April 2, 2018 / 11:37 AM / 23 days ago

RPT-ICRA ratings for Indian debt instruments-Apr 2

 (Repeating to add additional ratings)
    Apr 2 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of March 30, 2018.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Adhunik Cement Ltd                      Non-fund              ICRA A2      540     Reaffirmed
                                        based-Working Capital
                                        Fac
Apcotex Industries Ltd                  ST Non-FBL            ICRA A1+     70      Reaffirmed
Ashok Leyland Ltd                       Non-FBL               ICRA A1+     7500    Reaffirmed
Ashok Leyland Ltd                       FBL (proposed)        ICRA A1+     2000    Reaffirmed
Ashok Leyland Ltd                       CP                    ICRA A1+     15000   Reaffirmed
Fortis Healthcare Ltd                   CP/ST Debt            ICRA A3@     6000    -
@ on watch with negative implications
Fortis Healthcare Ltd                   Non-FB Limits         ICRA A3@     200     -
@ on watch with negative implications
Graphite India Ltd                      CP/ ST debt           ICRA A1+     700     Reaffirmed
Havells India Ltd                       Non-FB Bk Fac         ICRA A1+     3846.5  -
Hcl Comnet Systems And                  ST Non-FB Fac         ICRA A1+     150     Reaffirmed
Hcl Comnet Systems And                  ST FB Fac             -            -       Reaffirmed
Services Ltd
Services Ltd
Hero Fincorp Ltd                        CP Programme          ICRA A1+     40000   Assigned
Hero Fincorp Ltd                        ST Bk lines           ICRA A1+     1500    outstanding
Mangalore Electricity Supply            Fund based - ST loan  ICRA A2      722.2   Reaffirmed
Co. Ltd
Mangalore Electricity Supply            Non-FBL               ICRA A2      1750    Reaffirmed
Co. Ltd
Naari Pharma Pvt Ltd                    Non-Fund based - LOC  ICRA A2+     100     Reaffirmed
                                        / BG                  (SO)                 Reaffirmed
rating watch with developing implications' removed Release
Namasthetu Infratech Pvt Ltd            Non-Fund based-BG     ICRA A4      105.7   Reaffirmed
ISSUER NOT CO- OPERATING
Ntpc Ltd                                CP                    ICRA A1+     80000   Outstanding
Ntpc Ltd                                Non-fund              ICRA A1+     50000   Outstanding
                                        based-Working Capital
                                        Fac
Paxal Corporation                       Non-Fund Based- LOC   ICRA A4      110     -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Ramgad Minerals And Mining Ltd          Non FB                ICRA A3+     15      Upgraded
                                                                                   from ICRA A3
Rohan Motors Ltd                        Bill Discounting      ICRA A3      30      Withdrawn
Saarloha Advanced Materials             ST –FundBased         ICRA A3      1050    Reaffirmed
Pvt Ltd
Saarloha Advanced Materials             ST –Non-fundBased     ICRA A3      1095    Reaffirmed
Pvt Ltd
Silica Infotech Pvt Ltd                 ST – FB Fac           ICRA A4      7.5     -
Issuer delayed in giving information
Silica Infotech Pvt Ltd                 ST – Non-FB Fac       ICRA A4      100     -
Issuer delayed in giving information
Silica Infotech Pvt Ltd                 ST – Unallocated      ICRA A4      -       -
Issuer delayed in giving information
Skaps Industries India Pvt.             Non-fund Based LOC    ICRA A2+     50      Upgraded
Ltd.                                    (LC)                                       from ICRA A2
Skaps Industries India Pvt.             Non-fund Based Credit ICRA A2+     81.9    Upgraded
Ltd.                                    Exposure Limit                             from ICRA A2
Ski Carbon Black (India) Pvt            CP Programme          ICRA A1+     -       Withdrawn
Ltd
Va Tech Wabag Ltd                       ST: Non FB Fac ST:    ICRA A1+     25000   outstanding
                                        Proposed Fac

MEDIUM TERM RATINGS:
-------------------
Shriram Transport Finance Co.           Fixed Deposit         MAA+                 Outstanding
Ltd                                     Programme
LONG TERM RATINGS:
-------------------
Adhunik Cement Ltd                      FB-TL                 ICRA AA (SO) 1729.9  Reaffirmed
Adhunik Cement Ltd                      FB- Working Capital   ICRA BBB     980     Reaffirmed
                                        Fac
Adhunik Cement Ltd                      Unallocated -         ICRA BBB     586.9   Reassigned
                                                                                   from ICRA AA
                                                                                   (SO)
Ajnara India Ltd                        Fund based-TL         ICRA BBB     7800    Reaffirmed
Ajnara Infrastructure Pvt Ltd           FB Limits             ICRA BB      91      Reaffirmed
Ananda Vikatan Publishers Pvt           LT – FB               ICRA BBB     90      Revised from
Ltd                                                                                ICRA BBB+
Apcotex Industries Ltd                  LT FB Limits          ICRA AA-     790     Reaffirmed
Apcotex Industries Ltd                  LT / ST – FB/ Non-FBL ICRA AA-/    200     Reaffirmed
                                                              ICRA A1+
Asa International India                 PTC Series A2         ICRA         5.2     Assigned
Microfinance Ltd                                              BBB+(SO)
Asa International India                 PTC Series A1         Provisional  222.4   Assigned
Microfinance Ltd                                              ICRA A-(SO)
Ashok Leyland Ltd                       NCD                   ICRA AA      1500    Reaffirmed
Outlook revised from stable
Ashok Leyland Ltd                       FBL                   ICRA AA      9000    Reaffirmed
Outlook revised from stable
Ashok Leyland Ltd                       TL (proposed)         ICRA AA      550     Reaffirmed
Outlook revised from stable
Ashok Leyland Ltd                       NCD                   ICRA AA      -       Withdrawn
Au Small Finance Bank Ltd               NCD Programme         ICRA A+      7900    -
Review process is underway
Au Small Finance Bank Ltd               Subordinated Debt     ICRA A+      500     -
                                        Programme
Review process is underway
Au Small Finance Bank Ltd               Bk Lines              ICRA A+ /    7250    -
                                                              ICRA A1+
Review process is underway
Bhaurao Chavan Sahakari Sakhar          TL                    ICRA BB-     450     -
Karkhana Ltd
Review process is underway
Bhaurao Chavan Sahakari Sakhar          FBL                   ICRA BB-     920     -
Karkhana Ltd
Review process is underway
Bhaurao Chavan Sahakari Sakhar          Basal Dose Loan       ICRA BB-     90      -
Karkhana Ltd
Review process is underway
Bosch Rexroth (India) Pvt Ltd           LT FB Limits -        ICRA AA      300     Reaffirmed
                                        Overdraft limits
Bosch Rexroth (India) Pvt Ltd           LT Non FB Limits - BG ICRA AA      400     Reaffirmed
Classic Display Systems Pvt.            Fund based CC         ICRA BB      60      Reaffirmed
Ltd.
Classic Display Systems Pvt.            Fund based TL         ICRA BB      35      Reaffirmed
Ltd.
Classic Display Systems Pvt.            Unallocated           ICRA BB      30      Reaffirmed
Ltd.
Durg Shivnath Expressways Pvt           NCD                   Provisional  1750    -
Ltd (Erstwhile Sms Shivnath                                   ICRA AA(SO)
Infrastructure Pvt Ltd)
Ess Kay Fincorp Ltd                     PTC Series A1         ICRA A(SO)   323.9   Upgraded
                                                                                   from ICRA
                                                                                   A-(SO)
Ess Kay Fincorp Ltd                     PTC Series A1         ICRA A-(SO)  264.1   Reaffirmed
Ess Kay Fincorp Ltd                     PTC Series A1         ICRA A+(SO)  375.9   Upgraded
                                                                                   from ICRA
                                                                                   A-(SO)
Ess Kay Fincorp Ltd                     PTC Series A1         ICRA A+(SO)  173.9   Upgraded
                                                                                   from ICRA
                                                                                   A-(SO)
Ess Kay Fincorp Ltd                     PTC Series A2         ICRA         12      Upgraded
                                                              BBB-(SO)             from ICRA
                                                                                   BBB-(SO)
Ess Kay Fincorp Ltd                     PTC Series A2         ICRA         22.6    Upgraded
                                                              BBB+(SO)             from ICRA
                                                                                   BBB-(SO)
Ess Kay Fincorp Ltd                     PTC Series A2         ICRA         5.4     Upgraded
                                                              BBB+(SO)             from ICRA
                                                                                   BBB-(SO)
Fjm Cylinders Pvt Ltd                   LT: TL                ICRA BB+     243     Upgraded
                                                                                   from ICRA BB
Fjm Cylinders Pvt Ltd                   LT: CC Fac            ICRA BB+     40      Upgraded
                                                                                   from ICRA BB
Fjm Cylinders Pvt Ltd                   LT and ST: Non-FBL    ICRA BB+     140     Upgraded
                                                                                   from ICRA BB
                                                                                   / ICRA A4+
Fjm Cylinders Pvt Ltd                   LT and ST: UnallocatedICRA BB+     364.5   Upgraded
                                                                                   from ICRA BB
                                                                                   / ICRA A4+
Fortis Healthcare Ltd                   NCDs                  ICRA BBB-@   2500    -
@ on watch with negative implications
Fortis Healthcare Ltd                   FB Limits             ICRA BBB-@   1050    -
@ on watch with negative implications
Fortis Healthcare Ltd                   TL                    ICRA BBB-@   1950    -
@ on watch with negative implications
French Motor Car Co. Ltd.               Unallocated limits    ICRA BB-     5       -
                                                              /ICRA A4
Ratings continue to remain under ‘Issuer Not Cooperating’ category
French Motor Car Co. Ltd.               Fund Based – CC       ICRA BB+     145     -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Gkc Projects Ltd                        BLR                   ICRA D       22000   -
ISSUER NOT CO- OPERATING
Goverdhan Transport Company             TL                    ICRA BB+     670     Upgraded
Pvt Ltd                                                                            from ICRA BB
Graphite India Ltd                      NCD                   ICRA AA+     1000    Reaffirmed
Graphite India Ltd                      FB Fac                ICRA AA+     4500    Reaffirmed
                                                              /A1+
Graphite India Ltd                      Non-FB Fac            ICRA         2700    Reaffirmed
                                                              AA+/A1+
                                                              Reaffirmed
Gujarat Guardian Ltd                    LT, FB/Non-FBL        ICRA AA      100     Re-affirmed
Gujarat Guardian Ltd                    LT, Non-FBL           ICRA AA      300     Re-affirmed
Havells India Ltd                       FB Bk Fac             ICRA AA+     2224    -
Hcl Comnet Systems And                  LT Non-FB Fac ST FB   ICRA AA      200     Reaffirmed
Services Ltd                            Fac MFI Grading
Hero Fincorp Ltd                        LT FB Fac             ICRA AA+     68500   Assigned
Hero Fincorp Ltd                        NCD Programme         ICRA AA+     8000    Assigned
Hero Fincorp Ltd                        Subordinated Debt     ICRA AA+     1000    Assigned
                                        Programme
Hero Fincorp Ltd                        NCD Programme         ICRA AA+     24000   outstanding
Hero Fincorp Ltd                        Subordinated Debt     ICRA AA+     4000    outstanding
                                        Programme
India Shelter Finance                   Bk lines              ICRA A-      2500    Reaffirmed
Corporation Ltd
India Shelter Finance                   NCD                   ICRA A-      710     Reaffirmed
Corporation Ltd
Kimiya Engineers Pvt Ltd                FB - CC               ICRA D       100     Downgraded
                                                                                   from ICRA BB-
Removed from ‘Issuer Not Cooperating’ category
Kimiya Engineers Pvt Ltd                Non-FBL               ICRA D       300     Downgraded
                                                                                   from ICRA BB-
Removed from ‘Issuer Not Cooperating’ category
Kimplas Piping Systems Ltd              LT: Fund based - CC   ICRA BB      230     Withdrawn
ISSUER NOT CO- OPERATING
Kimplas Piping Systems Ltd              LT: Fund based – TL   ICRA BB      90      Withdrawn
ISSUER NOT CO- OPERATING
Kimplas Piping Systems Ltd              LT: Non-FBL           ICRA BB      80      Withdrawn
ISSUER NOT CO- OPERATING
Kohinoor Speciality Foods               Fund based - Working  ICRA A+(SO)  4235    Assigned
India Pvt Ltd                           Capital Fac
Lila Polymers Pvt Ltd                   BLR                   ICRA BB /    300     -
                                                              ICRA A4+
ISSUER NOT CO- OPERATING
Magma Fincorp Ltd                       PTC Series A1         Provisional  565.9   Assigned
                                                              ICRA AA(SO)
Magma Fincorp Ltd                       PTC Series A2         Provisional  31.4    Assigned
                                                              ICRA AA(SO)
Magma Fincorp Ltd                       Liquidity Facility    Provisional  10.5    Assigned
                                                              ICRA AAA(SO)
Magma Fincorp Ltd                       Second Loss Facility  Provisional  31.4    Assigned
                                                              ICRA
                                                              BBB-(SO)
Mangalore Electricity Supply            Fund based - TL       ICRA BBB+    5855.1  Reaffirmed
Co. Ltd
Mangalore Electricity Supply            Fund based – OverdraftICRA BBB+    3150    Reaffirmed
Co. Ltd
Mangalore Electricity Supply            Unallocated           ICRA BBB+ /  522.7   Reaffirmed
Co. Ltd                                                       ICRA A2
Meridian Educational Society            Fund based            ICRA B       1300    -
ISSUER NOT CO- OPERATING
Naari Pharma Pvt Ltd                    Fund Based - TL       ICRABBB+     878     Reaffirmed
                                                              (SO)
rating watch with developing implications' removed and Stable , outlook
Naari Pharma Pvt Ltd                    Fund Based - CC       ICRABBB+     200     Reaffirmed
                                                              (SO)
rating watch with developing implications' removed and Stable , outlook
Namasthetu Infratech Pvt Ltd            Fund based-CC         ICRA B       44.3    Reaffirmed
ISSUER NOT CO- OPERATING
Namasthetu Infratech Pvt Ltd            Fund                  ICRA B       10      Reaffirmed
                                        based-Unallocated
                                        Limit
ISSUER NOT CO- OPERATING
Ntpc Ltd                                BONDS                 ICRA AAA     437123.3Outstanding
Ntpc Ltd                                FB-TL                 ICRA AAA     650000  Outstanding
Ntpc Ltd                                Fund based-Working    ICRA AAA     20000   Outstanding
                                        Capital Fac
Paxal Corporation                       Fund Based-CC         ICRA B       80      -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Prathul Automobiles Pvt Ltd             Fund based            ICRA B+      132.1   -
Remains in ‘Issuer Not Cooperating’ category
Prathul Automobiles Pvt Ltd             Unallocated Limits    ICRA B+      17.9    -
Remains in ‘Issuer Not Cooperating’ category
Radhe Krishna Enterprise                TL                    ICRA B       270     -
ISSUER NOT CO- OPERATING
Ramgad Minerals And Mining Ltd          FB – TL               ICRA BBB     2050    Upgraded
                                                                                   from ICRA
                                                                                   BBB-
Ramgad Minerals And Mining Ltd          FB – CC               ICRA BBB     100     Upgraded
                                                                                   from ICRA
                                                                                   BBB-
Ramgad Minerals And Mining Ltd          Unallocated           ICRA BBB     735     Upgraded
                                                                                   from ICRA
                                                                                   BBB-
Rohan Motors Ltd                        CC                    ICRA BBB-    400     Withdrawn
Rohan Motors Ltd                        BG                    ICRA BBB-    75      Withdrawn
Saarloha Advanced Materials             LT –Fund based/CC     ICRA BBB-    300     Reaffirmed
Pvt Ltd
Saarloha Advanced Materials             LT/ST Non-fund Based  ICRA BBB-    250     Reaffirmed
Pvt Ltd                                                       /ICRA A3
Saarloha Advanced Materials             LT/ST Unallocated     ICRA BBB-    380     Reaffirmed
Pvt Ltd                                                       /ICRA A3
Silica Infotech Pvt Ltd                 LT – CC               ICRA B+      70      -
Issuer delayed in giving information
Silica Infotech Pvt Ltd                 LT – TL               ICRA B+      12.5    -
Issuer delayed in giving information
Skaps Industries India Pvt.             FB TL (TL)            ICRA A-      1200.4  Upgraded
Ltd.                                                                               from ICRA
                                                                                   BBB+
Skaps Industries India Pvt.             FB CC (CC)            ICRA A-      650     Upgraded
Ltd.                                                                               from ICRA
                                                                                   BBB+
Ski Carbon Black (India) Pvt            LT / ST, FB/Non-FB FacICRA AA      6000    Re-affirmed
Ltd
Sterling & Wilson Energy                LT/ST – Non-fund BasedICRA BBB-    70      Reaffirmed
Systems Pvt Ltd                                               /ICRA A3
Sterling & Wilson Powergen Pvt          LT – TL               ICRA BBB-    250     Reaffirmed
Ltd
Sterling & Wilson Powergen Pvt          LT – Fund Based/CC    ICRA BBB-    50      Reaffirmed
Ltd
Sterling & Wilson Powergen Pvt          LT/ST – Non-fund BasedICRA BBB-    1025    Reaffirmed
Ltd                                                           /ICRA A3
Sterling Generators Pvt Ltd             LT – Fund based/CC    ICRA BBB-    300     Reaffirmed
                                        
Sterling Generators Pvt Ltd             LT/ST Non-fund 25     ICRA         250     Reaffirmed
                                        Based                 BBB-/ICRA A3
Td Toll Road Pvt Ltd                    Fund Based – TL       ICRA BB+     3014    -
Rating moved to the ‘Issuer Not Cooperating’ category
Tejaswi Motors Pvt Ltd                  Fund based CC         ICRA B       200     -
ISSUER NOT CO- OPERATING
Va Tech Wabag Ltd                       LT: FB Fac            ICRA AA-     4875    outstanding
Va Tech Wabag Ltd                       LT: Proposed FB Fac   ICRA AA-     125     outstanding
--------------------------------------------------------------------------------------------
$: 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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