April 5, 2018 / 11:11 AM / 3 months ago

RPT-ICRA ratings for Indian debt instruments-Apr 5

 (Repeating to add more ratings.)
    Apr 5 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of April 4, 2018.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Airports Authority Of India             CP                    ICRA A1+     7500    outstanding
Balu India                              ST, Non-FBL           ICRA A4      150     Reaffirmed
Balu India                              ST, Fund Based Limit  -            -       -
Classic Cotton Pvt Ltd                  ST FB – SLC           -            -       -
Eagle Electricals                       Non-fund              ICRA A4      70      Reaffirmed
                                        based-Working Capital
Gayathri Exports                        ST – FB Fac           ICRA A4      370     Reaffirmed
Graduate Agro And Mechanical            Non FB Limits         ICRA A4      97.5    Reaffirmed
Engineers
Removed from the ‘Issuer Not Cooperating’ category
India Infoline Finance Ltd              PTC Series A          Provisional  450     onfirmed as
                                                              ICRA A1+(SO)         final
Indoco Remedies Ltd                     ST, FB Limits         ICRA A1+     200     Reaffirmed
Indoco Remedies Ltd                     ST, Non-FBL           ICRA A1+     132.5   Reaffirmed
Indoco Remedies Ltd                     CP Programme          ICRA A1+     250     Reaffirmed
Jamshedpur Utilities And                BG                    ICRA A2+     700     Assigned
Services Co. Ltd
Krishna Antioxidants Pvt Ltd            ST Fund based         ICRA A3+     400     revised from
                                                                                   ICRA A2
Krishna Antioxidants Pvt Ltd            ST Non-fund based     ICRA A3+     610     revised from
                                                                                   ICRA A2
Lucky Exports                           FBL                   ICRA A4+     460     -
Rating moved to the ‘Issuer Not Cooperating’ category
Lucky Exports                           Non- FBL              ICRA A4+     1200    -
Rating moved to the ‘Issuer Not Cooperating’ category
Lucky Exports                           Unallocated limits    ICRA A4+     40      -
Rating moved to the ‘Issuer Not Cooperating’ category
National Highways Authority Of          Fund based- Overdraft ICRA A1+     50000   Reaffirmed
India
Newgen Software Technologies            ST – Fund Based       ICRA A2+     700     Reaffirmed
Ltd
Newgen Software Technologies            ST – Non-fund Based   ICRA A2+     105     Reaffirmed
Ltd
Reliance Power Ltd                      ST – NFBL             ICRA A2      400     outstanding
Reliance Power Ltd                      CP/ ST debt           ICRA A2      10000   outstanding
                                        Programme/ NCD
(with maturity of 1000 less than one year)
Rossell India Ltd                       Non FBL               ICRA A2      25      Downgraded
                                                                                   from ICRA A1
Skh Metals Ltd                          Non-fund Based –      ICRA A3      450     outstanding
                                        Working Capital Fac
Sona Fuji Kiko Automotive Ltd           CC                    7.20 ICRA    72      Withdrawn
                                                              A+
Vatsal Construction Co.                 BG PTC Series A       ICRA A4      135     Reaffirmed
removed from Issuer Not Cooperating category
Wheels India Ltd                        ST -Non-FB Fac        ICRA A1+     1500    outstanding
Wheels India Ltd                        CP                    ICRA A1+     1000    Assigned
Bharat Cottage Industries               LOC (LC)              ICRA A4      1.5     Reaffirmed
removed from issuer not cooperating
Bharat Cottage Industries               Letter of Guarantee   ICRA A4      0.2     Reaffirmed
removed from issuer not cooperating
Echjay Forgings Pvt Ltd                 Non-FBL               ICRA A4      10      Reaffirmed
Kataria Automobiles Pvt. Ltd.           Non-fund Based BG (BG)ICRA A3      30      Reaffirmed
Mangalore Refinery And                  Non-FBL               ICRA A1+     4000    Reaffirmed
Petrochemicals Ltd
Mangalore Refinery And                  CP / ST Debt          ICRA A1+     900     Reaffirmed
Petrochemicals Ltd
Nishi Forex Amp; Leisure Pvt.           Non-fund based -      ICRA A4+     4.65    outstanding
Ltd.                                    Working Capital
Orson Holdings Co. Ltd                  Non-Fund Based – LOC  ICRA A3      9       Reaffirmed
Orson Holdings Co. Ltd                  Non-fund Based-       ICRA A3      0.49    Reaffirmed
                                        Forward Contract
Quadgen Wireless Solutions Pvt          ST – Unallocated      Provisional  100     Assigned
Ltd                                                           ICRA A3 (SO)
outstanding
Religare Broking Ltd                    ST Bk Lines           ICRA A3      600     Assigned
watch with developing implications
Religare Securities Ltd                 ST Bk lines           ICRA A3              Withdrawn
watch with developing implications
Religare Securities Ltd                 CP Programme          ICRA A3              Withdrawn
watch with developing implications
Shree Bhagwati Agrotech Pvt.            Non-FBL FB - TL       ICRA A4      0.17    Reaffirmed
Ltd.     
    

MEDIUM TERM RATINGS:
--------------------

Wheels India Ltd                        Medium Term: Fixed    MA+          1500    outstanding
                                        deposit

LONG TERM RATINGS:
-------------------
Airports Authority Of India             TL                    ICRA AAA     15000   Assigned
Airports Authority Of India             LT bonds/debt         ICRA AAA     26500   outstanding
                                        programme
Airports Authority Of India             Fund based working    ICRA         5000    outstanding
                                        capital Fac           AAA/ICRA A1+
Ashoka Ranastalam Anandapuram           Fund based-TL         ICRA A-      4150    Assigned
Road Ltd
Balu India                              LTand ST, Unallocated -            -       -
                                        Limit
Balu India                              LT and ST, Fundbased  ICRA B/      640     Reaffirmed
                                        Limit^                ICRA A4
^Includes Rs. 7.00 crore of packing credit as a sublimit of Rs. 64.00 crore of post-shipment
credit.
Bhavani Cotex                           LT FB – CC            ICRA B+      69      Reaffirmed
Bhavani Cotex                           LT FB – TL            ICRA B+      16      Reaffirmed
Classic Cotton Pvt Ltd                  LT FB – CC            ICRA B+      220     Reaffirmed -
Classic Cotton Pvt Ltd                  LT/ST – Unallocated   ICRA B+ /A4  34      Reaffirmed
                                        Limits
Ds Spiceco Pvt. Ltd.                    FB Bk Fac             ICRA A+(SO)  1000    Reaffirmed
Eagle Electricals                       Fund based- Working   ICRA B+      70      Upgraded
                                        Capital Fac                                from ICRA B
Gayathri Exports                        LT – FB Fac           ICRA BB      30      Reaffirmed
Gokul Cotton Industries                 LT FB – CC            ICRA B       90      Reaffirmed
Gokul Cotton Industries                 LT FB – TL            ICRA B       8.9     Reaffirmed
Gokul Cotton Industries                 LT – Unallocated      ICRA B       101.1   Reaffirmed
                                        Limits
Graduate Agro And Mechanical            FB Limits             ICRA BB-     85.6    Reaffirmed
Engineers
Removed from the ‘Issuer Not Cooperating’ category
Graduate Agro And Mechanical            Unallocated Limits    ICRA BB-     3.4     Reaffirmed
Engineers                                                     /ICRA A4
Removed from the ‘Issuer Not Cooperating’ category
Indoco Remedies Ltd                     LT, Loans             ICRA A+      1650    Revised from
                                                                                   ICRA AA-
                                                                                   (Negative)
Indoco Remedies Ltd                     LT, FB Limits         ICRA A+      974     Revised from
                                                                                   ICRA AA-
                                                                                   (Negative)
Jaipur - Mahua Tollway Pvt Ltd          Proposed NCDs         Provisional  3000
                                        (NCD)/Bonds Programme ICRA AAA(SO)
Jaipur - Mahua Tollway Pvt Ltd          Proposed Subordinated Provisional  1150
                                        Debt/NCD/Bonds        ICRA AAA(SO)
                                        Programme
Jamshedpur Utilities And                CC                    ICRA A-      250     Assigned
Services Co. Ltd
Jamshedpur Utilities And                TL                    ICRA A-      120     Assigned
Services Co. Ltd
Jamshedpur Utilities And                Unallocated Limits    ICRA A-/A2+  930     Assigned
Services Co. Ltd
Krishna Antioxidants Pvt Ltd            LT Fund based - Cash  ICRA BBB     230     Revised from
                                              Credit                               ICRA BBB+
Krishna Antioxidants Pvt Ltd            TL                    ICRA BBB     424.6   Revised from
                                                                                   ICRA BBB+
M S Corporation                         Fund based - TL       ICRA BB-     300     Assigned
Mateshwari Food Stuff Pvt Ltd           FBL CC                ICRA B       175
Mateshwari Food Stuff Pvt Ltd           FBL TL                ICRA B       65
Moldex Composites Pvt Ltd               TL                    ICRA BBB-    50      Assigned
Moldex Composites Pvt Ltd               CC                    ICRA BBB-    50      Assigned
National Highways Authority Of          LT Borrowing          ICRA AAA     620000  Assigned
India                                   Programme for 2018-19
National Highways Authority Of          LT Borrowing          ICRA AAA     590000  Reaffirmed
India                                   Programme for 2017-18
National Highways Authority Of          LT Borrowing          ICRA AAA     331180  Reaffirmed
India                                   Programme for 2016-17
National Highways Authority Of          Tax-free Bonds –      ICRA AAA     190000  Reaffirmed
India                                   2015-16
National Highways Authority Of          54EC bonds – 2014-15  ICRA AAA     33430   Reaffirmed
India
Nirmal Seeds Pvt Ltd                    LT Fund based - CC    ICRA BBB-    950     Reaffirmed
Nirmal Seeds Pvt Ltd                    TL                    ICRA BBB-    330.2   Reaffirmed
Reliance Power Ltd                      LT NCDs (NCD)         ICRA BBB     10000   Assigned
Reliance Power Ltd                      LT Loans              ICRA BBB     21830   outstanding
Reliance Power Ltd                      LT - FBL              ICRA BBB     800     outstanding
Reliance Power Ltd                      Non FBL (B/G and L/C) ICRA BBB /   37120   outstanding
                                                              ICRA A2
Rossell India Ltd                       Fund Based – TL       ICRA A-      120     Downgraded
                                                                                   from ICRA A
Rossell India Ltd                       Fund Based – Working  ICRA A-      1200    Downgraded
                                        capital limits                             from ICRA A
S. Venugopala Reddy                     LT/TL                 ICRA BB+     43      Reaffirmed
S. Venugopala Reddy                     LT/optionally         ICRA BB+     10      Reaffirmed
                                        convertible debenture
S. Venugopala Reddy                     Unallocated           ICRA BB+     22      Reaffirmed
Shivay Minerals                         FB – TL               ICRA B       45      Assigned
Shivay Minerals                         FB – Working Capital  ICRA B       20      Assigned
                                        Fac
Sidhi Vinayak Foundation                FB - TL               ICRA B       100     Assigned
Skh Metals Ltd                          TL                    ICRA BBB-    1365    outstanding
Skh Metals Ltd                          FB – Working Capital  ICRA BBB-    1575    outstanding
                                        Fac                   /ICRA A3
Skh Metals Ltd                          FB/Non-fund Based –   ICRA BBB-    550     outstanding
                                        Working Capital Fac   /ICRA A3
Skh Metals Ltd                          Unallocated Limits    ICRA BBB-    60      outstanding
                                                              /ICRA A3
Srl Ltd                                 FB Fac                ICRA BBB+    240     -
rating continues to be on watch with negative implications
Srl Ltd                                 Non-FB Fac            ICRA BBB+/A2 45      -
ratings continue to be on watch with negative implications
Sundaram Finance Ltd                    PTC Series A          ICRA AAA(SO) 1752.9  Reaffirmed
Sundaram Finance Ltd                    PTC Series A          ICRA         5120    Reaffirmed
                                                              AAA(SO)
Vatsal Construction Co.                 CC                    ICRA BB-     10      Reaffirmed
removed from Issuer Not Cooperating category
Visage Holdings & Finance Pvt.          NCD                   ICRA BBB-    320     Assigned
Ltd
Visage Holdings & Finance Pvt.          Bk Fac                ICRA BBB-    500     outstanding
Ltd
Wheels India Ltd                        LT: TL                ICRA A+      850     outstanding
Wheels India Ltd                        LT - FB Fac           ICRA A+      2250    outstanding
Wheels India Ltd                        LT/ST Unallocated     ICRA A+      650     outstanding
                                                              /ICRA A1+
Bharat Cottage Industries               CC                    ICRA B-      8.5     Reaffirmed
removed from issuer not cooperating
Bharat Cottage Industries               TL/ Working Capital   ICRA B-      1.8     Reaffirmed
                                        Demand Loan
removed from issuer not cooperating
Echjay Forgings Pvt Ltd                 FB - CC               ICRA BB-     21.5    Reaffirmed
Kataria Automobiles Pvt. Ltd.           FB TL                 ICRA BBB-    21.65   Reaffirmed
Kataria Automobiles Pvt. Ltd.           FB Working Capital FacICRA BBB-    155     Reaffirmed
Khatu Shyam Ji Tollways Pvt Ltd         TL                    ICRA BBB-    10.5    -
placed on watch with developing implications
Khatu Shyam Ji Tollways Pvt Ltd         Non-FBL               ICRA BBB-    1       -
placed on watch with developing implications
Mangalore Refinery And                  FBL                   ICRA AAA     3000    Reaffirmed
Petrochemicals Ltd
Mangalore Refinery And                  Issuer Rating         ICRA AAA     --      Reaffirmed
Petrochemicals Ltd
Mangalore Refinery And                  ST / Working Capital               --      Reaffirmed
Petrochemicals Ltd                      Demand Loan
Nishi Forex Amp; Leisure Pvt.           Fund based - Working  ICRA BB      11      outstanding
Ltd.                                    Capital Fac
Nishi Forex Amp; Leisure Pvt.           Fund based - TL       ICRA BB      2.25    outstanding
Ltd.
Nishi Forex Amp; Leisure Pvt.           Unallocated           ICRA BB      22.1    outstanding
Ltd.                                                          /ICRA A4+
Orson Holdings Co. Ltd                  Fund Based- TL        ICRA BBB-    2.29    Reaffirmed
Orson Holdings Co. Ltd                  Fund Based – CC /     ICRA BBB-    13      Reaffirmed
                                        EPC/PCFC/FBD/EBR
Orson Holdings Co. Ltd                  Unallocated Limits    ICRA BBB-    2.22    Reaffirmed
                                                              /ICRA A3
Quadgen Wireless Solutions Pvt          LT – Unallocated      Provisional  20      Assigned
Ltd                                                           ICRA BBB-
                                                              (SO)
outstanding
Rajendra Singh Bhamboo                  TL                    ICRA BB+     36      -
Tollways Pvt Ltd
placed on watch with developing implications
Rajendra Singh Bhamboo                  Non-FBL               ICRA BB+     1.5     -
Tollways Pvt Ltd
placed on watch with developing implications
Shree Bhagwati Agrotech Pvt.            FB limits             ICRA B       11.83   Reaffirmed
Ltd.     
--------------------------------------------------------------------------------------------
$: 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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