May 25, 2018 / 10:49 AM / 3 months ago

ICRA ratings for Indian debt instruments-May 25

    May 25 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of May 24, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Allahabad Bank                          CD Programme          ICRA A1+     200000
Outstanding rating
Astec Lifesciences Ltd                  ST, Non-FBL           ICRA A1+     490
Upgraded from ICRA A1
Astec Lifesciences Ltd                  CP Programme          ICRA A1+     1000
Upgraded from ICRA A1
Dolf Industries                         FB -                  ICRA A4+     -       Reaffirmed
Dolf Industries                         Non-FB – BG           ICRA A4+     45      Reaffirmed
Dolf Industries                         Non-FB – LOC          ICRA A4+     10      Reaffirmed
Dolf Industries                         FB – Bill Discounting ICRA A4+     -       Reaffirmed
Ericsson India Pvt Ltd                  CP                    ICRA A1      500     Withdrawn
Harinagar Sugar Mills Ltd               Non-FBL               ICRA A1      120
Reaffirmed
Indian Furniture Products Ltd           ST – Non fund based   ICRA A4+ (S) 250
Issuer Not Cooperating; Reassigned from ICRA A2 (SO); Continues to remain in non-cooperating
category
Ivl Finance Ltd                         CP (CP) programme     ICRA A1+     10000   Assigned
Kotak Mahindra Asset                    Kotak Fixed Maturity  ICRA A1+mfs  -       Assigned
Management Co. Ltd                      Plan Series 227
Kotak Mahindra Asset                    Kotak Floater ST Fund ICRA A1+mfs  -       Outstanding
Management Co. Ltd
Kotak Mahindra Asset                    Kotak Liquid Fund     ICRA A1+mfs  -       Outstanding
Management Co. Ltd
Kotak Mahindra Asset                    Kotak Fixed Maturity  ICRA A1+mfs  -       Outstanding
Management Co. Ltd                      Plan Series 218
Patanjali Ayurved Ltd                   Non-Fund basedLC/BG   ICRA A1      200
Continues to remain under ‘Issuer Not Cooperating’ category; Issuer did not co-operate; based on
best available information
Saharanpur Institute Of                 LT FB TL              ICRA A1+mfs  150     Reaffirmed
Medical Sciences Pvt Ltd
Scg Contracts India Pvt Ltd             LT – Non-fund Based – ICRA A3      250     Reaffirmed
                                        BG
Simero Vitrified Pvt. Ltd.              Non-fund Based- BG    ICRA A4      62.5    Withdrawn
Simero Vitrified Pvt. Ltd.              Non-fund Based-       ICRA A4      -       Withdrawn
                                        EPC/PCFC/FBP/FBD*
*Sublimit within CC
Simero Vitrified Pvt. Ltd.              Non-fund Based-       ICRA A4      -       Withdrawn
                                        LC(Capital
Simero Vitrified Pvt. Ltd.              Gooptionally          ICRA A4      -       Withdrawn
                                        convertible
                                        debentures/Buyers Credit/LOU)**
**Sublimit with TL
Torrent Pharmaceuticals Ltd             CP                    ICRA A1+     5600    Reaffirmed
removed from ratings watch with developing implications

LONG TERM RATINGS:
-------------------
A One Ispat Pvt Ltd                     LT - TL               ICRA BB+     230.1   Assigned
A One Ispat Pvt Ltd                     LT - Working Capital  ICRA BB+     70      Assigned
                                        Fac
A One Ispat Pvt Ltd                     LT – Unallocated      ICRA BB+     19.9    Assigned
Akshar Cotton Industries                CC                    ICRA B+      100
Issuer Not Cooperating
Akshar Cotton Industries                TL                    ICRA B+      0.3
Issuer Not Cooperating
Akshar Cotton Industries                Unallocated Limits    ICRA B+      13.9
Issuer Not Cooperating
Asian Lakto Industries Ltd              LT – FB limits        ICRA B+      130     Reaffirmed
Astec Lifesciences Ltd                  LT, FB Limits         ICRA A+      1460
Upgraded from ICRA A
Astec Lifesciences Ltd                  LT/ST, FB/Non-FBL     ICRA A+ /A1+ 2600
Upgraded from ICRA A /A1
Chorus Labs Ltd                         BLR                   ICRA B- /A4  100
Moved to the ‘Issuer Not Cooperating ‘category due to non-submission of monthly ‘No Default
Statement’ (“NDS”)
Datacom Products (India) Pvt            Bk Fac                ICRA D /D    100
Ltd
Issuer Not Cooperating
Devi Iron And Power Pvt Ltd             Bk Fac                ICRA BB- /A4 470
Moved to Issuer Not Cooperating category due to non submission of monthly ‘No Default Statement’
(“NDS”) by the entity
Dolf Industries                         FB - CC               ICRA BB      52.5    Reaffirmed
Dolf Industries                         FB - TL               ICRA BB      33.4    Reaffirmed
Ds Jaipur Hospitality Pvt Ltd           Fund based- TL        ICRA A(S)    695.5
Re Assigned from ICRA AA- (SO)
Enmax Engineering (India) Pvt           BLR                   ICRA B+      80
Ltd
Issuer Not Cooperating
Hari Kripa Business Ventures            LT - Fund Based/TL    ICRA B       110
Pvt Ltd
Issuer Not Cooperating; Rating continues to remain under ‘Issuer Not Cooperating’ category
Hari Kripa Business Ventures            LT - Fund Based/CC    ICRA B       200
Pvt Ltd
Issuer Not Cooperating; Rating continues to remain under ‘Issuer Not Cooperating’ category
Hari Kripa Business Ventures            ST/LT –Non-Fund Based ICRA B/ICRA  30
Pvt Ltd                                                       A4
Issuer Not Cooperating; Rating continues to remain under ‘Issuer Not Cooperating’ category
Harinagar Sugar Mills Ltd               FB TL                 ICRA A       1281.9
Reaffirmed; outlook revised to negative from stable
Harinagar Sugar Mills Ltd               FB Limits             ICRA A       2800
Reaffirmed; outlook revised to negative from stable
Indian Furniture Products Ltd           LT – FB CC            ICRA BB+ (S) 378.2
Issuer Not Cooperating; Reassigned from       BBB(SO)(Stable); Continues to remain in
non-cooperating category
Indian Furniture Products Ltd           LT – FB TL            ICRA BB+ (S) 221.4
Issuer Not Cooperating; Reassigned from       BBB(SO)(Stable); Continues to remain in
non-cooperating category
Industrial Forging Industries           Bk Fac                ICRA B+ /A4  134.5
Issuer Not Cooperating
Kotak Mahindra Asset                    Kotak Bond ST Fund    ICRA AAAmfs  -       Outstanding
Management Co. Ltd
Kotak Mahindra Asset                    Kotak Flexi Debt      ICRA AAAmfs  -       Outstanding
Management Co. Ltd                      Scheme
Kotak Mahindra Asset                    Kotak Treasury        ICRA AAAmfs  -       Outstanding
Management Co. Ltd                      Advantage Fund
Kotak Mahindra Asset                    Kotak Corporate Bond  ICRA AAAmfs  -       Outstanding
Management Co. Ltd                      Fund
Kotak Mahindra Asset                    Kotak Bond Fund       ICRA AAAmfs  -       Outstanding
Management Co. Ltd
Kotak Mahindra Asset                    Kotak Bking and PSU   ICRA AAAmfs  -       Outstanding
Management Co. Ltd                      Debt Fund
Kotak Mahindra Asset                    Kotak Capital         Provisional  -       Outstanding
Management Co. Ltd                      Protection Oriented   ICRA
                                        Scheme Series 5       AAAmfs(SO)
Kotak Mahindra Asset                    Kotak Capital         Provisional  -       Outstanding
Management Co. Ltd                      Protection Oriented   ICRA
                                        Scheme Series 6       AAAmfs(SO)
Nagarjuna Warehousing                   BLR                   ICRA B       80
Moved to the ‘Issuer Not Cooperating ‘category due to non-submission of monthly ‘No Default
Statement’ (“NDS”)
Oriental Bank Of Commerce               Basel II Compliant    ICRA A+      5000
                                        Upper Tier II Bonds
Oriental Bank Of Commerce               Basel II Compliant    ICRA AA-     12000
                                        Lower Tier II Bonds
Oriental Bank Of Commerce               Basel III Compliant   ICRA AA-     30000
                                        Tier II Bonds         (hyb)
Patanjali Ayurved Ltd                   Fund based-CC         ICRA A+      3000
Continues to remain under ‘Issuer Not Cooperating’ category; Issuer did not co-operate; based on
best available information
R. S. Melgiri And Company               LT – FB               ICRA BB-     47.5
Moved to the ‘Issuer Not Cooperating’ category due to the non-submission of monthly ‘No Default
Statement’ (NDS)
R. S. Melgiri And Company               LT – Unallocated      ICRA BB-     102.5
Moved to the ‘Issuer Not Cooperating’ category due to the non-submission of monthly ‘No Default
Statement’ (NDS)
Rohini Industrial Electricals           FB Limits             ICRA AA(SO)  500     Reaffirmed
Ltd                                                           / ICRA
                                                              A1+(SO)
outlook revised to Positive from Stable
Rohini Industrial Electricals           Non-FBL               ICRA AA(SO)  1650    Reaffirmed
Ltd                                                           / ICRA
                                                              A1+(SO)
outlook revised to Positive from Stable
Scg Contracts India Pvt Ltd             LT – FB – CC          ICRA BBB-    35      Reaffirmed
Shree Shyam Sponge And Power            Bk Fac                ICRA BB- /A4 100
Ltd
Issuer Not Cooperating
Simero Vitrified Pvt. Ltd.              FB- TL                ICRA BB      422     Withdrawn
Simero Vitrified Pvt. Ltd.              FB- CC                ICRA BB      250     Withdrawn
Slr Metaliks Ltd                        Long-TL               ICRA         4400    Withdrawn
                                                              BBB(SO)@
@ - under rating watch with negative implications
Sri Varadharaja Fruit Products          LT– FB limits         ICRA B+      65
Pvt Ltd
Review process is underway
Torrent Pharmaceuticals Ltd             NCD Programme         ICRA AA      31000   Reaffirmed
removed from ratings watch with developing implications
Torrent Pharmaceuticals Ltd             Fund based-TL         ICRA AA      1976.7  Reaffirmed
removed from ratings watch with developing implications
Torrent Pharmaceuticals Ltd             Fund based- CC        ICRA AA      17950   Reaffirmed
removed from ratings watch with developing implications
Torrent Pharmaceuticals Ltd             Proposed LT loans     ICRA AA      16000   Reaffirmed
removed from ratings watch with developing implications
True Well E Pipe Industries             FBL- CC               ICRA B       90      Withdrawn
Issuer did not cooperate: For submission of monthly No Default Statement (NDS)
True Well E Pipe Industries             FBL- TL               ICRA B       43.7    Withdrawn
Issuer did not cooperate: For submission of monthly No Default Statement (NDS)
True Well E Pipe Industries             Unallocated limits    ICRA B       26.3    Withdrawn
Issuer did not cooperate: For submission of monthly No Default Statement (NDS)
Vijaya Raja Rajeswari                   BLR                   ICRA B+      100
Constructions Pvt Ltd
Moved to the ‘Issuer Not Cooperating ‘category due to non-submission of monthly ‘No Default
Statement’ (“NDS”)

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