May 28, 2018 / 12:01 PM / 7 months ago

ICRA ratings for Indian debt instruments-May 28

    May 28 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of May 26 & 25, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Accelya Kale Solutions Ltd              ST,FB Fac             ICRA A1+     13      Reaffirmed
Arya Iron &Steel Company Pvt            ST FB limits          ICRA A3+     500     Upgraded
Ltd                                                                                from ICRA A3
Arya Iron &Steel Company Pvt            ST non-FBL            ICRA A3+     62.5    Upgraded
Ltd                                                                                from ICRA A3
Arya Iron &Steel Company Pvt            ST interchangeable    ICRA A3+     ^       Upgraded
Ltd                                                                                from ICRA A3
^Sub-limit of cash credit facility
Asian Granito India Ltd                 ST Non-FB limits      ICRA A1      708.4   Outstanding
Avantor Performance Materials           Non-FB Fac            ICRA A4      200     Withdrawn
India Ltd (Erstwhile Rfcl Ltd)
B. Sorabji                              ST fund based-Packing ICRA A4      70      -
                                        Credit Limits
(ISSUER NOT COOPERATING)
B. Sorabji                              STfund based-Post     ICRA A4      70      -
                                        Shipment Limi
(ISSUER NOT COOPERATING)
Baroda Pioneer Asset                    Baroptionally         ICRA A1+mfs  -       Assigned
Management Co. Ltd                      convertible
                                        debenturea Pioneer Ultra Short Duration Fund
Baroda Pioneer Asset                    Baroptionally         ICRA A1+mfs  -       Outstanding
Management Co. Ltd                      convertible
                                        debenturea Pioneer Liquid Fund
Baroda Pioneer Asset                    Baroptionally         ICRA A1+mfs  -       Outstanding
Management Co. Ltd                      convertible
                                        debenturea Pioneer Treasury Advantage Fund
Bharat Iron Syndicate                   Non Fund Based –LOC   ICRA A4+     50      -
(ISSUER NOT COOPERATING)
Bmr Industries Pvt Ltd                  ST -FB Fac            ICRA A3+     520     Upgraded
                                                                                   from ICRA A3
Bmr Industries Pvt Ltd                  ST -Non-FB Fac        ICRA A3+     65      Upgraded
                                                                                   from ICRA A3
Camrola Quartz Ltd.                     ST Non-FundBased      ICRA A1      54.6    Assigned
                                        Limits–BG/ LOC
Hero Corporate Service Pvt Ltd          ST Unallocated Limits ICRA A1+     500     Reaffirmed
Iifl Wealth Finance Ltd                 CP programme (IPO     ICRA A1+     -       Withdrawn
                                        financing)
Iifl Wealth Finance Ltd                 CP programme          ICRA A1+     55000   Outstanding
Iifl Wealth Management Ltd              CP programme (IPO     ICRA A1+     -       Withdrawn
                                        financing)
Iifl Wealth Management Ltd              CP program            ICRA A1+     5000    Outstanding
Il&Fs Transportation Networks           CP                    ICRA A2+&    10000   Downgraded
Ltd                                                                                from ICRA A1
(placed under rating watch with developing implication)
Il&Fs Transportation Networks           FB Bk limit           ICRA A2+&    3200    Downgraded
Ltd                                                                                from ICRA A1
(placed under rating watch with developing implication)
Lakshmanan Isola Pvt Ltd                ST –Fund Based        ICRA A4      5       -
(ISSUER NOT COOPERATING)
Lakshmanan Isola Pvt Ltd                ST –Non-fund Based    ICRA A4      7       -
(ISSUER NOT COOPERATING)
Reliance Nippon Life Asset              Reliance Fixed        ICRA A1+mfs  -       Assigned
Management Ltd                          Horizon Fund – XXXVII
                                        – Series 7
Reliance Nippon Life Asset              Reliance Fixed        ICRA A1+mfs  -       Assigned
Management Ltd                          Horizon Fund – XXXVII
                                        – Series 8
Reliance Nippon Life Asset              Reliance Interval     ICRA A1+mfs  -       Outstanding
Management Ltd                          Fund – Quarterly
                                        Interval Fund – Series II
Reliance Nippon Life Asset              Reliance Interval     ICRA A1+mfs  -       Outstanding
Management Ltd                          Fund – Monthly
                                        Interval Fund – Series I
Reliance Nippon Life Asset              Reliance Interval     ICRA A1+mfs  -       Outstanding
Management Ltd                          Fund – Monthly
                                        Interval Fund – Series II
Reliance Nippon Life Asset              Reliance Fixed        ICRA A1+mfs  -       Outstanding
Management Ltd                          Horizon Fund – XXXVI
                                        – Series 4
Reliance Nippon Life Asset              Reliance Interval     ICRA A1+mfs  -       Outstanding
Management Ltd                          Fund - Quarterly
                                        Interval Fund - Series II
Reliance Nippon Life Asset              Reliance Liquidity    ICRA A1+mfs  -       Outstanding
Management Ltd                          Fund
Reliance Nippon Life Asset              Reliance Liquid Fund  ICRA A1+mfs  -       Outstanding
Management Ltd                          – Treasury Plan
Reliance Nippon Life Asset              Reliance Liquid Fund  ICRA A1+mfs  -       Outstanding
Management Ltd                          - Cash Plan
Shanthi Gears Ltd                       ST non-fund based     ICRA A1+     -       Reaffirmed
                                        (sublimit)
Smr Automotive Systems India            CP/ ST debt programme ICRA A1+     100     Reaffirmed
Ltd
Span Pumps Pvt Ltd                      Non-Fund Based-LOC    ICRA A3      60      Assigned
Span Pumps Pvt Ltd                      Non-Fund Based-BG     ICRA A3      270     Assigned
Sri Venkateswara Constructions          BG                    ICRA A4      50      -
(ISSUER NOT COOPERATING)
Sruti Filatex Pvt Ltd                   BG                    ICRA A4      15      -
(ISSUER NOT COOPERATING)


MEDIUM TERM RATINGS:
-------------------
Aryan Packaging Products Pvt            Medium Term-Fixed     MB           25      -
Limited                                 Deposit Programme
(Reason for delay in carrying out periodic review:-Review process is underway)


LONG TERM RATINGS:
-------------------
Accelya Kale Solutions Ltd              LT/ST FB Fac          ICRA         15      Reaffirmed
                                                              A+(Stable)
                                                              / ICRA A1+
Accelya Kale Solutions Ltd              LT/ST FB /non-FB Fac  ICRA         85      Reaffirmed
                                                              A+(Stable)
                                                              / ICRA A1+
Accelya Kale Solutions Ltd              LT/ST non-FB Fac      ICRA         67      Reaffirmed
                                                              A+(Stable)
                                                              / ICRA A1+
Ag Industries (Bawal) Pvt Ltd           TL                    ICRA AA      64.8**  Reassigned
                                                                                   from ICRA AA
**Refer to Rating History table for amount outstanding
Ag Industries (Bawal) Pvt Ltd           FB –Working Capital   ICRA AA      170     Reassigned
                                        Fac                                        from ICRA AA
Alivelu Rice Products                   LT –Fund Based        ICRA B-      100     -
(Reason for delay in carrying out periodic review:Issuer delayed in giving information)
Arya Iron &Steel Company Pvt            LT FB limits-CC       ICRA BBB     480     Upgraded
Ltd                                                                                from ICRA
                                                                                   BBB-
Arya Iron &Steel Company Pvt            LT FB -TL             ICRA BBB     200     Upgraded
Ltd                                                                                from ICRA
                                                                                   BBB-
Asa International India                 ActionOsha MFL        Provisional  5.2     Confirmed as
Microfinance Ltd                        Northern Arc 2018 -   ICRA BBB+            final
                                        PTC Series A2
Asian Granito India Ltd                 LT FB TL              ICRA A       240     Outstanding
Asian Granito India Ltd                 LT FB CC              ICRA A       2000    Outstanding
Asian Granito India Ltd                 Unallocated Limits    ICRA A       171.6   Outstanding
Avantor Performance Materials           FB Fac                ICRA BB      150     Withdrawn
India Ltd (Erstwhile Rfcl Ltd)
Bharat Iron Syndicate                   Fund based-TL         ICRA BB      20      -
(ISSUER NOT COOPERATING)
Bharat Iron Syndicate                   Fund based-CC         ICRA BB      90      -
(ISSUER NOT COOPERATING)
Bmr Industries Pvt Ltd                  LT–Proposed Fac       ICRA BB      966     Upgraded
                                                                                   from ICRA
                                                                                   BBB-
Bmr Industries Pvt Ltd                  TL                    ICRA BBB     425     Upgraded
                                                                                   from ICRA
                                                                                   BBB-
Bmr Industries Pvt Ltd                  LT -FB Fac            ICRA BBB     425     Upgraded
                                                                                   from ICRA
                                                                                   BBB-
Camrola Quartz Ltd.                     LT FB Limits –CC      ICRA A       100.4   Assigned
Camrola Quartz Ltd.                     LT FB Limits –TL      ICRA A       248     Assigned
Dipanshu Promoter & Builder             FB-CC                 ICRA BB      45      Assigned
Pvt. Ltd.
Dipanshu Promoter & Builder             Fund based Overdraft  ICRA BB      5       Assigned
Pvt. Ltd.
Dipanshu Promoter & Builder             Non-FB -BGs           ICRA BB/A4+  225     Assigned
Pvt. Ltd.
Gdjd Expo                               BLR                   ICRA B+ / A4 94      -
(Reason for delay in carrying out periodic review:-Review process is underway)
Hero Corporate Service Pvt Ltd          Fund based-Working    ICRA A+      50      Reaffirmed
                                        Capital Fac
Hero Corporate Service Pvt Ltd          Non-fund              ICRA A+      -       Reaffirmed
                                        based-Working Capital
                                        Fac
Iifl Wealth Finance Ltd                 NCD programme         ICRA AA      3000    Outstanding
Iifl Wealth Finance Ltd                 Unsecured NCD         ICRA AA      6500    Outstanding
                                        programme
Iifl Wealth Finance Ltd                 LT principal          PP-MLDICRA   2000    Outstanding
                                        protected market      AA
                                        linked debenture programme
Iifl Wealth Finance Ltd                 LT principal          PP-MLDICRA   25500   Outstanding
                                        protected market      AA
                                        linked debenture programme
Iifl Wealth Management Ltd              Secured NCD programme ICRA AA      1000    Outstanding
Il&Fs Transportation Networks           NCDs                  ICRA A-&     20000   Downgraded
Ltd                                                                                from ICRA A
(placed under rating watch with developing implication)
Il&Fs Transportation Networks           TL                    ICRA A-&     4900    Downgraded
Ltd                                                                                from ICRA A
(placed under rating watch with developing implication)
Il&Fs Transportation Networks           NCDs                  ICRA AA+     12495   outstanding
Ltd
Il&Fs Transportation Networks           Preference Share      ICRA BBB+&   7600    Downgraded
Ltd                                                                                from ICRA A-
(placed under rating watch with developing implication)
Il&Fs Transportation Networks           NCDs                  Provisional  17505   outstanding
Ltd                                                           ICRA AA+
K P Buildcon Pvt Ltd                    Bk Loan Rating        ICRA B+/A4   172.5   -
(Reason for delay in carrying out periodic review-Issuer delayed in giving information)
Kranthi Edifice Pvt Ltd                 BLR                   ICRA BB      1220    -
(Reason for delay in carrying out periodic review–Issuer not cooperating)
Kvr Projects Pvt. Ltd.                  BLR                   ICRA BB+/A4  410     -
(Formerly M/S.K. Venkata Raju)
(ISSUER NOT COOPERATING)
L&T Sambalpur-Rourkela Tollway          Fund based -TL        ICRA BBB     10164   Reaffirmed
Ltd
Lakshmanan Isola Pvt Ltd                LT –Fund Based (CC)   ICRA B-      77.5    -
(ISSUER NOT COOPERATING)
Lendingkart Finance Ltd                 NCD programme         ICRA BBB-    1500    Assigned
Lendingkart Finance Ltd                 NCD programme         ICRA BBB-    300     Outstanding
Lendingkart Finance Ltd                 Bk Lines              ICRA BBB-/A3 3000    Outstanding
Lot Mobiles Pvt Ltd                     BLR                   ICRA BB+     50      -
(Reason for delay in carrying out periodic review–Issuer delayed in giving information)
Melange Developers                      LongTerm –Fund Based  ICRA BB-     400     -
                                        –TL
(ISSUER NOT COOPERATING)
Rathnavel Subramaniam                   LT: TL                ICRA D       840     Assigned
Educational Tru
Reliance Nippon Life Asset              Reliance Money        ICRA AAAmfs  -       Outstanding
Management Ltd                          Manager Fund
Reliance Nippon Life Asset              Reliance Income Fund  ICRA AAAmfs  -       Outstanding
Management Ltd
Reliance Nippon Life Asset              Reliance Floating     ICRA AAAmfs  -       Outstanding
Management Ltd                          Rate Fund – ST Plan
Reliance Nippon Life Asset              Reliance ST Fund      ICRA AAAmfs  -       Outstanding
Management Ltd
Reliance Nippon Life Asset              Reliance Medium Term  ICRA AAAmfs  -       Outstanding
Management Ltd                          Fund
Reliance Nippon Life Asset              Reliance Dynamic Bond ICRA AAAmfs  -       Outstanding
Management Ltd                          Fund
Reliance Nippon Life Asset              Reliance Bking & PSU  ICRA AAAmfs  -       Outstanding
Management Ltd                          Debt Fund
Reliance Nippon Life Asset              Reliance Corporate    ICRA AAAmfs  -       Outstanding
Management Ltd                          Bond Fund
Reliance Nippon Life Asset              ActionOsha MFL        Provisional  222.4   Confirmed as
Management Ltd                          Northern Arc 2018 -   ICRA A-              final
                                        PTC Series A1
Shanthi Gears Ltd                       LT fund based         ICRA AA      100     Reaffirmed
Shanthi Gears Ltd                       LT non-fund based     ICRA AA      300     Reaffirmed
Shanthi Gears Ltd                       LT/ ST unallocated    ICRA AA/A1+  100     Reaffirmed
Shree Siddheshwari Ginning              CC                    ICRA B+      32.1    -
Company
(Reason for delay in carrying out periodic review:-Issuer delayed in giving information)
Shree Siddheshwari Ginning              Term Cash             ICRA B+      160     -
Company
(Reason for delay in carrying out periodic review:-Issuer delayed in giving information)
Shriram Transport Finance Co.           PTC Series A          ICRA AAA     5770.3  Reaffirmed
Ltd Sansar Trust December 2017
Ii
Shriram Transport Finance Co.           Second Loss Facility  ICRA BBB     245.2   Reaffirmed
Ltd Sansar Trust December 2017
Ii
Shriram Transport Finance Co.           PTC Series A          ICRA AAA     4009    Reaffirmed
Ltd Sansar Trust February 2016
Shriram Transport Finance Co.           Second Loss Facility  ICRA BBB     240.5   Reaffirmed
Ltd Sansar Trust February 2016
Shriram Transport Finance Co.           PTC Series A          ICRA AAA     9005.9  Reaffirmed
Ltd Sansar Trust February 2016
Iii
Shriram Transport Finance Co.           Second Loss Facility  ICRA BBB     540.4   Reaffirmed
Ltd Sansar Trust February 2016
Iii
Shriram Transport Finance Co.           PTC Series A          ICRA AAA     1169    Reaffirmed
Ltd Sansar Trust June 2016
Shriram Transport Finance Co.           Second Loss Facility  ICRA BBB     70.1    Reaffirmed
Ltd Sansar Trust June 2016
Shriram Transport Finance Co.           PTC Series A          ICRA AAA     4973.1  Reaffirmed
Ltd Sansar Trust June 2016 Iv
Shriram Transport Finance Co.           Second Loss Facility  ICRA BBB     298.4   Reaffirmed
Ltd Sansar Trust June 2016 Iv
Shriram Transport Finance Co.           PTC Series A          ICRA AAA     6985.1  Reaffirmed
Ltd Sansar Trust June 2016 V
Shriram Transport Finance Co.           Second Loss Facility  ICRA BBB     419.1   Reaffirmed
Ltd Sansar Trust June 2016 V
Shriram Transport Finance Co.           PTC Series A          ICRA AAA     9002.2  Reaffirmed
Ltd Sansar Trust Mar 2017
Shriram Transport Finance Co.           Second Loss Facility  ICRA BBB     540.1   Reaffirmed
Ltd Sansar Trust Mar 2017
Shriram Transport Finance Co.           PTC Series A          ICRA AAA     8003.9  Reaffirmed
Ltd Sansar Trust Mar 2018
Shriram Transport Finance Co.           PTC Series A2         ICRA BBB+    360.2   Reaffirmed
Ltd Sansar Trust Mar 2018
Shriram Transport Finance Co.           PTC Series A          ICRA AAA     12008.6 Reaffirmed
Ltd Sansar Trust March 2016 Iii
Shriram Transport Finance Co.           Second Loss Facility  ICRA BBB     720.5   Reaffirmed
Ltd Sansar Trust March 2016 Iii
Shriram Transport Finance Co.           PTC Series A          ICRA AAA     4132.2  Reaffirmed
Ltd Sansar Trust Sep 2016
Shriram Transport Finance Co.           Second Loss Facility  ICRA BBB     247.9   Reaffirmed
Ltd Sansar Trust Sep 2016
Shriram Transport Finance Co.           PTC Series A4         ICRA AAA     1586.4  Reaffirmed
Ltd Sansar Trust Sep 2017 Iii
Shriram Transport Finance Co.           PTC Series A5         ICRA AAA     1327.8  Reaffirmed
Ltd Sansar Trust Sep 2017 Iii
Shriram Transport Finance Co.           PTC Series A6         ICRA AAA     1138.3  Reaffirmed
Ltd Sansar Trust Sep 2017 Iii
Shriram Transport Finance Co.           PTC Series A7         ICRA AAA     3085.1  Reaffirmed
Ltd Sansar Trust Sep 2017 Iii
Shriram Transport Finance Co.           Second Loss Facility  ICRA BBB     651.5   Reaffirmed
Ltd Sansar Trust Sep 2017 Iii
Shriram Transport Finance Co.           PTC Series A          ICRA AAA     5444.7  Reaffirmed
Ltd Sansar Trust September 2015
Shriram Transport Finance Co.           Second Loss Facility  ICRA AAA     326.7   Reaffirmed
Ltd Sansar Trust September 2015
Shriram Transport Finance Co.           PTC Series A          ICRA AAA     5053.6  Reaffirmed
Ltd Stfcl Cv Trust Nov 2015
Shriram Transport Finance Co.           Second Loss Facility  ICRA BBB     303.3   Reaffirmed
Ltd Stfcl Cv Trust Nov 2015
Span Pumps Pvt Ltd                      Fund based-CC         ICRA BBB-    150     Assigned
Span Pumps Pvt Ltd                      Fund Based-Standby    ICRA BBB-    10      Assigned
                                        Line of Credit
Span Pumps Pvt Ltd                      Unallocated Limited   ICRA BBB-/A3 1.8     Assigned
Sri Sathyanarayana Education            Fund Based - TL       ICRA BBB     160     -
Trust (Erstwhile Sri Sathyanarayana Educational Society)
(Reason for delay in carrying out periodic review:-Review process is underway)
Sri Venkateswara Constructions          CC                    ICRA B+      100     -
(ISSUER NOT COOPERATING)
Sruti Filatex Pvt Ltd                   Term -Loan            ICRA BB-     59.4    -
(ISSUER NOT COOPERATING)
Sruti Filatex Pvt Ltd                   CC                    ICRA BB-     100     -
(ISSUER NOT COOPERATING)
Ss Developers                           LT TL                 ICRA BB      355     Assigned
Svatantra Microfin Pvt Ltd              Subordinated Debt     ICRA A-      750     Assigned
                                        Programme
Svatantra Microfin Pvt Ltd              LT Bk Lin             ICRA A-      5000    Outstanding
Terra Energy Ltd                        BLR                   ICRA B+/A4   500     -
(Reason for delay in carrying out periodic review:-Issuer not cooperating and delayed in giving
information)
Thiru Arooransugars Ltd                 BLR                   ICRA B+/A4   3391.8  -
(Reason for delay in carrying out periodic review:-Issuer not cooperating and delayed in giving
information)
Uco Bank                                Lower Tier IIBonds    ICRA A-      5000    Outstanding
                                        –Basel II
Uco Bank                                Lower Tier IIBonds    ICRA A+      8000    Outstanding
                                        –Basel II
Vishwasrao Naik Sahakari                LT –Fund Based –CC    ICRA BB-     75      -
Sakhar Karkhana Ltd
(ISSUER NOT COOPERATING)
Vishwasrao Naik Sahakari                LT –Unallocated       ICRA BB-     25      -
Sakhar Karkhana Ltd
(ISSUER NOT COOPERATING)
--------------------------------------------------------------------------------------------
$: 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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