issuer Not Cooperating category)
M/S. Carona Knit Wear                   LT–TL                 ICRA BB+     9.6     -
(Reason for delay in carrying out periodic review:-Issuer not cooperating)
M/S. Carona Knit Wear                   LT –FB Fac            ICRA BB+     7.5     -
(Reason for delay in carrying out periodic review:-Issuer not cooperating)
Manglam Multiplex Pvt Ltd               Non-FBL               ICRA BBB-    110     Reaffirmed
Manglam Multiplex Pvt Ltd               Unallocated           ICRA BBB-    77.5    Reaffirmed
Mbm Engineering Infotech Ltd            LT Fund based facilityICRA B       65      -
(Reason for delay in carrying out periodic review. -Information yet to be received)
Mbm Engineering Infotech Ltd            Long-TL               ICRA B       8       -
(Reason for delay in carrying out periodic review. -Information yet to be received)
Mbm Engineering Infotech Ltd            LT/ ST –Un allocated  ICRA B /A4   24.5    -
                                        limits
(Reason for delay in carrying out periodic review. -Information yet to be received)
Meena Advertisers                       LT Fund based facilityICRA B+      80      -
(Reason for delay in carrying out periodic review. -Information yet to be received)
Meena Advertisers                       Longterm Unallocated  ICRA B+      20      -
(Reason for delay in carrying out periodic review. -Information yet to be received)
Mini Hotels & Projects                  Unallocated           ICRA D/D     65      -
(Rating revised from ICRA B/A4 and rating moved to Issuer Not Cooperating category)
Mm Auto Industries Ltd                  Fund based-TL         ICRA B       49.5    -
(Rating downgraded from ICRA BB+ (Stable) and moved to the Issuer Not Cooperating category)
Mm Auto Industries Ltd                  Fund based-CC         ICRA B       135     -
(Rating downgraded from ICRA BB+ (Stable) and moved to the Issuer Not Cooperating category)
Mm Auto Industries Ltd                  LT –Unallocated limitsICRA B       85.9    -
(Rating downgraded from ICRA BB+ (Stable) and moved to the Issuer Not Cooperating category)
Mohan Rao And Company                   FBL-CC                ICRA B       100     Reaffirmed
Mohan Rao And Company                   Unallocated Limits    ICRA B       20      Reaffirmed
Moraj Building Concepts Pvt Ltd         Fund basedlimits –TL  ICRA B1+/A4  110     -
(Ratings Moved toIssuer Not Cooperating category)
Moraj Infratech Pvt Ltd                 FB–Overdraft          ICRA BB/A4   150     -
                                        (Dropline facility
(Rating moved to the Issuer Not Cooperating category)
Nectar Craft                            LT-TL                 ICRA B+      16      -
(Rating continues to remain in the Issuer Not Cooperating category)
Nectar Craft                            Long –term –FB Fac    ICRA B+      70      -
(Rating continues to remain in the Issuer Not Cooperating category)
Permali Wallace Pvt Ltd                 TL                    ICRA D       412.3   -
(Reason for delay in carrying out periodic review:Review Process in underway)
Permali Wallace Pvt Ltd                 CC                    ICRA D       120     -
(Reason for delay in carrying out periodic review:Review Process in underway)
Permali Wallace Pvt Ltd                 Non-FBL               ICRA D       132.5   -
(Reason for delay in carrying out periodic review:Review Process in underway)
Power Mech Projects Ltd                 FB Limits –CC         ICRA A-      2500    Reaffirmed
Power Mech Projects Ltd                 Non-FBL –LT/ST        ICRA A-/A2+  10000   Reaffirmed
Pramuk Infracon Llp                     LT-TL Limits          ICRA BB      900     Assigned
Pramuk Infracon Llp                     LT-UnallocatedLimit   ICRA BB      100     Assigned
Renxsol Ecotech Pvt Ltd                 LT-TL                 ICRA B       11.7    -
(Reason for delay in carrying out periodic review:-Issuer delayed in sharing information)
Renxsol Ecotech Pvt Ltd                 LT-Overdraft          ICRA B       7.5     -
(Reason for delay in carrying out periodic review:-Issuer delayed in sharing information)
Rmz Ecoworld Infrastructure             TL                    Provisional  21904.2 Outstanding
Pvt Ltd                                                       ICRA AA-
Rmz Ecoworld Infrastructure             TL                    Provisional  8700    Outstanding
Pvt Ltd                                                       ICRA AA-
Roop Automotives Limited                LTTL                  ICRA A-      531.1   -
(Reason for delay in carrying out periodic review:Issuer delay in giving information.)
Roop Automotives Limited                LT and ST: FBL        ICRA A- / A+ 1305    -
(Reason for delay in carrying out periodic review:Issuer delay in giving information.)
S.E. Builders And Realtors Ltd          LT FBFac              ICRA BBB+    2000    Assigned
Sahajanand Technologies                 BLR                   ICRA BB      150     -
Pvt limited
(Reason for delay in carrying out periodic review:-Review process is underway)
Satwi Infra                             LT – Proposed TL      ICRA B       200     -
(Reason for delay in carrying out periodic review:-Issuer not cooperating)
Share Microfin Ltd                      NCD                   ICRA D       250     Reaffirmed
Share Microfin Ltd                      Subordinated Debt     ICRA D       1000    Reaffirmed
Share Microfin Ltd                      Bk lines              ICRA D       1300    Reaffirmed
Shirpur-Warvade Municipal               TL                    ICRA BB+     76.8    Reaffirmed
Council
Shri Prasanna Anjaneya Agrotech         LT –FB –CC            ICRA B+      92.5    Assigned
Shri Prasanna Anjaneya Agrotech         LT –FB –TL            ICRA B+      7.5     Assigned
Thomas Cook (India) Ltd                 NCD Programme         ICRA AA      1000    -
(Rating watch with developing implications)
Unicon Engineers                        LT -Fund Based (CC)   ICRA B+      72      -
(Ratings continue to remain in ISSUER NOT COOPERATING category)
Unicon Engineers                        LT/ ST –Un allocate   ICRA B+ /A4  63      -
(Ratings continue to remain in ISSUER NOT COOPERATING category)
Union Bank Of India                     Basel II Compliant    ICRA AA      2000    Reaffirmed
                                        Innovative Perpetual
                                        Debt instruments
Union Bank Of India                     Basel II Compliant    ICRA AA      -       Withdrawn
                                        Innovative Perpetual
                                        Debt instrument
Union Bank Of India                     Lower Tier II Bonds   ICRA AA+     8000    Reaffirmed
                                        –Basel II
Uniparts India Ltd                      TL                    ICRA A+      260     Reaffirmed
Uniparts India Ltd                      Unallocated Limits    ICRA A+      100     Reaffirmed
Uniparts India Ltd                      Working Capital Fac   ICRA A+/A1   1625    Reaffirmed
Vibhaas Polymers Pvt Ltd                Fund based-CC         ICRA BB-     40      Withdrawn
Vibhaas Polymers Pvt Ltd                Fund based –TL        ICRA BB-     38.3    Withdrawn
Vibhaas Polymers Pvt Ltd                Unallocated Limits    ICRA BB-     32.1    Withdrawn
Vintage Tiles Pvt Ltd                   BLR                   ICRA BBB/A3+ 557.6   -
(Reason for delay in carrying out periodic review:Issuer Not Cooperating)
Wonder Signs                            FB-CC(Sublimit of FLC)ICRA B       -       -
(Rating moved to the Issuer Not Cooperating category)

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