(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Sona Fuji Kiko Automotive Ltd CC 7.20 ICRA 72 Withdrawn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)