August 12, 2019 / 11:58 AM / a month ago

RPT-ICRA ratings for Indian debt instruments-Aug 12

 (Repeating to add more ratings)
    Aug 12 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of August 9, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Bharat Fritz Werner Ltd                 Non-fund              ICRA A2+     835     Upgraded
                                        Based-Working Capital                      from ICRA A2
                                        Fac
Mangalore Sez Ltd                       Fund Based – Working  ICRA A1+     300     Withdrawn
                                        Capital Fac
Nissan Renault Financial                CP                    ICRA A1+     3000    Reaffirmed
Services India Pvt Ltd
Sunland Ceramic Pvt Ltd                 BG                    ICRA A4      15      Withdrawn
Surya Processors Pvt Ltd                ST non-FB Bk Fac      ICRA A4+     127.5
Rating moved to the ‘(Issuer Not Cooperating)’ category
Volkswagen Finance Pvt Ltd              CP Programme          ICRA A1+     30000   Reaffirmed
Diligent Media Corporation Ltd          ST, Non-fund Based    ICRA A3(SO)  200     Downgraded
                                        Facility                                   from ICRA
                                                                                   A2+(SO)
Gujarat Craft Industries Ltd            LOC                   ICRA A4+     110
Issuer Not Cooperating; Withdrawn
Gujarat Craft Industries Ltd            BG                    ICRA A4+     15
Issuer Not Cooperating; Withdrawn
Gujarat Craft Industries Ltd            Buyer’s Credit        ICRA A4+
Issuer Not Cooperating; Withdrawn
Gujarat Craft Industries Ltd            Credit Exposure       ICRA A4+
                                        Limit
Issuer Not Cooperating; Withdrawn

LONG TERM RATINGS:
-------------------
Bharat Fritz Werner Ltd                 FB - Working Capital  ICRA A-      615     Upgraded
                                        Fac                                        from ICRA
                                                                                   BBB+
Bharat Fritz Werner Ltd                 FB -TL                ICRA A-      337     Upgraded
                                                                                   from ICRA
                                                                                   BBB+
Bharat Fritz Werner Ltd                 Unallocated Limits    ICRA A-/     13      Upgraded
                                                              ICRA A2+             from ICRA
                                                                                   BBB+/ ICRA A2
Delhi International Airport Ltd         LT FB Limits          ICRA AA-     3350    Reaffirmed
Delhi International Airport Ltd         LT Non-FBL            ICRA AA-     490     Reaffirmed
Mangalore Sez Ltd                       TL                    ICRA AA-     5774.2  Withdrawn
Mangalore Sez Ltd                       Non FB – Working      ICRA AA-     200     Withdrawn
                                        Capital Fac           /ICRA A1+
Mangalore Sez Ltd                       Unallocated           ICRA AA-     785.8   Withdrawn
                                                              /ICRA A1+
Marina Distributors                     LT Non-FBL            ICRA A+(SO)  250     Re-affirmed
Nissan Renault Financial                NCD (NCD) Programme   ICRA AAA     1000    Reaffirmed
Services India Pvt Ltd
Nissan Renault Financial                NCD Programme         ICRA AAA     -       Reaffirmed
Services India Pvt Ltd                                                             and Withdrawn
Northern Arc Capital                    PTC Series A1         Provisional  784.1   Confirmed as
Ltd-Northern Arc 2019 Mosec                                   ICRA A+(SO)          final
Elbrus
Nv Projects Pvt Ltd                     NCDs                  ICRA A-(SO)  1930    provisional
                                                                                   rating
                                                                                   finalized
Nv Projects Pvt Ltd                     TL                    ICRA A-(SO)  520     provisional
                                                                                   rating
                                                                                   finalized
Nv Realty Pvt Ltd                       TL                    ICRA A-(SO)  1400    provisional
                                                                                   rating
                                                                                   finalized
Orient Bodyshop Solutions               LT: CC                ICRA BB-     60      Withdrawn
India P Ltd.
(Issuer Not Cooperating)
Piveta Estates Pvt Ltd                  TL                    ICRA BB+     2600    Revised from
                                                                                   ICRA BBB-
Shiv Cotton Industries- Tankara         FB – TL               ICRA D       15      Downgraded
                                                                                   from ICRA B
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
Shiv Cotton Industries- Tankara         FB – CC               ICRA D       50      Downgraded
                                                                                   from ICRA B
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
Ska Diagnostic Pvt Ltd                  TL Trust name         ICRA BB+     1800    Assigned
Sunland Ceramic Pvt Ltd                 TL                    ICRA B+      9.7     Withdrawn
Sunland Ceramic Pvt Ltd                 CC                    ICRA B+      40      Withdrawn
Sunland Ceramic Pvt Ltd                 Unallocated limits    ICRA B+ /A4  29.6    Withdrawn
Surya Processors Pvt Ltd                LT FB Bk Fac – TL     ICRA BB+     714.7
Rating moved to the ‘(Issuer Not Cooperating)’ category
Surya Processors Pvt Ltd                LT FB Bk Fac – CC     ICRA BB+     470
Rating moved to the ‘(Issuer Not Cooperating)’ category
Surya Processors Pvt Ltd                Unallocated           ICRA BB+     187.8
Rating moved to the ‘(Issuer Not Cooperating)’ category
Diligent Media Corporation Ltd          NCD Programme         ICRA         2500    Downgraded
                                                              BBB-(SO)             from ICRA
                                                                                   A-(SO)
Dish Infra Services Pvt Ltd             Long-TL               ICRA BBB-    4000    Downgraded
                                                                                   from ICRA A-
Dish Infra Services Pvt Ltd             LT/ST, FB/Non-FBL^    ICRA                 Downgraded
                                                              BBB-/ICRA A3         from ICRA A-
                                                                                   /ICRA A2+
^Sublimit of long-term loans
Dr. D. Y. Patil Vidyapeeth              Bk Fac                ICRA BBB+ /  1052
Society                                                       ICRA A2
Reason for delay in carrying out periodic review: - (Issuer Not Cooperating)
Prince Enterprises                      Bk Fac                ICRA BB-     85
                                                              /ICRA A4
Reason for delay in carrying out periodic review: - (Issuer Not Cooperating)
Basix Sub-K iTransactions Ltd           FB CC limits          ICRA BB      80      Reaffirmed
Gujarat Craft Industries Ltd            TL                    ICRA BB      101.3
Issuer Not Cooperating; Withdrawn
Gujarat Craft Industries Ltd            CC                    ICRA BB      159.5
Issuer Not Cooperating; Withdrawn
Gujarat Craft Industries Ltd            Foreign Bill          ICRA BB
                                        Discounting
Issuer Not Cooperating; Withdrawn
Magna Projects Pvt Ltd                  Fund Based – CC       ICRA D       90
Rating downgraded from ICRABB
Magna Projects Pvt Ltd                  FB– WCDL              ICRA D       10
Rating downgraded from ICRABB
Magna Projects Pvt Ltd                  Non-fund Based – BG   ICRA D       100
Rating downgraded from ICRAA4
Magna Projects Pvt Ltd                  Unallocated Limit     ICRA D       150
Rating downgraded from ICRABB / A4
Sjvn Arun-3 Power Development           TL                    ICRA AA+     63334.8 Assigned
Company Pvt. Ltd.                                             (SO)

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