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ICRA ratings for Indian debt instruments-Nov 10
November 10, 2017 / 10:43 AM / 12 days ago

ICRA ratings for Indian debt instruments-Nov 10

   Nov 10 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of November 9, 2017.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aaiswarya Dyeing Mills Pvt Ltd          Non-fund Based – LOC  ICRA A2      100
Bhavya Enterprises                      Non Fund basedBG      ICRA A4      25
Issuer not cooperating
Desai Brothers Ltd                      ST – Non fund based – ICRA A1+     250     Reaffirmed
                                        BG
Hanuman Rice Mills                      Fund Based- Packing   ICRA A4      50
                                        Credit
Issuer not cooperating
Il&Fs Financial Services Ltd            CP                    ICRA A1+     27500   Assigned
Ivalue Infosolutions Pvt Ltd            ST – Non-fund based   ICRA A3      360     Outstanding
Jaguar Overseas Ltd                     ST Non-FB Fac         ICRA A3      1700    Withdrawn
Kandukuri Industries Pvt Ltd            Non-FBL               ICRA A4      80      Reaffirmed
Khosla Engineering Pvt Ltd              ST Non FB             ICRA A4      0.4     Reaffirmed
Lumino Industries Ltd                   Non-FB Fac – LOC      ICRA A2+     650     Assigned
Lumino Industries Ltd                   Non-FB Fac – BG       ICRA A2+     2460    Assigned
Neha Ceramic Industries                 Non-FB – BG           ICRA A4      13      Withdrawn
Patton International Ltd                FB Limits#            ICRA A1+     450     Reaffirmed
# 100% inter-changeable among cash credit/ EPC/ PCFC/ FUBP/ FDBP/ EBR/ FCNR(B)
Patton International Ltd                Non FB Limits^        ICRA A1+     265     Reaffirmed
^ Inter-changeable from LC to BG to the extent of Rs. 20.00 crore
Radiant Solar Pvt Ltd                   NFBL                  ICRA A4      22.5    Assigned
Shamli Steels Pvt Ltd                   ST NonFB Limits       ICRA A4      20
Issuer not cooperating
Sical Iron Ore Terminals Ltd            ST: Non fund based    ICRA A2(SO)          Reaffirmed
                                        (sub limit)
Sical Logistics Ltd                     ST: Non-FB Fac        ICRA A2      2430
Sical Multimodal And Rail               ST: Non fund based    ICRA A2(SO)1 600     Reaffirmed
Transport Ltd
Rating watch with developing implications
Spdd Infra Pvt Ltd                      ST-Non-FB Limits      ICRA A4      57.5
Issuer not cooperating
Stanley Lifestyles Ltd                  ST- Non-Fund Based-   ICRA A2      245     Assigned
                                        LOC
Sungold Processed Foods                 ST – FB               ICRA A4      180     Assigned
Sungold Processed Foods                 ST – Non-fund based   ICRA A4      60      Assigned
Tex-Styles International Pvt            Fund basedPacking     ICRA A4      40
Ltd                                     credit
Issuer not cooperating
Tex-Styles International Pvt            Non fund basedForeign ICRA A4      30
Ltd                                     bill discounting
Issuer not cooperating
Tex-Styles International Pvt            Non fund based – LOC  ICRA A4
Ltd
Issuer not cooperating
Torrent Pharmaceuticals Ltd             CP/STD                ICRA A1+ &   5600
&: Ratings under watch with developing implication
Ufo Moviez India Ltd                    ST, Non-FBL           ICRA A1+ &   100     placed on
                                                                                   rating watch
                                                                                   with
developing implication
& Rating watch with developing implication
Utility Forms Pvt Ltd                   Non-fund Based        ICRA A3      10      upgraded
                                                                                   from ICRA A4+

MEDIUM TERM RATINGS:
-------------------
Desai Brothers Ltd                      Mediun term - Fixed   MAA-         1000    Reaffirmed
                                        Deposit
Desai Brothers Ltd                      Medium term - Fixed   MAA-         500     Reaffirmed
                                        Deposit

LONG TERM RATINGS:
-------------------
Aaiswarya Dyeing Mills Pvt Ltd          FB – TL               ICRA BBB+    130
Aaiswarya Dyeing Mills Pvt Ltd          FB – CC               ICRA BBB+    300
Aaiswarya Dyeing Mills Pvt Ltd          FB – Unallocated      ICRA BBB+    100
                                        Limits
Bharat Export Overseas                  LT FB Limit           ICRA D       130
Issuer not cooperating
Bhatia Colonizers Pvt Ltd               LT – Fund Based – TL  ICRA B+      250
Issuer not cooperating
Bhavya Enterprises                      Fund based-CC         ICRA B       30
Issuer not cooperating
Bhavya Enterprises                      Fund basedUnallocated ICRA B       15
                                        Limit
Issuer not cooperating
Champalal K Khinvasara                  Fund based-TL         ICRA BB      120
Issuer not cooperating
Hanuman Rice Mills                      Fund Based- CC        ICRA B       100
Issuer not cooperating
Ivalue Infosolutions Pvt Ltd            LT – CC               ICRA BBB-    70      Outstanding
Ivalue Infosolutions Pvt Ltd            LT – Interchangeable  ICRA BBB-            Assigned
                                        (CC)
Ivalue Infosolutions Pvt Ltd            LT / ST – Unallocated ICRA BBB-    170     Assigned
                                        (Proposed)            /ICRA A3
Jaguar Overseas Ltd                     LT FB Fac             ICRA BBB-    275     Withdrawn
Jaguar Overseas Ltd                     LT/ST Non-fund based  ICRA BBB-    50      Withdrawn
                                                              /ICRA A3
Jonna Steels                            FBL                   ICRA B+      145     Reaffirmed
Jonna Steels                            Unallocated limits    ICRA B+      5       Reaffirmed
Kandukuri Industries Pvt Ltd            Unallocated           ICRA BB-     64      Upgraded
                                                                                   from
ICRA B+
Kandukuri Industries Pvt Ltd            FB Limits-CC          ICRA BB-     118     Upgraded
                                                                                   from
ICRA B+
Kandukuri Industries Pvt Ltd            FB Limits-TL          ICRA BB-     38      Upgraded
                                                                                   from
ICRA B+
Karlo Automobiles Pvt Ltd               FB – CC               ICRA B+      37.5
Issuer not cooperating
Karlo Automobiles Pvt Ltd               FB – e-DFS            ICRA B+      60
Issuer not cooperating
Karlo Automobiles Pvt Ltd               FB – Dropline OverdrafICRA B+      15
Issuer not cooperating
Karlo Automobiles Pvt Ltd               FB – Adhoc Limit on   ICRA B+      15
                                        e-DFS
Issuer not cooperating
Karlo Automobiles Pvt Ltd               Unallocated           ICRA B+      2.5
Issuer not cooperating
Khosla Engineering Pvt Ltd              LT FB CC              ICRA B+      207.5   Reaffirmed
Khosla Engineering Pvt Ltd              LT FB TL              ICRA B+      121.3   Reaffirmed
Khosla Engineering Pvt Ltd              LT / ST – Unallocated ICRA B+ /    20.8    Reaffirmed
                                                              ICRA A4
Lumino Industries Ltd                   FB Fac - CC           ICRA A-      535.3   Assigned
Lumino Industries Ltd                   FB Fac – Bills        ICRA A-      594.4   Assigned
                                        discounting under LOC
Lumino Industries Ltd                   Unallocated limits    ICRA A-      260     Assigned
Lumino Industries Ltd                   Issuer Rating         ICRA A-              Assigned
Mahi Formaline                          FB – TL               ICRA B       350
Issuer not cooperating
Mahi Formaline                          FB – CC               ICRA B       50
Issuer not cooperating
Malar Paper Mills Pvt Ltd               FB Fac                ICRA B+      65
Issuer not cooperating
Malar Paper Mills Pvt Ltd               Non-fund based        ICRA B+      5
                                        facilitates
Issuer not cooperating
Malar Paper Mills Pvt Ltd               Proposed              ICRA         90
                                                              B+/ICRA A4
Issuer not cooperating
Narula Solvex Pvt Ltd                   LT fundbased          ICRA D       120     Downgraded
                                                                                   from ICRA B+
Neelkanth Properties                    CC                    ICRA B+      180     Withdrawn
Neha Ceramic Industries                 FB – CC               ICRA BB-     40      Withdrawn
Neha Ceramic Industries                 FB – TL               ICRA BB-     9.7     Withdrawn
Neha Ceramic Industries                 Unallocated Limits    ICRA BB- /   27.3    Withdrawn
                                                              A4
Norsea Offshore India Ltd               LT: TL                ICRA         476.1   Reaffirmed
                                                              BBB+(SO)
Rating watch with developing implications
Norsea Offshore India Ltd               LT: TL proposed       ICRA         43.9    Reaffirmed
                                                              BBB+(SO)
Rating watch with developing implications
Orient Body Shop Solutions              CC                    ICRA B+      60
India Pvt Ltd
Review process in underway
Padmashri Dr Vitthalrao Vikhe           CC                    ICRA BB      2500
Patil Sahakari Sakhar Karkhana
Ltd
Issuer not cooperating
Padmashri Dr Vitthalrao Vikhe           TL                    ICRA BB      1100
Patil Sahakari Sakhar Karkhana
Ltd
Issuer not cooperating
Patron Industries Pvt Ltd               BLR                   ICRA         200
                                                              B+/ICRA A4
Issuer not cooperating
Patton International Ltd                FB Limits             ICRA AA      450     Reaffirmed
Prestige Garden Constructions           TL                    ICRA A+ (SO) 1070    Withdrawn
Pvt Ltd
Radiant Solar Pvt Ltd                   FBL                   ICRA B       44      Assigned
Radiant Solar Pvt Ltd                   Unallocated Limits    ICRA B       23.5    Assigned
                                                              /ICRA A4
Ram Chander Builders Pvt Ltd            Fund Based – TL       ICRA B+      100.7   Reaffirmed
Regency Nirman Ltd                      FBL                   ICRA BBB     320
Religare Finvest Ltd                    PTC Series A          ICRA A(SO)           Reaffirmed
Sardar Cotton                           Fund based-TL         ICRA B       8
Issuer not cooperating
Sardar Cotton                           Fund based-CC         ICRA B       105
Issuer not cooperating
Shamli Steels Pvt Ltd                   LT Fundbased Limits   ICRA BB      355.4
Issuer not cooperating
Sical Iron Ore Terminals Ltd            LT: TL proposed       ICRA         5000    Reaffirmed
                                                              BBB+(SO)
Sical Iron Ore Terminals Ltd            LT: FBL               ICRA         500     Reaffirmed
                                                              BBB+(SO)
Sical Iron Ore Terminals Ltd            LT: Non fund based    ICRA         500     Reaffirmed
                                                              BBB+(SO)
Sical Iron Ore Terminals Ltd            LT: Non fund based    ICRA                 Reaffirmed
                                        (sub limit)           BBB+(SO)
Sical Logistics Ltd                     LT: CC                ICRA BBB+    2500
Sical Logistics Ltd                     LT: TL Outstanding    ICRA BBB+    3620
Sical Logistics Ltd                     LT: Proposed Fac      ICRA BBB+    60.8
Sical Logistics Ltd                     LT: NCD               ICRA BBB+    1000
Sical Multimodal And Rail               LT: TL                ICRA         670     Reaffirmed
Transport Ltd                                                 BBB+(SO)
Rating watch with developing implications
Sical Multimodal And Rail               LT: TL proposed       ICRA         544.4   Reaffirmed
Transport Ltd                                                 BBB+(SO)
Rating watch with developing implications
Sical Multimodal And Rail               LT: FBL               ICRA         400     Reaffirmed
Transport Ltd                                                 BBB+(SO)
Rating watch with developing implications
Sical Multimodal And Rail               NCD                   ICRA         1000    Reaffirmed
Transport Ltd                                                 BBB+(SO)
Rating watch with developing implications
Sical Saumya Mining Ltd                 LT: TL                ICRA         720     Reaffirmed
                                                              BBB+(SO)
Rating watch with developing implications
Sical Saumya Mining Ltd                 LT: TL proposed       ICRA         280     Reaffirmed
                                                              BBB+(SO)
Rating watch with developing implications
Spdd Infra Pvt Ltd                      LT-FB Limits          ICRA B+      27.5
Issuer not cooperating
Sri Karpagam Steels                     CC                    ICRA B+      60
Issuer not cooperating
Stanley Lifestyles Ltd                  LT- Fund Based- CC    ICRA BBB+    250     Assigned
Stanley Lifestyles Ltd                  LT- Fund Based- TL    ICRA BBB+    37.4    Assigned
Stanley Lifestyles Ltd                  LT/ST- Unallocated    ICRA BBB+    35.4    Assigned
                                                              / ICRA A2
Sumadhura Infracon Pvt Ltd              Unallocated Limits    [ICRA BBB    1650
Review process in underway
Sumadhura Infracon Pvt Ltd              LT-Fund BasedTL       ICRA BBB-    800
Review process in underway
Sumadhura Infracon Pvt Ltd              LT-Fund BasedCC       ICRA BBB-    600
Review process in underway
Tcil Bina Toll Road Ltd                 TL                    ICRA BBB-    620
Td Toll Road Pvt Ltd                    TL                    ICRA BB+     3014
Review process in underway
Tex-Styles International Pvt            Unallocated limits    ICRA         1.8
Ltd                                                           C+/ICRA A4
Issuer not cooperating
The Mahatma Gandhi Sahakara             CC                    ICRA C+      350
Sakkare Karkhane
Issuer not cooperating
Torrent Pharmaceuticals Ltd             NonConvertible        ICRA AA &    15000
                                        Debentures
&: Ratings under watch with developing implication
Torrent Pharmaceuticals Ltd             BLR                   ICRA AA/A1+  29660
                                                              &
&: Ratings under watch with developing implication
Ufo Moviez India Ltd                    TL                    ICRA AA-     1070    Placed on
                                                                                   rating watch
                                                                                   with
developing implication
Ufo Moviez India Ltd                    LT, FB Limits         ICRA AA- &   30      Placed on
                                                                                   rating watch
                                                                                   with
developing implication
& Rating watch with developing implication
Utility Forms Pvt Ltd                   FB CC                 ICRA BBB-    60      Upgraded
                                                                                   from ICRA BB+
Vijay Engineering Equipment             CC Limits             ICRA B       160     Reaffirmed
India Pvt Ltd
Vijay Engineering Equipment             Unallocated Limits    ICRA B       15      Reaffirmed
India Pvt Ltd
--------------------------------------------------------------------------------------------
$: 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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