December 21, 2018 / 11:06 AM / 2 months ago

RPT-ICRA ratings for Indian debt instruments-Dec 21

 (Repeating to add additional ratings as of December 20, 2018)
    Dec 21 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of December 20, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Amaravathi Textiles Pvt Ltd             Non-fund              ICRA A3+     91.6    Reaffirmed
                                        Based-Working Capital
                                        Fac
Bardhaman Agro Products (I)             Non FBL –BG           ICRA A4      2       -
Pvt. Ltd.
(Rating continues to remain under Issuer Not Cooperating category)
C.G. Ispat Pvt Ltd                      NFBL                  ICRA A4      172.1   -
(Rating continues to remain under Issuer Not Cooperating category)
Cenosphere India Pvt Ltd                Non-fund Based        ICRA A4      5       -
                                        (ILC/FLC)/ BG
(Rating moved to the  Issuer Not Cooperating category)
Cenosphere India Pvt Ltd                Non-fund Based Loan   ICRA A4      10      -
                                        Equivalent Risk
(Rating moved to the  Issuer Not Cooperating category)
Clair Engineers Pvt Ltd                 ST: Non-Fund based    ICRA A4+     50      Reaffirmed
                                        -LOC
Irc Agrochemicals Pvt Ltd               ST Non-Fund based     ICRA A1      2300    Outstanding
Kems Forgings Ltd                       ST –FB                ICRA A3+     36.5    Reaffirmed
Mahalaxmi Associates Pvt. Ltd.          Non-fund Based        ICRA A4      100     -
                                        (ILC/FLC/ILG)
(Rating continues to be under Issuer Not Cooperating category)
Mahalaxmi Associates Pvt. Ltd.          Non-fund Based        ICRA A4      100     -
                                        (ILC/FLC/ILG)
(Rating continues to be under Issuer Not Cooperating category)
Millenium Exim Pvt Ltd                  Non FBL–BG            ICRA A4      2.5     -
(Rating continues to remain under Issuer Not Cooperating category)
Pearson Drums & Barrels Pvt Ltd         FBL –Stand by Line of ICRA A4      24      -
                                        Credit
(Rating continues to remain under Issuer Not Cooperating category)
Pearson Drums & Barrels Pvt Ltd         Non FBL –BG           ICRA A4      35      -
(Rating continues to remain under Issuer Not Cooperating category)
Pearson Drums & Barrels Pvt Ltd         Non FBL –LOC          ICRA A4      15      -
(Rating continues to remain under Issuer Not Cooperating category)
Royal Touch Fablon Pvt Ltd              Non-fundbased         ICRA A3+     120     Reaffirmed
                                        Limit–BG/ LOC
Royal Touch Fablon Pvt Ltd              Non-fundbased         ICRA A3+     35      Reaffirmed
                                        Limit–LER
Saraswati Sugar Mills Ltd               Non-fund              ICRA A1      50      Outstanding
                                        Based-Working Capital
                                        Fac
Shanti Parboiling Industries            Non FBL –BG           ICRA A4      19.2    -
(Rating continues to remain under  Issuer Not Cooperating category)
Shree Sachidanand Industries            ST –Interchangeable*  ICRA A4      -       Withdrawn
Pvt Ltd
(ISSUER NOT CO-OPERATING) / *Sub limit of Long-term fund-based limits
Strawberry Studio Exports Pvt           ST Non-fund BasedBkFacICRA A4      9.8     Downgraded
Ltd                                                                                from ICRA A4+
Thermax Instrumentation Ltd             FB –Working Capital   ICRA A1+     100     Reaffirmed
                                        Fac
Thermax Instrumentation Ltd             Non-fund              ICRA A1+     #       Reaffirmed
                                        Based-Working Capital
                                        Fac
# -sublimit to the short term fund based facilities
Mahalaxmi India Pvt. Ltd.               Non-fund Based        ICRA A4      100
                                        (ILC/FLC/ILG)
Issuer Not Cooperating; Rating continues to be under ‘Issuer Not Cooperating’ category



MEDIUM TERM RATINGS:
-------------------
Saraswati Sugar Mills Ltd               Fixed Deposit         MA-          -       Withdrawn
                                        Programme




LONG TERM RATINGS:
-------------------
Amaravathi Textiles Pvt Ltd             FB-TL                 ICRA BBB     1116.8  Reaffirmed
Amaravathi Textiles Pvt Ltd             FB-Working Capital FacICRA BBB     855     Reaffirmed
Amaravathi Textiles Pvt Ltd             Unallocated Limits    ICRA BBB/A3+ 450.2   Reaffirmed
Aye Finance (P) Ltd.                    NCD Programme         ICRA BBB     700     Assigned
Aye Finance (P) Ltd.                    NCD Programme         ICRA BBB     3738    Outstanding
Aye Finance (P) Ltd.                    Fund Based -TL        ICRA BBB     556     Outstanding
Aye Finance (P) Ltd.                    NCD Programme         Provisional  200     Outstanding
                                                              ICRA A-
Bardhaman Agro Products (I)             FBL –TL               ICRA BB-     60      -
Pvt. Ltd.
(Rating continues to remain under Issuer Not Cooperating category)
Bhagabati Build &                       Bk Fac                ICRA B/A4    103.5   -
Constructions Pvt. Ltd.
(Reason for delay in carrying out periodic review:-Issuer not cooperating)
Buddha Sortex Rice Industries           FBL                   ICRA B+      67.5    Reaffirmed
Pvt Ltd
(Removed from Issuer Non Cooperation category)
Buds Tea Industries Ltd                 FB TL                 ICRA D       140     -
(Rating continues to be under Issuer Not Cooperating category)
Buds Tea Industries Ltd                 FB CC                 ICRA D       127.5   -
(Rating continues to be under Issuer Not Cooperating category)
Buds Tea Industries Ltd                 Non-fund Based -BG    ICRA D       5       -
(Rating continues to be under Issuer Not Cooperating category)
C.G. Ispat Pvt Ltd                      FBL –TL               ICRA B+      287.9   -
(Rating continues to remain under Issuer Not Cooperating category)
C.G. Ispat Pvt Ltd                      FBL –CC               ICRA B+      190     -
(Rating continues to remain under Issuer Not Cooperating category)
Cenosphere India Pvt Ltd                FB Running Packing    ICRA B-      50      -
                                        Credit
                                        (RPC/EPC/PCFC/EBD/FBD)
(Rating moved to the  Issuer Not Cooperating category)
Cenosphere India Pvt Ltd                FB CC (sub-limit of   ICRA B-      -       -
                                        RPCFC)
(Rating moved to the  Issuer Not Cooperating category)
Cenosphere India Pvt Ltd                FB Rupee TL           ICRA B-      7       -
(Rating moved to the  Issuer Not Cooperating category)
Clair Engineers Pvt Ltd                 LT: CC Fac            ICRA BB+     120     Reaffirmed
Clair Engineers Pvt Ltd                 LT: BG                ICRA BB+     100     Reaffirmed
Dav College Trust And                   FB-TL                 ICRA A+      1560    Reaffirmed
Management Society
Dav University                          FB-TL                 ICRA A+      700     Reaffirmed
Exicom Tele-Systems Ltd                 Issuer Rating         ICRA BBB+    -       Assigned
Irc Agrochemicals Pvt Ltd               LT/ST-Fund based and  ICRA A+/A1   9200    Outstanding
                                        Non-Fund based
Irc Agrochemicals Pvt Ltd               LT/ST-Fund based and  ICRA A+/A1   550     Confirmed as
                                        Non-Fund based                             final
Irc Agrochemicals Pvt Ltd               LT/ST-Fund based and  Provisional  1500    Outstanding
                                        Non-Fund based        ICRA
                                                              A+/Provisional ICRA A1
Kems Forgings Ltd                       LT –FB (optionally    ICRA BBB     250     Reaffirmed
                                        convertible debenture)
Krishnendu Bhakta                       Bk Fac                ICRA B+/A4   98.5    -
(Reason for delay in carrying out periodic review:-Issuer not cooperating)
M S Ramaiah Foundation                  LT-TL                 ICRA B-      100     Upgraded
                                                                                   from ICRA D
M S Ramaiah Foundation                  LT-Unallocated        ICRA B-      120     Upgraded
                                                                                   from ICRA D
Mahalaxmi Associates Pvt. Ltd.          FB CC                 ICRA B+      60      -
(Rating continues to be under Issuer Not Cooperating category)
Mahalaxmi Associates Pvt. Ltd.          FB CC                 ICRA B+      60      -
(Rating continues to be under Issuer Not Cooperating category)
Millenium Exim Pvt Ltd                  FBL –CC               ICRA B       30      -
(Rating continues to remain under Issuer Not Cooperating category)
Millenium Exim Pvt Ltd                  FBL –TL               ICRA B       25.4    -
(Rating continues to remain under Issuer Not Cooperating category)
Millenium Exim Pvt Ltd                  Untied Limits         ICRA B/A4    62.1    -
(Rating continues to remain under Issuer Not Cooperating category)
Oswal Cable Products                    Interchangeable Fund  ICRA BBB/A3+ 110     Reaffirmed
                                        based/non fund based
Paramount Steels Ltd                    FBL                   ICRA B       100     Reaffirmed
Pashupati Traders                       Fund basedLimit –CC   ICRA B+      97.4    -
(Rating continues to remain under  Issuer Not Cooperating category)
Pashupati Traders                       FBL –TL               ICRA B+      8.5     -
(Rating continues to remain under  Issuer Not Cooperating category)
Pashupati Traders                       Unallocated Limits    ICRA B+/A4   4.1     -
(Rating continues to remain under  Issuer Not Cooperating category)
Pearson Drums & Barrels Pvt Ltd         FBL –CC               ICRA B+      160     -
(Rating continues to remain under Issuer Not Cooperating category)
Pearson Drums & Barrels Pvt Ltd         FBL –TL               ICRA B+      19.6    -
(Rating continues to remain under Issuer Not Cooperating category)
Pearson Drums & Barrels Pvt Ltd         Unallocated Limit     ICRA B+/A4   0.4     -
(Rating continues to remain under Issuer Not Cooperating category)
Psk Infrastructures And                 CC                    ICRA BBB+    260     Upgraded
Projects Pvt Ltd                                                                   from ICRA BBB
Psk Infrastructures And                 BG                    ICRA BBB+    990     Upgraded
Projects Pvt Ltd                                                                   from ICRA BBB
Psk Infrastructures And                 Unallocated Limits    ICRA BBB+    250     Upgraded
Projects Pvt Ltd                                                                   from ICRA BBB
Punjab Infrastructure                   Rs. 500-crore         ICRA BBB-    3128    Reaffirmed
Development Board                       DDBs-Series II
Punjab Infrastructure                   Rs. 150-crore         ICRA BBB-    457     Reaffirmed
Development Board                       DDBs-Series III
Punjab Infrastructure                   Rs. 750-crore Regular ICRA BBB-    2116    Reaffirmed
Development Board                       Return Bonds-Series
                                        IVA, IVB and IVC
Radhagobinda Rice Mills Pvt Ltd         FB TL                 ICRA D       54      -
(Rating continues to be under Issuer Not Cooperating category)
Radhagobinda Rice Mills Pvt Ltd         FB CC                 ICRA D       22      -
(Rating continues to be under Issuer Not Cooperating category)
Rajasthan State Seeds                   CC                    ICRA BBB-    1000    Reaffirmed
Corporation Ltd
Royal Touch Fablon Pvt Ltd              FB Limit–CC           ICRA BBB     570     Reaffirmed
Royal Touch Fablon Pvt Ltd              FB Limit–TL           ICRA BBB     27.5    Reaffirmed
Royal Touch Fablon Pvt Ltd              Unallocated Limits    ICRA BBB     247.5   Reaffirmed
Sadguru Medical & Research              FBL –CC               ICRA B       10      -
Center Pvt Ltd.
(Rating continues to remain under Issuer Not Cooperating category)
Sadguru Medical & Research              FBL –TL               ICRA B       79      -
Center Pvt Ltd.
(Rating continues to remain under Issuer Not Cooperating category)
Saraswati Sugar Mills Ltd               FB -Working Capital   ICRA A-      1866.5  Outstanding
                                        Fac
Saraswati Sugar Mills Ltd               Unallocated Limits    ICRA A-      538.5   Outstanding
Satin Creditcare Network Ltd -          PTC Series A          ICRA AA-     -       Upgraded
Basil Trust January 2018                                                           from ICRA A
Satin Creditcare Network Ltd -          PTC Series A2         ICRA A       -       Upgraded
Eddard Mfl Northern Arc 2018                                                       from ICRA
                                                                                   BBB+
Satin Creditcare Network Ltd -          PTC Series A1         ICRA AA-     -       Upgraded
Eddard Mfl Northern Arc 2018                                                       from ICRA A
Satin Creditcare Network Ltd -          PTC Series A1         ICRA A       -       Reaffirmed
Northern Arc 2018 Mfi Leonard
Satin Creditcare Network Ltd -          PTC Series A2         ICRA BBB+    -       Reaffirmed
Northern Arc 2018 Mfi Leonard
Satin Creditcare Network Ltd -          PTC Series A1         ICRA AA      -       Upgraded
Saffron Trust November 2017                                                        from ICRA A
Shanti Parboiling Industries            Fund basedLimit –CC   ICRA B+      70      -
(Rating continues to remain under  Issuer Not Cooperating category)
Shanti Parboiling Industries            FBL –TL               ICRA B+      3.4     -
(Rating continues to remain under  Issuer Not Cooperating category)
Shanti Parboiling Industries            Unallocated Limits    ICRA B+/A4   7.4     -
(Rating continues to remain under  Issuer Not Cooperating category)
Shikarpur & Bhandapur Tea               Bk Fac                ICRA B-      74.8    -
Estates Pvt Ltd
(Reason for delay in carrying out periodic review:-Review process is underway)
Shree Sachidanand Industries            LT FB limits          ICRA B       93      Withdrawn
Pvt Ltd
(ISSUER NOT CO-OPERATING)
Shree Sachidanand Industries            Unallocatedlimit      ICRA B/A4    52      Withdrawn
Pvt Ltd
(ISSUER NOT CO-OPERATING)
Strawberry Studio Exports Pvt           LT/ ST-FB-Bk Fac      ICRA BB-/A4  127     Downgraded
Ltd                                                                                from ICRA
                                                                                   BB/A4+
Thermax Instrumentation Ltd             FB-Working Capital FacICRA AA-     200     Reaffirmed
Zee Mediacorporation Ltd                Long-TL               ICRA A       552     Withdrawn
Zee Mediacorporation Ltd                LT, FB Bk Fac         ICRA A       33      Withdrawn
Zee Mediacorporation Ltd                LT / ST, Unallocated  ICRA A/A2+   1165    Withdrawn
                                        Limits
Balmer Lawrie Van Leer Ltd              Bk Loans              ICRA A/ A1   724
Issuer delayed in giving information
Hydrogen Gentech Pvt Ltd                FB / CC               ICRA B+      30
Downgraded from ICRA BB-
Hydrogen Gentech Pvt Ltd                FB / TL               ICRA B+      80
Downgraded from ICRA BB-
Hydrogen Gentech Pvt Ltd                FB / Unallocated      ICRA B+      15
Downgraded from ICRA BB-
Mahalaxmi India Pvt. Ltd.               FB CC                 ICRA B+      60
Issuer Not Cooperating; Rating continues to be under ‘Issuer Not Cooperating’ category

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