November 4, 2019 / 11:18 AM / 10 days ago

ICRA ratings for Indian debt instruments-Nov 4

    Nov 4 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of November 1, 2019.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Allsec Technologies Ltd                 ST – Non-fund based   ICRA A2      70      Upgraded
                                                                                   from ICRA
                                                                                   A3+%
rating removed from watch
Arvind Ltd                              CP                    ICRA A1      7000    Withdrawn
Geco Special Machiners                  ST – Non-Fund Based   ICRA A4      9       Assigned
Idfc Asset Management Co. Ltd           IDFC Overnight Fund   ICRA A1+mfs  -       Assigned
Idfc Asset Management Co. Ltd           IDFC Cash Fund        ICRA A1+mfs  -       outstanding
Idfc Asset Management Co. Ltd           IDFC Ultra ST Fund    ICRA A1+mfs  -       outstanding
Itc Ltd                                 CP                    ICRA A1+     5000    Reaffirmed
Krishna Construction Co.                Non-FBL               ICRA A4+     200     -
Issuer Not Cooperating
Power Grid Corporation Of               CP                    ICRA A1+     90000   Assigned /
India Ltd                                                                          Outstanding
Power Grid Corporation Of               ST borrowing programmeICRA A1+     90000   Assigned /
India Ltd                                                                          Outstanding
Redington (India) Ltd                   CP                    ICRA A1+     19000   Reaffirmed
Redington (India) Ltd                   ST - FB Fac           ICRA A1+     8510    Reaffirmed
Redington (India) Ltd                   ST Non-Fund based     ICRA A1+     1850    Reaffirmed
Shree Sulphurics Pvt. Ltd.              Non-FBL               ICRA A2+     2       Assigned
Sundaram Bnp Paribas Home               CP                    ICRA A1+     15000   Reaffirmed
Finance Ltd
Vadsola Ceramic                         Non-fund Based BG     ICRA A4      15      -
Rating continues to remain under ‘Issuer Not Cooperating’ category

MEDIUM TERM RATINGS:
-------------------
Sundaram Bnp Paribas Home               Fixed Deposits        MAAA         0       Reaffirmed
Finance Ltd                                                   (Stable)

LONG TERM RATINGS:
-------------------
Allsec Technologies Ltd                 LT – FB               ICRA BBB+    40      Upgraded
                                                              (Stable)             from ICRA
                                                                                   BBB%
rating removed from watch
Geco Special Machiners                  LT – Fund Based / TL  ICRA BB-     30      Assigned
                                                              (Stable)
Geco Special Machiners                  LT – Fund Based/CC    ICRA         40      Assigned
                                                              BB-(Stable)
Geco Special Machiners                  LT/ST – Unallocated   ICRA         176     Assigned
                                                              BB-(Stable)
                                                              /A4
Idfc Asset Management Co. Ltd           IDFC Dynamic Bond FundICRA AAAmfs  -       outstanding
Idfc Asset Management Co. Ltd           IDFC Bond Fund –      ICRA AAAmfs  -       outstanding
                                        Income Plan
Idfc Asset Management Co. Ltd           IDFC Money Manager    ICRA AAAmfs  -       outstanding
                                        Fund
Idfc Asset Management Co. Ltd           IDFC Bond Fund – ST   ICRA AAAmfs  -       outstanding
                                        Plan
Idfc Asset Management Co. Ltd           IDFC Low Duration FundICRA AAAmfs  -       outstanding
Idfc Asset Management Co. Ltd           IDFC Bond Fund –      ICRA AAAmfs  -       outstanding
                                        Medium Term Plan
Idfc Asset Management Co. Ltd           IDFC Bking and PSU    ICRA AAAmfs  -       outstanding
                                        Debt Fund
Idfc Asset Management Co. Ltd           IDFC Corporate Bond   ICRA AAAmfs  -       outstanding
                                        Fund
Krishna Construction Co.                FB limit              ICRA BB+     30      -
                                                              (Stable)
Issuer Not Cooperating
Krishna Construction Co.                Unallocated limits    ICRA BB+     1       -
                                                              (Stable) /
                                                              A4+
Issuer Not Cooperating
M. B. Mehta & Co.                       LT / ST: Post         ICRA         200     Reaffirmed
                                        Shipment Credit       BB+(Stable)
                                                              / ICRA A4+
M. B. Mehta & Co.                       LT / ST: Export       ICRA         -       Reaffirmed
                                        Packing Credit**      BB+(Stable)
                                                              / ICRA A4+
M. B. Mehta & Co.                       LT / ST: PCFC1 **     ICRA         -       Reaffirmed
                                                              BB+(Stable)
                                                              / ICRA A4+
** sub-limit under Post Shipment Credit
M. B. Polishing Works                   LT / ST: Post         ICRA BB+     200     Reaffirmed
                                        Shipment Credit       (Stable) /
                                                              ICRA A4+
M. B. Polishing Works                   LT / ST: Export       ICRA BB+     -60     Reaffirmed
                                        Packing Credit**      (Stable) /
                                                              ICRA A4+
M. B. Polishing Works                   LT / ST: PCFC1 **     ICRA BB+     -200    Reaffirmed
                                                              (Stable) /
                                                              ICRA A4+
** sub-limit under Post Shipment Credit
Mpsez Utilities Pvt Ltd                 Fund Based – TL       ICRA         5       Assigned
                                                              A+(Stable)
Power Grid Corporation Of               LT bonds programme    ICRA AAA     844158.7Reaffirmed
India Ltd                                                     (stable)
Power Grid Corporation Of               LT loans              ICRA AAA     426110  Reaffirmed
India Ltd                                                     (stable)
Power Grid Corporation Of               LT/ST Fund            ICRA AAA     57000   Reaffirmed
India Ltd                               based/Non-fund based  (stable)/A1+
                                        limits
Redington (India) Ltd                   Fund based - CC       ICRA AA      6200    Reaffirmed
                                                              (Stable)
Redington (India) Ltd                   LT/ST - Unallocated   ICRA AA      940     Reaffirmed
                                        Fac                   (Stable) /
                                                              ICRA A1+
Satya Microcapital Ltd.                 Northern Arc 2018 MFI ICRA A(SO)   -       Withdrawn
                                        Atticus PTC Series A1
Satya Microcapital Ltd.                 Northern Arc 2018 MFI ICRA A-(SO)  -       Withdrawn
                                        Donna PTC Series A2
Satya Microcapital Ltd.                 Northern Arc 2018 MFI ICRA         -       Withdrawn
                                        Donna PTC Series A3   BBB(SO)
Shree Sulphurics Pvt. Ltd.              FBL                   ICRA A-      75      Assigned
                                                              (Stable)
Shree Sulphurics Pvt. Ltd.              Unallocated limits    ICRA A-      3       Assigned
                                                              (Stable)/A2+
Sundaram Bnp Paribas Home               LT CC                 ICRA AA+     2000    Reaffirmed
Finance Ltd                                                   (Stable)
Sundaram Bnp Paribas Home               LT TL                 ICRA AA+     4500    Reaffirmed
Finance Ltd                                                   (Stable)
Sundaram Bnp Paribas Home               LT Unallocated        ICRA AA+     1000    Reaffirmed
Finance Ltd                                                   (Stable)
Sundaram Bnp Paribas Home               NCDs (NCDs)           ICRA AA+     17716   Reaffirmed
Finance Ltd                                                   (Stable)
Sundaram Bnp Paribas Home               Non-convertible       ICRA AA+     -       Withdrawn
Finance Ltd                             debentures (NCDs)     (Stable)
Sundaram Bnp Paribas Home               Subordinated Debt     ICRA AA+     1350    Reaffirmed
Finance Ltd                                                   (Stable)
Sundaram Bnp Paribas Home               Subordinated Debt     ICRA AA+     -       Withdrawn
Finance Ltd                                                   (Stable)
Trimula Industries Ltd                  Issuer Rating         ICRA BB+     -       Withdrawn
                                                              (Stable)
Vadsola Ceramic                         Fund based-TL         ICRA B       70      -
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Vadsola Ceramic                         Fund based-CC         ICRA B       30      -
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
--------------------------------------------------------------------------------------------
$: 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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