November 15, 2017 / 10:47 AM / a month ago

ICRA ratings for Indian debt instruments-Nov 15

   Nov 15 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of November 14, 2017.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Akp Ferrocast Pvt Ltd                   ST – Non-FB Fac       ICRA A4+     20
Issuer not cooperating
Alm Industries Ltd                      ST FBL                ICRA A3      1100    Reaffirmed
Axison Vitrified Pvt. Ltd.              Non-fund based-BG     ICRA A4      15      Outstanding
Hdfc Credila Financial                  CP programme          ICRA A1+     10000   Outstanding
Services Pvt Ltd
L&T Finance Ltd                         CP Programme (IPO     ICRA A1+     90000   Assigned
                                        financing)
L&T Finance Ltd                         CP Programme (IPO     ICRA A1+     90000   Withdrawn
                                        financing)
L&T Finance Ltd                         CP Programme          ICRA A1+     185000  Outstanding
L&T Housing Finance Ltd                 CP programme (IPO     ICRA A1+     10000   Assigned
                                        financing)
L&T Housing Finance Ltd                 CP programme (IPO     ICRA A1+     10000   Withdrawn
                                        financing)
L&T Housing Finance Ltd                 CP programme          ICRA A1+     35000   Outstanding
L&T Infrastructure Finance Co.          CP programme (IPO     ICRA A1+     50000   Assigned
Ltd                                     financing)
L&T Infrastructure Finance Co.          CP programme (IPO     ICRA A1+     50000   Withdrawn
Ltd                                     financing)
L&T Infrastructure Finance Co.          CP Programme          ICRA A1+     110000  Outstanding
Ltd
Ncl Wintech India Ltd                   NFBL                  ICRA A2      55      placed on
                                                                                   rating
                                                                                   watch 
                                                                                   with 
                                                                                   developing 
                                                                                   implications
Page Industries Ltd                     ST non-fund based Bk  ICRA A1+     800     Assigned
                                        Fac
Prakash Oils Ltd                        Non- Fund Based-      ICRA A4      670
                                        Limits
Issuer not cooperating
Rms Construction Pvt Ltd:               Non-fund based BG     ICRA A3+     550     Reaffirmed
Rating Reaffirmed
Velmurugan Heavy Engineering            ST, BG                ICRA A4      40      Reaffirmed
Industries Pvt Ltd
Zenith Forge Pvt Ltd                    Non Fund- based – LOC ICRA A4      20      Withdrawn
Zenith Forge Pvt Ltd                    Non Fund- based – BG  ICRA A4              Withdrawn
Zenith Forge Pvt Ltd                    Non Fund- based –     ICRA A4      1       Withdrawn
                                        Forward Contract Limit

MEDIUM TERM RATINGS:
-------------------
L&T Housing Finance Ltd                 Medium-Term Fixed     MAA+         1000    Outstanding
                                        Deposits
LONG TERM RATINGS:
-------------------
Akp Ferrocast Pvt Ltd                   LT – TL               ICRA BB+     95
Issuer not cooperating
Abp News Networks Pvt Ltd               Fund based-TL         ICRA BBB+    400     Withdrawn
Abp News Networks Pvt Ltd               Fund based- Working   ICRA BBB+    200     Withdrawn
                                        Capital Fac
Abp News Networks Pvt Ltd               Unallocated Fac       ICRA BBB+    300     Withdrawn
Akp Ferrocast Pvt Ltd                   LT – FB Fac           ICRA BB+     115
Issuer not cooperating
Axison Vitrified Pvt. Ltd.              Fund based-TL         ICRA B+      98.7    Outstanding
Axison Vitrified Pvt. Ltd.              Fund based- CC        ICRA B+      25.3    Outstanding
Chhaddami Lal Jagdish Saran             LT FB                 ICRA BB-     15      upgraded
Charitable Trust                                                                   from ICRA B+
Dixcy Textiles Pvt. Ltd.                LT/ST: FB Fac         ICRA A       500     upgraded
                                                              (positive)           from ICRA A-
                                                              / ICRA A1            / ICRA A2+
Dm Education And Research               FB Fac                ICRA BB+     2630    Assigned
Foundation
Dm Education And Research               Non-FB Fac            ICRA BB+     150     Assigned
Foundation
Energy Infratech Pvt. Ltd               LT/Shortterm Non Fund ICRA BB /    335
                                        based                 ICRA A4
Issuer not cooperating
Hdfc Credila Financial                  Perpetual debt        ICRA AA+     1500    Outstanding
Services Pvt Ltd                        programme
Hdfc Credila Financial                  Non-convertible       ICRA AAA     500     Assigned
Services Pvt Ltd                        subordinated
                                        debenture programme
Hdfc Credila Financial                  Non-convertible       ICRA AAA     500     Outstanding
Services Pvt Ltd                        subordinated
                                        debenture programme
K.D. Cements                            FB – CC               ICRA BBB     100     Withdrawn
L&T Finance Ltd                         Perpetual Debt        ICRA AA      6000    Outstanding
                                        Programme
L&T Finance Ltd                         NCD Programme         ICRA AA+     65190   Outstanding
L&T Finance Ltd                         NCD Programme (Public ICRA AA+     6817    Outstanding
                                        Issuance)
L&T Finance Ltd                         Subordinated Debt     ICRA AA+     13250   Outstanding
                                        Programme
L&T Housing Finance Ltd                 Perpetual Debt        ICRA AA      1000    Outstanding
                                        Programme
L&T Housing Finance Ltd                 NCD Programme         ICRA AA+     52500   Outstanding
L&T Housing Finance Ltd                 Subordinated Debt     ICRA AA+     3000    Outstanding
                                        Programme
L&T Housing Finance Ltd                 Bk Lines              ICRA AA+     29000   Outstanding
                                                              / ICRA A1+
L&T Infrastructure Finance Co.          Perpetual Debt        ICRA AA      4000    Outstanding
Ltd                                     Programme
L&T Infrastructure Finance Co.          NCD Programme         ICRA AA+     60340   Outstanding
Ltd
L&T Infrastructure Finance Co.          NCD (Infra Bonds)     ICRA AA+     16650.3 Outstanding
Ltd                                     Programme
L&T Infrastructure Finance Co.          Subordinated Debt     ICRA AA+     17000   Outstanding
Ltd                                     Programme
L&T Infrastructure Finance Co.          Bk Lines              ICRA AA+     70000   Outstanding
Ltd
Master Blenders Pvt Ltd                 FB limits             ICRA B+ /    70      Reaffirmed
                                                              ICRA A4
Ncl Wintech India Ltd                   FBL                   ICRA BBB+    193.6   placed on
                                                                                   rating
                                                                                   watch 
                                                                                   with 
                                                                                   developing 
                                                                                   implications
Ncl Wintech India Ltd                   Unallocated Limits    ICRA BBB+    11.4    placed on
                                                                                   rating
                                                                                   watch 
                                                                                   with 
                                                                                   developing 
                                                                                   implications
Noble Educational And                   LT – TL               ICRA D       140.1   Revised from
Charitable Trust                                                                   ICRA B+
Noble Educational And                   LT – CC               ICRA D       2.5     Revised from
Charitable Trust                                                                   ICRA B+
Noble Educational And                   LT/ST-Unallocated     ICRA D       7.4     Revised from
Charitable Trust                                                                   ICRA B+ /
                                                                                   ICRA A4
Page Industries Ltd                     LT FB Bk Fac          ICRA AA      2400    Assigned
Prakash Oils Ltd                        Fund BasedLimits      ICRA BB      220
Issuer not cooperating
Sms Constructions                       FB Fac                ICRA B       30
Issuer not cooperating
Sms Constructions                       Non-FB Fac            ICRA B       30
Issuer not cooperating
Sms Constructions                       Unallocated Fac       ICRA B       40
Issuer not cooperating
Triumph Wires Pvt Ltd                   Fund based            ICRA BB
Issuer not cooperating
Triumph Wires Pvt Ltd                   Non Fund based        ICRA BB
Issuer not cooperating
Varsha Industries Pvt Ltd               Fund based-TL         ICRA B+      16      upgraded
                                                                                   from ICRA B
Varsha Industries Pvt Ltd               Fund based/Non Fund   ICRA B+      470     upgraded
                                        based – CC                                 from ICRA B
                                                                                   / ICRA A4
Varsha Industries Pvt Ltd               Unallocated           ICRA B+      0.1     upgraded
                                                                                   from ICRA B/
                                                                                   ICRA A4,
                                                                                   reaffirmed
Velmurugan Heavy Engineering            LT: FB Fac            ICRA BB-     150     Upgraded
Industries Pvt Ltd                                                                 from ICRA B+
Velmurugan Heavy Engineering            LT: TL                ICRA BB-     72.7    Upgraded
Industries Pvt Ltd                                                                 from ICRA B+
Velmurugan Heavy Engineering            LT/ST: Unallocated    ICRA BB-     33.5    Upgraded
Industries Pvt Ltd                                                                 from ICRA B+
Zenith Forge Pvt Ltd                    FB – TL               ICRA BB      39      Withdrawn
Zenith Forge Pvt Ltd                    FB – CC               ICRA BB      72.5    Withdrawn
--------------------------------------------------------------------------------------------
$: 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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