May 23, 2019 / 11:05 AM / 4 months ago

ICRA ratings for Indian debt instruments-May 23

    May 23 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of May 22, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Bg Fastening And Engineering            ST fund based         ICRA A4+     60      Withdrawn
Industries Pvt Ltd
Bg Fastening And Engineering            ST Non-fund based     ICRA A4+     98      Withdrawn
Industries Pvt Ltd
Bhaskar Prakashan Pvt Ltd               ST – Non-fund Based   ICRA A2+     15.5    Reaffirmed
Diligent Media Corporation Ltd          ST Non-fund Based     ICRA A2+(SO) 200
                                        Facility
removed from Watch with Negative Implications
DLF Cyber City Developers Ltd           ST Fund based         ICRA A1+     5000    Assigned
DLF Cyber City Developers Ltd           ST Non-fund based     ICRA A1+     2000    Assigned
DLF Cyber City Developers Ltd           CP                    ICRA A1+     10000   Reaffirmed
Elkay Chemicals Pvt Ltd                 ST, Non-FB-LOC        ICRA A3      45      Assigned
Krbl Ltd                                Non-fund Based -      ICRA A1+     1790    Outstanding
                                        LC/BG/Forward Limit
Krbl Ltd                                CP                    ICRA A1+     7000    Outstanding
M J Casting Ltd                         Non-FBL               ICRA A2+     15
Update on Material Event: Ratings Unchanged
Minda Industries Ltd                    ST Non-fund based     ICRA A1+     370
Update on Material Event: Ratings Unchanged
Minda Industries Ltd                    CP                    ICRA A1+     300
Update on Material Event: Ratings Unchanged
Minda Rinder Pvt. Ltd.                  ST fund based         ICRA A2+     60
Update on Material Event: Ratings Unchanged
Mobis India Ltd                         FB Fac                ICRA A1+     4603.2
Review process is underway
Sentini Cermica Pvt Ltd                 ST - Non Fund Based   ICRA A2+     35      Reaffirmed
Tata Global Beverages Ltd               Non-FBL               ICRA A1+     240
Tata Global Beverages Ltd               ST debt (including    ICRA A1+     7150
                                        CP)*
* Total borrowing under CP and fund-based facilities from banks to remain within an overall
limit of Rs. 715 crore

LONG TERM RATINGS:
-------------------
Bg Fastening And Engineering            LT fund based- TL     ICRA BB      49      Withdrawn
Industries Pvt Ltd
Bg Fastening And Engineering            LT fund based- CC     ICRA BB      75      Withdrawn
Industries Pvt Ltd
Bg Fastening And Engineering            LT unallocated        ICRA BB      68      Withdrawn
Industries Pvt Ltd
Bhaskar Prakashan Pvt Ltd               Fund based – TL       ICRA A-      75      Reaffirmed
Bhaskar Prakashan Pvt Ltd               Fund based – CC       ICRA A-      79.5    Reaffirmed
Bhaskar Prakashan Pvt Ltd               Unallocated – LT      ICRA A-      3       Reaffirmed
Diligent Media Corporation Ltd          NCD Programme         ICRA A-(SO)  2500
Downgraded from ICRA A(SO) and removed from Watch with Negative Implications
Dish Infra Services Pvt Ltd             Long-TL               ICRA A       4000
Downgraded from ICRA A+@; @On rating Watch with Negative Implications
Dish Infra Services Pvt Ltd             LT/ST FB/Non-FBL^     ICRA A/ICRA  -
                                                              A2+
Downgraded from ICRA A+@/ICRA A1@; ^Sublimit of long-term loans; @On rating Watch with Negative
Implications; @On rating Watch with Negative Implications
DLF Cyber City Developers Ltd           LT Fund based         ICRA AA-     65610
Upgraded from ICRA A+, outlook revised to Stable from Positive
Elkay Chemicals Pvt Ltd                 LT, FB-CC             ICRA BBB-    148.1   Assigned
Jaikul Associates                       Unallocated           ICRA BBB-    100     Assigned
Krbl Ltd                                TL                    ICRA AA      807.1   Outstanding
Krbl Ltd                                Working Capital       ICRA AA      15750   Outstanding
Krbl Ltd                                Unallocated           ICRA AA      442.9   Outstanding
M J Casting Ltd                         TL                    ICRA A-      173.1
Update on Material Event: Ratings Unchanged
M J Casting Ltd                         LT/ST fund            ICRA A-/A2+  150
                                        based/non-FBL
Update on Material Event: Ratings Unchanged
M J Casting Ltd                         Unallocated           ICRA A-/A2+  461.9
Update on Material Event: Ratings Unchanged
Minda Industries Ltd                    LT FB                 ICRA AA      985
Update on Material Event: Ratings Unchanged
Minda Industries Ltd                    TL                    ICRA AA      911
Update on Material Event: Ratings Unchanged
Minda Industries Ltd                    Unallocated           ICRA AA      234
Update on Material Event: Ratings Unchanged
Minda Rinder Pvt. Ltd.                  TL                    ICRA A-      520
Update on Material Event: Ratings Unchanged
Minda Rinder Pvt. Ltd.                  LT/ST fund based/     ICRA A-/A2+  300
                                        non-fund based
Update on Material Event: Ratings Unchanged
Minda Rinder Pvt. Ltd.                  Unallocated           ICRA A-/A2+  120
Update on Material Event: Ratings Unchanged
Mobis India Ltd                         TL                    ICRA AA-     622.4
Review process is underway
Multistone Granito (P) Ltd              BLR                   ICRA         488.2
                                                              C+/ICRA A4
Issuer Not Cooperating
Pandit Automotive Pvt Ltd               CC                    ICRA D       750
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Pandit Automotive Pvt Ltd               TL                    ICRA D       226
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Patron Industries Pvt Ltd               BLR                   ICRA B+ /    200
                                                              ICRA A4
Issuer Not Cooperating
Pride Builders Llp                      Unallocated           ICRA BBB-    100     Assigned
Pride Purple Builders Llp               TL                    ICRA BBB-    492.5   Assigned
Pride Purple Infrastructure             Unallocated           ICRA BBB-    100     Assigned
Pride Purple Landmark Llp               Unallocated           ICRA BBB-    100     Assigned
Pride Purple Properties                 TL                    ICRA BBB-    370     Assigned
Prime Center And Developers             TL                    ICRA BBB-    67      Assigned
Pvt Ltd
Rathi Graphic Technologies Ltd          FB Limits- Working    ICRA D       65
                                        Capital Limits
Continues to remain under the ‘Issuer Not Cooperating’ category
Rathi Graphic Technologies Ltd          TL                    ICRA D       4.9
Continues to remain under the ‘Issuer Not Cooperating’ category
Rathi Graphic Technologies Ltd          Unallocated           ICRA D       8.2
Continues to remain under the ‘Issuer Not Cooperating’ category
Rathi Graphic Technologies Ltd          NFBL – LC/BG          ICRA D       40
Continues to remain under the ‘Issuer Not Cooperating’ category
Rathi Graphic Technologies Ltd          SLC                   ICRA D       10
Continues to remain under the ‘Issuer Not Cooperating’ category
Rishabh Metals & Chemicals Pvt          BLR                   ICRA BBB- /  120
Ltd                                                           ICRA A3
Review process is underway
Sentini Cermica Pvt Ltd                 LT - Fund Based/ CC   ICRA A-      280     Reaffirmed
Tata Global Beverages Ltd               LT debt (including    ICRA AA+     3500
                                        NCDs)
Tata Global Beverages Ltd               FB working capital    ICRA AA+ /   4000
                                        limits#               ICRA A1+
#Long-term fund-based limits can also be utilised as short-term fund based limits, wherein the
short-term rating of ICRA A1+ would be applicable;
Xrbia Developers Ltd                    FBL - CC              ICRA BBB+    120
Rating moved to ‘Issuer Not Cooperating’ category; outlook revised to Stable from Positive
Xrbia Developers Ltd                    FBL - TL              ICRA BBB+    3230
Rating moved to ‘Issuer Not Cooperating’ category; outlook revised to Stable from Positive
Xrbia Developers Ltd                    Non-FBL               ICRA BBB+    150
Rating moved to ‘Issuer Not Cooperating’ category; outlook revised to Stable from Positive
Xrbia Warai Developers Pvt Ltd          FBL - CC              ICRA BBB+    1100
Rating moved to ‘Issuer Not Cooperating’ category; outlook revised to Stable from Positive

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