(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Rohan Motors Ltd Bill Discounting ICRA A3 30 Withdrawn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)