October 3, 2019 / 11:36 AM / 18 days ago

ICRA ratings for Indian debt instruments-Oct 3

    Oct 3 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of October 1 & 2, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Bahl Paper Mills Ltd                    Non-fund Based        ICRA A1      10      Reaffirmed
Eros For Sanitarywares                  BG                    ICRA A4+     26      Withdrawn
                                                              (Stable)
Eros For Sanitarywares                  Credit Exposure Limit ICRA A4+     6.5     Withdrawn
                                                              (Stable)
Hindustan Petroleum                     CP                    ICRA A1+     150000  Outstanding
Corporation Ltd
Hindustan Petroleum                     Non-FBL               ICRA A1+     227460  Outstanding
Corporation Ltd
Network18 Media & Investments           CP Programme          ICRA A1+     15000   Reaffirmed
Ltd
Nezone Pipes & Structures               Non-fund based -LOC   ICRA A3+     20      Reaffirmed
Nezone Pipes & Structures               Non-fund based -BG    ICRA A3+     70      Reaffirmed
Prg Buildcon India Pvt. Ltd             Non Fund Based        ICRA A4      370     Downgraded
                                                                                   from ICRA A4+
(Moved to the ‘Issuer Not Cooperating’ category)
Rehber Food Industries Pvt Ltd          Non-fund Based        ICRA A3+     -       Withdrawn
Scg Contracts India Pvt Ltd             ST Non-fund Based     ICRA A3      280     Reaffirmed
Tv18 Broadcast Ltd                      CP Programme          ICRA A1+     7500    Reaffirmed



LONG TERM RATINGS:
-------------------
Bahl Paper Mills Ltd                    CC                    ICRA A       130     Reaffirmed
                                                              (Positive)
Bahl Paper Mills Ltd                    TL                    ICRA A       10      Reaffirmed
                                                              (Positive)
Eros For Sanitarywares                  CC                    ICRA         117.5   Withdrawn
                                                              BB+(Stable)
Eros For Sanitarywares                  TL                    ICRA         59.1    Withdrawn
                                                              BB+(Stable)
Eros For Sanitarywares                  Unallocated Limits    ICRA         71.6    Withdrawn
                                                              BB+(Stable)
                                                              / A4+
Hindustan Petroleum                     Issuer Rating         ICRA AAA     -       Outstanding
Corporation Ltd
Hindustan Petroleum                     CC Limits             ICRA AAA     40000   Outstanding
Corporation Ltd
Hindustan Petroleum                     FBL                   ICRA AAA     182540  Outstanding
Corporation Ltd
Hindustan Petroleum                     NCD Programme         ICRA AAA     45000   Assigned
Corporation Ltd                                               (Stable)
Hindustan Petroleum                     NCD Programme         ICRA AAA     30000   Outstanding
Corporation Ltd                                               (Stable)
Keltech Energies Ltd                    LT Loans              ICRA BBB+    77.3    Assigned
                                                              (Stable)
Keltech Energies Ltd                    LT: CC Fac            ICRA BBB+    180     Reaffirmed
                                                              (Stable)
Keltech Energies Ltd                    LT: Non-FB Fac        ICRA BBB+    300     Reaffirmed
                                                              (Stable)
Magma Fincorp Ltd - Mfl                 PTC Series A1         Provisional  475.7   Assigned
Securitisation Trust Xcii                                     ICRA AA(SO)
Magma Fincorp Ltd - Mfl                 PTC Series A2         Provisional  14.7    Assigned
Securitisation Trust Xcii                                     ICRA AA(SO)
Magma Fincorp Ltd - Mfl                 Second Loss Facility  Provisional  15.9    Assigned
Securitisation Trust Xcii                                     ICRA BBB-(SO
Network18 Media & Investments           LT / ST, FB /         ICRA AA+/A1+ 5000    -
Ltd                                     Non-fund Based Bk Fac
(Short-term rating of ICRA A1+ reaffirmed; long-term rating downgraded to ICRA AA+ (Negative)
from ICRA AAA (Stable) and withdrawn)
Network18 Media & Investments           LT Borrowing          ICRA AA+     -       -
Ltd                                     Programme (Bk Loan /
                                        NCD Programme)
(Downgraded to ICRA AA+ (Negative) from ICRA AAA (Stable) and withdrawn)
Nezone Pipes & Structures               FB –CC                ICRA BBB     250     Reaffirmed
                                                              (Stable)
Nezone Pipes & Structures               FB –Stand by Line of  ICRA BBB     20      Reaffirmed
                                        Credit                (Stable)
Prg Buildcon India Pvt. Ltd             CC                    ICRA B       40      Downgraded
                                                              (Stable)             from ICRA BB+
(Moved to the ‘Issuer Not Cooperating’ category)
Prg Buildcon India Pvt. Ltd             TL                    ICRA B       158.7   Downgraded
                                                              (Stable)             from ICRA BB+
(Moved to the ‘Issuer Not Cooperating’ category)
Prg Buildcon India Pvt. Ltd             Unallocated           ICRA B       2131.3  Downgraded
                                                              (Stable)             from ICRA BB+
(Moved to the ‘Issuer Not Cooperating’ category)
Rehber Food Industries Pvt Ltd          Fund Based – Working  ICRA BBB     450     Outstanding
                                        Capital               (Stable)
Rehber Food Industries Pvt Ltd          Fund Based – TL       ICRA BBB     96.4    Outstanding
                                                              (Stable)
Sbi Cards And Payment Services          NCDs                  ICRA         30000   Reaffirmed
Ltd                                                           AAA(Stable)
Sbi Cards And Payment Services          NCDs                  ICRA         10000   Assigned
Ltd                                                           AAA(Stable)
Sbi Cards And Payment Services          Subordinated Debt     ICRA         15900   Reaffirmed
Ltd                                     Programme             AAA(Stable)
Sbi Cards And Payment Services          LT ST Bk Lines/ CP    ICRA         165000  Reaffirmed
Ltd                                     Programme^            AAA(Stable)
                                                              / A1+
^ CP borrowings are carved out of working capital lines; Total outstanding against the CP
programme and bank lines should not exceed Rs. 16,500 crore
Scg Contracts India Pvt Ltd             LT FB CC              ICRA BBB-    40      Reaffirmed
                                                              (Stable)
Tangerine Design Pvt Ltd                LT / ST - Fund based  ICRA BBB-    735     Reaffirmed ^
                                        / Non-fund Based      (Stable) /
                                                              A3
^ In the last rating exercise, ICRA’s rating outstanding on bank facilities of TDPL was denoted
as       BBB- (SO) (Stable)/       A3 (SO) and was based on the unconditional, irrevocable and
continuing corporate guarantee extended to the bank lines of TDPL by MCPL (or the guarantor) for
the timely payment of the principal along with the accrued interest on the due payment dates,
and an undertaking provided by the guarantor that it would ensure that the related debt
obligations are serviced on or prior to the due date, hence the ratings were suffixed with SO
(Structured Obligation). The current ratings of bank facilities of TDPL aren’t based on and does
not factor in any type of explicit credit enhancement from the parent MCPL.
Tangerine Design Pvt Ltd                LT / ST Unallocated   ICRA BBB-    50      Reaffirmed
                                        Limits                (Stable) /
                                                              A3
Tv18 Broadcast Ltd                      LT FB / Non - fund    ICRA AA /    7500    -
                                        Based Bk Fac          A1+
(Short-term rating of ICRA A1+ reaffirmed; long-term rating downgraded to ICRA AA+ (Negative)
from ICRA AAA (Stable) and withdrawn) 


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