December 26, 2017 / 11:04 AM / 20 days ago

RPT-ICRA ratings for Indian debt instruments-Dec 26

 (Repeating to add more ratings.)
    Dec 26 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of December 22, 2017.


COMPANY                                 INSTRUMENT            RATING       AMOUNT   MOVEMENT
                                                                           (RS.MLN)
------                                  ----------            ------       -----    ---------
SHORT TERM RATINGS:
-------------------
Bhartiya International Ltd              ST – Non-FB Fac       ICRA A1      1768.5  Reaffirmed
Ecap Equities Ltd                       CP                    ICRA A1+     7500    Reaffirmed
Ecl Finance Ltd                         CP                    ICRA A1+     36000   Reaffirmed
Ecl Finance Ltd                         ST NCD Programme      ICRA A1+     1000    Outstanding
Ecl Finance Ltd                         CP Programme (IPO     ICRA A1+     50000   Outstanding
                                        financing)
Ecl Finance Ltd                         CP Programme (IPO     ICRA A1+     30000   Outstanding
                                        financing)
Ecl Finance Ltd                         CP Programme (IPO     ICRA A1+     4000    Outstanding
                                        financing)
Ecl Finance Ltd                         CP Programme (IPO     ICRA A1+     8000    Outstanding
                                        financing)
Ecl Finance Ltd                         ST Principal          PP-MLD ICRA  9000    Reaffirmed
                                        Protected Market      A1+
                                        Linked Debenture Programme
Edelweiss Agri Value Chain Ltd          CP                    ICRA A1+     10000   Reaffirmed
Edelweiss Asset Reconstruction          CP                    ICRA A1+     5500    Reaffirmed
Co. Ltd
Edelweiss Commodities Services          CP                    ICRA A1+     70000   Reaffirmed
Ltd
Edelweiss Commodities Services          ST NCD Programme      ICRA A1+     1000    Reaffirmed
Ltd
Edelweiss Commodities Services          CP Programme (IPO     ICRA A1+     50000   Outstanding
Ltd                                     financing)
Edelweiss Commodities Services          CP Programme (IPO     ICRA A1+     30000   Outstanding
Ltd                                     financing)
Edelweiss Commodities Services          CP Programme (IPO     ICRA A1+     4000    Outstanding
Ltd                                     financing)
Edelweiss Commodities Services          CP Programme (IPO     ICRA A1+     8000    Outstanding
Ltd                                     financing)
Edelweiss Commodities Services          ST Principal          PP-MLD ICRA  5000    Reaffirmed
Ltd                                     Protected Market      A1+
                                        Linked Debenture Programme
Edelweiss Custodial Services            ST Non-Fund Based Bk  ICRA A1+     20000   Reaffirmed
Ltd                                     Lines
Edelweiss Finance &                     CP                    ICRA A1+     1000    Reaffirmed
Investments Ltd
Edelweiss Finance &                     ST Principal          PP-MLD ICRA  4000    Reaffirmed
Investments Ltd                         Protected Market      A1+
                                        Linked Debenture Programme
Edelweiss Financial Services            ST NCD Programme      ICRA A1+     1000    Reaffirmed
Ltd (Erstwhile Edelweiss
Capital Ltd)
Edelweiss Financial Services            CP                    ICRA A1+     63500   Reaffirmed
Ltd (Erstwhile Edelweiss
Capital Ltd)
Edelweiss Financial Services            CP Programme (IPO     ICRA A1+     50000   Reaffirmed
Ltd (Erstwhile Edelweiss                financing)
Capital Ltd)
Edelweiss Financial Services            CP Programme (IPO     ICRA A1+     30000   Reaffirmed
Ltd (Erstwhile Edelweiss                financing)
Capital Ltd)
Edelweiss Financial Services            CP Programme (IPO     ICRA A1+     4000    Reaffirmed
Ltd (Erstwhile Edelweiss                financing)
Capital Ltd)
Edelweiss Financial Services            CP Programme (IPO     ICRA A1+     8000    Outstanding
Ltd (Erstwhile Edelweiss                financing)
Capital Ltd)
Edelweiss Finvest Pvt Ltd               CP                    ICRA A1+     10000   Reaffirmed
(Efpl) (Erstwhile Arum
Investments Pvt Ltd)
Edelweiss Finvest Pvt Ltd               ST Principal          PP-MLD ICRA  1500    Reaffirmed
(Efpl) (Erstwhile Arum                  Protected Market      A1+
Investments Pvt Ltd)                    Linked Debenture Programme
Edelweiss Housing Finance Ltd           CP Programme          ICRA A1+     10000   Reaffirmed
Edelweiss Retail Finance Ltd            CP Programme          ICRA A1+     5000    Reaffirmed
Edelweiss Retail Finance Ltd            ST NCD Programme      ICRA A1+     1000    Reaffirmed
Gulf Ashley Motor Ltd                   Fund based - Working  ICRA A3+             Assigned
                                        Capital Fac (Sublimit)
Hindusthan Engineering &                Non-fund based- LOC   ICRA A2+             Reaffirmed
Industries Ltd
Hindusthan Engineering &                Non-fund based- LOC   ICRA A2+             Reaffirmed
Industries Ltd                          (Proposed)
Nissan Renault Financial                CP                    ICRA A1+     3000    Reaffirmed
Services India Pvt Ltd
Polynova Industries Ltd                 ST Non-FB Fac         ICRA A2+     377     Reaffirmed
(earlier 32.70 CR)
Polynova Industries Ltd                 ST interchangeable FacICRA A2+             Reaffirmed
Preet Agro Industries Pvt Ltd           Non-fund Based -      ICRA A2+     30      Reaffirmed
                                        Working Capital Fac
Preet Tractors Pvt Ltd                  Non-fund Based -      ICRA A2+     30      Reaffirmed
                                        Working Capital Fac
Rspl Ltd                                Non fund based, ST FacICRA A1+     4800    Reaffirmed
Rspl Ltd                                CP                    ICRA A1+     4000    Reaffirmed
Sharekhan Bnp Paribas                   CP programme (for IPO ICRA A1+     10000   Assigned
Financial Services Pvt Ltd              financing)
Sharekhan Bnp Paribas                   CP programme          ICRA A1+     10000   Outstanding
Financial Services Pvt Ltd
Subros Ltd                              CP                    ICRA A1+     1200    Reaffirmed
Triveni Engineering &                   CP                    ICRA A1+     2000    Outstanding
Industries Ltd
Triveni Engineering &                   Non-FBL               ICRA A1+     3583.4  Outstanding
Industries Ltd
   
LONG TERM RATINGS:
-------------------
Auto Carriage Pvt Ltd                   FB limits             ICRA BB-     125     Reaffirmed
Bafna Motors (Mumbai) Pvt Ltd           BLR                   ICRA B-      1950
ISSUER NOT COOPERATING
Bhartiya International Ltd              LT – FB Fac           ICRA A       406.5   Reaffirmed
Bhartiya International Ltd              LT – Non-FB Fac       ICRA A       5       Reaffirmed
Bhartiya International Ltd              LT/ ST –              ICRA A/ A1   1230    Reaffirmed
                                        Fundbased/Non-fund
                                        based^
^These limits are interchangeable on long term and short term scale. In case the limits are
availed as short term facilities, the short-term rating will be applicable and in case the limit
is availed as long term facility, the long-term rating will be applicable. The overall
utilisation by way of long-term and short-term facilities cannot exceed the stated amount. 

Bhartiya International Ltd              LT/ ST – FB Fac^      ICRA A/ A1   2932    Reaffirmed
^These limits are interchangeable on long term and short term scale. In case the limits are
availed as short term facilities, the short-term rating will be applicable and in case the limit
is availed as long term facility, the long-term rating will be applicable. The overall
utilisation by way of long-term and short-term facilities cannot exceed the stated amount. 

Edelweiss Housing Finance Ltd           NCD Programme         ICRA AA      10000   Reaffirmed
Edelweiss Housing Finance Ltd           Subordinated Debt     ICRA AA      3000    Reaffirmed
                                        Programme
Edelweiss Housing Finance Ltd           Retail NCD Programme  ICRA AA      5000    Reaffirmed
Edelweiss Housing Finance Ltd           Bk Lines              ICRA AA      22000   Reaffirmed
Edelweiss Retail Finance Ltd            NCD Programme         ICRA AA      15000   Reaffirmed
Edelweiss Retail Finance Ltd            Bk Lines              ICRA AA      15000   Reaffirmed
Edelweiss Retail Finance Ltd            Subordinated Debt     ICRA AA      4500    Reaffirmed
                                        Programme
Ecap Equities Ltd                       NCD                   ICRA AA      5000    Reaffirmed
Ecap Equities Ltd                       LT Market Linked      PP-MLD ICRA  18500   Reaffirmed
                                        Debenture programme   AA
Ecl Finance Ltd                         NCD                   ICRA AA      73500   Reaffirmed
Ecl Finance Ltd                         Subordinated Debt     ICRA AA      11500   Reaffirmed
                                        Programme
Ecl Finance Ltd                         Bk Lines              ICRA AA/ A1+ 110000  Reaffirmed
Ecl Finance Ltd                         LT Principal          PP-MLD ICRA  3000    Reaffirmed
                                        Protected Market      AA
                                        Linked Debenture Programme (Unsecured and Subordinated)
Ecl Finance Ltd                         LT Principal          PP-MLD ICRA  23500   Reaffirmed
                                        Protected Market      AA
                                        Linked Debenture Programme
Edelweiss Agri Value Chain Ltd          NCD                   ICRA AA      5000    Reaffirmed
Edelweiss Agri Value Chain Ltd          Bk Lines              ICRA AA      5000    Reaffirmed
Edelweiss Agri Value Chain Ltd          NCD                   ICRA AA (SO) 5000    Reaffirmed
Edelweiss Asset Reconstruction          Bk Lines              ICRA AA-     5000    Reaffirmed
Co. Ltd
Edelweiss Asset Reconstruction          NCD                   ICRA AA-     5000    Reaffirmed
Co. Ltd
Edelweiss Asset Reconstruction          NCD                   ICRA AA (SO) 10500   Reaffirmed
Co. Ltd
Edelweiss Asset Reconstruction          LT Principal          PP-MLD ICRA  2500    Reaffirmed
Co. Ltd                                 Protected Market      AA
                                        Linked Debenture Programme
Edelweiss Asset Reconstruction          LT Principal          PP-MLD ICRA  5000    Outstanding
Co. Ltd                                 Protected Market      AA
                                        Linked Debenture Programme
Edelweiss Commodities Services          NCD                   ICRA AA      47000   Reaffirmed
Ltd
Edelweiss Commodities Services          Bk Lines              ICRA AA      20000   Reaffirmed
Ltd
Edelweiss Finance &                     NCD                   ICRA AA      12500   Reaffirmed
Investments Ltd
Edelweiss Finance &                     Subordinated Debt     ICRA AA      500     Reaffirmed
Investments Ltd                         Programme
Edelweiss Finance &                     Bk Lines              ICRA AA      5000    Reaffirmed
Investments Ltd
Edelweiss Finance &                     LT Principal          PP-MLD ICRA  8000    Reaffirmed
Investments Ltd                         Protected Market      AA
                                        Linked Debenture Programme
Edelweiss Financial Services            NCD                   ICRA AA      5000    Reaffirmed
Ltd (Erstwhile Edelweiss
Capital Ltd)
Edelweiss Finvest Pvt Ltd               NCD                   ICRA AA      6000    Reaffirmed
(Efpl) (Erstwhile Arum
Investments Pvt Ltd)
Edelweiss Finvest Pvt Ltd               Bk Lines              ICRA AA      5000    Reaffirmed
(Efpl) (Erstwhile Arum
Investments Pvt Ltd)
Edelweiss Finvest Pvt Ltd               LT Principal          PP-MLD ICRA  11000   Reaffirmed
(Efpl) (Erstwhile Arum                  Protected Market      AA
Investments Pvt Ltd)                    Linked Debenture Programme
Edelweiss Finvest Pvt Ltd               LT Principal          PP-MLD ICRA  2000    Reaffirmed
(Efpl) (Erstwhile Arum                  Protected Market      AA
Investments Pvt Ltd)                    Linked Debenture Programme (unsecured)
Grand View Estates Pvt Ltd              NCD                   ICRA AA (SO) 5650    Reaffirmed
Gulf Ashley Motor Ltd                   Fund based - Working  ICRA BBB     1025    Assigned
                                        Capital Fac           /A3+
Hindusthan Engineering &                Fund based-CC         ICRA BBB+    150**   Reaffirmed
Industries Ltd
**CC is interchangeable between BG and LC
Hindusthan Engineering &                Fund based- CC        ICRA BBB+    150     Reaffirmed
Industries Ltd                          (Proposed)
Hindusthan Engineering &                Non-fund based-BG     ICRA BBB+    2500    Reaffirmed
Industries Ltd
Hindusthan Engineering &                Non-fund based- BG    ICRA BBB+    2500    Reaffirmed
Industries Ltd                          (Proposed)
Kanti Floor Furnishers                  LT – FBL              ICRA D       11
ISSUER NOT COOPERATING
Kanti Floor Furnishers                  ST – FBL              ICRA D       327.4
ISSUER NOT COOPERATING
Ksr Properties Pvt Ltd                  LT-Unallocated Limits ICRA B       300     Assigned
Madura Microfinance Ltd                 Subordinated          ICRA BBB     500     Reaffirmed
                                        Debentures
Madura Microfinance Ltd                 LT Loans from Bks     ICRA BBB     3000    Reaffirmed
Madura Microfinance Ltd                 NCD                   ICRA BBB     766     Reaffirmed
Maithan Ispat Ltd                       PS                    ICRA C       3566.7  Assigned
Mphasis Ltd                             LT/ ST- non FB Fac    ICRA AA+     7000    Reaffirmed
                                                              /A1+
Nissan Renault Financial                NCD                   ICRA AAA     2000    Reaffirmed
Services India Pvt Ltd
Parcon India Pvt Ltd                    Fund based-CC         ICRA BBB+    150     Reaffirmed
Parcon India Pvt Ltd                    Fund based- TL        ICRA BBB+    1.8     Reaffirmed
Polynova Industries Ltd                 LT FB TL              --
(earlier 3.50 CR)
Polynova Industries Ltd                 LT FB Fac             ICRA A-      250     Upgraded
                                                                                   from
                                                                                         BBB+
(earlier 30.00 CR)
Polynova Industries Ltd                 ST/LT unallocated Bk  ICRA A- /A2+ 68      Upgraded
                                        Fac                                        from
                                                                                         BBB+,
Reaffirmed
(earlier 3.30 CR)
Preet Agro Industries Pvt Ltd           Fund based - Working  ICRA A-      120     Upgraded
                                        Capital Fac                                from
                                                                                         BBB+
Preet Tractors Pvt Ltd                  Fund based - Working  ICRA A-      120     Upgraded
                                        Capital Fac                                from
                                                                                         BBB+
Rspl Ltd                                NCD                   ICRA AA      3000    Reaffirmed
Rspl Ltd                                Fund based, LT Fac    ICRA AA      5990    Reaffirmed
Rspl Ltd                                TL                    ICRA AA      3550    Reaffirmed
Rspl Ltd                                Proposed TL           ICRA AA      26310   Reaffirmed
Skyscape Developers Pvt Ltd             NCD                   ICRA AA (SO) 4000    Reaffirmed
Sonata Finance Pvt Ltd- Aruvi           PTC Series A1         ICRA A (SO)  367.3   Provisional
Ifmr Capital 2017
Sonata Finance Pvt Ltd- Aruvi           PTC Series A2         ICRA BBB     17.3    Provisional
Ifmr Capital 2017                                             (SO)
Spandana Sphoorty Financial             PTC Series A          ICRA A+ (SO) 1898.3  Provisional
Ltd -Pragathi 12 2017
Subros Ltd                              NCD Programme         ICRA A+      1500    Reaffirmed
Subros Ltd                              TL                    ICRA A+      1052.3  Reaffirmed
(revised from 161.00 CR)
Subros Ltd                              CC                    ICRA A+      350     Reaffirmed
(revised from 45.00CR)
Subros Ltd                              Non-FBL               ICRA A+      150     Reaffirmed
Subros Ltd                              FB and Non-FBL        ICRA A+ /A1+ 2200    Reaffirmed
(revised from 225.00 CR)
Subros Ltd                              Unallocated           ICRA A+ /A1+ 43.4    Reaffirmed
Sundaram Finance Ltd- Shri              PTC Series A          ICRA AAA     7337.5  Provisional
Trust U 2018                                                  (SO)
Sunwatt International Pvt Ltd           BLR                   ICRA B+ /A4  70
ISSUER NOT COOPERATING
The Mithra Agencies                     Earlier Rating        ICRA BB/ A4+         No Default
(Hyderabad)                                                                        Statement
Rating Removed; ISSUER NOT COOPERATING
Triveni Engineering &                   FB Limits             ICRA AA-     14250   Outstanding
Industries Ltd
Triveni Engineering &                   TL                    ICRA AA-     2927.6  Outstanding
Industries Ltd

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