November 24, 2017 / 10:43 AM / 18 days ago

ICRA ratings for Indian debt instruments-Nov 24

    Nov 24 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of November 23, 2017.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Ag Industries Pvt Ltd                   Unallocated Limits    ICRA A1+             Reaffirmed
Avg Motors Ltd                          ST – FBL              ICRA A2      20      Upgraded
                                                                                   from ICRA A3+
Bachi Shoes Ltd                         ST fund based facilityICRA A1+     650     Withdrawn
developing implication
Bachi Shoes Ltd                         ST non fund based     ICRA A1+     310     Withdrawn
                                        facility
developing implication
Ccl International Ltd                   Non-FBL               ICRA A4      85      Downgraded
                                                                                   from ICRA A4+
Dcb Bank Ltd                            ST Fixed Deposit      ICRA A1+             Reaffirmed
                                        Programme
Gic Housing Finance Ltd                 ST Bk Lines           ICRA A1+     5000    Outstanding
Gic Housing Finance Ltd                 CP                    ICRA A1+     15000   Outstanding
Hcl Infosystems Ltd                     CP/ STD               ICRA A1      3000    Reaffirmed
Jayant Printery Llp                     Non-fund based-BG     ICRA A4      25.5    Reaffirmed
Kotak Mahindra Asset                    Kotak Floater ST Fund ICRA A1+mfs          Outstanding
Management Company
Kotak Mahindra Asset                    Kotak Liquid Fund     ICRA A1+mfs          Outstanding
Management Company
Lgb Forge Ltd                           ST: Non-FB Fac        ICRA A1+     100     Reaffirmed
                                                              (SO)
Nandan Denim Ltd                        Fund based-Working    ICRA A1      152     Outstanding
                                        Capital Fac (ST)
Nandan Denim Ltd                        Non- FB Fac           ICRA A1      1100    Assigned/
                                                                                   Outstanding
Narayana Hrudayalaya Ltd                CP                    ICRA A1+             Reaffirmed
Narayana Hrudayalaya Surgical           ST – Non-FBL          ICRA A1+     10      Reaffirmed
Hospital Pvt Ltd                                              (SO)
Shri Ram Switchgears Pvt. Ltd.          Non-FBL – LOC         ICRA A4      50      Reaffirmed
Sri Enterprises                         FB – Packing Credit   ICRA A4+             Upgraded
                                                                                   from ICRA A4
Sri Enterprises                         Non-fund based – LOC  ICRA A4+             Upgraded
                                                                                   from ICRA A4
Sri Enterprises                         Non-fund based – LOC/ ICRA A4+             Upgraded
                                        Letter of Comfort/                         from ICRA A4
                                        Bills Discounting/ Letter of Guarantee
Vibhor Steel Tubes Pvt Ltd              Non-fund based – LOC  ICRA A3      210     Assigned/
                                                                                   Outstanding
(enhanced from 11 CR); fully interchangeable
Vibhor Steel Tubes Pvt Ltd              Non-fund based – BG   ICRA A3      210     Assigned/
                                                                                   Outstanding
(enhanced from 11 CR); fully interchangeable

LONG TERM RATINGS:
-------------------
Ab Hotels Ltd                           TL                    ICRA BB+     140     Reaffirmed
(reduced from 20.0 CR)
Ab Hotels Ltd                           LT unallocated limits ICRA BB+     60      Reaffirmed
(reduced from 60.0 CR)
Ag Industries (Bawal) Pvt Ltd           TL                    ICRA AA (SO) 64.8    Reaffirmed
(reduced from 12.96 CR)
Ag Industries (Bawal) Pvt Ltd           FB Fac                ICRA AA (SO) 170     Reaffirmed
(enhanced from 7.0 CR)
Ag Industries Pvt Ltd                   TL                    ICRA AA      350     Reaffirmed
Ag Industries Pvt Ltd                   CC Fac                ICRA AA      690     Reaffirmed
(enhanced from 55.0 CR)
Ag Industries Pvt Ltd                   Non-FB Fac            ICRA AA      210     Reaffirmed
(enhanced from 3.75 CR)
Ag Industries Pvt Ltd                   FB Fac                ICRA AA      200     Reaffirmed
Arjandass & Sons                        --                    --
ISSUER NOT COOPERATING; No Default Statement
Avg Motors Ltd                          LT – FBL              ICRA BBB+    134     Upgraded
                                                                                   from ICRA BBB
Avg Motors Ltd                          Unallocated limits    ICRA BBB+    35.7    Upgraded
                                                              /A2                  from ICRA
                                                                                   BBB / A3+
Ccl International Ltd                   FB Limits             ICRA BB      50      Reaffirmed
Chiddarwar Construction                 Bk Loans              ICRA B/ A4   100
Company Pvt Ltd
Issuer not co-operating
Dcb Bank Ltd                            Basel III Compliant   ICRA A+      5500    Reaffirmed
                                        Tier II Bonds         (hyd)
                                        Programme
Deccan Cements Ltd                      FB – TL               ICRA A       34.4    Reaffirmed
(reduced from Rs. 13.53 crore)
Deccan Cements Ltd                      Unallocated Limits    ICRA A       5.6     Reaffirmed
Dharmesh Textiles Ltd                   LT FB CC              ICRA BBB     70      Upgraded
                                                                                   from ICRA
                                                                                   BBB-
Dharmesh Textiles Ltd                   LT FB TL              ICRA BBB     130     Upgraded
                                                                                   from ICRA
                                                                                   BBB-
Gic Housing Finance Ltd                 LT Bk Lines           ICRA AA+     100000  Assigned
(enhanced from 8,500 CR)
Gic Housing Finance Ltd                 NCD                   ICRA AA+     5500    Outstanding
Gita & Company                          BLR                   ICRA BB /A4  104
Review process is underway
Gmax Auto Ltd                           TL                    ICRA AA (SO) 564     Reaffirmed
(reduced from 84.52 CR)
Gmax Auto Ltd                           FB Fac                ICRA AA (SO) 95      Reaffirmed
Gmax Auto Ltd                           Non-FB Fac            ICRA AA      350     Reaffirmed
                                                              (SO) /A1+
                                                              (SO)
Greenpack Industries                    LT, FBL – TL          ICRA BB+     60
Issuer not co-operating
Greenpack Industries                    LT, FBL – CC          ICRA BB+     30
Issuer not co-operating
Hajipur Municipal Council               Issuer Rating         ICRA B+              Assigned
Infant'S Travels Pvt Ltd                FB limits             ICRA BB      150     Reaffirmed
Jayant Printery Llp                     Fund based- Working   ICRA BB-     52.5    Reaffirmed
                                        Capital Fac
Jayant Printery Llp                     Unallocated Limits    ICRA BB- /A4 22      Reaffirmed
K P Sanghvi & Sons                      LT / ST, FBL          ICRA A- /A2+ 12100   Reaffirmed
Kotak Mahindra Asset                    Kotak Bond ST Fund    ICRA AAAmfs          Outstanding
Management Company
Kotak Mahindra Asset                    Kotak Flexi Debt      ICRA AAAmfs          Outstanding
Management Company                      Scheme
Kotak Mahindra Asset                    Kotak Treasury        ICRA AAAmfs          Outstanding
Management Company                      Advantage Fund
Kotak Mahindra Asset                    Kotak Corporate Bond  ICRA AAAmfs          Outstanding
Management Company                      Fund
Kotak Mahindra Asset                    Kotak Bond Fund       ICRA AAAmfs          Outstanding
Management Company
Kotak Mahindra Asset                    Kotak Bking and PSU   ICRA AAAmfs          Outstanding
Management Company                      Debt Fund
Kotak Mahindra Asset                    Kotak Capital         ICRA                 Provisional
Management Company                      Protection Oriented   AAAmfs(SO)
                                        Scheme Series 5
Kotak Mahindra Asset                    Kotak Capital         ICRA                 Provisional
Management Company                      Protection Oriented   AAAmfs(SO)
                                        Scheme Series 6
Lgb Forge Ltd                           LT: FB Fac            ICRA AA-     170     Reaffirmed
                                                              (SO)
Meridian Medical Research And           FB – Working Capital  ICRA AA-     50      Reaffirmed
Hospital Ltd                                                  (SO)
Meridian Medical Research And           FB – TL               ICRA AA-     650     Reaffirmed
Hospital Ltd                                                  (SO)
Nandan Denim Ltd                        Fund based-TL         ICRA A       4705.4  Assigned/
                                                                                   Outstanding
Nandan Denim Ltd                        Fund based- Working   ICRA A       2748.2  Assigned/
                                        Capital Fac                                Outstanding
Narayana Hrudayalaya Ltd                FB – Working Capital  ICRA AA-     400     Reaffirmed
                                                              /A1+
Narayana Hrudayalaya Ltd                Non-fund based –      ICRA AA-             Reaffirmed
                                        Working capital       /A1+
                                        (Interchangeable with FB – Working Capital)
Narayana Hrudayalaya Ltd                FB – TL               ICRA AA-     1750    Reaffirmed
                                                              /A1+
Narayana Hrudayalaya Ltd                Non-fund based –      ICRA AA-     350     Reaffirmed
                                        Working capital limits/A1+
Narayana Hrudayalaya Ltd                LT – Unallocated      ICRA AA-             Reaffirmed
                                        limits                /A1+
Narayana Hrudayalaya Ltd                ST – Unallocated      ICRA AA-             Reaffirmed
                                        limits                /A1+
Narayana Hrudayalaya Surgical           FB – Working Capital  ICRA AA-     50      Reaffirmed
Hospital Pvt Ltd                                              (SO)
Narayana Hrudayalaya Surgical           FB – TL               ICRA AA-     350     Reaffirmed
Hospital Pvt Ltd                                              (SO)
Newrise Healthcare Pvt Ltd              LT – Proposed Limits  ICRA AA-     1280    Provisional
                                                              (SO)                 withdrawn
Patny Systems Pvt Ltd                   FB                    ICRA BBB-    30      Assigned
Patny Systems Pvt Ltd                   Non-fund based        ICRA BBB-    50      Assigned
Patny Systems Pvt Ltd                   Unallocated Limits    ICRA BBB-    20      Assigned
Purnea Municipal Corporation            Issuer Rating         Ir BB                Assigned
Rmz Azure Projects Pvt Ltd              Proposed TL           ICRA A+ (SO) 1800    Provisional
Sanghvi Buildtech Llp                   LT- TL                ICRA B       300     Assigned
Sasaram Municipal Council               Issuer Rating         ICRA B+              Assigned
Shankar Rice & Gen. Mills               LT FB Limits          ICRA B       745     Reaffirmed
(enhanced from 44.00 CR)
Shantha Trust                           LT – FB               ICRA D       80      Revised from
                                                                                   ICRA B+
Shree Gurudatta Shikshan                FB – CC               ICRA BB      22.5    Assigned/
Sanstha                                                                            Outstanding
(enhanced from Rs.1.00 crore)
Shree Gurudatta Shikshan                FB – TL               ICRA BB      48.1    Outstanding
Sanstha
(reduced from Rs.5.00 crore)
Shrem Resort Pvt Ltd                    TL                    ICRA BBB-    1400    Assigned
Shri Ram Switchgears Pvt. Ltd.          FB Limits – CC        ICRA BB-     170     Upgraded
                                                                                   from ICRA B+
Shri Ram Switchgears Pvt. Ltd.          FB Limits – TL        ICRA BB-     27      Upgraded
                                                                                   from ICRA B+
Shri Ram Switchgears Pvt. Ltd.          Non-FBL – BG          ICRA BB-     480     Upgraded
                                                                                   from ICRA B+
Sp Solren Pvt Ltd                       Bk Lines              ICRA BBB+    600
Review process is underway
Sri Enterprises                         FB – CC               ICRA BB+             Upgraded
                                                                                   from ICRA BB
Suryoday Small Finance Bank             LT Bk Lines           ICRA A-      5500
Ltd. (Erstwhilesuryoday Micro
Finance Ltd)
Review process is underway
Suryoday Small Finance Bank             NCD                   ICRA A-      2935
Ltd. (Erstwhilesuryoday Micro
Finance Ltd)
Review process is underway
Suryoday Small Finance Bank             Subordinated Debt     ICRA A-      250
Ltd. (Erstwhilesuryoday Micro           Programme
Finance Ltd)
Review process is underway
Svp Builders (I) Ltd                    FBL                   ICRA BB+     1000
Issuer delayed in giving information
Tripura Natural Gas Company             Bk Fac                ICRA A-      110
Review process is underway
Vibhor Steel Tubes Pvt Ltd              FB – CC               ICRA BBB-    380     Assigned/
                                                                                   Outstanding
(enhanced from 28.00 CR)
Vibhor Steel Tubes Pvt Ltd              FB – TL               ICRA BBB-    169.6   Assigned/
                                                                                   Outstanding
(enhanced from 6.96 CR)
Vibhor Steel Tubes Pvt Ltd              FB – Forward Contract ICRA BBB-            Outstanding
                                        Limit                 /A3
Vibhor Steel Tubes Pvt Ltd              FB – EPC/ PCFC/ /     ICRA BBB-            Outstanding
                                        EBC/ FBD/ optionally  /A3
                                        convertible debentureBC
Vibhor Steel Tubes Pvt Ltd              FB – Derivative / CEL ICRA BBB-    1       Outstanding
                                                              /A3
Vibhor Steel Tubes Pvt Ltd              Unallocated           ICRA BBB-    79.4    Outstanding
                                                              /A3
Vijay Industries                        FB – CC               ICRA BB      70      Reaffirmed

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