August 20, 2019 / 11:27 AM / a month ago

RPT-ICRA ratings for Indian debt instruments-Aug 20

 (Repeating to add additional ratings)
    Aug 20 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of August 19, 2019.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Betterman Engineers Pvt Ltd             Non-Fund Based –BG    ICRA A4      100     Reaffirmed
Brady Services Pvt Ltd                  BG                    ICRA A4      50      Reaffirmed
Comstar Automotive                      ST Non fund based     ICRA A1+ &   120     outstanding,
Technologies Pvt Ltd                                                               
Ratings continue to be on watch with developing implications
Comstar Automotive                      ST Sub limit          ICRA A1+ &   -       outstanding,
Technologies Pvt Ltd                                                               
Ratings continue to be on watch with developing implications
J.R. Metal Chennai Ltd                  ST, Non-FB Fac        ICRA A3      290     upgraded
                                                                                   from ICRA A4+
J.R. Metal Chennai Ltd                  ST, FB Fac            ICRA A3      50      upgraded
                                                                                   from ICRA A4+
Mohan Meakin Ltd                        ST: Non-fund Based    ICRA A3+     100     Upgraded
                                                                                   from ICRA A3
Padmavati Chains Pvt Ltd                ST Interchangeable    ICRA A4+     -       Withdrawn
Sical Iron Ore Terminals Ltd            ST – Non-fund based   ICRA A4(SO)  -       downgraded
                                        (sub-limit)                                from ICRA
                                                                                   A4+ (SO)
Sical Logistics Ltd                     ST FB Fac             ICRA A4      295     downgraded
                                                                                   from ICRA A4+
Sical Logistics Ltd                     ST – Non-FB Fac       ICRA A4      3830    downgraded
                                                                                   from ICRA A4+
Sical Multimodal And Rail               ST – Non-fund based   ICRA A4(SO)  600     downgraded
Transport Ltd                                                                      from ICRA
                                                                                   A4+ (SO)
Sical Saumya Mining Ltd                 ST: FB Fac            ICRA A4(SO)  250     downgraded
                                                                                   from ICRA
                                                                                   A4+ (SO)
Bharat Biotech International            ST FBL                ICRA A1+     200     Reaffirmed
Ltd
Bharat Biotech International            ST Non-fund- based    ICRA A1+     1810    Reaffirmed
Ltd                                     Limits
Hmc Mm Auto Ltd                         ST Non-fund Based TL  ICRA A1+     75      Reaffirmed
International Tractors Ltd              FB Working Capital FacICRA A1+     100     Reaffirmed
International Tractors Ltd              Non-fund Based        ICRA A1+     400     Reaffirmed
                                        Working Capital Fac
Jabs International Pvt Ltd              Non-fund Based - LOC  ICRA A2      20      Outstanding
Modern Communication And                LOC (LC)              ICRA A3      15      Reaffirmed
Broadcast Systems Pvt Ltd
Modern Communication And                BG                    ICRA A3      15      Reaffirmed
Broadcast Systems Pvt Ltd
Modern Communication And                Credit Exposure       ICRA A3      -       Reaffirmed
Broadcast Systems Pvt Ltd               Limit-Sublimit to LC
Raajratna Metal Industries Ltd          ST Fund Based-        ICRA A1      3080    Reaffirmed
                                        PC/PCFC/FBD/FBN/PSCFC
Raajratna Metal Industries Ltd          ST NFBL               ICRA A1      400     Reaffirmed
The Mahabir Jute Mills Ltd              Non-fund Based        ICRA A4      30
Withdrawn; Issuer Not Cooperating
The Mahabir Jute Mills Ltd              Unallocated           ICRA A4      33.6
Withdrawn; Issuer Not Cooperating
Vlcc Health Care Ltd                    ST FB/ non-fund based ICRA A3      145
Downgraded from ICRA A3+
MEDIUM TERM RATINGS:
-------------------
Sun Clean Renewable Power Pvt           Fixed Deposits        MA-          -       Reaffirmed
Ltd
Bilcare Ltd                             Proposed fixed        MC           1250    Withdrawn
                                        deposit (FD) programme
Issuer Not Cooperating

LONG TERM RATINGS:
-------------------
Betterman Engineers Pvt Ltd             Fund Based- CC        ICRA B       60      Reaffirmed
Brady Services Pvt Ltd                  Unallocated           ICRA B+      25      upgraded
                                                                                   from ICRA B+
Brady Services Pvt Ltd                  CC                    ICRA BB-     25      upgraded
                                                                                   from ICRA B+
Comstar Automotive                      LT Fund based         ICRA AA- &   350     outstanding,
Technologies Pvt Ltd                                                               ratings
                                                                                   continue to
be on watch with developing implications
Comstar Automotive                      LT/ST Unallocated     ICRA AA-     630     assigned,
Technologies Pvt Ltd                                          &/ICRA A1+ &         ratings
                                                                                   continue to
be on watch with developing implications
Fjm Cylinders Pvt Ltd                   TL                    ICRA BB+     61.3    Reaffirmed
Fjm Cylinders Pvt Ltd                   FB Limits             ICRA BB+ /   60      Reaffirmed
                                                              ICRA A4+
Fjm Cylinders Pvt Ltd                   Non-FBL               ICRA BB+ /   140     Reaffirmed
                                                              ICRA A4+
Fjm Cylinders Pvt Ltd                   Unallocated           ICRA BB+ /   526.2   Reaffirmed
                                                              ICRA A4+
Gsj Envo Ltd                            Fund Based            ICRA BB-     120     upgraded
                                                                                   from ICRA B+
Gsj Envo Ltd                            Non-fund Based        ICRA BB-     700     upgraded
                                                                                   from ICRA B+
Gsj Envo Ltd                            Unallocated           ICRA BB-     30      upgraded
                                                                                   from ICRA B+
Hero Motocorp Ltd                       FB Limits             -            -       -
Hero Motocorp Ltd                       Non-FBL               -            -       -
Hero Motocorp Ltd                       Issuer Rating         ICRA AAA     -       outstanding
Hero Motocorp Ltd                       NCD Programme         ICRA AAA     150     outstanding
Hero Motocorp Ltd                       Unallocated           ICRA AAA     1949    Reaffirmed
Hero Motocorp Ltd                       FB and Non-FBL        ICRA AAA     9051    Reaffirmed
                                                              /ICRA A1+
J.R. Metal Chennai Ltd                  LT, FB Fac            ICRA BBB-    50      upgraded
                                                                                   from ICRA BB+
J.R. Metal Chennai Ltd                  LT, Unallocated       ICRA BBB-    50      upgraded
                                                                                   from ICRA BB+
Mohan Meakin Ltd                        LT/ST: Unallocated    -            -       -
Mohan Meakin Ltd                        LT: Fund Based/CC     ICRA BBB-    650     upgraded
                                                                                   from ICRA
                                                                                   BBB-
Outlook revised to Positive from Stable
Norsea Offshore India Ltd               TL                    ICRA D       240     downgraded
                                                                                   from ICRA
                                                                                   BB+ (SO)
Padmavati Chains Pvt Ltd                LT FB -CC             ICRA BB      200     Withdrawn
Padmavati Chains Pvt Ltd                LT Interchangeable    ICRA BB      -       Withdrawn
Pnx Logistics Pvt Ltd                   TL 1                  ICRA B+(SO)  140     downgraded
                                                                                   from ICRA
                                                                                   BB+ (SO)
Pnx Logistics Pvt Ltd                   TL 2                  ICRA B+(SO)  50      downgraded
                                                                                   from ICRA
                                                                                   BB+ (SO)
Pnx Logistics Pvt Ltd                   CC                    ICRA B+(SO)  140     downgraded
                                                                                   from ICRA
                                                                                   BB+ (SO)
Pnx Logistics Pvt Ltd                   WCDL                  ICRA B+(SO)  -       downgraded
                                                              /ICRA A4(SO)         from ICRA
                                                                                   BB+ (SO)
(Negative)ICRA A4+ (SO)
Pnx Logistics Pvt Ltd                   LOC                   ICRA B+(SO)  -       downgraded
                                                              /ICRA A4(SO)         from ICRA
                                                                                   BB+ (SO)
(Negative)ICRA A4+ (SO)
Pnx Logistics Pvt Ltd                   BG                    ICRA B+(SO)  -       downgraded
                                                              /ICRA A4(SO)         from ICRA
                                                                                   BB+ (SO)
(Negative)ICRA A4+ (SO)
Pnx Logistics Pvt Ltd                   ST Loan               ICRA B+(SO)  -       downgraded
                                                              /ICRA                from ICRA
                                                              A4(SO);              BB+ (SO)
(Negative)ICRA A4+ (SO)
Sical Iron Ore Terminals Ltd            LT: TL                ICRA B+ (SO) 5000    downgraded
                                                                                   from ICRA
                                                                                   BB+ (SO)
Sical Iron Ore Terminals Ltd            LT – Fund based       ICRA B+ (SO) 400     downgraded
                                                                                   from ICRA
                                                                                   BB+ (SO)
Sical Iron Ore Terminals Ltd            LT – Non fund based   ICRA B+ (SO) 600     downgraded
                                                                                   from ICRA
                                                                                   BB+ (SO)
Sical Iron Ore Terminals Ltd            LT – Non-fund based   ICRA B+ (SO) -       downgraded
                                        (sub-limit)                                from ICRA
                                                                                   BB+ (SO)
Sical Logistics Ltd                     NCD Programme         ICRA B+      1000    downgraded
                                                                                   from ICRA BB+
Sical Logistics Ltd                     LT – CC               ICRA B+      3000    downgraded
                                                                                   from ICRA BB+
Sical Logistics Ltd                     LT – TL Outstanding   ICRA B+      5260.1  downgraded
                                                                                   from ICRA BB+
Sical Logistics Ltd                     LT – Unallocated      ICRA B+      65.3    downgraded
                                                                                   from ICRA BB+
Sical Multimodal And Rail               NCD Programme         ICRA B+ (SO) 1000    downgraded
Transport Ltd                                                                      from ICRA
                                                                                   BB+ (SO)
Sical Multimodal And Rail               LT – Fund based       ICRA B+ (SO) 400     downgraded
Transport Ltd                                                                      from ICRA
                                                                                   BB+ (SO)
Sical Multimodal And Rail               LT – TL               ICRA B+ (SO) 607.7   downgraded
Transport Ltd                                                                      from ICRA
                                                                                   BB+ (SO)
Sical Saumya Mining Ltd                 TL                    ICRA B+ (SO) 418.3   downgraded
                                                                                   from ICRA
                                                                                   BB+ (SO)
Up Money Ltd -Vivriti Markus            PTC Series A1         Provisional  -       Withdrawn
06 2019                                                       ICRA A-(SO)
Up Money Ltd -Vivriti Markus            PTC Series A2         Provisional  -       Withdrawn
06 2019                                                       ICRA
                                                             BBB-(SO)
Baldev Textile Mills Pvt Ltd            FB – CC               ICRA BB+     105
Upgraded from ICRA BB
Bharat Biotech International            LT FB Limits          ICRA A+      1050    Reaffirmed
Ltd
outlook retained at Positive
Bharat Biotech International            LT / ST               ICRA A+      250     Reaffirmed
Ltd                                     Interchangeable Limits
outlook retained at Positive
C S Construction Company Pvt            FB - Working Capital  ICRA A-      41      Reaffirmed
Ltd                                     Fac
C S Construction Company Pvt            Non-fund              ICRA A-      4959    Reaffirmed
Ltd                                     Based-Working Capital
                                        Fac
Dvara Kshetriya Gramin                  Bk Loans              ICRA BBB     2000
Financial Services Pvt Ltd
Upgraded from ICRA BBB-
Dvara Kshetriya Gramin                  Subordinated Debt     ICRA BBB     300
Financial Services Pvt Ltd
Upgraded from ICRA BBB-
Dvara Kshetriya Gramin                  Bk Loans              ICRA BBB     2000
Financial Services Pvt Ltd
Upgraded from ICRA BBB-
Dvara Kshetriya Gramin                  Subordinated Debt     ICRA BBB     300
Financial Services Pvt Ltd
Upgraded from ICRA BBB-
Fusion Microfinance (Pvt.)              PTC Series A1         ICRA A (SO)  498.3
Ltd.- Northern Arc 2019 Mfi Rio
Rating of Provisional confirmed as final
Fusion Microfinance (Pvt.)              PTC Series A2         ICRA BBB     22.6
Ltd.- Northern Arc 2019 Mfi Rio                               (SO)
Rating of Provisional confirmed as final
Ganga Dairy Ltd                         Fund Based: CC        ICRA BB      134
Rating continues to remain under ‘Issuer Not Cooperating’ category
Ganga Dairy Ltd                         Fund Based: TL        ICRA BB      3.5
Rating continues to remain under ‘Issuer Not Cooperating’ category
Ganga Dairy Ltd                         Unallocated Limit     ICRA BB      2.5
Rating continues to remain under ‘Issuer Not Cooperating’ category
H.R. Educational Foundation             LT– Fund based - TL   ICRA D       100     Reaffirmed
Trust
Hmc Mm Auto Ltd                         TL                    ICRA AA      80      Reaffirmed
Hmc Mm Auto Ltd                         LT FB CC              ICRA AA      245     Reaffirmed
International Tractors Ltd              FB Working Capital    ICRA         600     Reaffirmed
                                        Fac Unallocated       AA+/ICRA A1+
Jabs International Pvt Ltd              FB - Pre-shipment     ICRA         200     Outstanding
                                        Credit (EPC/PCFC)     BBB+/ICRA A2
Jabs International Pvt Ltd              FB - Post-shipment    ICRA         250     Outstanding
                                        Credit (FBP/FBD/EBR)  BBB+/ICRA A2
Jabs International Pvt Ltd              FB - Pre-shipment/    ICRA         710
                                        Postshipment Credit   BBB+/ICRA A2
                                        (EPC/PCFC/FBP/FBD)
Outstanding /Assigned
Modern Communication And                CC                    ICRA BBB-    40      Reaffirmed
Broadcast Systems Pvt Ltd
Modern Communication And                TL                    ICRA BBB-    15.5    Reaffirmed
Broadcast Systems Pvt Ltd
Modern Communication And                Unallocated Limits    ICRA BBB-/A3 59.5    Reaffirmed
Broadcast Systems Pvt Ltd
Raajratna Metal Industries Ltd          Unallocated Limits    ICRA A /A1   20      Reaffirmed
Reliance Home Finance Ltd-              PTC Series A          ICRA BBB     1399.4
Indian Receivable Trust 2019                                  (SO)
Series 1
Provisional rating of       BBB(SO)& confirmed as final; &: The symbol implies that the ratings
are under watch with developing implications
Sayaji Industries Ltd                   Fixed Deposits        MA-          200
Reaffirmed; outlook revised to ‘Negative’ from Stable
Shubhlaxmi Gum Industries               FB CC                 ICRA B       70      Reaffirmed
Shubhlaxmi Gum Industries               Unallocated Limits    ICRA B /A4   14.8
Reaffirmed/ Assigned
Sun Clean Renewable Power Pvt           TL                    ICRA BBB+    393
Ltd
Upgraded from ICRA BBB
Synergy Property Development            Fund based- Working   ICRA A /A1   180
Services Pvt Ltd                        Capital Fac
Reaffirmed/ Assigned
Synergy Property Development            Non-fund              ICRA A /A1   190
Services Pvt Ltd                        based-Working Capital
                                        Fac
Reaffirmed/ Assigned
The Mahabir Jute Mills Ltd              CC                    ICRA BB      125
Withdrawn; Issuer Not Cooperating
The Mahabir Jute Mills Ltd              TL                    ICRA BB      24.5
Withdrawn; Issuer Not Cooperating
Vlcc Health Care Ltd                    LT FB Bk Fac          ICRA BBB-    390.3
Downgraded from ICRA BBB
Vlcc Health Care Ltd                    LT unallocated Bk Fac ICRA BBB-    14.7
Downgraded from ICRA BBB
Vlcc Personal Care Ltd                  LT FB Bk Fac          ICRA BBB-    450
Downgraded from ICRA BBB
Vlcc Personal Care Ltd                  LT FB TL              ICRA BBB-    100
Downgraded from ICRA BBB

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