October 29, 2019 / 12:11 PM / 17 days ago

ICRA ratings for Indian debt instruments-Oct 29

    Oct 29 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of October 25, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Autometers Energitec Ltd                Non-fund Based        ICRA A4      45      Withdrawn
(ISSUER NOT COOPERATING)
Autometers Energitec Ltd                ST Interchangeable    ICRA A4      -       Withdrawn
(ISSUER NOT COOPERATING)
Benson Medical Equipments               BG                    ICRA A4      80      Withdrawn
(India) Pvt Ltd
(ISSUER NOT COOPERATING)
Benson Medical Equipments               Forward Contract      ICRA A4      1       Withdrawn
(India) Pvt Ltd
(ISSUER NOT COOPERATING)
Brindavan Beverages Pvt Ltd             ST: Non-fund          ICRA A2+     -       -
                                        BasedCapex LC*
(Reason for delay in carrying out periodic review. Should be one of the following - Review under
process)
*Sublimit under term loans 
Brindavan Beverages Pvt Ltd             ST: Non-fund Based- BGICRA A2+     5       -
(Reason for delay in carrying out periodic review. Should be one of the following - Review under
process)
Dalkan Ship Breaking Ltd.               LOC                   ICRA A4      500
(Rating downgraded from ICRA A4+ and moved to the ‘Issuer Not Cooperating’ category)
Dilipkumar V. Lakhi                     ST, FB working        ICRA A1+     1500    Withdrawn
                                        capital Fac
Intech Organics Ltd                     Non-fund Based        ICRA A3      282.5   Reaffirmed
Kanchan Motors                          ST - Fund Based       ICRA A4      100     -
(Rating Continues to remain under the ‘Issuer Not Cooperating’ category)
Kay Bouvet Engineering Ltd              ST - Non-Fund Based   ICRA A4      3000    -
(Unit - I)                              Trust Name            ISSUER NOT
                                                              COOPERATING
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Kent Chemicals Pvt. Ltd.                Non-fund Based        ICRA A4      80      -
                                                              ISSUER NOT
                                                              COOPERATING*
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Kids Clinic India Pvt Ltd               FB- Working Capital   ICRA A3      50      Assigned
                                        Fac
Kish Exports Ltd                        Non-fund based        ICRA A4      10      -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Midmark India Pvt Ltd                   Non-FBL               ICRA A3      165     Assigned
Oxyzo Financial Services Pvt            CP                    ICRA A2      250     Assigned
Ltd
Paras Steel Corporation                 LOC                   ICRA A4      300     -
(Rating downgraded from ICRA A4+ and moved to the ‘Issuer Not Cooperating’ category)
Pratibha Constructions                  ST – Nonfund based    ICRA A4      250     -
Engineers Amp; Contractors
(India) Pvt Ltd
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
R K Babu Trading Pvt Ltd                ST - Non-Fund Based   ICRA A4      20      -
                                        Trust Name
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Radiant Indus Chem Pvt Ltd              Non-fund based-BG     ICRA A4+     4       Reaffirmed
Reaffirmed
Radiant Indus Chem Pvt Ltd              Fund based-ST         ICRA A4+     5       Reaffirmed
Reaffirmed
Sasken Technologies Ltd                 FB Limits             ICRA A1+     -       Withdrawn
Sasken Technologies Ltd                 Non-FBL               ICRA A1+     400     Reaffirmed
Shanti Integrated Textile Park          Non fund based – BG   ICRA A4      40      -
Pvt. Ltd.
(Rating moved to the ‘Issuer Not Cooperating’ category)
Sharu Steels (P) Ltd.                   LOC                   ICRA A4      170     -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Teems India Towerlines Pvt Ltd          ST – Non-fund based   ICRA A3      290.5   Reaffirmed
Teems India Towerlines Pvt Ltd          ST – Fund based       ICRA A3      112.5   Reaffirmed
Vijaykumar And Co.                      LOC                   ICRA A4      300     -
(Rating downgraded from ICRA BB+ (Stable) and moved to the ‘Issuer Not Cooperating’ category)
Vishindas Holaram                       ST, FB working        ICRA A1+     1500    Withdrawn
                                        capital Fac
Zf Steering Gear (India) Ltd            ST non-fund based     ICRA A1+     3.5     Reaffirmed
Maruti Nouveauknits Pvt Ltd             ST – Non-Fund Based   ICRA D       3.5     -
                                                              ISSUER NOT
                                                              COOPERATING*
(Rating downgraded from ICRA A4 and continues to remain under ‘Issuer Not Cooperating’ category)

MEDIUM TERM RATINGS:
-------------------
Adarsha Auto World Pvt Ltd              Unallocated Fixed     ICRA B+ /    30      Reaffirmed
                                        Deposit Programme     (Stable)
Tamilnadu Transport                     Fixed Deposit         MA-(Stable)  10471.2 Assigned
Development Finance                     Programme
Corporation Ltd


LONG TERM RATINGS:
-------------------
Adarsha Auto World Pvt Ltd              Fund based- CC        ICRA B+ /    390     Reaffirmed
                                                              (Stable)
Adarsha Auto World Pvt Ltd              Fund based- TL        ICRA B+ /    100     Reaffirmed
                                                              (Stable)
Adilabad Expressway Pvt Ltd             FB -TL                ICRA D       2536.9  -
(Rating Moved to the ‘Issuer Not Cooperating’ category)
Annapurna Finance Pvt Ltd               PTC Series A2         ICRA A+      31.3    Withdrawn
                                                              (SO)
Apg Premium Homes Pvt Ltd               NCD Programme (NCD)   ICRA         600     -
                                                              BB-(SO)
                                                              Stable
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Assetz Premium Holdings Pvt Ltd         NCD Programme (NCD)   ICRA         1500    -
                                                              BB-(SO)
                                                              Stable
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Autometers Energitec Ltd                CC                    ICRA BB-     55      Withdrawn
                                                              (Stable)
(ISSUER NOT COOPERATING)
Autometers Energitec Ltd                LT Interchangeable    ICRA BB-     -       Withdrawn
                                                              (Stable)
(ISSUER NOT COOPERATING)
Belstar Investment And Finance          PTC Series A1         ICRA A+(SO)  167.5   Withdrawn
Pvt Ltd - Plover Mfi Northern
Arc 2018
Belstar Investment And Finance          PTC Series A2         ICRA A(SO)   19.3    Withdrawn
Pvt Ltd - Vivriti Trebor 010
2017
Benson Medical Equipments               CC                    ICRA BB-     15      Withdrawn
(India) Pvt Ltd                                               (Stable)
(ISSUER NOT COOPERATING)
Benson Medical Equipments               Unallocated           ICRA BB-     4       Withdrawn
(India) Pvt Ltd                                               (Stable)/A4
(ISSUER NOT COOPERATING)
Brigade Properties Pvt Ltd              LT –Non- Convertible  ICRA A       1000    -
                                        Debentures
(Reason for delay in carrying out periodic review: Review process is underway)
Brindavan Beverages Pvt Ltd             LT: FB-TL             ICRA A-      453.6   -
                                                              (Stable)
(Reason for delay in carrying out periodic review. Should be one of the following - Review under
process)
Brindavan Beverages Pvt Ltd             LT: FB- Working       ICRA A-      800     -
                                        Capital Fac           (Stable)
(Reason for delay in carrying out periodic review. Should be one of the following - Review under
process)
Brindavan Beverages Pvt Ltd             LT: FB- Proposed Fac  ICRA A-      41.4    -
                                                              (Stable)
(Reason for delay in carrying out periodic review. Should be one of the following - Review under
process)
Brindavan Beverages Pvt Ltd             LT/ ST FBBuyer’s      ICRA A-      -       -
                                        Credit*               (Stable) /
                                                              A2+
(Reason for delay in carrying out periodic review. Should be one of the following - Review under
process)
*Sublimit under term loans 
Brindavan Beverages Pvt Ltd             LT/ ST: FB/Non Fund   ICRA A-      250     -
                                        Based – Buyer’s       (Stable) /
                                        Credit/Capex LC       A2+
(Reason for delay in carrying out periodic review. Should be one of the following - Review under
process)
Coastal Consolidated                    Bk loan Ratings       ICRA B / A4  370     -
Structures Pvt. Ltd
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Dalkan Ship Breaking Ltd.               CC                    ICRA B+      -
                                                              (Stable)
(Rating downgraded from ICRA BB+ (Stable) and moved to the ‘Issuer Not Cooperating’ category)
Electronica Finance Ltd                 PTC Series A1         ICRA         306.6   Withdrawn
                                                              AAA(SO)
Electronica Finance Ltd                 PTC Series A1 Trust   ICRA         328.5   Withdrawn
                                        Name                  AAA(SO)
Five-Star Business Finance Ltd          PTC Series A1         Provisional  983.5   Confirmed as
- Vivriti Athena 06 2019                                      ICRA AA-(SO)         Final
Grant Thornton Advisory Pvt Ltd         Fund based - Working  ICRA A       50      Reaffirmed
                                        Capital Fac           (Stable)
Grant Thornton Advisory Pvt Ltd         Non-fund based – BG   ICRA A       20      Reaffirmed
                                                              (Stable)
Grant Thornton India Llp                Fund based - Working  ICRA A       250     Reaffirmed
                                        Capital Fac           (Stable)
Grant Thornton India Llp                Non-fund based - BG   ICRA A       300     Reaffirmed
                                                              (Stable)
Imperiall Technoforge Pvt Ltd           Fund based - CC       ICRA D       50      -
(Rating Continues to remain under the ‘Issuer Not Cooperating’ category)
Imperiall Technoforge Pvt Ltd           FB – TL               ICRA D       65.8    -
(Rating Continues to remain under the ‘Issuer Not Cooperating’ category)
Imperiall Technoforge Pvt Ltd           Non-fund Based        ICRA D       4       -
                                        –Letter of Guarantee
(Rating Continues to remain under the ‘Issuer Not Cooperating’ category)
Indus Mega Food Park Pvt. Ltd.          LT – Unallocated      ICRA D       150     -
(Rating Continues to remain under the ‘Issuer Not Cooperating’ category)
Intech Organics Ltd                     Fund Based – Working  ICRA BBB-    110     Reaffirmed
                                        capital               (Stable)
Intech Organics Ltd                     Fund Based – Working  ICRA BBB-    197.2   Reaffirmed
                                        capital               (Stable)
Intech Organics Ltd                     Unallocated           ICRA BBB-    0.3     Reaffirmed
                                                              (Stable) /
                                                              A3
Kanchrapara Municipality                Issuer Rating         ICRA B+      -       Withdrawn
                                                              (Stable)
Kay Bouvet Engineering Ltd              LT - Fund Based/ CC   ICRA B+      1100    -
(Unit - I)                                                    ISSUER NOT
                                                              COOPERATING*
(Rating downgraded from ICRA BB(Stable) and continues to remain under the ‘Issuer Not
Cooperating’ category)
Kay Bouvet Engineering Ltd              LT - Fund Based TL    ICRA B+      410     -
(Unit - I)                                                    ISSUER NOT
                                                              COOPERATING*
(Rating downgraded from ICRA BB(Stable) and continues to remain under the ‘Issuer Not
Cooperating’ category)
Kent Chemicals Pvt. Ltd.                Fund Based            ICRA BB-     74.5    -
                                                              ISSUER NOT
                                                              COOPERATING*
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Kids Clinic India Pvt Ltd               Fund Based- TL        ICRA BBB-    400     Assigned
                                                              (Stable)
Kish Exports Ltd                        Fund based            ICRA B       100     -
                                                              (Stable)
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Kogta Financial India Ltd -             PTC Series A1         Provisional  100.5   Confirmed as
A.K. Avighna July 2019                                        ICRA A+(SO)          Final
Magma Housing Finance Ltd -             PTC A1                Provisional  349.9   Confirmed as
Mhfl Securitisation Trust Iv                                  ICRA AA (SO)         Final
Magma Housing Finance Ltd -             PTC A2                Provisional  12.7    Confirmed as
Mhfl Securitisation Trust Iv                                  ICRA AA (SO)         Final
Magma Housing Finance Ltd -             Second Loss Facility  Provisional  23.6    Confirmed as
Mhfl Securitisation Trust Iv                                  ICRA                 Final
                                                              BBB-(SO)
Maruti Nouveauknits Pvt Ltd             LT – Fund Based CC    ICRA D       45      -
                                                              ISSUER NOT
                                                              COOPERATING*
(Rating downgraded from ICRA B (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Maruti Nouveauknits Pvt Ltd             LT – Fund Based TL    ICRA D       35      -
                                                              ISSUER NOT
                                                              COOPERATING*
(Rating downgraded from ICRA B (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Maruti Nouveauknits Pvt Ltd             LT/ ST - Unallocated  ICRA D       33.7    -
                                                              ISSUER NOT
                                                              COOPERATING*
(Rating downgraded from ICRA B (Stable)/ A4 and continues to remain under ‘Issuer Not
Cooperating’ category)
Midmark India Pvt Ltd                   FBL                   ICRA BBB-    265     Assigned
                                                              (Stable)
Midmark India Pvt Ltd                   Unallocated limits    ICRA BBB-    20      Assigned
                                                              (Stable)/ A3
Mikado Realtors Pvt Ltd                 Fund Based – TL       ICRA BBB+    7200    Reaffirmed
Mrf Ltd                                 LT: NCD               ICRA AAA     3400    Reaffirmed
                                                              (Stable)
Mrf Ltd                                 LT: NCD – proposed    ICRA AAA     2600    Reaffirmed
                                                              (Stable)
Northern Arc Capital Ltd -              PTC Series A2         ICRA A(SO)   -       Upgraded
Zenith Trust 2018                                                                  from ICRA A-
                                                                                   (SO)
Northern Arc Capital Ltd -              PTC Series A1         ICRA A+(SO)  -       Upgraded
Zenith Trust 2018                                                                  from ICRA A
                                                                                   (SO)
Olectra Greentech Ltd                   LT – Fund Based/CC    ICRA BBB+    350     Reaffirmed
Olectra Greentech Ltd                   LT/ST – Non Fund basedICRA BBB+/   1629.5  Reaffirmed
                                                              A2
Olectra Greentech Ltd                   LT/ST - Unallocated   ICRA BBB+/   145.5   Reaffirmed
                                                              A2
Oxyzo Financial Services Pvt            LT Bk lines           ICRA BBB     2000    Assigned
Ltd                                                           (Stable)
Oxyzo Financial Services Pvt            Non- Convertible      ICRA BBB     600     Outstanding
Ltd                                     Debenture             (Stable)
Oxyzo Financial Services Pvt            Issuer rating         ICRA BBB     -       Outstanding
Ltd                                                           (Stable)
Oxyzo Financial Services Pvt            LT-Market Linked      PP-MLDICRA   170     Outstanding
Ltd                                     Debenture             BBB
Paras Steel Corporation                 CC                    ICRA B+      -       -
                                                              (Stable)
(Rating downgraded from ICRA BB+ (Stable) and moved to the ‘Issuer Not Cooperating’ category)
Pratibha Constructions                  LT – Fund based / CC  ICRA C-      247.7   -
Engineers Amp; Contractors
(India) Pvt Ltd
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Pratibha Constructions                  LT / ST – Unallocated ICRA C-/ A4  652.3   -
Engineers Amp; Contractors
(India) Pvt Ltd
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
R K Babu Trading Pvt Ltd                LT - Fund Based TL    ICRA B+      12      -
                                                              (Stable)
(Rating downgraded from ICRA BB-(Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
R K Babu Trading Pvt Ltd                LT - Fund Based/ CC   ICRA B+      110     -
                                                              (Stable)
(Rating downgraded from ICRA BB-(Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Ra International                        Issuer Rating         ICRA BB+     -       -
                                                              (STABLE)
(Rating downgraded from ICRA BBB (Stable) and moved to the ‘Issuer Not Cooperating’ category)
Radiant Indus Chem Pvt Ltd              Fund based- Working   ICRA BB      100     Reaffirmed
                                        Capital Fac
Reaffirmed
Radiant Indus Chem Pvt Ltd              Fund based- TL Fund   ICRA BB      90      Reaffirmed -
                                        based- Unallocated
Reaffirmed
Rmz Infotech Pvt Ltd                    TL LT bonds           ICRA A       12891   Outstanding
                                                              (Negative)
S. K. S. Educational And                Fund Based –          ICRA BBB+    40      Assigned
Social Trust                            optionally            (Stable)
                                        convertible debenture against IP limit
S. K. S. Educational And                Fund Based –          ICRA BBB+    150     Assigned
Social Trust                            optionally            (Stable)
                                        convertible debentureTCS
S. K. S. Educational And                Unallocated Limit     ICRA BBB+    160     Assigned
Social Trust                                                  (Stable) /
                                                              A2
Sainor Laboratories Pvt Ltd             BLR                   ICRA BB+     180     -
                                                              (Stable)/
                                                              A4+
(Reason for delay in carrying out periodic review – Review process is underway)
Saisrushti Builders Pvt Ltd             NCD Programme         ICRA D       -       Withdrawn
Shakti Murugan Industries               LT-Fund based         ICRA BB-     150     Withdrawn
                                                              (Stable)
Shakti Murugan Industries               LT-Unallocated        ICRA BB-     30      Withdrawn
                                                              (Stable)
Shanti Integrated Textile Park          Fund based-TL         ICRA B       630     -
Pvt. Ltd.                                                     (Stable)
(Rating moved to the ‘Issuer Not Cooperating’ category)
Sharu Steels (P) Ltd.                   CC                    ICRA B+      170     -
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Sharu Steels (P) Ltd.                   TL                    ICRA B+      4.8     -
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Sharu Steels (P) Ltd.                   Long/ST               ICRA B+      -       -
                                        Interchangeable       (Stable) /
                                                              A4
Rating continues to remain under ‘Issuer Not Cooperating’ category
Shree Chanakya Education                LT - Fund Based TL    ICRA BB      1000    -
Society
(Rating downgraded from ICRA BBB- (Stable) and continues to remain under the ‘Issuer Not
Cooperating’ category.)
Sonata Finance Pvt Ltd -                PTC Series A1         Provisional  248.8   Confirmed as
Vivriti Merv 06 2019                                          ICRA A(SO)           Final
Sonata Finance Pvt Ltd -                PTC Series A2         Provisional  8.5     Confirmed as
Vivriti Merv 06 2019                                          ICRA                 Final
                                                              BBB+(SO)
Sri Lakshmi Ganapathi Rice              BLR                   ICRA BB-     270     -
Industries                                                    (Stable)/A4
(Reason for delay in carrying out periodic review – Issuer not cooperating)
Srinidhi Real Estate And                LT - Unallocated      ICRA B       80      -
Constructions                                                 (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Srinivasa Murugan Industries            LT Fund based         ICRA B+      120     Withdrawn
                                                              (Stable)
Srinivasa Murugan Industries            LT-Fund Based-TL      ICRA B+      25      Withdrawn
                                                              (Stable)
Srinivasa Murugan Industries            Unallocated           ICRA B+      55      Withdrawn
                                                              (Stable) /
                                                              A4
Teems India Towerlines Pvt Ltd          LT – FB               ICRA BBB-    27      Reaffirmed
                                                              (Stable)
Vijaykumar And Co.                      CC                    ICRA B+      -       -
                                                              (Stable)
(Rating downgraded from ICRA BB+ (Stable) and moved to the ‘Issuer Not Cooperating’ category)
Walker Chandiok & Co Llp                Fund based - Working  ICRA A-      100     Downgraded
                                        Capital Fac           (Stable)             from ICRA A
                                                                                   (Stable)
Zf Steering Gear (India) Ltd            LT TL                 ICRA A+      1250    Reaffirmed
Zf Steering Gear (India) Ltd            LT fund based         ICRA A+      10      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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