October 17, 2019 / 11:18 AM / 2 months ago

ICRA ratings for Indian debt instruments-Oct 17

    Oct 17 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of October 16, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Diamond Sea Food Exports                ST Fund based         ICRA A4+     180     -
(Reason for delay in carrying out periodic review: Review process underway)
Edhayam Frozen Foods Pvt Ltd            ST Fund based         ICRA A4+     504     -
(Reason for delay in carrying out periodic review: Review process underway)
Housing Development Finance             CP Programme          ICRA A1+     750000  Reaffirmed
Corporation Ltd
Kadalkanny Frozen Foods                 ST Fund based         ICRA A4+     390     -
(Reason for delay in carrying out periodic review: Review process underway)
Kotak Mahindra Asset                    Kotak Overnight Fund  ICRA A1+mfs  -       Assigned
Management Co. Ltd
Kotak Mahindra Asset                    Kotak Money Market    ICRA A1+mfs  -       Outstanding
Management Co. Ltd                      Scheme
Kotak Mahindra Asset                    Kotak Mahindra Liquid ICRA A1+mfs  -       Outstanding
Management Co. Ltd                      Scheme
Neel Metal Products Ltd                 CP/ST Debt            ICRA A2+&    1000    Outstanding
&: On rating Watch with Developing Implications 
Patanjali Ayurved Ltd                   Non-FBL               ICRA A3+     200     Withdrawn
(Issuer not cooperating)
Perth Ceramic Pvt. Ltd                  Non-fund based – BG   ICRA A4      60      Withdrawn
Sruti Filatex Pvt Ltd                   BG                    ICRA         15      Withdrawn
                                                              A4(Stable)
(Issuer not cooperating)
Theva & Co.                             ST Fund based         ICRA A4+     600     -
(Reason for delay in carrying out periodic review: Review process underway)
Vintage Tiles Pvt. Ltd                  Non-fund Based BG     ICRA A3      80      Outstanding


MEDIUM TERM RATINGS:
-------------------
Housing Development Finance             Fixed Deposit         MAAA         -       Reaffirmed
Corporation Ltd                         Programme             (stable)


LONG TERM RATINGS:
-------------------
Diamond Sea Food Exports                LT Interchangeable    ICRA BB      -       -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Review process underway)
Diamond Sea Food Exports                LT/ST Unallocated     ICRA BB      20      -
                                                              (Stable)/
                                                              A4+
(Reason for delay in carrying out periodic review: Review process underway)
Edhayam Frozen Foods Pvt Ltd            LT Interchangeable    ICRA BB      -       -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Review process underway)
Edhayam Frozen Foods Pvt Ltd            LT/ST Unallocated     ICRA BB      1       -
                                                              (Stable)/
                                                              A4+
(Reason for delay in carrying out periodic review: Review process underway)
Glowmore Finance Pvt. Ltd               Bk lines              ICRA         100     Assigned
                                                              B(Stable)
Housing Development Finance             NCDs                  ICRA         1728830 Reaffirmed
Corporation Ltd                                               AAA(stable)
Housing Development Finance             Subordinated Debt     ICRA         55000   Reaffirmed
Corporation Ltd                         Programme             AAA(stable)
Housing Development Finance             Issuer Rating         ICRA         -       Reaffirmed
Corporation Ltd                                               AAA(stable)
Housing Development Finance             NCDs                  ICRA         -       Withdrawn
Corporation Ltd                                               AAA(stable)
Housing Development Finance             Bk Lines              ICRA         750000  Reaffirmed
Corporation Ltd                                               AAA(stable)
                                                              / A1+
Kadalkanny Frozen Foods                 LT Interchangeable    ICRA BB      -       -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Review process underway)
Kotak Mahindra Asset                    Kotak Bond ST Plan    ICRA AAAmfs  -       Outstanding
Management Co. Ltd
Kotak Mahindra Asset                    Kotak Dynamic Bond    ICRA AAAmfs  -       Outstanding
Management Co. Ltd                      Fund
Kotak Mahindra Asset                    Kotak Savings Fund    ICRA AAAmfs  -       Outstanding
Management Co. Ltd
Kotak Mahindra Asset                    Kotak Corporate Bond  ICRA AAAmfs  -       Outstanding
Management Co. Ltd                      Fund
Kotak Mahindra Asset                    Kotak Bond            ICRA AAAmfs  -       Outstanding
Management Co. Ltd
Kotak Mahindra Asset                    Kotak Bking and PSU   ICRA AAAmfs  -       Outstanding
Management Co. Ltd                      Debt Fund
Neel Metal Products Ltd                 TL                    ICRA A-&     1716.6  Outstanding
&: On rating Watch with Developing Implications
Neel Metal Products Ltd                 FB Fac                ICRA A-&/    3810    Outstanding
                                                              A2+&
&: On rating Watch with Developing Implications 
Neel Metal Products Ltd                 Non-FB Fac            ICRA A-&/    3225    Outstanding
                                                              A2+&
&: On rating Watch with Developing Implications 
Neel Metal Products Ltd                 Unallocated           ICRA A-&/    2586.6  Outstanding
                                                              A2+&
&: On rating Watch with Developing Implications 
Neel Metal Products Ltd                 Interchangeable Fac   ICRA A-&/    2800**  Outstanding
                                                              A2+&
&: On rating Watch with Developing Implications 
** Rs. 125.0 crore as sublimit of non-fund based facilities and Rs. 155.0 crore as sublimit of
fund-based facilities 
Patanjali Ayurved Ltd                   Fund Based - CC Limit ICRA BBB     3000    Withdrawn
                                                              (Stable)
(Issuer not cooperating)
Perth Ceramic Pvt. Ltd                  Fund Based – TL       ICRA         189.4   Withdrawn
                                                              BB-(Stable)
Perth Ceramic Pvt. Ltd                  Fund Based – CC       ICRA         125     Withdrawn
                                                              BB-(Stable)
Perth Ceramic Pvt. Ltd                  Unallocated Limits    ICRA         140.6   Withdrawn
                                                              BB-(Stable)
                                                              / A4
Sandor Medicaids Pvt Ltd                -                     -            -       (ISSUER NOT
                                                                                   COOPERATING)
Due to non submission of monthly ‘No Default Statement’ (“NDS”) by the entity.
Sruti Filatex Pvt Ltd                   CC                    ICRA         100     Withdrawn
                                                              B+(Stable)
(Issuer not cooperating)
Sruti Filatex Pvt Ltd                   TL                    ICRA         59.4    Withdrawn
                                                              B+(Stable)
(Issuer not cooperating)
Theva & Co.                             LT TL                 ICRA BB      75      -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Review process underway)
Theva & Co.                             LT Interchangeable    ICRA BB      -       -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Review process underway)
Varsha Industries Pvt. Ltd              Fund Based - TL       ICRA         16      Withdrawn
                                                              BB-(Stable)
Varsha Industries Pvt. Ltd              Fund Based - CC       ICRA         470     Withdrawn
                                                              BB-(Stable)
                                                              / A4
Varsha Industries Pvt. Ltd              Unallocated Limits    ICRA         0.1     Withdrawn
                                                              BB-(Stable)
                                                              / A4
Vaya Finserv Pvt Ltd                    NCD programme         ICRA         350     Assigned
                                                              BBB(Stable)
Vaya Finserv Pvt Ltd                    NCD programme         ICRA         1090    Outstanding
                                                              BBB(Stable)
Vaya Finserv Pvt Ltd                    LT Bk lines           ICRA         5000    Outstanding
                                                              BBB(Stable)
Vintage Tiles Pvt. Ltd                  Unallocated Limits    ICRA BBB-    1.7     Outstanding
                                                              (Stable) /
                                                              A3
Vintage Tiles Pvt. Ltd                  FB TL                 ICRA         225.9   Outstanding
                                                              BBB-(Stable)
Vintage Tiles Pvt. Ltd                  FB CC                 ICRA         250     Outstanding
                                                              BBB-(Stable)

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