May 6, 2019 / 11:39 AM / 5 months ago

ICRA ratings for Indian debt instruments-May 6

    May 6 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of May 3, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Future Corporate Resources Pvt          ST, Non-FB Fac        ICRA A3+     1300    Outstanding
Ltd (Erstwhile Suhani Trading
And Investment Consultants Pvt Ltd)
Satya Microcapital Ltd.                 CP                    ICRA A3      100     Assigned
Solaris Chemtech Industries Ltd         Non-FBL               ICRA A1      200     Assigned
Sterlite Technologies Ltd               CP                    ICRA A1+     4500    Outstanding
Sterlite Technologies Ltd               Non-FB Fac            ICRA A1+     28850   Outstanding
Ve Commercial Vehicles Ltd              CP                    ICRA A1      -       Withdrawn
Yes Bank Ltd                            ST Fixed Deposit      ICRA A1+     -       Reaffirmed
                                        Programme
Yes Bank Ltd                            Certificates of       ICRA A1+     200000  Reaffirmed
                                        Deposit Programme
R.K. Grover & Co                        Non fund based-BG     ICRA D       45      Downgraded
                                                                                   from ICRA A4
(Continues to remain in the ‘Issuer Not Cooperating’ category)
Reliance Commercial Finance Ltd         CP programme          ICRA D       12000   Downgraded
                                                                                   from ICRA A4@
@On rating Watch with Negative Implications
Reliance Commercial Finance Ltd         ST Bk lines           ICRA D       -       Downgraded
                                                                                   from ICRA A4@
@On rating Watch with Negative Implications
Reliance Home Finance Ltd               CP programme          ICRA D       12000   Downgraded
                                                                                   from ICRA A4@
@On rating Watch with Negative Implications


LONG TERM RATINGS:
-------------------
Future Corporate Resources Pvt          Long-TL               ICRA BBB     9960.9  Assigned /
Ltd (Erstwhile Suhani Trading                                                      Outstanding
And Investment Consultants Pvt Ltd)
Future Corporate Resources Pvt          LT, FB Fac            ICRA BBB     500     Outstanding
Ltd (Erstwhile Suhani Trading
And Investment Consultants Pvt Ltd)
Future Corporate Resources Pvt          Principal Protected   PP-MLD ICRA  6000    Outstanding
Ltd (Erstwhile Suhani Trading           Market Linked         BBB
And Investment Consultants Pvt Ltd)     Debenture Programme (PP-MLD)
Gangar Opticians Pvt Ltd                LT - FB CC            ICRA BB+@    90      outstanding
@: Under rating Watch with Negative Implications
Gangar Opticians Pvt Ltd                LT - FB TL            ICRA BB+@    90      outstanding
@: Under rating Watch with Negative Implications
Good Luck Financial Inclusion           Issuer Rating         ICRA B+      -       Withdrawn
Pvt Ltd
R.K. Grover & Co                        Fund based-CC         ICRA D       17.5    Downgraded
                                                                                   from ICRA B-
(Continues to remain in the ‘Issuer Not Cooperating’ category)
Rural Fairprice Wholesale Ltd           NCD (NCD) Programme   ICRA BBB     3500    Assigned
Rural Fairprice Wholesale Ltd           NCD (NCD) Programme   ICRA BBB     3200    outstanding
Satya Microcapital Ltd.                 Bk Lines              ICRA BBB-    3500    outstanding
Satya Microcapital Ltd.                 NCD                   ICRA BBB-    1140    outstanding
Satya Microcapital Ltd.                 Sub-debt              ICRA BBB-    200     outstanding
Satya Microcapital Ltd.                 LT- Market Linked     PP-MLD ICRA  150     outstanding
                                        Debenture             BBB-
Solaris Chemtech Industries Ltd         FB - CC               ICRA A+      300     Assigned
Solaris Chemtech Industries Ltd         FB - TL               ICRA A+      5500    Assigned
Solaris Chemtech Industries Ltd         Unallocated Limits    ICRA A+ /A1  200     Assigned
Sonata Finance Pvt Ltd -                PTC Series A1         Provisional  293.5   Confirmed as
Vivriti Robben 01                                             ICRA A               final   
 2019                                        
Sonata Finance Pvt Ltd -                PTC Series A2         Provisional  9.9     Confirmed as
Vivriti Robben 01                                             ICRA BBB+            final
 2019                                       
Sonata Finance Pvt Ltd -                PTC Series A1         Provisional  347.6   Confirmed as
Vivriti Samwise 02 2019                                       ICRA A-              final
Sonata Finance Pvt Ltd -                PTC Series A2         Provisional  11.7    Confirmed as
Vivriti Samwise 02 2019                                       ICRA BBB             final
Sterlite Technologies Ltd               NCDs                  ICRA AA      3000    Outstanding
Sterlite Technologies Ltd               Fund Based – TL       ICRA AA      3000    Outstanding
Sterlite Technologies Ltd               Fund Based – Working  ICRA AA      7900    Outstanding
                                        Capital Fac
Sterlite Technologies Ltd               Interchangeable Fac   ICRA AA/A1+  -       Outstanding
Thirumeni Finance Pvt Ltd               NCDs                  ICRA BBB+    324     Assigned
Thirumeni Finance Pvt Ltd               NCDs                  ICRA BBB+    1509.3  outstanding
Thirumeni Finance Pvt Ltd               Bk Fac                ICRA BBB+    1258    outstanding
Ve Commercial Vehicles Ltd              FB – Working Capital  ICRA AA+ /   3750    Reaffirmed
                                        Fac                   ICRA A1+
Ve Commercial Vehicles Ltd              Non-fund Based –      ICRA AA+ /   420     Reaffirmed
                                        Working Capital Fac   ICRA A1+
Ve Commercial Vehicles Ltd              FB/Non-fund Based –   ICRA AA+ /   2350    Reaffirmed
                                        Working Capital Fac   ICRA A1+
Ve Commercial Vehicles Ltd              Unallocated Limits    ICRA AA+     1000    Reaffirmed
                                                              /ICRA A1
Yes Bank Ltd                            Basel III Compliant   ICRA A (hyb) 108000  Downgraded
                                        Additional Tier I                          from ICRA
                                        Bond Programme                             AA-(hyd)@
@ Rating Watch with Negative Implications
Yes Bank Ltd                            Basel II Compliant    ICRA A+      13441   Downgraded
                                        Upper Tier II Bond                         from ICRA
                                        Programme                                  AA-@
@ Rating Watch with Negative Implications
Yes Bank Ltd                            Basel II Compliant    ICRA A+      4610    Downgraded
                                        Tier I Bond Programme                      from ICRA
                                                                                   AA-@
@ Rating Watch with Negative Implications
Yes Bank Ltd                            Basel II Compliant    ICRA AA-     25306   Downgraded
                                        Lower Tier II Bond                         from ICRA AA@
                                        Programme
@ Rating Watch with Negative Implications
Yes Bank Ltd                            Infrastructure Bond   ICRA AA-     70300   Downgraded
                                        Programme                                  from ICRA AA@
@ Rating Watch with Negative Implications
Yes Bank Ltd                            Basel III Compliant   ICRA AA-     109000  Downgraded
                                        Tier II Bond Programme(hyb)                from ICRA AA
                                                                                   (hyb)@
@ Rating Watch with Negative Implications

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