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ICRA ratings for Indian debt instruments-Nov 8
November 8, 2017 / 10:45 AM / a month ago

ICRA ratings for Indian debt instruments-Nov 8

    Nov 8 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of November 7, 2017.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aep Company                             NFBL                  ICRA A4      17.5    Re-assigned
                                                                                   from ICRA
                                                                                   A3+(SO)
Issuer not cooperating
Apl Apollo Tubes Ltd                    CP                    ICRA A1+     3000    reassigned
                                                                                   from ICRA
                                                                                   A1+(SO) and
assigned to enhanced portion
(earlier Rs. 200.0 crore)
Apl Apollo Tubes Ltd                    Non-FBL               ICRA A1+     1300    Outstanding
Bharat Industrial Enterprises           ST Fund Based         ICRA A4      80      -
Ltd
G U Financial Services Pvt Ltd          MFI Grading           ICRA M3      -       Assigned
General Polytex Pvt Ltd                 BG                    ICRA A4      23      -
Issuer not cooperating
Happy Forgings Ltd                      NFBL                  ICRA A2+     314.4   Revised from
                                                                                   ICRA A2
Hexagon Nutrition (Exports)             ST: FBL               ICRA A2      83      Upgraded
Pvt Ltd                                                                            from ICRA A3+
(enhanced from Nil)
Hexagon Nutrition (Exports)             ST: NFBL              ICRA A2      20      Upgraded
Pvt Ltd                                                                            from ICRA A3+
(reduced from 5.30)
Hexagon Nutrition                       ST, fund based/       ICRA A2      32.5    Upgraded
(International) Pvt Ltd                 non-fund based                             from ICRA A3+
                                        working capital Fac
Hexagon Nutrition Pvt Ltd               ST: FBL –             ICRA A2      40      upgraded
                                        Postshipment Credit                        from ICRA A3+
                                        (PCFC)
(enhanced from 1.00)
Hexagon Nutrition Pvt Ltd               ST: NFBL              ICRA A2      20      upgraded
                                                                                   from ICRA A3+
(enhanced from Nil)
J.M. Financial & Investment             CP programme (IPO     ICRA A1+     8000    Assigned
Consultancy Services Pvt Ltd            Financing)
J.M. Financial & Investment             CP                    ICRA A1+     2000    Outstanding
Consultancy Services Pvt Ltd
J.M. Financial & Investment             CP programme (IPO     ICRA A1+     8000    Withdrawn
Consultancy Services Pvt Ltd            Financing)
Jm Financial Capital Ltd                CP programme (IPO     ICRA A1+     10000   ASsigned
                                        Financing)
Jm Financial Capital Ltd                CP programme          ICRA A1+     10000   Outstanding
Jm Financial Capital Ltd                CP programme (IPO     ICRA A1+     10000   Withdrawn
                                        Financing)
Jm Financial Products Ltd               CP programme (IPO     ICRA A1+     40000   Assigned
                                        Financing)
Jm Financial Products Ltd               CP programme          ICRA A1+     45000   Outstanding
Jm Financial Products Ltd               CP programme (IPO     ICRA A1+     45000   Withdrawn
                                        Financing)
Jm Financial Properties And             CP programme (IPO     ICRA A1+     10000   Assigned
Holdings Ltd                            Financing)
Jm Financial Properties And             CP programme (IPO     ICRA A1+     10000   Withdrawn
Holdings Ltd                            Financing)
Kgi Clothing Pvt Ltd                    ST: Fund based        ICRA A4      85      Downgraded
                                        facility                                   from ICRA A4+
Kgi Clothing Pvt Ltd                    ST: Non-fund based    ICRA A4      6       Downgraded
                                        facility – Credit                          from ICRA A4+
                                        exposure limit
Kgi Clothing Pvt Ltd                    ST: BG                ICRA A4      -       Downgraded
                                                                                   from ICRA A4+
(revised from (0.60)
Leela Ship Recycling Pvt Ltd            NFBL                  ICRA A4      1250    -
Issuer not cooperating
Logon India Infrastructure Pvt          ST: Non-FB Fac        ICRA A4      200     Withdrawn
Ltd
Marinelines Ship Breakers Pvt           LOC                   ICRA A4      300     -
Ltd
Nijanand Pipes And Fittings             ST: Non-FBL           ICRA D       10      Downgraded
Pvt Ltd                                                                            from ICRA A4+
Issuer not cooperating
Oswal Cable Products                    NFB                   ICRA A3+     90      upgraded
                                                                                   from ICRA A3
Petronet Lng Ltd                        ST Limits- Non Fund   ICRA A1+     80670   Reaffirmed
                                        Based
Shivalaya Construction Co Pvt.          NFBL                  ICRA A3+     1150    Withdrawn
Ltd.
Shri Shyam Ispat (India) Pvt            NFBL                  ICRA A3+     51.7    -
Ltd
Issuer not cooperating
Singhal Energy Pvt Ltd                  NFBL                  ICRA A3+     207.1   -
Issuer not cooperating
Singhal Enterprises Pvt Ltd             NFBL                  ICRA A3+     50      -
(Raigarh Unit)
Issuer not cooperating
Sri Venkateswara Spintex Pvt            NFB                   ICRA A4      7.5     Reaffirmed
Ltd
Trw Sun Steering Wheels Pvt Ltd         Non-FB Fac            ICRA A2+     10      Reaffirmed



LONG TERM RATINGS:
-------------------
Aep Company                             FBL                   ICRA BB-     50.6    Re-assigned
                                                                                   from ICRA
                                                                                   BBB(SO)
Issuer not cooperating
Annapurna Microfinance Pvt Ltd          PTC Series A2         ICRA A-(SO)  9.7     Withdrawn
Annapurna Microfinance Pvt Ltd          PTC Series A2         ICRA A-(SO)  10.9    Withdrawn
Apex Auto Ltd                           FBL                   ICRA D       696.6   Reaffirmed
(revised from 92.16)
Apex Auto Ltd                           NFBL                  ICRA D       190     Reaffirmed
(revised from 11.00)
Apex Auto Ltd                           Untied limits         ICRA D       113.4   Reaffirmed
(revised from 10.00)
Apl Apollo Tubes Ltd                    TL                    ICRA AA-     1210    Outstanding
Apl Apollo Tubes Ltd                    NCD                   ICRA AA-     1250    Outstanding
Apl Apollo Tubes Ltd                    CC Limits             ICRA AA-     4450    Outstanding
                                                              /A1+
Apl Apollo Tubes Ltd                    Unallocated Limits    ICRA AA-     650     Outstanding
                                                              /ICRA A1+
Aristo Industries                       BF                    ICRA B+ /    120     -
                                                              ICRA A4
Issuer not cooperating
Bharat Industrial Enterprises           LT Fund Based         ICRA BB      640     -
Ltd
C. S. Infraconstruction Ltd             TL                    ICRA D       50      -
Issuer not cooperating
C. S. Infraconstruction Ltd             FBL                   ICRA D       300     -
Issuer not cooperating
C. S. Infraconstruction Ltd             NFBL                  ICRA D       1250    -
Issuer not cooperating
Dc Wovensack Pvt Ltd                    LT: FBL – CC          ICRA B       32.5    Reaffirmed
Dc Wovensack Pvt Ltd                    LT: FBL – TL          ICRA B       66      Reaffirmed
G U Financial Services Pvt Ltd          TL                    ICRA BB-     220     Assigned
General Petrochemicals Ltd              FB-TL                 ICRA B+      17.6    -
Issuer not cooperating
General Petrochemicals Ltd              FB-CC                 ICRA B+      80      -
Issuer not cooperating
General Petrochemicals Ltd              Unallocated Limits    ICRA B+      27.4    -
Issuer not cooperating
General Polytex Pvt Ltd                 FB-TL                 ICRA B       583.4   -
Issuer not cooperating
General Polytex Pvt Ltd                 FB-CC                 ICRA B       180     -
Issuer not cooperating
Happy Forgings Ltd                      FB CC                 ICRA A-      750     Revised from
                                                                                   ICRA BBB+
Happy Forgings Ltd                      FB TL                 ICRA A-      1435.7  Revised from
                                                                                   ICRA BBB+
Happy Forgings Ltd                      Unallocated limits    ICRA A- /    199.9   Revised from
                                                              A2+                  ICRA BBB+ /
                                                                                   ICRA A2
Haridwar Municipal Corporation          Issuer Rating         ICRA BB-             Assigned
Hexagon Nutrition (Exports)             LT/ ST, fund based/   ICRA -       -       -
Pvt Ltd                                 non-fund based
                                        working capital Fac
(earlier 10.00)
Hexagon Nutrition (Exports)             LT: FBL – CC          ICRA BBB+    -       Upgraded
Pvt Ltd                                                                            from ICRA BBB
(reduced from 1.00)
Hexagon Nutrition (Exports)             LT: FBL – TL          ICRA BBB+    60      Upgraded
Pvt Ltd                                                                            from ICRA BBB
(enhanced from Nil)
Hexagon Nutrition                       LT, Fund based: TL    ICRA BBB+    48.3    Upgraded
(International) Pvt Ltd                                                            from ICRA BBB
Hexagon Nutrition                       LT/ ST, fund based/   ICRA BBB+ /  30      Upgraded
(International) Pvt Ltd                 nonfund based working A2                   from ICRA
                                        capital Fac                                BBB / ICRA
A3+
Hexagon Nutrition                       LT/ ST, unallocated   ICRA BBB+ /  24.2    Upgraded
(International) Pvt Ltd                 limits                A2                   from ICRA
                                                                                   BBB / ICRA
A3+
Hexagon Nutrition Pvt Ltd               LT/ ST, fund base d/  ICRA -       -       -
                                        non-fund based
                                        working capital Fac
Hexagon Nutrition Pvt Ltd               LT: FBL – CC          ICRA BBB+    70      upgraded
                                                                                   from ICRA BBB
(enhanced from 6.00)
Hexagon Nutrition Pvt Ltd               LT: FBL – TL          ICRA BBB+    90      upgraded
                                                                                   from ICRA BBB
(reduced from 11.00)
Il&Fs Wind Energy Ltd                   NCD                   ICRA A+ (SO) 2000    -
Issuer not cooperating
Jm Financial Capital Ltd                NCD programme         ICRA AA      2000    Outstanding
Jm Financial Capital Ltd                LT mkt linked deb progPP-MLD ICRA  2000    Outstanding
                                                              AA
Jm Financial Products Ltd               LT Bk lines           ICRA AA      15000   Outstanding
Jm Financial Products Ltd               NCD programme         ICRA AA      25000   Outstanding
Jm Financial Products Ltd               LT market linked      PP-MLD ICRA  5000    Outstanding
                                        debentures (Principal AA
                                        Protected)
Jm Financial Properties And             TL                    ICRA AA      1350    Outstanding
Holdings Ltd
Kgi Clothing Pvt Ltd                    LT: CC                ICRA BB-     82      Downgraded
                                                                                   from ICRA BB+
(revised from 9.70)
Kgi Clothing Pvt Ltd                    Long/ST: Unallocated  ICRA BB- /   27      Downgraded
                                        facility              A4                   from ICRA
                                                                                   BB+ / ICRA
A4+
(revised from 1.20)
Leela Ship Recycling Pvt Ltd            FBL                   ICRA BB      250     -
Issuer not cooperating
Logon India Infrastructure Pvt          LT: FB Fac            ICRA B+      80      Withdrawn
Ltd
Marinelines Ship Breakers Pvt           CC                    ICRA B+      50      -
Ltd
Issuer not cooperating
Nijanand Pipes And Fittings             LT: FB limits         ICRA D       50      Downgraded
Pvt Ltd                                                                            from ICRA C
Nijanand Pipes And Fittings             Unallocated           ICRA D       18.3    Downgraded
Pvt Ltd                                                                            from ICRA C
                                                                                   / ICRA A4
One Point Realty Pvt Ltd                NFB-BG                ICRA BB      142.7   Reaffirmed
Orb Energy Pvt Ltd                      LT – NCD              ICRA D       65      Revised from
                                                                                   ICRA B
Oswal Cable Products                    FB CC                 ICRA BBB     17.5    upgraded
                                                                                   from ICRA
                                                                                   BBB-
Oswal Cable Products                    Unallocated           ICRA BBB     2.5     upgraded
                                                                                   from ICRA
                                                                                   BBB-
Petronet Lng Ltd                        LT Limits- FBL        ICRA AAA     2000    Revised from
                                                                                   ICRA AA+
Petronet Lng Ltd                        LT/ST Limits- Fund    ICRA AAA     37330   Revised from
                                        based/ Non-FBL                             ICRA AA+ /
                                                                                   ICRA A1+
Petronet Lng Ltd                        LT - Bond programme   ICRA AAA     9000    Revised from
                                                                                   ICRA AA+
(reduced from Rs 1300.00 crore)
Prenit World Llp                        LT/ST Unallocated     ICRA BB- /   250     Assigned
                                                              A4
Roorkee Municipal Corporation           Issuer Rating         ICRA BB              Assigned
Shankar Mahadev And Company             BF                    ICRA BB- /A4 60      -
Issuer not cooperating
Shivalaya Construction Co Pvt.          FBL                   ICRA BBB     300     Withdrawn
Ltd.
Shree Balaji Wirenetting                LT – TL               ICRA         -       -
Industries India Pvt Ltd
Shree Balaji Wirenetting                LT – FB CC            ICRA B+      70      Reaffirmed
Industries India Pvt Ltd
(revised from 0.41 CR)
Shree Balaji Wirenetting                LT /ST – Unallocated  ICRA B+ / A4 9       Reaffirmed
Industries India Pvt Ltd                Fac
(revised from 0.49)
Shree Govardhan Steels Pvt Ltd          FBL                   ICRA B+      100     Reaffirmed
Shri Shyam Ispat (India) Pvt            FBL                   ICRA BBB     528.3   -
Ltd
Issuer not cooperating
Singhal Energy Pvt Ltd                  FBL                   ICRA BBB     337.9   -
Issuer not cooperating
Singhal Enterprises Pvt Ltd             FBL                   ICRA BBB     350     -
(Raigarh Unit)
Issuer not cooperating
Sri Ram Industries                      LT – TL               ICRA B+      25      Reaffirmed
Sri Ram Industries                      LT – FB CC            ICRA B+      50      Reaffirmed
Sri Venkata Srinivasa Raw &             FB CC                 ICRA B+      107.5   Reaffirmed
Boiled Rice Mill
Sri Venkata Srinivasa Raw &             FB TL                 ICRA B+      1.1     Reaffirmed
Boiled Rice Mill
Sri Venkata Srinivasa Raw &             NFB                   ICRA B+      10      Reaffirmed
Boiled Rice Mill
Sri Venkata Srinivasa Raw &             Unallocated           ICRA B+      31.4    Reaffirmed
Boiled Rice Mill
Sri Venkateswara Spintex Pvt            CC                    ICRA B+      150     Reaffirmed
Ltd
Sri Venkateswara Spintex Pvt            TL                    ICRA B+      186.7   Reaffirmed
Ltd
Sri Venkateswara Spintex Pvt            Unallocated           ICRA B+      105.8   Reaffirmed
Ltd
Srishaila Constructions Pvt Ltd         LT Unallocated Limit  ICRA -               Reaffirmed
(reduced from 0.85)
Srishaila Constructions Pvt Ltd         LT CC                 ICRA BB+     30      Reaffirmed
Srishaila Constructions Pvt Ltd         LT TL                 ICRA BB+     20      Reaffirmed
(reduced from 2.15)
Srishaila Constructions Pvt Ltd         LT- Non-FBL           ICRA BB+     250     Reaffirmed
(enhanced from 12.00)
Sunborne Energy Gujarat One             TL                    ICRA A-      1280    Reaffirmed
Pvt. Ltd.
Swastik Cold Storage                    FB – CC Pledge        ICRA B       22      -
Issuer not cooperating
Swastik Cold Storage                    FB – CC Clean         ICRA B       2.5     -
Issuer not cooperating
Swastik Cold Storage                    FB – TL               ICRA B       40      -
Issuer not cooperating
Trw Sun Steering Wheels Pvt Ltd         FB Fac                ICRA A-      29      Reaffirmed
Trw Sun Steering Wheels Pvt Ltd         Unallocated Limits    ICRA A-/ A2+ 40.1    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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