December 18, 2018 / 11:47 AM / 4 months ago

RPT-ICRA ratings for Indian debt instruments-Dec 18

 (Repeating to add more ratings)
    Dec 18 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of December 17, 2018.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Bajaj Electricals Ltd                   ST – FB Limits        ICRA A1+     3150    Reaffirmed
outlook revised to Negative from Stable
Bajaj Electricals Ltd                   ST – CP               ICRA A+      5000    Reaffirmed
Borosil Glass Works Ltd                 ST- Fund              ICRA A+ &    -       Reaffirmed
                                        based/Non-fund based
                                        - interchangeable
Rating continues to remain on watch with developing implications
Borosil Glass Works Ltd                 ST- LOC/Buyers Credit ICRA A+ &    300     Reaffirmed
Rating continues to remain on watch with developing implications
Bharti Airtel Ltd                       CP                    ICRA A1+     100000  Reaffirmed
Citicorp Finance (India) Ltd            CP                    ICRA A1+     40000   outstanding
Citicorp Finance (India) Ltd            ST Debt Programme     ICRA A1+     20000   outstanding
                                        (ICD)
Everest Industries Ltd                  Non-fund              ICRA A1+     2650    Upgraded
                                        Based-Working Capital                      from ICRA A1
                                        Fac
Everest Industries Ltd                  Unallocated Limits –  ICRA A1+     350     Upgraded
                                        ST                                         from ICRA A1
Everest Industries Ltd                  CP                    ICRA A1+     400     Upgraded
                                                                                   from ICRA A1
Focus Energy Ltd                        ST non-FBL            ICRA A4+     930     Downgraded
                                                                                   from ICRA A3
Gh Induction India Pvt Ltd              ST – Non-FB ISIN No.  ICRA A2      80      Withdrawn
Larsen & Toubro Ltd                     CP                    ICRA A1+     100000  Assigned for
                                                                                   enhanced
                                                                                   amount
Rahman Industries Ltd                   Non-FBL               ICRA A3+     350     Downgraded
                                                                                   from ICRA A2
Reliance Nippon Life Asset              Reliance Overnight    ICRA A1+mfs  -       Assigned
Management Ltd                          Fund
Reliance Nippon Life Asset              Reliance Liquid Fund  ICRA A1+mfs  -       outstanding
Management Ltd
Reliance Nippon Life Asset              Reliance Money Market ICRA A1+mfs  -       outstanding
Management Ltd                          Fund
Reliance Nippon Life Asset              Reliance Ultra Short  ICRA A1+mfs  0       outstanding
Management Ltd                          Duration Fund
Reliance Nippon Life Asset              Reliance Fixed        ICRA A1+mfs  -       outstanding
Management Ltd                          Horizon Fund –XXXVII
                                        – Series 7
Reliance Nippon Life Asset              Reliance Fixed        ICRA A1+mfs  -       outstanding
Management Ltd                          Horizon Fund – XXXVII
                                        – Series 8
Reliance Nippon Life Asset              Reliance Interval     ICRA A1+mfs  -       outstanding
Management Ltd                          Fund – Quarterly
                                        Interval Fund – Series III
Reliance Nippon Life Asset              Reliance Interval     ICRA A1+mfs  -       outstanding
Management Ltd                          Fund – Monthly
                                        Interval Fund – Series I
Reliance Nippon Life Asset              Reliance Interval     ICRA A1+mfs  -       outstanding
Management Ltd                          Fund – Monthly
                                        Interval Fund – Series II
Reliance Nippon Life Asset              Reliance Interval     ICRA A1+mfs  -       outstanding
Management Ltd                          Fund - Quarterly
                                        Interval Fund - Series II
Sealion Sparkle Port &                  Non Fund Based        ICRA A2+     50      Withdrawn
Terminal Services (Dahej) Ltd
Starlite Lighting Ltd                   ST- Non FB limits     ICRA         100     Reaffirmed
                                                              A1+(SO)^
Steelmax Alloys Ltd                     ST – FB               ICRA A4      50      Withdrawn
Steelmax Alloys Ltd                     ST – Non-FB           ICRA A4      58.5    Withdrawn
Steelmax Alloys Ltd                     ST – Unallocated      ICRA A4      1.5     Withdrawn
Tata Advanced Materials Ltd             ST - Non-fund Based   ICRA A1      -       Reaffirmed -
                                        ST – Interchangeable
Tata Advanced Materials Ltd             CP (CP)               ICRA A1+     3085    outstanding
                                                              (SO)
Vaighai Chemical Industries Ltd         Non-fund based        ICRA A3      25      Reaffirmed
                                        facility

LONG TERM RATINGS:
-------------------
A. R. Stanchem Pvt.Ltd                  Non submission of     -            -       -
                                        monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
Ardom Towergen Pvt Ltd                  Non submission of     -            -       -
                                        monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
Classic Display Systems Pvt.            Non submission of     -            -       -
Ltd                                     monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
Everest Industries Ltd                  FB-TL                 ICRA A+      141     Reaffirmed
Gandhi Enterprises                      Non submission of     -            -       -
                                        monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
Goyal Agro Foods                        Non submission of     -            -       -
                                        monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
M/S Kirpa Rice Mills                    Non submission of     -            -       -
                                        monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
Mahadev Industries                      Non submission of     -            -       -
                                        monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
Mccoy Architectural Systems             Bk Lines              ICRA BBB-/   250     -
Pvtltd                                                        ICRA A3
(Issuer Not cooperating)

Miryalaguda Municipality                Non submission of     -            -       -
                                        monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
Mittal International                    Non submission of     -            -       -
                                        monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
Mnr Cottons Ltd                         Non submission of     -            -       -
                                        monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
Ngl Fine-Chemltd                        Bk Lines              ICRA BBB /   426     -
                                                              ICRA A3+
Reason for delay in carrying out periodic review:-Review process is underway
Prime Comfort Products Pvt Ltd          FB Limits             ICRA BB-     325     -
Issuer Not Cooperative
Prime Comfort Products Pvt Ltd          Unallocated           ICRA BB- /   23      -
                                                              ICRA A4
Issuer Not Cooperative
Prime Comfort Products Pvt Ltd          Non fund based        ICRA BB- /   -       -
                                        Interchangeable       ICRA A4
Issuer Not Cooperative
Purav Cotton Industries                 Non submission of     -            -       -
                                        monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
Raiganj Municipality                    Non submission of     -            -       -
                                        monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
Ram Chander Builders Pvt Ltd            Non submission of     -            -       -
                                        monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
S&P Infrastructure Developers           Non submission of     -            -       -
Pvt Ltd                                 monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
Sai Sulphonates Pvt Ltd                 Non submission of     -            -       -
                                        monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
Shankar Rice & Gen. Mills               Non submission of     -            -       -
                                        monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
Smile Interiors Pvt. Ltd.               Non submission of     -            -       -
                                        monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
Sunstar Precision Forge Ltd             Non submission of     -            -       -
                                        monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
Svsvs Projects Pvt Ltd                  Non submission of     -            -       -
                                        monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
Vijay Sabre Safety Pvt Ltd              Non submission of     -            -       -
                                        monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
Vizianagaram Municipality               Non submission of     -            -       -
                                        monthly ‘No Default
                                        Statement
Rating moved to the ‘Issuer Not Cooperating’ category
Ald Automotive Pvt Ltd                  LT FB Bk Lines        ICRA AAA(SO) 7907.9  outstanding
Ald Automotive Pvt Ltd                  LT Non-fund Based Bk  ICRA AAA(SO) 200     outstanding
                                        Lines                                      /
                                                                                   Provisional
rating confirmed as Final
Ald Automotive Pvt Ltd                  LT Bk Lines           Provisional  1392.1  validity
                                                              ICRA AAA(SO)         extended by
                                                                                   120 days
Anandalok Hospital                      Fund Based –TL        ICRA D       51      -
Rating moved to ‘Issuer Not Cooperating’ category
Anandalok Hospital                      Fund Based – CC       ICRA D       70      -
Rating moved to ‘Issuer Not Cooperating’ category
Anandalok Hospital                      Non Fund Based –      ICRA D       4       -
                                        Letter of Guarantee
Rating moved to ‘Issuer Not Cooperating’ category
Bajaj Electricals Ltd                   LT - TL               ICRA A+      200     Reaffirmed
outlook revised to Negative from Stable
Bajaj Electricals Ltd                   LT – FB Limits        ICRA A+      3797    Reaffirmed
outlook revised to Negative from Stable
Bajaj Electricals Ltd                   LT/ST - Non-FBL       ICRA A+      27003   Reaffirmed
outlook revised to Negative from Stable
Bajaj Electricals Ltd                   LT/ST – FB/Non-FBL    ICRA A+ /    9525    Reaffirmed
                                                              ICRA A1+
outlook revised to Negative from Stable
Bharti Airtel Ltd                       Issuer Rating         ICRA AA      -       Rating
                                                                                   revised from
                                                                                   ICRA AA+
Bharti Airtel Ltd                       TL                    ICRA AA      46000   Rating
                                                                                   revised from
                                                                                   ICRA AA+
Bharti Airtel Ltd                       Working Capital       ICRA AA      22500   Rating
                                        Limits (rated on LT                        revised from
                                        scale)                                     ICRA AA+
Bharti Airtel Ltd                       Working Capital       ICRA AA+     2500    Reaffirmed -
                                        Limits (rated on ST
                                        scale)
Borosil Glass Works Ltd                 LT- FB – Overdraft    ICRA A+ &    100     Reaffirmed
Rating continues to remain on watch with developing implications
Borosil Glass Works Ltd                 LT- FB – CC (Proposed)ICRA A+ &    200     Reaffirmed
Rating continues to remain on watch with developing implications
Borosil Glass Works Ltd                 LT- FB –              ICRA A+ &    -       Reaffirmed
                                        interchangeable – CC
Rating continues to remain on watch with developing implications
Borosil Glass Works Ltd                 LT/ST- BG             ICRA A+ & /  -       Reaffirmed
                                                              ICRA A1+ &
Ratings continue to remain on watch with developing implications
Citicorp Finance (India) Ltd            Secured Bk Lines      ICRA AAA     12000   Assigned
                                        Programme
outstanding
Citicorp Finance (India) Ltd            NCD Programme (NCD)   ICRA AAA     127500  outstanding
Citicorp Finance (India) Ltd            LT Market Linked      PP-MLDICRA   48476   outstanding
                                        Debenture Programme   AAA
                                        (MLD)
Everest Industries Ltd                  FB Limits             -            0       -
Everest Industries Ltd                  FB- Working Capital   ICRA A+      1800    Reaffirmed
                                        Fac
Everest Industries Ltd                  External Commercial   ICRA A+      -       Reaffirmed
                                        Borrowings
Everest Industries Ltd                  FB-TL                 ICRA A+      141     Reaffirmed
Everest Industries Ltd                  Unallocated Limits –  ICRA A+      100     Reaffirmed
                                        LT
Everest Industries Ltd                  Unallocated Limits –  ICRA A1+     601     Upgraded
                                        LT/ST                 /ICRA A+             from ICRA
                                                                                   A1/
Reaffirmed
Focus Energy Ltd                        LT FBL-TL             ICRA BB      1601.3  Downgraded
                                                                                   from ICRA BBB
outlook revised to Negative from Stable
Focus Energy Ltd                        LT FBL                ICRA BB      780     Downgraded
                                                                                   from ICRA BBB
outlook revised to Negative from Stable
Gail (India) Ltd                        LT/ST fund Based/     ICRA AAA /   2500    Reaffirmed
                                        non-fund based-       ICRA A1+
                                        unallocated
Gh Induction India Pvt Ltd              LT – FB Fac           ICRA BBB+    30      Withdrawn
Gh Induction India Pvt Ltd              LT – Unallocated      ICRA BBB+    27.6    Withdrawn
Hyderabad Metropolitan                  Issuer Rating         ICRA A       -       Assigned
Development Authority
Indus Gas Ltd                           LT- Fund Based- TL    ICRA BB+     1474.3  Downgraded
                                                                                   from ICRA BBB
Outlook revised to Negative from Stable
Joymakali Cold Storage Pvt Ltd          Fund based-CC         ICRA B       56.2    -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Joymakali Cold Storage Pvt Ltd          Untied Limits         ICRA B       3.8     -
                                                              /ICRA A4
Rating continues to remain under ‘Issuer Not Cooperating’ category
Jungle Homes Holidays Pvt Ltd           LT Unallocated        ICRA BB-     100     Assigned
Jyote Motors Pvt Ltd                    Fund based-           ICRA B+      395     -
                                        CC/Working Capital
                                        Limits
Rating continues to remain under ‘Issuer Not Cooperating’ category
Jyote Motors Pvt Ltd                    Untied Limits         ICRA B+      5       -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Larsen & Toubro Ltd                     NCD Programme         ICRA AAA     14500   outstanding
Lexus Granito (India) Ltd               FB - TL               ICRA D       421.8   Downgraded
                                                                                   from ICRA BB-
Lexus Granito (India) Ltd               FB - CC               ICRA D       220     Downgraded
                                                                                   from ICRA BB-
Lexus Granito (India) Ltd               FB - EPC/FBD^         ICRA D       -       Downgraded
                                                                                   from ICRA A4
^Sublimit within cash credit
Lexus Granito (India) Ltd               Non-fund based - BG   ICRA D       47      Downgraded
                                                                                   from ICRA A4
Lexus Granito (India) Ltd               Non-fund based -      ICRA D       -       Downgraded
                                        Credit Exposure Limit^                     from ICRA A4
^Sublimit within cash credit
Lexus Granito (India) Ltd               NCDs (NCD)            ICRA D       64      Downgraded
                                                                                   from ICRA BB-
Lexus Granito (India) Ltd               Proposed NCD          ICRA D       86      Downgraded
                                                                                   from ICRA BB-
Plastimber Impex                        FB Limits             ICRA B       59      Downgraded
                                                                                   to ICRA D
Rahman Industries Ltd                   FB limits             ICRA BBB     2150    Downgraded
                                                                                   from ICRA
                                                                                   BBB+
outlook revised from Negative to Stable
Rahman Industries Ltd                   TL                    ICRA BBB     284.5   Downgraded
                                                                                   from ICRA
                                                                                   BBB+
outlook revised from Negative to Stable
Rahman Industries Ltd                   Unallocated limits    ICRA BBB/A3+ 215.5   Downgraded
                                                                                   from ICRA
                                                                                   BBB+/A2
outlook revised from Negative to Stable
Reliance Nippon Life Asset              Reliance Bking & PSU  ICRA AAAmfs  -       outstanding
Management Ltd                          Debt Fund
Reliance Nippon Life Asset              Reliance Dynamic Bond ICRA AAAmfs  -       outstanding
Management Ltd                          Fund
Reliance Nippon Life Asset              Reliance Floating     ICRA AAAmfs  -       outstanding
Management Ltd                          Rate Fund
Reliance Nippon Life Asset              Reliance Income Fund  ICRA AAAmfs  -       outstanding
Management Ltd
Reliance Nippon Life Asset              Reliance Low Duration ICRA AAAmfs  -       outstanding
Management Ltd                          Fund
Reliance Nippon Life Asset              Reliance Prime Debt   ICRA AAAmfs  -       outstanding
Management Ltd                          Fund
Reliance Nippon Life Asset              Reliance ST Fund      ICRA AAAmfs  -       outstanding
Management Ltd
Reliance Nippon Life Asset              Reliance Strategic    ICRA AAmfs   -       outstanding
Management Ltd                          Debt Fund
Reliance Nippon Life Asset              Reliance Capital      Provisional  -       outstanding
Management Ltd                          Protection Oriented   ICRA
                                        Fund I – Plan A       AAAmfs(SO)
Reliance Nippon Life Asset              Reliance Capital      Provisional  -       outstanding
Management Ltd                          Protection Oriented   ICRA
                                        Fund I – Plan B       AAAmfs(SO)
Sealion Sparkle Port &                  TL                    ICRA         500     Withdrawn
Terminal Services (Dahej) Ltd                                 AA-(SO)
Shilpi Cable Technologies Ltd           NCD                   ICRA D       270     -
ISSUER NOT COOPERATING,*SCTL has raised only Rs. 10.80 crore against the rated NCD programme of
Rs. 27.00 crore
Small Industries Development            Bonds                 ICRA AAA     50000   Assigned
Bank Of India
Small Industries Development            Bonds                 ICRA AAA     50000   Assigned
Bank Of India
Starlite Lighting Ltd                   LT - NCD Programme    ICRA A+(SO)  800     Reaffirmed
outlook revised to Negative from Stable
Starlite Lighting Ltd                   LT - FBL              ICRA         920     Reaffirmed
                                                              A+(SO)^
outlook revised to Negative from Stable
Starlite Lighting Ltd                   LT - NCD Programme    Provisional  600     Reaffirmed
                                                              ICRA A+(SO)
outlook revised to Negative from Stable
Steelmax Alloys Ltd                     LT – FB Fac           ICRA B       25      Withdrawn
Steelmax Alloys Ltd                     LT – Unallocated      ICRA B       15      Withdrawn
Sugam Vanijya Holdings Pvt Ltd          NCD Programme         ICRA         4725    Provisional
                                                              BBB+(SO)             rating
                                                                                   finalised
Sugam Vanijya Holdings Pvt Ltd          FB -TL                ICRA         1475    Provisional
                                                              BBB+(SO)             rating
                                                                                   finalised
Supreme Speciality Food Pvt Ltd         Issuer Rating         ICRA BBB-    -       Assigned
Tata Advanced Materials Ltd             LT - CC ST - Fund     ICRA A+      75      Reaffirmed -
                                        Based
Tata Advanced Materials Ltd             LT/ST - Fund Based/   ICRA A+ /    940     Reaffirmed
                                        Non-fund Based        ICRA A1
Vaighai Chemical Industries Ltd         CC                    ICRA BBB-    100     Reaffirmed
Vaighai Chemical Industries Ltd         TL                    ICRA BBB-    90      Reaffirmed
Vaighai Chemical Industries Ltd         Proposed facility     ICRA BBB-    15.5    Reaffirmed
--------------------------------------------------------------------------------------------
$: 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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