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ICRA ratings for Indian debt instruments-Nov 22
November 22, 2017 / 10:44 AM / a month ago

ICRA ratings for Indian debt instruments-Nov 22

    Nov 22 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of November 21, 2017.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Arvind And Rajan Constructions          Non-Fund basedBG      ICRA A4      25      -
(ISSUER NOT COOPERATING)
Bhartiingot Pvt Ltd                     ST Fac                ICRA A4+     80      Withdrawn
Doll Ceramic Pvt Ltd                    Non-FB – BG           ICRA A4      10      Withdrawn
Ecl Finance Ltd                         CP Programme (IPO     ICRA A1+     45000   Assigned
                                        financing)
Ecl Finance Ltd                         CP Programme (IPO     ICRA A1+     30000   Assigned
                                        financing)
Ecl Finance Ltd                         CP Programme          ICRA A1+     36000   Outstanding
Ecl Finance Ltd                         ST NCD Programme      ICRA A1+     1000    Outstanding
Ecl Finance Ltd                         CP Programme (IPO     ICRA A1+     50000   Withdrawn
                                        financing)
Ecl Finance Ltd                         CP Programme (IPO     ICRA A1+     50000   Withdrawn
                                        financing)
Ecl Finance Ltd                         CP Programme (IPO     ICRA A1+     45000   Withdrawn
                                        financing)
Ecl Finance Ltd                         ST Principal          PP-MLDICRA   9000    Outstanding
                                        Protected Market      A1+
                                        Linked Debenture 
                                        Programme
Edelweiss Commodities Services          CP Programme (IPO     ICRA A1+     40000   Assigned
Ltd                                     financing)
Edelweiss Commodities Services          CP Programme (IPO     ICRA A1+     10000   Assigned
Ltd                                     financing)
Edelweiss Commodities Services          CP Programme          ICRA A1+     70000   Outstanding
Ltd
Edelweiss Commodities Services          ST NCD Programme      ICRA A1+     1000    Outstanding
Ltd
Edelweiss Commodities Services          CP Programme (IPO     ICRA A1+     60000   Withdrawn
Ltd                                     financing)
Edelweiss Commodities Services          CP Programme (IPO     ICRA A1+     60000   Withdrawn
Ltd                                     financing)
Edelweiss Commodities Services          CP Programme (IPO     ICRA A1+     40000   Withdrawn
Ltd                                     financing)
Edelweiss Commodities Services          ST Principal          PP-MLDICRA   5000    Outstanding
Ltd                                     Protected Market      A1+
                                        Linked Debenture Programme
Edelweiss Financial Services            CP Programme (IPO     ICRA A1+     45000   Assigned
Ltd                                     financing)
Edelweiss Financial Services            CP Programme (IPO     ICRA A1+     20000   Assigned
Ltd                                     financing)
Edelweiss Financial Services            ST NCD Programme      ICRA A1+     1000    Outstanding
Ltd
Edelweiss Financial Services            CP Programme          ICRA A1+     63500   Outstanding
Ltd
Edelweiss Financial Services            CP Programme (IPO     ICRA A1+     50000   Withdrawn
Ltd                                     financing)
Edelweiss Financial Services            CP Programme (IPO     ICRA A1+     50000   Withdrawn
Ltd                                     financing)
Edelweiss Financial Services            CP Programme (IPO     ICRA A1+     45000   Withdrawn
Ltd                                     financing)
Edelweiss Finvest Pvt Ltd               CP Programme          ICRA A1+     10000   Outstanding
Edelweiss Finvest Pvt Ltd               ST Principal          PP-MLDICRA   1500    Outstanding
                                        Protected Market      A1+
                                        Linked Debenture Programme
Escorts Ltd                             Non-FB Fac            ICRA A1+     3980    upgraded
                                                                                   From
                                                                                         A1
(reduced from 419.0 CR)
Escorts Ltd                             CP                    ICRA A1+     1000    upgraded
                                                                                   From
                                                                                         A1
Hemani Industries Ltd                   ST - Fund based       ICRA A2      750     -
                                        working capital Fac
(ISSUER NOT COOPERATING)
Hemani Industries Ltd                   ST - Fund             ICRA A2      80      -
                                        based/non-fund based
                                        Bk Fac
(ISSUER NOT COOPERATING)
Megawin Switchgear Pvt Ltd              ST: Non FB Fac        ICRA A3+     550     Reaffirmed
National Industrial                     NFB                   ICRA A4+     8.7     Upgraded
Corporation Ltd                                                                    from
                                                                                         A4
Nice Sesame Agro Industries             BG                    ICRA A4      2       -
(ISSUER NOT COOPERATING)
Tata Capital Financial                  ST Loans              ICRA A1+     13250   Outstanding
Services Ltd
Tata Capital Financial                  CP Programme          ICRA A1+     100000  Outstanding
Services Ltd
Zinka Logistics Solutions Pvt           Unallocated           ICRA A2+(SO) 35      -
Ltd
Zinka Logistics Solutions Pvt           FB limits             ICRA A2+(SO) 1965    -
Ltd

LONG TERM RATINGS:
-------------------
Anjaneya Rice Industries                Fund based            ICRA B+      100     -
(ISSUER NOT COOPERATING)
Arvind And Rajan Constructions          Fund based-CC         ICRA BB-     25      -
(ISSUER NOT COOPERATING)
Asf Insignia Sez Pvt Ltd                LT- TL                ICRA BBB-    2700    Withdrawn
Asf Insignia Sez Pvt Ltd                Long- Proposed TL     ICRA BBB-    1800    Withdrawn
Bank Of India                           Innovative Perpetual  ICRA AA-     6580    Withdrawn
                                        Debt Instruments
(ISSUER NOT COOPERATING)
Baramati Tollways Pvt Ltd               TL                    ICRA D       361.7   Downgraded
                                                                                   from
                                                                                         BB+
Bhartiingot Pvt Ltd                     LT Fac                ICRA BB+     10      Withdrawn
Bhartiingot Pvt Ltd                     Unallocated Facilties ICRA BB+     20      Withdrawn
Doll Ceramic Pvt Ltd                    FB – CC               ICRA B       30      Withdrawn
Doll Ceramic Pvt Ltd                    FB – TL               ICRA B       30.6    Withdrawn
Doll Ceramic Pvt Ltd                    Unallocated Limits    ICRA B       29.4    Withdrawn
Ecl Finance Ltd                         NCD Programme         ICRA AA      73500   Outstanding
Ecl Finance Ltd                         Subordinated Debt     ICRA AA      11500   Outstanding
                                        Programme
Ecl Finance Ltd                         Bk Lines              ICRA AA /    110000  Outstanding
                                                              ICRA A1+
Ecl Finance Ltd                         LT Principal          PP-MLD ICRA  3000    Outstanding
                                        Protected Market      AA
                                        Linked Debenture Programme (Unsecured and Subordinated)
Ecl Finance Ltd                         LT Principal          PP-MLD ICRA  23500   Outstanding
                                        Protected Market      AA
                                        Linked Debenture Programme
Edelweiss Commodities Services          NCD Programme         ICRA AA      47000   Outstanding
Ltd
Edelweiss Commodities Services          Bk Lines              ICRA AA      20000   Outstanding
Ltd
Edelweiss Financial Services            NCD Programme         ICRA AA      5000    Outstanding
Ltd
Edelweiss Finvest Pvt Ltd               NCD Programme         ICRA AA      6000    Outstanding
Edelweiss Finvest Pvt Ltd               Bk Lines              ICRA AA      5000    Outstanding
Edelweiss Finvest Pvt Ltd               LT Principal          PP-MLD ICRA  2000    Assigned
                                        Protected Market      AA
                                        Linked Debenture Programme (unsecured)
Edelweiss Finvest Pvt Ltd               LT Principal          PP-MLD ICRA  11000   Outstanding
                                        Protected Market      AA
                                        Linked Debenture Programme
Escorts Ltd                             TL                    ICRA A+      1763    upgraded
                                                                                   from       A
(reduced from 202.5 CR)
Escorts Ltd                             FB Fac                ICRA A+ /    4340    upgraded
                                                              ICRA A1              from       A
                                                                                   / ICRA A1
(reduced from 478.0 CR)
Escorts Ltd                             Unallocated Limits    ICRA A+ /    1192    upgraded
                                                              ICRA A1              from       A
                                                                                   / ICRA A1
(enhanced from 28.0 CR)
Faith Lumber Pvt Ltd                    BLR                   ICRA B+ /    250     -
                                                              ICRA A4
(ISSUER NOT COOPERATING)
Goa Antibiotics &                       LT – Fund based/CC    ICRA BB      80      Assigned
Pharmaceuticals Ltd
Goa Antibiotics &                       LT/ST - Unallocated   ICRA BB /    5       Assigned
Pharmaceuticals Ltd                                           ICRA A3+
Haideri Timber Pvt Ltd                  BLR                   ICRA B /     90      -
                                                              ICRA A4
(ISSUER NOT COOPERATING)
Hemani Industries Ltd                   LT - TL               ICRA BBB+    116.3   -
(ISSUER NOT COOPERATING)
Hemani Industries Ltd                   LT - Unallocated      ICRA BBB+    14.1    -
                                        limits
(ISSUER NOT COOPERATING)
Hindustan Cotton Spinning Mills         TL                    ICRA BB-     39      Reaffirmed
Hindustan Cotton Spinning Mills         CC                    ICRA BB-     72.5    Reaffirmed
Hindustan Cotton Spinning Mills         Unallocated facility  ICRA BB-     28.5    Reaffirmed
Maharaja Shree Umaid Mills Ltd          TL                    ICRA BB      1706.7  Withdrawn
Maharaja Shree Umaid Mills Ltd          CCL                   ICRA BB      500     Withdrawn
Maharaja Shree Umaid Mills Ltd          NFBL                  ICRA BB      9.7     Withdrawn
Maharaja Shree Umaid Mills Ltd          CC limits/ Short-TL   ICRA BB /    650     Withdrawn
                                                              ICRA A4
Maharaja Shree Umaid Mills Ltd          Non FB limits         ICRA BB /    50      Withdrawn
                                                              ICRA A4
Maharaja Shree Umaid Mills Ltd          Proposed limits       ICRA BB /    200     Withdrawn
                                                              ICRA A4
Megawin Switchgear Pvt Ltd              LT: FB Fac            ICRA BBB     500     Reaffirmed
Megawin Switchgear Pvt Ltd              LT: Proposed Fac      ICRA BBB     150     Reaffirmed
National Industrial                     FB CC                 ICRA BB      230     Reaffirmed
Corporation Ltd
Nice Sesame Agro Industries             CC                    ICRA B+      89.6    -
(ISSUER NOT COOPERATING)
Nice Sesame Agro Industries             TL                    ICRA B+      8.4     -
(ISSUER NOT COOPERATING)
Polo Queen Industrial And               FB – CC               ICRA BB-     50      Assigned
Fintech Ltd
Polo Queen Industrial And               FB – Advance against  ICRA BB-     20      Assigned
Fintech Ltd                             Government supply
                                        bills
Prasad Agrico Industries Pvt            FBL                   ICRA B+      92.5    Assigned
Ltd
Prasad Agrico Industries Pvt            Unallocated (Proposed ICRA B+      207.5   Assigned
Ltd                                     limits)
Pyrotech Electronics Pvt Ltd            CC                    ICRA BBB-    293.5   -
(ISSUER NOT COOPERATING)
Pyrotech Electronics Pvt Ltd            TL                    ICRA BBB-    166.5   -
(ISSUER NOT COOPERATING)
Pyrotech Electronics Pvt Ltd            BG                    ICRA BBB-    290     -
(ISSUER NOT COOPERATING)
Pyrotech Workspace Solutions            CC                    ICRA BB      120     -
Pvt Ltd
(ISSUER NOT COOPERATING)
Pyrotech Workspace Solutions            Unallocated           ICRA BB      20      -
Pvt Ltd
(ISSUER NOT COOPERATING)
Pyrotech Workspace Solutions            BG                    ICRA BB      195     -
Pvt Ltd
(ISSUER NOT COOPERATING)
Rich Offset (I) Pvt Ltd                 Bk limits^            ICRA BB+     130.7   -
(ISSUER NOT COOPERATING)
Tata Capital Financial                  Perpetual Debt        ICRA AA      3000    Assigned
Services Ltd                            Programme
Tata Capital Financial                  Perpetual Debt        ICRA AA      7865.5  Outstanding
Services Ltd                            Programme
Tata Capital Financial                  NCDs Programme        ICRA AA+     110319.3Outstanding
Services Ltd
Tata Capital Financial                  Subordinated Debt     ICRA AA+     14054.5 Outstanding
Services Ltd                            Programme
Tata Capital Financial                  LT FBL                ICRA AA+     115250#%Outstanding
Services Ltd
%includes Rs. 4,028 crore interchangeable between long term fund based limits and long term
loans #includes Rs. 825 crore interchangeable between long term fund based and long term
non-fund based.
Tata Capital Financial                  LT Loans              ICRA AA+     16500   Outstanding
Services Ltd
Tata Capital Financial                  LT NFBL               ICRA AA+     5000    Outstanding
Services Ltd
Veljan Denison Ltd                      Fund based – CC       ICRA BBB+    320     Reaffirmed
(revised from 30.00 CR)
Veljan Denison Ltd                      Fund based – TL       ICRA BBB+    120     Reaffirmed
(revised from 0.00 CR)
Veljan Denison Ltd                      Non Fund based – BG   ICRA BBB+    70      Reaffirmed
Veljan Denison Ltd                      Non Fund based – LOC  ICRA BBB+    60      Reaffirmed
Workspace Metal Solution Pvt            CC                    ICRA B+      30.5    -
Ltd
(ISSUER NOT COOPERATING)
Workspace Metal Solution Pvt            TL                    ICRA B+      56      -
Ltd
(ISSUER NOT COOPERATING)
Workspace Metal Solution Pvt            BG                    ICRA B+      25      -
Ltd
(ISSUER NOT COOPERATING)
Workspace Metal Solution Pvt            Unallocated           ICRA B+      40      -
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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