February 15, 2019 / 10:42 AM / 5 months ago

RPT-ICRA ratings for Indian debt instruments-Feb 15

 (Repeating to add more ratings)
    Feb 15 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of February 14, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Avid Apparel Industries                 FB / Packing Credit   ICRA A4      140     Reaffirmed
Avid Apparel Industries                 Non-fund Based / BG   ICRA A4      1       Reaffirmed
Bahadur Chand Investments Pvt           CP                    ICRA A1+     25000   outstanding
Ltd
Gold Plus Glass Industry Ltd            ST Non-FBL            ICRA A3      497.9   Assigned
Green Infra Wind Energy Ltd             CP                    ICRA A1+     5000    Reaffirmed
Hi-Q Electronics (P) Ltd                ST - Non-fund         ICRA A3      30      Reaffirmed
                                        based-Working Capital
                                        Fac
Imperium Ceramic Pvt. Ltd.              Non-FBL               ICRA A4      20      Withdrawn
India Infoline Finance Ltd              CP Programme          ICRA A1+     80000   outstanding
Indostar Capital Finance Ltd            CP Programme          ICRA A1+     12500   Outstanding
Iris Computers Ltd                      ST - Fund based       ICRA A3      400     Reaffirmed
National Fertilizers Ltd                ST - Non-FB Fac       ICRA A1+     30000   outstanding
National Fertilizers Ltd                CP^                   ICRA A1+     60000   Assigned
National Fertilizers Ltd                ST un-allocated limitsICRA A1+     2154    outstanding
Ntl Steels                              Non-FBL -LOC          ICRA A3      10      Upgraded
                                                                                   from ICRA A4+
Ntl Steels                              Non-FBL –BG           ICRA A3      20      Upgraded
                                                                                   from ICRA A4+
Parasrampuria Engineers Pvt Ltd         Non-fund based LOC    ICRA A4+     150
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Parasrampuria Engineers Pvt Ltd         Non-fund based –      ICRA A4+     40
                                        Forex Derivative
                                        Trust Name
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Pinnacle Biomed Pvt Ltd                ST, Non-fund Based     ICRA A4      50
(Issuer Not Cooperating)
Sakthi Finance Ltd                      Fund based ST Fac     ICRA A2      670     Reaffirmed
                                        from Bks (WCDL) Fixed
                                        Deposits -
Sanghi Industries Ltd                   ST FB Limit           ICRA A1      600*    Reaffirmed
* Rating for short-term fund-based limit assigned for the first time; includes Rs. 25-crore
interchangeability with non-fund based limit 
Sanghi Industries Ltd                   Non-FBL               ICRA A1      150     Reaffirmed
Shah Precicast Pvt Ltd                  ST, Non Fund Based    ICRA A4      15      Reaffirmed
Sembcorp Green Infra Ltd                CP                    ICRA A1+     3000    Reaffirmed
Sical Logistics Ltd                     ST FB Fac             ICRA A2      295     Reaffirmed
Sical Logistics Ltd                     ST – Non-FB Fac       ICRA A2      3830    Reaffirmed
Sunshine Exports                        ST FBL                ICRA D       60
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Tata Motors Finance Ltd                 ST FBL#               ICRA A1+     55230   Reaffirmed
# Interchangeable between short term and long term fund based limits, out of Rs. 5,523 crore
long term fund based utilisation is subject to a limit of Rs. 5,223 crore 
Tata Motors Finance Ltd                 CP Programme          ICRA A1+     70000   Reaffirmed
Tata Motors Finance Solutions           CP                    ICRA A1+     25000   Reaffirmed
Ltd
Tmf Holdings Ltd                        CP Programme          ICRA A1+     25000   Reaffirmed
The Madras Medical Mission              ST, FB Fac            -            0       -
The Madras Medical Mission              ST, Non-FB Fac        ICRA A4      16.2    Reaffirmed


MEDIUM TERM RATINGS:
-------------------
Sakthi Finance Ltd                      Fixed Deposits        MA-          -       Reaffirmed
 
LONG TERM RATINGS:
-------------------
Aadarshini Real Estate                  NCDs                  ICRA A+      3750    -
Developers Pvt Ltd
(Provisional rating finalized)
Aadarshini Real Estate                  Proposed NCDs         ICRA A+      5250    -
Developers Pvt Ltd
(Provisional rating finalized)
Arvind Pipes & Fittings                 BLR                   ICRA B-/A4   200     -
Industries Pvt Ltd
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Arya Cotton Industries                  FBL                   ICRA BB-     150     Upgraded
                                                                                   from ICRA B+
Bahadur Chand Investments Pvt           NCD Programme         ICRA AA      15000^  outstanding
Ltd
 ^Rs. 500 crore carved-out in December 2018 from previously rated Long-term borrowing Programme 
Bahadur Chand Investments Pvt           LT Borrowing ProgrammeICRA AA      17000   outstanding
Ltd
Boltmaster (India) Pvt Ltd              BLR                   ICRA D       228
Reason for delay in carrying out periodic review: - Issuer not cooperating
Boltmaster (India) Pvt Ltd              BLR                   ICRA D       228     -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Fivebros Forgings Pvt. Ltd.             BLR                   ICRA BB+/A4+ 125     -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Goyal Agro Foods                        Fund Based – CC       ICRA BB-     175     Upgraded
                                                                                   from ICRA B+
removed from ‘Issuer Not Cooperating’ category
Goyal Agro Foods                        Fund Based – TL       ICRA BB-     15      Upgraded
                                                                                   from ICRA B+
removed from ‘Issuer Not Cooperating’ category
Goyal Agro Foods                        Unallocated           ICRA BB-     10      Upgraded
                                                                                   from ICRA B+
removed from ‘Issuer Not Cooperating’ category
G3 Motors Ltd (Erstwhile G3             BLR                   ICRA BB /    500     -
Motors Pvt. Ltd.)                                             ICRA A4
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Gold Plus Glass Industry Ltd            TL                    ICRA BBB-    5335.6  Assigned
Gold Plus Glass Industry Ltd            CC                    ICRA BBB-    1060.4  Assigned
Green Infra Wind Energy Ltd             Overdraft             ICRA AA-     2000    Reaffirmed
Green Infra Wind Energy Ltd             BG                    ICRA AA-/A1+ 2000    Reaffirmed
Hi-Q Electronics (P) Ltd                LT – FB – CC          ICRA BBB-    55      Reaffirmed
outlook revised from Stable to Positive
Hi-Q Electronics (P) Ltd                LT – FB – TL          ICRA BBB-    132     Reaffirmed
outlook revised from Stable to Positive
Hi-Q Electronics (P) Ltd                Unallocated           ICRA         34.2    Reaffirmed
                                                              BBB-/A3
(outlook revised from Stable to Positive)
Imosys Engineering Company              LT – FB – CC          ICRA B       20      Withdrawn
Pvt. Ltd.
Imosys Engineering Company              LT – FB – TL          ICRA B       52.5    Withdrawn
Pvt. Ltd.
Imperium Ceramic Pvt. Ltd.              FBL                   ICRA BB-     222.3   Withdrawn
Imperium Ceramic Pvt. Ltd.              Unallocated Limits    ICRA         0.2     Withdrawn -
                                        Rating action LT, FB  BB-/ICRA A4
                                        – TL
India Infoline Finance Ltd              NCD Programme         ICRA AA      50000   outstanding
India Infoline Finance Ltd              Subordinated Debt     ICRA AA      10000   outstanding
                                        Programme
India Infoline Finance Ltd              LT Bk Lines           ICRA AA      57750   outstanding
India Infoline Finance Ltd              LT Debt Programme     ICRA AA      25100   outstanding
India Infoline Finance Ltd              Secured NCD Programme ICRA AA      20000   outstanding
India Infoline Finance Ltd              Unsecured NCD         ICRA AA      5000    outstanding
                                        Programme
India Infoline Finance Ltd              LT Principal          PP-MLDICRA   5000    outstanding
                                        Protected Equity      AA
                                        Linked Debenture Programme
India Infoline Finance Ltd              LT Principal          PP-MLDICRA   1000    outstanding
                                        Protected Market      AA
                                        Linked Debenture Programme
India Infoline Finance Ltd              LT Principal          PP-MLDICRA   4000    outstanding
                                        Protected Market      AA
                                        Linked Debenture Programme
Iris Computers Ltd                      LT - Fund based       ICRA BBB-    600     Reaffirmed
Laxmi Sai Breeding Farms Pvt            CC                    ICRA B       20      Withdrawn
Ltd
Laxmi Sai Breeding Farms Pvt            TL                    ICRA B       21.7    Withdrawn
Ltd
Laxmi Sai Breeding Farms Pvt            Unallocated Limits    ICRA B/A4    58.3    Withdrawn
Ltd
Maharashtra Academy Of                  LT - FB TL            ICRA A+      2450    Reaffirmed
Engineering & Educational
Research
Maharashtra Academy Of                  LT - FB CC            ICRA A+      725     Reaffirmed
Engineering & Educational
Research
Marianella Properties Pvt Ltd           BLR                   ICRA D       150     -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
National Fertilizers Ltd                LT-CC Limits          ICRA AA      50000   outstanding
National Fertilizers Ltd                TL                    ICRA AA      3626    outstanding
Neeta Developer                         Fund Based-TL         ICRA BB-     150
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Ntl Steels                              Fund Based – CC       ICRA BBB-    180     Upgraded
                                                                                   from ICRA BB+
Ntl Steels                              Fund Based –          ICRA BBB-    30      Upgraded
                                        Stand-by-Line of                           from ICRA BB+
                                        Credit
Ntl Steels                              Unallocated Limits    ICRA BBB-/   19      Upgraded
                                                              ICRA A3              from ICRA
                                                                                   BB+/A4+
Parasrampuria Engineers Pvt Ltd         Fund Based-TL         ICRA BB      60
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Parasrampuria Engineers Pvt Ltd         Fund Based – CC       ICRA BB      120
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Pinnacle Biomed Pvt Ltd                 LT, Fund Based        ICRA B+      200
Issuer Not Cooperating
Perfect Communication                   BLR                   ICRA B+      60      -
(Reason for delay in carrying out periodic review:- Issuer not cooperating)
Sembcorp Green Infra Ltd                Non-FBL               ICRA AA-     1500    Reaffirmed
Sembcorp Green Infra Ltd                Unallocated           ICRA AA-     1000    Reaffirmed
Shm Shipcare                            BLR                   ICRA BB/A4+  900     -
(Reason for delay in carrying out periodic review:- Issuer not cooperating)
Sical Logistics Ltd                     NCD Programme         ICRA BBB+    1000    Reaffirmed
Sical Logistics Ltd                     LT – CC               ICRA BBB+    3000    Reaffirmed
Sical Logistics Ltd                     LT – TL Outstanding   ICRA BBB+    4325.4  Reaffirmed
Sical Logistics Ltd                     LT – Unallocated      ICRA BBB+    1000    Reaffirmed
Spectra Auto                            BLR                   ICRA BB-     100     -
(Reason for delay in carrying out periodic review:- Issuer not cooperating)
Sakthi Finance Ltd                      NCD (NCD)             ICRA BBB     1500    Assigned
Sakthi Finance Ltd                      NCD                   ICRA BBB     2271.6  Reaffirmed
Sakthi Finance Ltd                      NCD                   ICRA BBB     496.7   Withdrawn
Sakthi Finance Ltd                      Fund based-TL         ICRA BBB     488.1   Reaffirmed
Sakthi Finance Ltd                      Fund based LT Fac     ICRA BBB     1489.5  Reaffirmed
                                        from Bks - CC (CC)
Sakthi Finance Ltd                      Fund                  ICRA BBB /   -       Reaffirmed
                                        based-Interchangeable!ICRA A2
Sanghi Industries Ltd                   NCD Program (NCD)     ICRA A       2580    Reaffirmed
outlook revised to Negative from Stable
Sanghi Industries Ltd                   TL                    ICRA A       2000    Reaffirmed
outlook revised to Negative from Stable
Sanghi Industries Ltd                   LT FB Limit           ICRA A       1500    Reaffirmed
outlook revised to Negative from Stable
Shah Precicast Pvt Ltd                  LT, FB – TL           -            -       -
Shah Precicast Pvt Ltd                  LT, FB – CC           ICRA B+      155     Reaffirmed
Shah Precicast Pvt Ltd                  LT, Unallocated       ICRA B+      30      Reaffirmed
Shree Govardhan Steels Pvt Ltd          FB Limits             ICRA BB-     100     Upgraded
                                                                                   from ICRA B+
Snj Labs Pvt. Ltd.                      FBL                   ICRA B+      101.8   Withdrawn
Svasti Microfinance Pvt Ltd             PTC Series A1         Provisional  149     Assigned
-Vivriti Ellaria 01 2019                                      ICRA A-(SO)
Svasti Microfinance Pvt Ltd             PTC Series A2         Provisional  8.8     Assigned
-Vivriti Ellaria 01 2019                                      ICRA BBB(SO)
Tamil Nadu Generation And               Non-Convertible Bonds ICRA A-(SO)  33358   outstanding
Distribution Corporation Ltd            Programme
Tamil Nadu Generation And               Non-Convertible Bonds ICRA A-(SO)  807     outstanding
Distribution Corporation Ltd            Programme
Tamil Nadu Generation And               Non-Convertible Bonds Provisional  1500    Withdrawn
Distribution Corporation Ltd            Programme             ICRA
                                                              BBB+(SO)
The Madras Medical Mission              LT, FB Fac            ICRA BB-     250     Upgraded
                                                                                   from ICRA B+
The Madras Medical Mission              LT, TL                ICRA BB-     634.6   Upgraded
                                                                                   from ICRA B+
The Madras Medical Mission              LT, proposed Fac      ICRA BB-     100     Upgraded
                                                                                   from ICRA B+
Tata Motors Finance Ltd                 Perpetual Debt        ICRA A+      4150    Reaffirmed
                                        Programme
Tata Motors Finance Ltd                 Subordinated Debt     ICRA AA      23150   Reaffirmed
                                        Programme
Tata Motors Finance Ltd                 NCDs                  ICRA AA      40000   Reaffirmed
Tata Motors Finance Ltd                 Bk Lines              ICRA AA      128500  Reaffirmed
Tata Motors Finance Ltd                 LT FBL#               ICRA AA      52230   Reaffirmed
# Interchangeable between short term and long term fund based limits, out of Rs. 5,523 crore
long term fund based utilisation is subject to a limit of Rs. 5,223 crore 
Tata Motors Finance Ltd                 LT Non-FBL            ICRA AA      26320   Reaffirmed
Tata Motors Finance Solutions           Perpetual Debt        ICRA A+      1000    Reaffirmed
Ltd                                     Programme
Tata Motors Finance Solutions           Subordinated Debt     ICRA AA      2000    Reaffirmed
Ltd                                     Programme
Tmf Holdings Ltd                        LT Bk Lines Programme ICRA AA      3000    Reaffirmed
Tmf Holdings Ltd                        NCD Programme         ICRA AA      12500   Reaffirmed
Universal Freight Management            BLR                   ICRA BB-     250     -
(India) Pvt Limit
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Vidya Prasarini Sabha                   Fund based-TL         ICRA D       134.5
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Vidya Prasarini Sabha                   Unallocated Limits    ICRA D       3
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Vibhor Steel Tubes (P) Ltd              BLR                   ICRA BBB-/A3 1050    -
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
--------------------------------------------------------------------------------------------
$: 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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