December 24, 2018 / 11:24 AM / 6 months ago

RPT-ICRA ratings for Indian debt instruments-Dec 24

 (Repeating to add additional ratings as of December 21, 2018)
   Dec 24 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of December 21, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
5Paisa Capital Ltd                      CP Programme          ICRA A1+     1500    -

 Reason for delay in carrying out periodic review:- Review process is underway
Andhra Polymers Pvt Ltd                 Fund Based – LC bill  ICRA A3      20      Upgraded
                                        discounting                                from ICRA A4+
Andhra Polymers Pvt Ltd                 NFBL                  ICRA A3      115     Upgraded
                                                                                   from ICRA A4+
Bel Optronic Devices Ltd                ST – Non Fund Based   ICRA A1+     60      Reaffirmed
Bhavani Industries                      ST – Interchangeable^ ICRA A3+     -       Reaffirmed
^Short-term interchangeable limits are sub-limits of the cash credit limits
Chvv Subba Rao                          ST – Non FB Fac       ICRA A4      100     -

 Reason for delay in carrying out periodic review:- Review process is underway
Desai Brothers Ltd                      BLR                   ICRA A1+     250
Reason for delay in carrying out periodic review: 
- Surveillance process is underway
Deutsche Investments India Pvt          CP                    ICRA A1+     22000   Reaffirmed
Ltd
Elica Vitrified Pvt Ltd                 Non-FBL               ICRA A4      25
Reason for delay in carrying out periodic review - (Issuer Not cooperating)
Idfc Bank Ltd                           CD Programme          ICRA A1 +    450000  Assigned
Indian Metals & Ferro Alloys            FB working capital    ICRA A1      4620    Reaffirmed
Ltd                                     limits
Indian Metals & Ferro Alloys            Non-fund based        ICRA A1      630     Reaffirmed
Ltd                                     working-capital limits
Indian Metals & Ferro Alloys            Non-fund based        ICRA A1      0       Reaffirmed
Ltd                                     working-capital limits
Jal Exports                             ST: Non-fund based    ICRA A4      10      Reaffirmed
Khaitan Electronics                     Non-FB-limit – LOC    ICRA A4      40      -
(Issuer Not cooperating)
Radiant Energy Solutions Pvt.           Non-fund based- BG    ICRA A4      40      -
Ltd.
Reason for delay in carrying out periodic review - (Issuer Not cooperating) 

Radiant Energy Solutions Pvt.           Non-fund based-       ICRA A4      0       -
Ltd.                                    Foreign LOC^
^Sub-limit of cash credit /Reason for delay in carrying out periodic review -
 (Issuer Not cooperating) 
Reliance Industries Ltd                 CP                    ICRA A1+     100000  Reaffirmed
Saija Finance Pvt Ltd                   MFI Grading           M2           -       Assigned
Sakal Media Pvt Ltd                     ST – Non-Fund Based   Provisional  610     -
                                                              ICRA A2+
Validity extended by 120 days
Spinel Microns                          Non-fund based- BG    ICRA A4      7       -
Reason for delay in carrying out periodic review - (Issuer Not cooperating)
Sundaram Finance Ltd                    CP                    ICRA A1+     60000   Reaffirmed
Sundaram Finance Ltd                    Short-TL from Bks     ICRA A1+     10000   outstanding
Triton Hotels & Resorts Pvt Ltd         FB Bk Fac (Overdraft) ICRA A2      130     Reaffirmed
V.S.T. Tillers Tractors Ltd             Non Fund Based –      ICRA A1+     50      Reaffirmed
                                        LC/BG
Vardhman Vitrified Pvt Ltd              Non-fund based- BG    ICRA A4      30      -
Reason for delay in carrying out periodic review - (Issuer Not cooperating)
Piramal Enterprises Ltd                 CP                    ICRA A1+     90000   Outstanding
Piramal Enterprises Ltd                 ST Non-Fund Based     ICRA A1+     2000    Outstanding
Piramal Enterprises Ltd                 ST Fund based         ICRA A1+     21200   Outstanding


MEDIUM TERM RATINGS:
-------------------
Desai Brothers Ltd                      Medium Term Fixed     MAA-         1000
                                        Deposit Programme
Reason for delay in carrying out periodic review: 
- Surveillance process is underway
Desai Brothers Ltd                      Medium Term Fixed     MAA-         500
                                        Deposit Programme
Reason for delay in carrying out periodic review: 
- Surveillance process is underway


LONG TERM RATINGS:
-------------------
Adams Marketing Pvt. Ltd.               FBL – CC              ICRA D       245     -
Rating continues to remain under ‘(Issuer Not cooperating)’ category
Adams Marketing Pvt. Ltd.               FBL – TL              ICRA D       8.3     - 
Ratings continue to remain under ‘(Issuer Not cooperating)’ category
Andhra Polymers Pvt Ltd                 Fund Based – CC       ICRA BBB-    90      upgraded
                                                                                   from ICRA BB+
Andhra Polymers Pvt Ltd                 Fund Based – TL       ICRA BBB-    6.9     upgraded
                                                                                   from ICRA BB+
Andhra Polymers Pvt Ltd                 Unallocated Limits    ICRA         5.1     Upgraded
                                                              BBB-/ICRA A3         from ICRA
                                                                                   BB+/ICRA A4+
Andrew Yule & Co. Ltd                   LT FB Fac-CC          ICRA D       695.7   Reaffirmed
Andrew Yule & Co. Ltd                   Unallocated Limits    ICRA D       176.7   Reaffirmed
Andrew Yule & Co. Ltd                   Unallocated Limits    ICRA D       407.6   Reaffirmed
Apeejay Industries Pvt Ltd              FBL- TL               ICRA A-      200     Assigned
Aurore Pharmaceuticals Pvt Ltd          LT: Fund based / CC   ICRA BBB     400     Assigned
                                                              (SO)
Aurore Pharmaceuticals Pvt Ltd          Long-tern: TL         ICRA BBB     1280    Assigned
                                                              (SO)
Aurore Pharmaceuticals Pvt Ltd          LT: Unallocated       Provisional  100     Assigned
                                                              ICRA BBB
                                                              (SO)
Bazargaon Paper & Pulp Mills            FB – TL               ICRA D       15      Downgraded
Pvt Ltd                                                                            from ICRA B
Bazargaon Paper & Pulp Mills            FB – CC               ICRA D       72.5    Downgraded
Pvt Ltd                                                                            from ICRA B
Bazargaon Paper & Pulp Mills            Non-fund Based – BG   ICRA D       5       Downgraded
Pvt Ltd                                                                            from ICRA A4
Bazargaon Paper & Pulp Mills            Unallocated           ICRA D       7.5     Downgraded
Pvt Ltd                                                                            from ICRA B
                                                                                   (Stable) /
ICRA A4
Bel Optronic Devices Ltd                LT – Fund Based / CC  ICRA AA+     400     Reaffirmed
Bhavani Industries                      LT - Fund Based CC    ICRA BBB     60      Reaffirmed
Bhavani Industries                      LT - Fund Based       ICRA BBB     60      Reaffirmed
                                        Term-Loan
Chvv Subba Rao                          LT-Fund Based – CC    ICRA B+      20      -

 Reason for delay in carrying out periodic review: 
- Review process is underway
Chvv Subba Rao                          LT/ST- Unallocated    ICRA B+/     110     -
                                                              ICRA A4

 Reason for delay in carrying out periodic review: 
- Review process is underway
Cooch Behar Mission Hospital            Bk Fac                ICRA B-      350     -
(P) Ltd.
Reason for delay in carrying out periodic review: - Issuer delayed in giving information
Elica Vitrified Pvt Ltd                 FB- CC                ICRA BB-     90      -
Reason for delay in carrying out periodic review - (Issuer Not cooperating)
Elica Vitrified Pvt Ltd                 FB- TL                ICRA BB-     52.5    - 
Reason for delay in carrying out periodic review - (Issuer Not cooperating)
Elica Vitrified Pvt Ltd                 Unallocated Limits    ICRA BB- /   2.5     -
                                                              A4
Reason for delay in carrying out periodic review - (Issuer Not cooperating)
Everest Building Solutions Ltd          FB Limits/Non-FBL     ICRA         100     Reaffirmed/
                                                              A+(SO)               Upgraded
                                                              /ICRA A1+(SO         from ICRA
A1(SO)
Hdfc Ergo General Insurance             CPA                   iAAA         -       Reaffirmed
Co. Ltd
Hdfc Ergo General Insurance             Subordinated debt     ICRA AAA     3500    Reaffirmed
Co. Ltd                                 programme
Highco Engineers Pvt Ltd                Bk Fac                ICRA BBB-    170
(Issuer Not cooperating)
Idfc Bank Ltd                           NCD Programme*        ICRA AA +    0       Withdrawn
*Non-convertible debentures (NCDs) of IDFC Limited reassigned to IDFC Bank Limited following the
transfer of business with effect from October 1, 2015
Idfc Bank Ltd                           NCD Programme*        ICRA AA +    266897.3outstanding
*Non-convertible debentures (NCDs) of IDFC Limited reassigned to IDFC Bank Limited following the
transfer of business with effect from October 1, 2015
Idfc Bank Ltd                           NCD Programme         ICRA AA +    100000^ outstanding
^Rs. 480 crore outstanding, balance yet to be placed
Ilamp;Fs Wind Energy Ltd                NCD 200 Programme     ICRA C-      2000    Downgraded
                                                                                   from ICRA
                                                                                   BB+ 
Indian Metals & Ferro Alloys            TL                    ICRA A       6011.3  Reaffirmed
Ltd
outlook revised to Positive from Stable
Jal Exports                             LT / ST: Fund based   ICRA B       115     Reaffirmed
                                                              /ICRA A4
Khaitan Electronics                     FBL – CC              ICRA BB-     69      -
(Issuer Not cooperating)
Khaitan Electronics                     FBL – TL              ICRA BB-     4.1     -
(Issuer Not cooperating)
Khaitan Electronics                     Non-FB-limit – BG     ICRA BB-     4       -
(Issuer Not cooperating)
Khaitan Electronics                     Unallocated Limits    ICRA         25.4    -
                                                              BB-/ICRA A4
(Issuer Not cooperating)
M.M. Ispat Pvt Ltd                      FBL – CC              ICRA D       60      -
(Issuer Not cooperating)
M.M. Ispat Pvt Ltd                      Unallocated Limits    ICRA D       40      -
(Issuer Not cooperating)
Mangal Sponge And Steel Pvt Ltd         Bk Fac                ICRA B- /    355     -
                                                              ICRA A4
Reason for delay in carrying out periodic review: - (Issuer Not cooperating)
Manju Shree Syntex Pvt Ltd              FB                    ICRA B+      72.1    -
(Issuer Not cooperating)
Manju Shree Syntex Pvt Ltd              Unallocated           ICRA B+      16.6    -
(Issuer Not cooperating)
Puravankara Ltd                         FB Limits             ICRA BBB+    24990   Reaffirmed
Puravankara Ltd                         Long -term            ICRA BBB+    0       Reaffirmed
                                        Unallocated
Puravankara Ltd                         LT/ST                 ICRA BBB+    10      Reaffirmed
                                        (Interchangeable) –   /ICRA A2
                                        Unallocated
Radiant Energy Solutions Pvt.           FB- TL                ICRA B       22.5    -
Ltd.
Reason for delay in carrying out periodic review - (Issuer Not cooperating) 

Radiant Energy Solutions Pvt.           FB- CC                ICRA B       60      -
Ltd.
Reason for delay in carrying out periodic review - (Issuer Not cooperating) 

Rajasthan Tube Manufacturing            Fund based            ICRA B       200     -
Co. Ltd
Reason for delay in carrying out periodic review: 
- (Issuer Not cooperating)
Rajasthan Tube Manufacturing            Non-fund based        ICRA B       122.5   -
Co. Ltd
Reason for delay in carrying out periodic review: 
- (Issuer Not cooperating)
Reliance Industries Ltd                 NCD Programme         ICRA AAA     320000  Reaffirmed
Sakal Media Pvt Ltd                     LT - Fund Based – TL  Provisional  800     -
                                                              ICRA A-
Validity extended by 120 days
Sakal Media Pvt Ltd                     LT - Fund Based – CC  Provisional  1000    -
                                                              ICRA A-
Validity extended by 120 days
Seven Star Steels Ltd                   Bk Fac                ICRA B /     240     -
                                                              ICRA A4
Reason for delay in carrying out periodic review: - Review process is underway
Skoda Auto India Pvt Ltd                FB / Non-FB Fac       ICRA         3350    Reaffirmed
                                                              AA+/ICRA A1+
Spinel Microns                          FB- CC                ICRA B       50      -
Reason for delay in carrying out periodic review - (Issuer Not cooperating)
Spinel Microns                          FB- TL                ICRA B       54      -
Reason for delay in carrying out periodic review - (Issuer Not cooperating)
Srinivasa Sales And Services            Bk loan ratings       ICRA         251.1   -
Pvt. Ltd.                                                     BB-/ICRA A4
(Issuer Not cooperating)
Sundaram Finance Ltd                    FBL from Bks          ICRA AAA     30000   Assigned
Sundaram Finance Ltd                    Long-TL from Bks      ICRA AAA     31250   Assigned
Sundaram Finance Ltd                    Non-FBL from Bks      ICRA AAA     80.8    outstanding
Sundaram Finance Ltd                    NCDs#                 ICRA AAA     57400   Reaffirmed
# NCDs outstanding as on November 24, 2018
Sundaram Finance Ltd                    NCDs#                 ICRA AAA     14390   Withdrawn
# NCDs outstanding as on November 24, 2018
Sundaram Finance Ltd                    Subordinated          ICRA AAA     17570   Reaffirmed
                                        Debentures Fixed
                                        Deposits
Sundaram Finance Ltd                    Fixed Deposits        MAAA         -       Reaffirmed
Reaffirmed
The Karnataka Handloom                  No Default Statement’ ICRA]BB+     -       -
Development Corporation Ltd             (“NDS”)
Removed from Isssuer Not cooperating
Triton Hotels & Resorts Pvt Ltd         Proposed Bk Fac       -            -       -
Triton Hotels & Resorts Pvt Ltd         FB Bk Fac (TL)        ICRA BBB+    725     Reaffirmed
Triton Hotels & Resorts Pvt Ltd         Non-fund based Bk Fac ICRA BBB+    45      Reaffirmed
                                        (Bk Guarantee)
V.S.T. Tillers Tractors Ltd             Fund Based – CC       ICRA AA      50      Reaffirmed
Vardhman Vitrified Pvt Ltd              FB- CC                ICRA C+      60      -
Reason for delay in carrying out periodic review - (Issuer Not cooperating)
Vardhman Vitrified Pvt Ltd              Unallocated Limits    ICRA C+/ A4  100     -
Reason for delay in carrying out periodic review - (Issuer Not cooperating)
Vijayapura Tollway Pvt Ltd              Provisional TL (TL)   Provisional  12120   -
                                                              ICRA A+(S)
Volkswagen Group Sales India            FB / Non-FB Fac       ICRA         7390    Reaffirmed
Pvt Ltd                                                       AA+/ICRA A1+
Volkswagen India Pvt Ltd                FB / Non-FB Fac       ICRA         15330   Reaffirmed
                                                              AA+/ICRA A1+
Oriental Aromatics Ltd                  TL                    ICRA A-      235.2
(Formerly Camphor And Allied Products Ltd)
Upgraded from ICRA BBB+
Oriental Aromatics Ltd                  LT / ST - Fundbased / ICRA A- /A2+ 2290
(Formerly Camphor And Allied            Non-FBL
Products Ltd)
Upgraded from ICRA BBB+ /A2
Piramal Enterprises Ltd                 LT- NCD/Debt          ICRA AA      111000  Outstanding
Piramal Enterprises Ltd                 LT – NCD/Debt         ICRA AA      30000   Assigned
Piramal Enterprises Ltd                 LT - Fund Based TL    ICRA AA      24950   Outstanding
Piramal Enterprises Ltd                 LT/ST Fund Based      ICRA AA /A1+ 3000    Outstanding
Provident Housing Ltd                   FB Limits             ICRA BBB+    7490    Reaffirmed
Provident Housing Ltd                   LT Unallocated        ICRA BBB+            Reaffirmed
Provident Housing Ltd                   LT/ST                 ICRA BBB+    10      Reaffirmed
                                        (Interchangeable) –   /A2
                                        Unallocated

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